Canadians love betting! Whether you enjoy sports betting, casino games, lottery, bingo, or any other form of gambling, many options are available to you as a Canadian resident. People from Canada can choose to bet on many different websites. Some operate within the country, while many more come from abroad. It is technically not legal to bet on foreign sites in Canada, but we’ll get to that sticky point later on.
If you’re a novice gambler and you don’t know how and where to start, you should consider learning all about the depositing methods that are available to Canadian gamblers, since depositing is one of the first things you will need to do in order to play. So, without further ado, let’s hop into some of the most popular depositing methods for Canadian betting sites.
Most Deposit Methods
Gambling websites allow players multiple options when it comes to funding their betting accounts. The most popular method involves the use of credit and debit cards. These are the most traditional online payment methods which are proven to work flawlessly. Nevertheless, in the last several years we have seen the rise of many other online-based payment options.
eWallets have become a huge hit among gamblers, as they are very practical and the money transferring process works fast. Paying via cryptocurrencies is also a new trend. The majority of the population isn’t familiar with this payment option, but as people start to recognize the benefits of cryptocurrencies, they will start using them more.
Lastly, you can choose to deposit money directly through your bank or by using a cheque. These are by far the slowest methods for both depositing and withdrawing from a betting site, but you can use them on a lot of Canadian operators as well.
Next, we will further explain how each of these deposit options works and what payment services are the most popular among Canadians.
- VISA – Credit cards are accepted in almost every casino on the web. The most popular credit card in the world is VISA, being used by millions of gamblers on a daily basis. Canadians are allowed to use VISA services and are therefore free to deposit with this method in their favorite online casinos. VISA credit and debit cards can be acquired at your local bank. Using credit cards is the most traditional way of paying for things over the Internet, so you can be sure that this method is completely safe and highly functional.
- MasterCard – MasterCard is the biggest rival of VISA at the moment. Many sportsbooks and online casinos accept this credit card, so if you have one, betting doors will be open for you on almost every website. MasterCard was created in 1966, so we shouldn’t waste too many words on telling you that this is a safe and verified method for making deposits and purchasing items over the Internet.
- Interac – Interac is one of the oldest and most trusted debit card systems in Canada. They have around 60,000 registered ATMs in the country. Moreover, Interac is one of the most popular methods when it comes to paying for things online in Canada. You can also use this option to deposit and withdraw funds from your online betting account, as many Canadian sites support Interac.
- NETeller – When it comes to electronic wallets, Canadians have plenty of options to choose from. A lot of Canadian websites offer NETeller, an easy-to-use eWallet that is accepted all across the globe. Funding your NETeller account is easy, and it’s even easier when you try to transfer those funds to your betting website. Canadians love using NETeller because it’s a home brand. Therefore, a lot of casinos that operate from Canada accept this payment method. The downside of NETeller, and most electronic wallets in general, is that users have to pay high transaction fees.
- InstaDebit – This is another Canadian-based eWallet that you can use on many different websites. It’s easy, practical, and fast. The primary currency is CAD, which means that you don’t have to exchange your money and face exchange currency fees in order to pay for things online. InstaDebit uses state-of-the-art encryption systems, which means that your money and other sensitive information are protected at all times. If you’re playing on a Canadian website, InstaDebit is likely to be one of the available payment options.
- Skrill – Formerly known as Moneybookers, Skrill is yet another electronic wallet popular among online bettors. Skrill offers its services worldwide, and Canada is in no way excluded from their list. While it’s highly functional and mimics some of the more popular eWallets in every way, Skrill is less present on Canadian betting sites than InstaDebit and NETeller. Nevertheless, it can be found on many popular betting sites that operate both within the country and abroad.
- PayPal – Hands down, PayPal is the most widely used electronic wallet in the world at the moment. The reason why we didn’t put it at the top of our list is that it’s not as popular in Canada as it is in some other countries. However, Canadian players who choose this eWallet can enjoy funding their PayPal account with no fees. Other advantages of using this service are that the transactions go through fast, it’s very secure, and you will only need a valid email to create an account.
- Bitcoin – This is the newest payment method on betting sites. Cryptocurrencies have gained a lot of popularity in recent years, and gambling operators recognized that on time. Many people still don’t fully understand how cryptos work, and that’s exactly why this method is not present on all Canadian sites. Nevertheless, some major betting operators offer cryptocurrencies as an option, the most popular being bitcoin. The main advantage of bitcoin and other cryptos is that they are in no way connected to banks. Your anonymity will be guaranteed, and money transfer works faster than with any other option. In order to stimulate this payment method, many betting sites have exclusive bonuses for their bitcoin depositors.
- Bank transfers and cheques – If you don’t trust online payment methods, you can also choose to deposit money on betting sites in Canada using direct bank transfers or cheques. However, this method is not advisable for gambling as it is slow and requires extra paperwork. Still, it is an option that some operators support.
- B2B – Book-to-book (B2B) transfers are not exactly a payment method of any kind. They are just an option for you to redirect your funds from one betting site to another. That is very useful if you like betting on different sites at the same time. Some sites might have better offers than others, and that’s why it’s convenient if you have several accounts activated at the same time. Note that not all Canadian betting sites allow this option, but there a few that do.
How to Deposit Money on Canadian Betting Sites?
Now that we’ve explained which payment options you have for depositing funds on Canadian betting sites, it is the time for you to learn about the actual process of online casino depositing.
Before you deposit money and start playing, you need to create an account on a website of your choice. Go to the homepage of a website and click on “Register”, “Join”, or “Create an Account.” Next, you should fill out a registration form where you need to put in some information regarding your identity and banking details. Once you finish your registration, you will get a confirmation email in a couple of minutes which will state that your account is ready to use.
From there you just need to navigate to your account page and find the “Deposit” button. Choose a preferred method and the amount that you wish to deposit. Most deposits go through instantly, but you may need to wait for several minutes for them to show up on your account. Note that some fees might be included while making a deposit; those depend either on the payment method or the gambling website itself.
You should also inform yourself about the minimum and maximum deposit limits. The same website can have different deposit limits for different payment methods. We advise you to search for a website with low minimum limits and high upper limits. All of this information is usually stated on the terms and conditions page of a given betting site.
Is It Safe to Make a Deposit on Canadian Betting Sites?
Naturally, you might have some trust issues when it comes to online betting, which is understandable. There are many fake websites out there whose only goal is to steal your money and never give you a chance to win it back. But if you stick to our website’s content and play only on the sites that we list, you shouldn’t worry about getting scammed. The payment methods that we review are all trusted and highly secure. They use the latest encryption systems so your sensitive information is kept safe and private.
Is Online Betting in Canada Even Legal?
Canada has relatively relaxed laws when it comes to online gambling. It’s officially legal to bet online in Canada as long as the website that you are betting on is regulated and operated within the country. When it comes to offshore sites, they are technically illegal but no Canadian player has yet been prosecuted, fined, or imprisoned for enjoying betting on a foreign operator.
The laws are simply not regulated enough and that’s why a lot of Canadians bet on foreign sites. Another reason is that some Canadian sites are strictly regulated. For example, a lot of websites do not offer single bets, while they lack different deposit options. This geographical loophole has allowed many European websites to offer their services to Canadian residents. In fact, Canada is rarely on a restricted list of any top online casino.