Online Gambling Payment Providers & Options In Canada

Now that online gambling in Canada has become legal, more platforms are seeking to get a license from iGaming Ontario and offer their services to players. This is excellent news for players since they can make wagers and win real cash without worrying about legal issues. However, anyone who wants to play on these legal sportsbooks and online gambling businesses must first make a deposit.

Online gambling payments

Fortunately, Canadian gambling platforms have made this extremely easy by providing various payment options. These payment options are powered by reliable providers in the online gambling industry, are easily accessible, and allow customers to fund their betting accounts fast. What’s more, you’ll be able to withdraw any winnings you have accumulated in the online casino without any hitch.

This page will properly evaluate some of the most common payment options on Canadian gambling sites. You’ll learn about how the payment service providers work, things to note before wager, possible fees and processing time, and many more. We have you covered here if you are also interested in learning about the best payment options you can use on any online site. Read our extensive guide to find out more.

List of Deposit and Withdrawal Options for Gambling

As stated earlier, there are numerous payment options that you can use to make deposits and withdraw your winnings from gambling platforms. These payment methods work differently, with some tailored to unique requirements. Here’s a list of the available options when registering on a Canadian online casino or sportsbook.

  • Visa Credit/Debit Cards
  • Mastercard Credit/ Debit Card
  • PayPal
  • Skrill
  • Neteller
  • Maestro
  • MuchBetter
  • EcoPayz Prepaid Card
  • Paysafecard
  • IDebit
  • Instadebit
  • Apple Pay
  • Click 2 Pay
  • Wire Transfer
  • Interac

Best Payment Providers at Online Casinos & Betting Sites

Not all payment options are built the same way, with some payment service providers offering more benefits than others, especially when it involves betting online. Based on our research, we have put together some of the best payment providers you can use on Canadian betting sites.

Credit and Debit Cards

Debit and credit card gambling

Credit and debit cards are one of the most common payment methods for players who want to play on online betting sites. This is the case in most countries in the world, including Canada. Online platforms that want to incorporate this payment option can do so by opening online gambling merchant accounts, which makes it beneficial for the platform.

Credit and debit cards like Visa and Mastercard are incredibly safe and secure, so players can be confident that their information is confidential. They also offer fast deposits and seamless withdrawals, and these don’t come with any changes in most cases, except for a few platforms that might attach charges. This means you can be confident of keeping most of your earnings when you win cash playing on a betting site.

Deposits are instant, but most gambling platforms will require a minimum of C$10 before you can begin, while the maximum deposit depends on the sites, with platforms like bet365 allowing up to C$50,000. This is why it is a preferred option for many high rollers since the limits tend to be high. On the other hand, withdrawals may take up to 1-3 business days and range from C$10 to as high as C$40,000.

Another benefit of credit and debit cards are their wide acceptance. You don’t have to search very far to find an online gambling site that supports credit card payments. Sometimes, you’ll find legal betting sites that accept other less popular options like Maestro for payments. Bwin is a great legal Canadian site to check out if you want to use this debit card.

Bank Wire Transfers

This is a traditional form of payment that many players still love – and not without reason. It is still one of the safest alternatives and does not require you to share your banking information with the sportsbook or online casino. However, this gambling payment option takes much longer than the others for the money to reach your designated gambling site. In most instances, you may have to wait between 1-5 business days or more, while withdrawal takes 1-7 business days. You may sometimes have to wait longer depending on where you register.

Also, not every Canadian bank supports wire transfers to gambling sites. This means the bank you use can determine if you can use this payment option or not. Currently, you will be able to make gambling payments with the following banks:

  • The Bank of Montreal
  • Royal Bank of Canada
  • Canadian Imperial Bank of Commerce
  • Toronto-Dominion Bank
  • Bank of Nova Scotia

This payment option is common on online gambling sites in the online casino market, and you should have no problem finding a sportsbook or casino that supports bank transfers.

