Online gambling in Canada has grown from strength to strength over the years, and today it is considered one of the most prolific industries in the country. Today we’ll be taking a closer look at the history and growth of Canadian online gambling, as well as zooming our attention on some of the most popular online casino payment methods in Canada which you might find useful in your journey.
Even though not many people are aware of this, online casinos in Canada were a thing right from the early 90s, with the very first casinos making an appearance around 1994. These initial prototypes were generally clunky, with old-fashioned graphics created at a time when the internet was still in its infancy, and slow loading times meant that these casino game sites weren’t extremely popular at the time.
However, with the fast pace that technology moves at, this definitely can’t be said about Canadian online casinos which have now caught up with the times and offer a number of interesting options for players to look into, which are all approved by Canadian banks.
CANADIAN ONLINE CASINO BRIEF HISTORY AND LEGISLATION
Before we tackle online casino payment methods directly, and discuss the various depositing and withdrawing options we’ve got at hand, we thought it might be interesting to take a brief look at the history of this industry, along with the supporting legislation that has made online casinos available to players in this country these days.
The first official document in this regard was known as the ‘Canadian Criminal Code’ and dates back to the 19th century, where the government decided to place a ban on gambling activities in Canada. This document remained relevant up till 1969, where all forms of gambling remained illegal until then.
Eventually, Canada saw a reform in this regard and the government eventually decided to make lotteries and gambling illegal. This appeared to be the last part of the Canadian gambling puzzle, with the industry now able to spread its wings and expand across the country.
For a number of years, land based casinos ruled the industry as they faced close to zero competition that could potentially impact their stability. In fact, these brick and mortar casinos saw a rise in popularity over the years, with players from around the country taking the time to visit these entertainment establishments on a regular or casual basis.
However, then came the 90s with its massive growth in virtual technology that brought rise to the very first online casinos in Canada we’ve just mentioned – some may say, this was a new era. The very first online casinos were nothing like the ones we see today, offering players a limited number of games that were able to run on the limited technology available at the time.
It’s also handy to keep in mind that computer accessibility wasn’t as frequent and common as it is today, with a number of people having to visit internet cafes in order to access their favourite casinos online. Nevertheless, things changed rapidly for Canadian casino players, with the advent of high speed internet, along with a considerable price drop in computer hardware, allowing for more people to own a computer device at home.
Moreover, studies have shown that over 50% of players in Canada use their mobile phones in order to access their favourite online casinos, as well as to authorise payments and withdrawals using digital payment providers at their preferred gambling sites in Canada.
THE LEGALITY OF PAYMENTS IN CANADIAN ONLINE CASINOS
Much like the gambling industry around the world, online casinos in Canada are bound by a number of rules and regulations that govern the industry. Just like all legislation, this is regularly adapted and adjusted with the Canadian government allowing its various provinces to set their own rules as of 2009.
As things stand, options include Canadian players now being able to play at any online casino that’s located offshore, with the advancements in technology bridging this gap. That being said, there are a number of provinces that have allowed online casinos in Canada to operate within their territories.
ONLINE GAMBLING AND TAX IN CANADA
When we speak about online casino payment methods in Canada, of course we’re referring to both deposits and potential withdrawals. In this case, Canadian online players are at a clear advantage due to the fact that they are never charged any income tax on their winnings.
This concept was originally established in England first, with the law stating that unless you’re living exclusively off gambling profits, or have turned gambling into some sort of business, then you’re not required to pay taxes off this recreational form of entertainment. This would also explain why other winnings linked to horse races, lotteries, sports betting, poker, and other luck-based games are considered tax free within the Canadian territory. As defined by the Canadian Income Tax Act, there is absolutely no need to declare any payments and withdrawals via the various payment providers in Canadian casinos when filing your taxes, which is always welcome news.
CANADIAN CASINO PAYMENT PENDING AND PROCESSING TIMES
Now when it comes to online casino payment methods in Canada, processing times may vary between one method and another, with bank wire transfers generally taking a couple of days to be processed by Canadian banks. Other virtual options such as e-wallets and cryptocurrency however tend to be instantaneous especially when it comes to deposits, with withdrawals sometimes also taking a couple of days to be processed depending on the online casino’s policy.
For this reason, whenever you sign up to a new online casino, it’s always a good idea to take a look at the banking policies in place to get a better idea of what to expect depending on your choice of Canadian casino banking payments, as well as keeping in mind that you’ll mostly be required to request a withdrawal using the same method you used to make a deposit. If that option is not available via the payment provider, then withdrawals are generally processed by bank transfer as we’ll see in closer detail in the section below.
