Having the right means to make your deposit at an online casino is crucial for long-term enjoyment. This means that by selecting the right payment method can save you from heartache, while propelling you straight into the action.
To narrow down your options, we’ve compiled a list of the top five payments that are most popular among Canadian Gamblers. Let’s get into the good, the bad, and the ideal player would be for each of these payment mediums.
Credit and Debit Cards: The Greatest of All time
Credit cards and debit cards always have (and always will) hold the player preference when it comes to making deposits at Canadian casinos. According to a 2017 report by the Bank of Canada, credit cards make up 56% of the total value of goods and services purchased online. They are especially popular for transactions above $15. Despite their popularity, debit cards were not the top choice for any type of good or service or transaction value range.
Appeal and drawbacks of using credit and debit cards
|Secure Transactions to combat fraud
|Transactions could be blocked in certain instances
|Withdrawals can be tricky, depending on the casino
|Universally accepted at all major casinos
E-Wallets – The Digital Wallet Revolution
During the COVID-19 pandemic, the use of e-wallets grew exponentially as people sought contactless payment options. In a survey in March 2020, Statista found that 29% of Canadians use digital wallets to pay for online purchases.
This is more than the 13% who said they did it in 2016. The biggest record is held by Interac, who had a record-breaking 3.75 million Interac transactions in 2021, which represented a 43% growth in new user numbers. Using e-wallets has been steadily growing since then, popular options include PayPal, Skrill, and Neteller, all of which come with their own set of unique incentives.
Here are a couple of factors to note when choosing an e-wallet:
- Neteller and Skrill are quite similar, with both being popular choices for online gambling transactions. They offer prepaid card options and are known for their quick and easy transactions. However, they might come with higher fees and potential exclusions from casino bonuses.
- PayPal is a more general online payment system with a broader user base outside the online gambling world. It’s known for its security and user-friendly experience but might not be the top choice for online casinos due to its limited acceptance and potential fees.
Appeal and drawbacks of using e-wallets
|Speedy and secure
|Possible exclusion from bonus offers
|Broad acceptance in online casinos
Bank Transfers – The Direct Approach
A bank transfer involves electronically transferring money directly from a player’s bank account to the bank account of the casino. To make sure that the money is sent to the right bank, players need to provide a SWIFT code, also known as BIC code. Its an extra step that ensures your money transfer is secured.
There are two types of bank transfers:
- Traditional bank wire
An older method where players instruct their bank to wire funds to the casino’s bank account.
- Instant bank transfers
Modern services like Trustly or Instadebit allow players to make real-time transfers from their bank to the casino.
Appeal and drawbacks of using bank transfers
|No 3rd part apps
|Slower processing times
|High security features
|Potential for blocked transactions
|Higher Limits for deposits
|Certain banks can charge fees for sending and receiving cash internationally
Prepaid Cards: A Cheap and Controlled Way to Play
According to gambling statistics from 2018, there are around 0.6% problematic gamblers in Canada, which is far below the global average. To keep this number low, provincial gambling regulation bodies are working hard to promote responsible gambling.
Managing your bankroll is one of the key strategies for responsible gambling. If you have a track record of struggling to control your spending, prepaid cards are more than ideal to keep the game under your control. Prepaid cards are physical or digital cards that are preloaded with a specific amount of money. They can be used to set a limit on how much you can spend on gambling, as once the prepaid amount is depleted, you cannot continue playing until you reload the card.
Here are two popular prepaid card options:
A widely accepted prepaid card in Canadian online casinos. Players purchase a Paysafecard with a specific value and use its unique code to deposit funds.
- Vanilla Prepaid
Available at various retail locations in Canada, these cards can be used wherever MasterCard or Visa is accepted, including many casinos we recommend.
Appeal and drawbacks of using prepaid cards
|Anonymity and no personal details required
|Not suitable for withdrawals
Cryptocurrencies: The Future of Digital Gambling?
Cryptocurrencies, notably Bitcoin and Ethereum, are digital or virtual currencies that use cryptography for security. A growing number of casinos accept cryptocurrencies for deposits and withdrawals due to their decentralized nature.
In a comprehensive report on cryptocurrency in online gambling, The Crypto Reporter shared that:
- In 2021, there were 304 crypto casinos online, 30% of which allowed transactions exclusively in digital currency.
- Globally, players spend $3 million in crypto on casinos every day.
- About 30,000 players use crypto at least once a week.
Appeal and drawbacks of using prepaid cards
|Volatility can lead to inconsistent coin value
|Operators may decline crypto due to regulations
|Low handling fees
Decide on Your Personal Preference: Play and Have Fun
We’ve covered all the best ways you can buy your way into a seat at all major online casinos. Debit and credit cards are always a safe bet, but prepaid cards are the most effective when it comes to controlling your spending. Maybe you’re looking to put your crypto and E-Wallet to use, both of which are supported at thousands of Canadian casinos. No matter which option you may opt for, your gameplay will always be fluid, and you’ll always have access to the same high-quality games.