Interac e-Transfer

Interac online gambling

Interac is a renowned payment service provider that allows Canadian players to make payments in online sportsbooks and casinos. This payment method is tailored to Canadian players, unlike the other options we have discussed so far. It is simple to use, secure, offers fast payments, and is supported by plenty of Canadian gambling sites. With this payment provider, you can transfer funds from over 200 financial institutions in Canada via your online banking.

Interac also supports CAD payments, saving you the hassle of converting your funds to play. It only requires your email address or telephone number, ensuring your gambling activities remain private. The minimum deposit supported with Interac is C$10 on most platforms, while deposits are instant. Most online sites like FanDuel, and BetMGM allow you to deposit up to C$10,000 using this option. If you are a high roller, Interac betting sites or Interac online casinos are an excellent choice.

Withdrawals are processed between 24 hours – 3 days, depending on the site, and Interac does not charge a fee. However, the online platform you use may include a fee for payments with this payment gateway, so you may want to do your research first.

E-Wallets

eWallet gambling

E-wallets are payment solutions also known as electronic wallets. They are one of the most convenient means of making payments in online casinos. These options are swift, secure, and have high limits, which is why they are a popular option on Canadian online gambling websites. Popular e-wallets like Apple Pay, Google Pay, PayPal, Neteller, and Skrill are supported on most sites. However, PayPal and Apple Pay are some of the most common you’ll find on a legal Canadian online gaming site.

Creating an e-Wallet is not difficult as it only requires you to register on the website using your email address. You’ll only need your email address to make payments on your preferred gambling site – which means your gambling activities do not appear in your bank transactions. What’s more, most e-wallets like PayPal have a mobile app which you can download and make transactions on the move.

This is particularly great for players who enjoy playing on mobile gambling sites, as it ensures a more seamless experience. You can easily link your gambling account to your e-wallet, which makes payments super-fast. Most e-wallets support instant deposits and require a minimum of C$10. Withdrawals are also usually processed within a day and will be deposited in your account in 1-3 days – making them one of the fastest options.

Prepaid Cards

Paysafecard gambling

Prepaid cards are also great payment methods for those who want to play on gambling sites. This is an excellent option for players who don’t want to use their e-wallets or bank account for gambling. Using prepaid cards allows users to keep their spending in check as all cards come with a specified amount. Once this is exhausted, players who want to continue playing will have to go and purchase another card.

What’s more, it does not require sharing any personal information. Instead, you will purchase a prepaid card from recognized retailers and enter the PIN provided on the card into their casino account. In most cases, the money is usually deposited instantly. The most common prepaid card services on Canadian online gambling providers include Paysafecard and ecoPayz.

Payment Methods Fees and Limits

Payment methods tend to come with specific fees and limits in most cases. We have put together the fees and likely limits you can expect when you use any of these payment options on gambling sites. Note that this is only an estimate, and the exact figures and fees may differ depending on the platform you register.

We recommend you check out the terms and conditions of the platform yourself for more accurate information. Knowing this, check out the table to learn more about the limits and fees on licensed Canadian gambling sites.

Payment Method Average Min/Max Deposit Average Processing Time Average Min/ Max  Withdrawal Average Withdrawal Processing Time Fees
Visa Credit/Debit Cards C$10 – C$50,000 Instant C$10 – C$40,000 1 -5 working days Free
Mastercard Credit/ Debit Card C$10 – C$50,000 Instant C C$10 – C$40,000 1 -5 working days Free
PayPal C$10  – C$5000 Instant C$10 – C$ 5000 1-3 working days Free
Skrill C$10  – C$5000 Instant C$10 – C$ 5000 1-3 working days Free
Neteller C$10  – C$5000 Instant C$10 – C$ 5000 1-3 working days Free
Maestro C$10 – C$20,000 Instant C$10 – C$20,000 1-5 working days Free
MuchBetter C$10 Instant C$10 3-5 working days Free
EcoPayz Prepaid Card C$10 – C$ 5000 Instant Not Applicable for Withdrawals Not Applicable for Withdrawals Free
Paysafecard C$10 – C$ 5000 Instant Not Applicable for Withdrawals Not Applicable for Withdrawals Free
IDebit C$20 – C$5,000 Instant C$ 10 – C$9,999 Within 24 hours Free
Instadebit C$10 Instant C$10 – C$20,000 24hours Free
Apple Pay C$10 – C$ 5000 Instant Not Applicable for Withdrawals Not Applicable for Withdrawals Free
Click 2 Pay C$10 Instant C$10 24 hours -3 days Free
Wire Transfer C$50 – N/A 2- 7 working days C$ 100 – C$50,000 1-7 Working days Free
Interac C$10 – – C$25,000 Instant C$10 – C$10,000 Within 24 hours Free

