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Top Payment Methods for Online Gambling

A Friend in Need,” 1903 by Cassius Marcellus Coolidge. (Photo: Wikimedia Commons)
A Friend in Need,” 1903 by Cassius Marcellus Coolidge. (Photo: Wikimedia Commons)

Aside from offering gamblers the chance to play free craps, slots, or Scrabble, most casinos provide various payment methods to cater to and attract customers. Some countries, such as Canada, have laws prohibiting local companies from offering fiat currency for gambling. That’s why Canadians subscribe to online casinos instead.

Michelle Thomas, an online casino industry expert, compiled the following primary payment options for a Canadian casino player. Feel free to learn more about her.

5 Online Casino Game Payment Methods

Here are the usual payment options online casinos have:

1.   Credit and Debit Cards

Credit and debit cards look the same with the 16-digit card number, expiration date, and EMV chips. Both of these cards can pay for online purchases, with one main difference: Debit cards spend money from the owner’s savings account deposited in the bank, while credit cards use borrowed money with a credit limit.

These cards are the most reliable way of paying online since they’re directly connected to bank accounts. It’s also the most popular payment method because players can have their payout in the casino directed to their bank accounts.

Here are some of the cards accepted in a Canadian online casino:

?        Visa – With over 200 participating countries worldwide, Visa is the leading payment card for online purchases.

?        MasterCard – It is the second-leading card with 31.3% of the market shares worldwide and a presence in more than 210 countries.

2.   E-Wallets

E-wallets are online sites and applications that store a user’s money in a digital account for easier online transactions. This payment method is convenient, especially for international payments, as users can avoid banks and exchange rates.

Here are some of the e-wallets Canadians can use to pay in casinos:

?        PayPal – With 377 million users worldwide, PayPal is a common mode of online payment with direct bank linking.

?        Skrill – Skrill is easy to use for international money transfers with 24/7 customer service. It also offers small deposit and withdrawal fees.

?        Neteller – Aside from giving reward points for every transaction point, Neteller guarantees that every bet made through their online gambling payment service will be appropriately processed and protected.

3.   Cryptocurrencies

Even if Canadian law prohibits local companies from offering government-issued currency for gambling, Canadian players can still use legal payment methods connecting their bank accounts with foreign online casinos, such as crypto.

Cryptocurrency is a digital or virtual currency based on blockchain technology. It’s protected by cryptography, which makes it hard to hack or counterfeit, making it an attractive choice for players who want to ensure their money’s security.

Here are other cryptocurrencies Canadians can use:

?        Bitcoin Cash (BCH) – It’s the most popular virtual currency that uses peer-to-peer or P2P technology, letting it operate without banks or central authority.

?        Litecoin (LTC) – Compared to BCH’s usual processing time of 10 minutes or more, transactions using LTC happen in just 2.5 minutes.

?        Monero (XMR) – For secured payment transactions, Monero has a hidden identity feature with its blockchain technology, addressing gamblers’ need for privacy.

4.   E-Checks

Take the traditional paper check and make it electronic. The e-check works the same way as traditional paper checks do. But in this case, it’s a straightforward and convenient virtual payment where the user needs to authorize and confirm the transaction online.

Many online casinos, including Canadian ones, accept e-checks as a form of payment since it uses automated clearing houses to transfer funds instead of the card networks, making processing fees lower. Fees can be as low as 10 cents per transaction, as there are no fees for e-check acceptance. This form of deposit in casinos is also the safest because there is no need to give card information when using an eCheck.

5.   Prepaid Cards

Similar to a debit card, prepaid cards are already loaded with funds that the buyer can use. Players opt to use these cards for anonymity and security.

Suppose you’re worried about using your debit and credit cards when playing casino games. In that case, prepaid cards are the best for you, especially because you don’t have to give away your personal information. Prepaid cards can also be a great gift.

Here are some popular cards you can purchase in Canada:

?        KOHO Visa

?        Stack Prepaid MasterCard

?        Mogo Visa Platinum Prepaid Card

?        Desjardins Visa

?        BMO Prepaid Travel Mastercard

?        Scotiabank SCENE Prepaid Reloadable Visa Card

?        CIBC Smart Prepaid Visa Card

?        CIBC Smart Prepaid Travel Visa

Conclusion

There are many ways players can deposit and withdraw money in an online casino. Canadian online casinos offer a variety of payment methods that not only provide convenience but also guarantee protection and confidentiality. 

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