POPULAR PAYMENT METHODS IN CANADIAN ONLINE CASINOS
Now it’s time to really look into the best online casino payment methods in Canada out there in closer detail, highlighting the pros and cons of each method in order for you to make an informed decision next time you’re ready to process a payment in Canadian dollars at your favourite virtual gambling outlet that go beyond the traditional bank wire. Depositing and withdrawing options include:
Credit and debit cards
eCheck
Maestro
Boku
Skrill
PayPal
Bitcoin
Zimpler
Neteller
paysafecard
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Online casino payment method in Canada #1 – Credit and Debit Cards
One of the most popular online casino payment methods in Canada makes use of popular debit and credit cards such as Visa, Visa Electron, and MasterCard. This is mostly due to the fact that the majority of adults in Canada already own one of these cards, which makes it simple to use without needing to sign up for third party services. This payment method is also considered one of the top rated in terms of security, and is recognised as one of the most secure ways of funding you visa casino account.
The good news here is that you’re usually able to register your current card at an approved Visa casino in a couple of minutes, and this generally includes inputting the long set of digits found on the front of your card, the expiry date, along with the three digit security code at the back along with your full name and surname.
Regulated and licensed online casinos make use of the latest technology generally used in online banks and shopping portals to encrypt this sensitive data, and are legally committed to never share this sensitive information with anyone else, ever. This offers players the peace of mind in knowing that your data is safe and secure once shared. Most visa casinos will always save this data directly to your account however in order to avoid having to enter your details every time you’d like to make a payment or withdrawal in Canadian casinos.
Once you’ve successfully processed your first online casino payment, you’ll then be able to return and make additional deposits without needing to compile your details in full once again. Nevertheless, most online casinos will require entering the three digit security code each time, along with the possibility of 3D verification required from your bank’s end for added security.
Online casino payment method in Canada #2 – eCheck
Another popular online casino payment method is eCheck which is the abbreviated version of ‘electronic check (or cheque!) processing.’ This payment provider functions similarly to a paper cheque which you’re able to send out to online merchants including online casinos in Canada in order to effect payments in a simple and instant manner.
In order to get started a casino deposit method like eCheck, you’ll first need to request an authorisation which can be verified via an online payment, a recorded phone convo, or a signed order phone. After that’s complete, you’ll then need to process you payment via the payment provider software, and finally, you’ll be asked to confirm that all of your details are correct before starting the transfer process at your favourite eCheck casinos.
Whenever you select eCheck as your preferred payment provider, you’ll be able to withdraw your money directly from your personal bank account via bank wire, with the online software issuing a receipt before transferring funds directly to your preferred online casinos in Canada – simple!
Online casino payment method in Canada #3 – Maestro
Maestro is a debit card service offered by MasterCard, which currently represents one of the largest online casino payment methods in Canada. Processing over 23 billion transactions every year, this top rated payment method is considered quick, reliable, and above all safe by millions of users around the world not just in Canada.
Providing debit and prepaid cards that are supported by the international MasterCard banking network, pre paid Maestro Cards allow you to perform fiscal transactions online and in brick and mortar stores, as well as withdrawing funds from physical ATMs.
In terms of fees, the good news here is that this Canadian casino payment provider comes with none, but since the card is generally associated with your current account there might be some additional charges associated with certain services offered by the card, such as ATM withdrawals and currency conversion for instance.
Bolstered by a number of security measures, and solid customer support Maestro Cards enjoy an added level of password protection powered by MasterCard’s SecureCode as well as a dynamic chip and pin that could really come in handy when preventing fraud and card cloning for example. This instant banking payment method for Canadian online casinos also includes a 24/7 call centre where you’re able to report lost or stolen cards as well as other unusual or fraudulent activity should this ever be the case.
Online casino payment method in Canada #4 – Boku
Largely recognised as one of the top online casino payment methods in Canada, Boku is an online payment provider that allows you to make a deposit directly through your mobile phone, which could definitely prove handy should you happen to be in the mood for a quick session of real money games on the go at certified Boku casinos.
Founded back in 2009, Boku has since become one of the leading payment providers to rely on mobile technology. Based in the UK, today Boku also enjoys land-based presence in Stockholm, Sweden, and San Francisco in the US.
One of the reasons that makes Boku one of the preferred online casino payment methods in Canada is because of its major convenience. All you need to do to get started is own a working mobile phone connected to a cell phone / data plan and essentially, you’re already on your way. Another reason why this is a preferred online casino payment method for transferring Canadian dollars is that it is known for its superior safety and security, as well as coming with a brand promise to never share your information with third parties.
Online casino payment method in Canada #5 – Skrill
Formerly known as Moneybookers, Skrill is another leading payment method for Canadian online casinos. Functioning as an e-wallet, Skrill allows players to make a series of online transactions including casino deposits, as well as accepting money transfers with minimal fees.
