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The recent expansion and regulation of the Canadian iGaming market has been rapid, as local authorities look to cash in on and monetise the growing demand for online casino and remote betting verticals.
At the same time, the market has also evolved in terms of the payment options available to customers, each of which vary in terms of their accessibility, security and speed with which transactions can be processed.
But what are the most iGaming payment methods in Canada? Let’s find out in the article below!
#1. eCheck
We’ll start with the eCheck system, which is a digital and online platform that has become one of the most secure ways of depositing funds into your account in Canada.
Make no mistake; there’s a growing number of eCheck casinos in Canada, which work in a similar way to traditional bank transfers and simplifies the process of transferring funds from a basic checking account into your casino bankroll.
Like a traditional bank transfer, of course, eCheck isn’t the quickest payment method and can suffer from slow processing times, especially for casinos that have slightly stunted internal processing times. However, it underpins inherently secure transactions at all times, while offering tracking features and introducing relatively high limits for transactions.
You can also buy Bitcoin with eCheck, and if you wager at a casino that accepts this crypto token, you could theoretically top up your bankroll with your favourite digital currency through the site.
Remember, iGaming is one of the many crypto applications that has gathered momentum in recent months, and this trend shows absolutely no sign of abating anytime soon.
This introduces even more flexibility to the process, making it an increasingly popular choice for iGaming enthusiasts in Ontario and Canada.
#2. PayPal
Next up is PayPal, and while this globally accepted merchant service isn’t accepted at all Canadian casinos, many are looking to integrate this into their tech stacks in time for 2023.
PayPal is certainly an impressive and accessible ewallet, processing some 57.61 million transactions each day across the globe as the brand’s cumulative annual revenue surpassed $20 billion for the first time in 2020.
It’s also inherently secure and underpinned by 128-bit SSL encryption, which means that you can enjoy additional protection when depositing and withdrawing cash through this medium. PayPal withdrawals are also incredibly quick, and can be completed in an hour or so depending on the internal processing times associated with the casino in question.
Most of us also have a PayPal account, so it’s a convenient way of wagering online in the digital age. At the same time, you can link your personal or business PayPal account to a bank account or credit card, enabling you to subsequently access multiple funding sources through a single, easily accessible interface.
However, PayPal apply nominal transfer fees to all transactions, and while online casinos will often absorb these when processing your withdrawals, this isn’t always the case or guaranteed in law.
So, you may have to pay a nominal fee on your winnings, eating into your withdrawals incrementally if you use the platform and the same casino over an extended period of time.
Still, PayPal is a popular, accessible and highly convenient payment method, and one that offers huge value to both gamblers and operators alike in the modern marketplace.
Visa Debit and Bank Transfers
We spoke earlier about bank transfers, which aren’t widely accessible at online casinos in the digital age but do offer secure and trusted payment methods in instances where they are available.
Bank transfers are highly secure and, as we’ve already touched on, represent a slightly outdated and older version of eCheck software. They also take approximately seven business days to process on average, and when accounting for so-called “internal” processing times online, could take 10 days overall to complete.
This is fine if you’re patient and can wait for your online casino or sportsbook winnings, but it’s ideal from the perspective of deposits or when looking to credit your account.
In many ways, your Visa or MasterCard debit card may provide the ideal balance between bank transfers and ewallet, as they can securely deposit or withdraw funds from a recognisable account but tend to offer significantly quicker transaction times.
Usually, you can complete instant deposits using your Visa debit card, while withdrawals may take anywhere between 24 hours and three working days (once again depending on internal processing times).
This is certainly a popular and trusted payment method, and one that has the advantage of being accepted at all Canadian casinos!
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