When betting in a land-based casino your options for payment are usually limited to either cash or a debit or credit card. However, when you visit an online betting site there are a vast number of options available. Finding the right one to suit your banking needs isn’t always straightforward. In this article we will look to run through all the options available to you when betting at Canadian online bookmakers, so you can find out all the relevant information for you to make a suitable decision.
When choosing an online betting site there are many different things you need to factor in before making your decision. One of those is how easy it is to transfer funds into your account to bet with. Thankfully, there are a wide range of options available to bettors across the country when depositing funds into a Canadian betting site. Canadian online bookmakers, like many others, recognize the flexibility that is required to meet the demand of their customer base. Therefore, they provide a versatile choice of deposit methods for their customers to use.
Although there is an abundance of banking choices for you to choose between, one thing that is worth bearing in mind when depositing with a Canadian betting site is that the gambling laws are a lot more complicated here than a lot of other leading countries. This has led to some globally popular deposit methods not being available to bettors in Canada. For example, PayPal is hugely popular for European bettors, and while that popularity spreads to the general Canadian consumer, it is not available to use as a deposit method at Canadian bookmakers. As we mentioned, Canadian betting laws are complicated, and PayPal do not like grey areas. They would much rather work in clearly defined legal frameworks rather than take the risk, consequently, they have opted towards fully removing themselves from the Canadian betting market.
Other popular online payment methods that are not available at online Canadian betting sites include e-Wallet services like Skrill and Neteller. Both methods were extremely popular due to their anonymous, efficient, and easy deposit experience. However, neither of these payment methods are no longer available for depositing funds into your Canadian betting account. However, there are a huge range of alternatives that offer similar convenience and ease, and we will look at those further in the next section.
In the previous section we discussed the wide range of options available to Canadian bettors, and there really is a huge selection of options. Plenty of punters will be looking for traditional banking methods such as debit or credit cards and these are widely accepted through popular providers like VISA, MasterCard, Maestro and American Express. Most people use bank cards on almost a daily basis so they will provide a familiar experience, as depositing funds into your betting account is no different to buying a product online.
There are also a whole range of other options for bettors who have slightly more niche banking requirements. You can use prepaid cards from companies like Paysafecard which will allow you to seamlessly deposit your funds online.
Online transfers are always immensely popular with customers due to their safety, transparency and again, the familiarity for the user. Ultimately, people like using payment methods that they have previous experience with. Thankfully, there is a broad selection available to Canadian players looking to deposit funds online. These come from leading providers such as Interac, InstaDebit, iDebit, EcoPayz, and eChecks. They are simple to use, fast, low cost, and most importantly they are safe. They ensure the money arrives safely in your betting account almost instantly which means that there is no hold up and you can get betting straight away.
One of the more peculiar banking methods that we are expecting to rise to prominence is the use of cryptocurrencies. Currently in their infancy in the online betting industry, cryptocurrencies such as Bitcoin and Ethereum are making huge strides and while only a few companies will accept them, this is expected to change in the near future which we will discuss later on.
When depositing funds into an online betting site, there are a number of things that you need to bear in mind before choosing the correct online bookmaker. Different companies will have different policies that will either appeal to you or put you off using them. It is important to be aware of these before you start depositing. So, let us take a look at some of the key things you should be keeping an eye on.
Nearly every online betting site will have a range of deposit limits for differing payment methods. Whether you are paying by debit card, iDebit or a cryptocurrency, there will be a different limit set on how much you can deposit. Some bookmakers will offer premium levels of access that allow you to deposit more than the ‘standard’ limit, so check for any possible upgrades before writing a particular betting company off. It should be clear and easy to find the deposit limits for the range of payment methods accepted by your particular betting site, so be sure to check them before you go to place any deposits.
As well as having varying deposit limits, betting sites will often add fees to different types of deposit methods. These can vary greatly from one provider to the next. Some bookmakers will not charge any fees for any deposit methods while others will charge for a wide range of them. Generally speaking, the use of debit or credit cards does not come with a fee, however, the less popular deposit methods such as pre-paid cards or cryptocurrencies may come with an additional deposit fee that you should be made aware of before you hit the deposit button. As we previously mentioned, these will vary from provider to provider, so it is always worth checking their payments page to find out the exact terms and conditions that apply to the fees for your chosen deposit method.