Apart from that, Skrill users are also given a physical MasterCard debit card which they are able to use for real-life transactions, as well as a virtual prepaid card which is delivered instantly upon sign up. Established back in 2001, Skrill has grown from strength to strength and today represents one of the most popular methods for payments and withdrawals in Canadian casinos. By offering safe online transactions through a reliable and trusted network, Skrill allows you to make instant casino deposits while managing your balance through the pre paid card.
In order to make use of this Canadian casino banking method, players are required to sign up for a free account which will only take a couple of minutes, and download the mobile app directly onto their phone. Once that’s done, you’ll then be able to transfer funds to your brand new Skrill account for free most of the time, while certain funding methods such as crypto incur a 1% charge.
Online casino payment method in Canada #6 – PayPal
Another massively popular method for payments and withdrawals in Canadian casinos is PayPal. Accepted by thousands of merchants and online casinos around the world, PayPal is another form of e-wallet payment method.
By linking an instant banking PayPal account directly to a current bank account with a bank wire, players are able to deposit and withdraw funds from their casino account with ease by selecting this casino deposit method. One of the major advantages here is that all of your financial details are kept safe and secure there’s no need to share this sensitive information with third parties, including online casinos. PayPal also includes fantastic customer support features should any issues arise along the way.
Now, while PayPal is unable to process direct deposits and withdrawals, you’re always able to move funds around via bank wire using the linked bank account you provided when signing up. The good news here is that it’s perfectly legal and safe to use PayPal as your preferred Canadian casino payment provider.
Online casino payment method in Canada #7 – Bitcoin
The next payment method for Canadian online casinos we’ll discuss today is the world’s most popular cryptocurrency, Bitcoin. Over the last couple of years, this digital currency has increased in popularity, mostly because it is one of the fastest and most convenient way of transferring and handling funds online. Compared to standard payment methods that sometimes could take a couple of days to be processed, Bitcoin offers the massive advantage of being able to carry out the same function within a couple of minutes, almost in real time.
Other advantages of selecting this top rated payment method for Canadian online casinos include the fact that Bitcoin is global and accessible across the world irrespective of where the merchant is located, it’s completely secure, as well as being totally anonymous. On the other hand, some disadvantages include higher transaction fees and the volatility of the coin itself. Nevertheless, players have started to seek out crypto friendly online casinos and payment providers more often over the course of the last couple of years and this trend is only set to increase as more time goes by and the cryptocurrency establishes itself further amongst real money casino games players.
Online casino payment method in Canada #8 – Zimpler
Founded in Stockholm, Sweden, back in 2012, Zimpler was originally created as a mobile invoicing solution that went by the name PugglePay. Since then, the start-up has evolved into an instant payment provider, and by 2016 was officially known as Zimpler.
Expanding across Europe and other parts of the world, Zimpler comes with a brand promise related to efficiency and speed which is definitely something you’re going to want when considering online casino payment methods in Canada. The only downside here is that this payment provider doesn’t currently have a mobile app, which might not appeal to everyone.
There's also the fact that Zimpler isn't entirely free to use and there are a number of small fees which could be potentially incurred, however when compared to the host of advantages that come with this payment provider, it comes as no surprise that this payment and withdrawal in Canadian casinos method is still one of the most popular options out there.
Online casino payment method in Canada #9 – Neteller
Founded in Canada in 1999, Neteller is another of the most highly regarded Online casino payment methods. Right from the get go, Neteller was one of the pioneers when it comes to online gaming transactions around the world, and during the course of time has continued to focus on this area, with online gambling representing around 95% of their global revenues.
It was only a matter of time where Neteller’s mother company, Paysafe Group eventually also acquired Skrill, dominating the e-wallet market completely at a worldwide level. As one of the leading online casino payment methods in Canada, Neteller is designed to offer a simple and safe way of funding your online casino account.
Registration only takes a couple of minutes, and once that’s done you’re practically ready to go. It’s also handy to keep in mind however that making a deposit using this method will include a 2.5% service charge for any deposits under $20,000, which generally would only apply to high rollers.
Online casino payment method in Canada #10 – paysafecard
Allowing players to make fast, reliable, and safe and secure online transactions, paysafecard is another leading Canadian casino banking method that you’re able to use with ease to deposit and withdraw funds. Accepted by thousands of stores around the world along with a large number of paysafe casinos, this payment method involves purchasing pre paid vouchers that include a 16-digit code from a series of real life outlets, or purchasing the equivalent of this card online. Simplifying bankroll management this convenient payment method for Canadian online casinos presents numerous benefits.
Accepted in over 40 countries, this Canadian casino banking method is extremely popular amongst online gamblers, including those who enjoy playing on their mobile phones. Thanks to the handy application that includes several features, which includes the option of quick casino top ups via prepaid cards amongst others.
August 2, 2022
