Casino Payment Methods

Bank Wires aren’t the fastest way to fund an account but are the preferred method for sending large amounts. However, it can take up to three days for your funds to appear in your account at the gaming site. Equally slow is the three-plus day wait for your winnings to be wired back to you. However, when you spend a lot of money, casinos and sportsbooks are glad to work with you as gaming is a consumer service business in the entertainment field.

Pay by phone; several companies within Canada pay for off-site wagering through a phone app and allow you to add real cash via your cellular bill. Most have to be prepaid, but some function as creditors adding the balance to your cellular plan bill.Boku is categorized as both (cell phone) Carrier Billing and an eWallet, and it’s popular enough to have multiple preferred casinos and bookies. 

The only catch with Boku is you will have to retrieve your winnings via another method, as Boku is not equipped to deposit real money onto your phone bill. You’d rather have the cash anyway.

eCheck is an encrypted, electronic check that authorizes a set amount to be paid directly to the gambling site. It differs a little from wire transfers in that it’s treated as a check, which may mean a few days hold on the money, versus a bank wire, which is treated as cash after proof that the funds are there.

Crypto-currency was limited to Bitcoin, but that’s no longer the case. Etherium, Litecoin, Bitcoin Cash, and others will be accepted by multiple Casinos Sportsbooks soon. A decade ago, this was considered risky for all parties. In today’s world, “crypto” is considered a great hedge against the deflation of currency in western countries that devalue their currencies.

App pay differs from pay by phone because the apps are recognizable as connected to either a cell phone number, email or both, usually by third-party vendors. There are so many of these companies; it’s becoming hard to keep track of how many there are out there. For purposes of discernment, we will focus on apps that are easily accessible to Canadians looking to wager, as well as those that are general-purpose payment systems. 

What’s interesting is how many of these are coming to market every year. Twenty years ago, there were roughly three in the world, and they were primarily financial, real money movement institutions that didn’t want to be banks. Now you have divisions of cellular carriers, cell phone manufacturers, software designers, social media companies, and internet wholesale and retail outlets that also allow you to move currency and wager to your delight! 

Most exchange currencies freely, including the more popular cryptocurrencies, allowing them to operate as both a coin bank and an eWallet. Paypal, Skrill, and Neteller are among the largest brands available to Canadians. Canadian Casinos wrote a 2015 article warning that Neteller doesn’t work for casinos; call the company and ask whether your account will work as we found claims that contradict the article.

Major players such as Visa, MasterCard, Amex, Discover and Diners Club have prepaid cards that allow gambling. Since they make a nice profit moving your money, some offer bonuses, V.I.P. status treatment with perks at participating casinos, and bookies they already have a relationship with. 

The caveat is the limitations placed upon them by various governmental agencies and their citizens. Even though these companies’ losses are covered, they can do little to work around legal restrictions in your province or any federal restrictions on gambling.

Debit Cards act similar to an electronic check as they are connected directly to your bank account. Most people will use a checking account, but some use a debit card that also transfers money to and from a savings account. There will usually be some sort of usage fee for withdrawals taken from ATMs that aren’t within the bank’s network. 

There can sometimes be fees for usage directly charged by the firm you are wagering with, but that isn’t usually the case. Most iGaming companies factor in their merchant service processing costs into their cost structure and probability of winning when playing. Unlike prepaid cards, these transactions don’t affect your credit report, and they’re certainly attached to some form of a bank account.

These days, it’s equally as easy to open a prepaid card account that comes with its own bank account if you don’t want to connect to your personal one.

Intermediate Cards and Accounts are the best way to gamble anonymously. Despite charging small fees, they’re usually the easiest to deal with. Be aware, some cards will limit your actions to spending money in your own host country. The regulations and stipulations vary from year to year and region to region. 

Check before making an assumption. It’s quite common for those who are legitimate wagerers to find they didn’t successfully fund their gaming wallet from the eWallet or eCard because the company either can’t lawfully exchange with a company outside of their jurisdiction, or they chose not to due to their risk management strategy. 

Be aware that a famous American brand that started with eBay is notorious for doing this, so read the rules on their website in advance. Another important thing is that some companies not specifically tailored for playing may hold the transfer for a few days before moving the money to your intended receiver, which could delay your play! 

These systems are highly competitive and profitable. As such, they’re constantly evolving and consolidating. Google Pay, Samsung Pay, and Apple Pay are among the biggest apps that do this, and you may already have an account with them. They’re accepted worldwide.