Fastest Withdrawal Banking Options

It will be challenging to deem a specific payment platform as the fastest. This is because online gambling payment processing speed may be affected by numerous factors. For instance, when you withdraw, how fast the online gambling business processes your payments, etc.

Ideally, you want to go for a platform that processes online payments between 24 hours – 2 days to reduce the time it takes for your funds to get to your account. Most banking options take between 1-3 days, and e-wallets can sometimes arrive in 2 days, making them a preferred choice for players after speed.

However, if you are particular about speedy withdrawals, you will want to avoid wire transfers. These payment options, although safe, can take up to 7 days before your funds arrive in your bank account.

Before you can withdraw

When you register on any online gambling site in Canada, you must verify your identity before withdrawing any money. The operator may require you to submit a valid government-issued ID Card alongside your proof of address. Don’t be frustrated by this, as it is a requirement from the commission responsible for regulating licensed betting sites. If anything, it should be a relief to you since you know you are dealing with a licensed site.

This is also the Know Your Customer or KYC state, as every betting site has a team responsible for verifying the identity of new players before they accept payments. If you have provided the correct details, your account is usually verified, and you can start playing instantly. You need to make sure you are properly verified by the platform before you try to make a withdrawal with any payment services in online businesses.

Stay Safe While Gambling Online

Online gambling is fun, but you need to remember to stay safe while at it. One of the best ways to do this is to stick with only licensed and regulated platforms in Canada. Any platform you choose should have a license from the Alcohol and Gaming Commission of Ontario. You can verify this by looking for the regulatory body’s seal on the gambling site’s home page.

Many casinos currently operate without a license and may make tons of promises to reel you in. No matter how enticing it sounds, playing on unlicensed sites has more drawbacks than benefits. You could end up on a platform with unfair gaming practices, and in worse scenarios, your information may fall into the wrong hands., or you lose your deposit because they use an unreliable gambling merchant account.

Check the best casino apps and sports betting apps that operate legally in Ontario to experience the safest gambling journey.

Also, ensure you use a secure password for your account and never share your details with anyone. This way, it will be impossible even if someone tries to hack your account by guessing your password. Above all, remember to have fun while you play.

FAQ’s

  • Is it safe to make deposits on online gambling sites?

    Yes, making deposits on licensed and regulated gambling sites is safe. These platforms are appropriately regulated and have measures to ensure you are safe. However, this is not the case when you play on unlicensed platforms – which we recommend you avoid.

  • Do gambling sites have limits on deposits and withdrawals?

    Yes, all online betting sites have deposit and withdrawal limits attached to all payments. This is sometimes for your protection, especially when it comes to deposits. Many players who don't know how to keep their gambling activities in check can set up deposit limits on the betting site.

  • What should I know before choosing a payment method?

    Before you choose a payment method, make sure it is from a reputable provider. Don't choose payment methods that have no history. Also, any method you settle for should work seamlessly in Canada and is accepted by most online sportsbooks or casinos.

  • Can I use one payment method for deposits and another for withdrawal?

    This is possible but only in rare instances. In most cases betting sites prefer you use the same payment method for deposits and withdrawals to avert money laundering. However, if the payment method you use for deposits is not available for withdrawal, you can use another method. Prepaid cards are good examples here since they do not support withdrawals.

  • How do I keep my payment information safe when playing online?

    Keeping your information safe is easy if you play on only licensed online betting sites. Also, you'll want to use a secure password that you don't share with anyone to avoid break-ins.