Due to the grey areas in Canadian betting, it is not always quite as easy as you would imagine when trying to find an online bookmaker that accepts Canadian dollars. Most, if not all, Canadian betting sites are based abroad and therefore their typical trading currency is not the Canadian Dollar. This can make things tricky for providers who will often look to primarily accept Euros or the US Dollar. However, there are plenty of betting sites out there accepting the CAD and many will offer specific bonuses or promotions to those opting to use their domestic currency.
However, because many also will not accept Canadian dollars, if you feel strongly about using the CAD, or don’t have any means to pay in an alternative currency, it is worth checking with your particular bookmaker of choice to see what currencies they do accept. One of the other things bearing in mind with bookmakers not accepting the CAD is that they may then charge a fee to exchange your Canadian Dollars into USD or EUR. Being aware of this before placing any bets will ensure you do not get any nasty surprises when you go to make your deposit.
Online bookmakers are continually looking for more efficient and desirable banking methods to appeal to existing and new customers. Bettors want fast, free, easy, limit-free betting and until that exists (if ever), Canadian online betting sites will be looking to adapt their banking methods to suit their customers’ needs.
One of the banking methods that is going to have a big impact on the future of banking at Canadian betting sites is the use of cryptocurrencies. They offer advantages that online betting companies just cannot ignore and a surge in their use cannot be far away. Low transaction costs mean they can make bigger margins and offer increased odds to customers, which in turn will increase their appeal. Cryptocurrency’s use of blockchain technology also means that the online operations of bookmakers are now more transparent than ever before.
The growth of cryptocurrencies, especially Bitcoin, is unprecedented as more and more people from across the globe want to get involved with this revolutionary digital currency. Cryptocurrency acceptance is currently limited to certain bookmakers, but it is almost guaranteed to become more widely accepted in future years. With the ever-increasing demand, it is likely that we will see additional options including the likes of Ethereum, Litecoin, Ripple and many more breaking into the mainstream areas of the betting industry.
Cryptocurrencies are likely to provide a tidal wave to the payment method and banking industry. As more and more large-scale betting companies start to utilize the demand for Bitcoin, there will be more readily available options for users. Depositing and withdrawing with Bitcoin could become very commonplace as well as a contactless Bitcoin payment option within land-based bookmakers as well.
The online betting industry is constantly evolving to meet client demand and we expect the betting sites to fully embrace the huge changes that cryptocurrencies are promising to deliver.
Every bettor has a preferred banking method, and these can vary hugely from player to player. Online Canadian bookmakers have to provide a flexible range of deposit options to cater for this, and largely they are successful in doing so, providing a broad, versatile range of options for its customers. There are things that players should be aware of when making their deposits, though. Some providers will add fees for specific deposit methods, or they will limit the amount you can deposit with a specific payment type. It is also worth bearing in mind that not all betting sites available to Canadians will accept the CAD, so ensure that you have checked your preferred currency is accepted before proceeding.
It will be interesting to see what the future holds for deposit transactions at online bookmakers. Banking methods will continue to evolve as players and betting companies search for the perfect banking solution. We are anticipating cryptocurrencies to play a huge part in the future of bookmaker banking as it becomes more widely available and accepted. It is an exciting prospect for the industry, and it appears to be the answer to some of the question marks posed by current payment options. The efficiency, safety, and transferability of cryptocurrencies such as Bitcoin make it an extremely appealing prospect for all involved, and the world will watch with intrigue to see how this possible evolution plays out.
You can discover more about each payment method that is available or unavailable in much more detail through our informative guides here at Cabets.com.
Deposits at online Canadian bookmakers are usually processed instantly so you can start betting straight away regardless of what payment method you used. Occasionally there may be specific providers that have some time lag with specific deposit methods, but this is rare and largely you can expect to see funds in your betting account almost immediately.
Sadly not. PayPal is not available at any Canadian online betting site. Some websites will incorrectly tell you that PayPal is accepted at specific bookmakers, but these are to be ignored and treated as illegitimate. There are plenty of alternatives including services such as Instadebit, iDebit, and Citadel Instant Banking which allow for cheap and immediate online deposits.
In general, yes, although some betting sites will not. Due to the complex nature of Canadian betting laws, all betting sites are based abroad which means the CAD is not their primary currency. Therefore, some sites will not offer the option of depositing in the CAD and instead will only accept currencies such as the USD or the EUR.