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The 5 Best Payment Methods for Online Gambling in Canada

The 5 Best Payment Methods for Online Gambling in Canada

2022/04/07

Gambling at online casinos in Canada is quickly growing in popularity among Canadian bettors. Similarly, with the launch of regulated online sports betting and being able to play at online casinos in Ontario, it’s an incredibly exciting time for gamblers both in this province, in Alberta, British Columbia and elsewhere in Canada. While Ontario bettors have a lot to look forward to, bettors in other provinces can still access online casinos regulated internationally, including the sites recommended on this page.

Better yet, at our highlighted sites, Canadian casino gamblers have access to a great range of popular and secure payment methods, which make funding and cashing out from your casino accounts fast and easy. Whether you value established options with years of experience, swift withdrawal times or low transaction fees, there is a top-tier payment method to best suit your preferences.

If you are looking for the best Canadian online casino payment methods, you’ve come to the right place! Our dedicated team of gambling experts has years of experience in the industry and knows just what casino players value and need when gambling online. Therefore, we’ve outlined five of the best payment methods for Canadian gamblers looking to fund their casino accounts and withdraw with the best of the best.

There’s a lot to cover, so let’s get started to help you select the best payment method for gambling in Canada.

Online Gambling in Canada Legality

Before we look at the top-rated Canadian banking options, it helps to understand the current legality of gambling online in Canada. Back in 1985, the country legalized gambling and gave the power to individual provinces to establish and regulate their own gambling industries. Canada’s first land-based casino opened its doors four years later.

Yet now, Canada is home to over 100 brick-and-mortar casinos, dozens of gambling venues and racetracks, and several government-run online gambling sites, including PlayNow in British Columbia and PlayOLG (from the Ontario Lottery and Gaming Corporation) in Ontario. The country’s gambling industry is thriving! Speaking of Ontario, the province is leading the way for regulated online gambling in the country.

As of April 4th, 2022, online casinos and sports betting sites can apply for a licence with the Alcohol and Gaming Commission of Ontario (AGCO), and its supervising body iGaming Ontario (iGO), to launch in the province. While we hope this new regulation will get the ball rolling in other territories and spark regions to revise gambling legislation, bettors in Canada can still access sites regulated in other jurisdictions.

Whether you prefer to gamble at a Canadian legal gambling site regulated by the government or an internationally-licensed online casino, you will have access to a great range of payment methods. While each comes with its own unique benefits, you may wonder which payment method is best for you. Take a look at our top five list below to discover the advantages of each and hopefully uncover a new favourite Canadian banking option.

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The Top Banking Options in Canada

It’s vital to have a great selection of banking options when gambling online in Canada. Below, we’ve listed five of the best methods for Canadian online casino platforms. Each payment option has its unique benefits, which we will dive into a little further in this section. Still, these banking methods offer something for everyone, including both high rollers and bettors on a budget.

Whether you treasure swift withdrawals, ease of use, more availability, no transaction fees, or the most secure methods around, you’ll find perfect payment options in our list of recommendations. We constantly update this guide with the latest news, information and payment methods available to Canadian players. So, bookmark this page and come back regularly to stay updated.

Interac

Taking up the number one spot on our list of recommendations is Interac, the popular Canadian e-wallet. Canadian online casino players can fund their accounts and cash out their winnings with Interac at most online casinos in Canada. However, the payment method is becoming increasingly popular as a deposit method too. It works best as a system to transfer money from a personal account to an online gambling account.

To get started with Interac, you will need to do the following:

  1. Register or sign into your online casino account.
  2. Head to the Cashier/Deposit tab.
  3. Select Interac from the list of available options.
  4. Enter your personal details and preferences, including your desired deposit amount.
  5. Finally, finalize the transaction, and funds will instantly appear in your account.

Now, you can transfer funds to an online account utilizing Interac with no problem.

Interac is one of the most trusted options in Canada, with several layers of security ensuring casino players can deposit and withdraw with confidence. Similarly, the fact that you do not need to provide the casino with your banking card information adds another level of security to the payment process. Interac is also advantageous due to its connection with financial and banking institutions in the country.

Ultimately, this popular payment method makes deposits and transfers quick and secure, providing peace of mind to any gambler online. Yet, you will need to know your banking details to handle money with Interac. This information will make it quick and easy to fund your account.

Ultimately, Interac is ideal if you value safety and speed. The banking method has an established reputation among Canadians, and you can be sure online gambling in Canada is secure with this top-rated payment provider.

Interac Pros and Cons

Pros:

● Locally trusted payment method

● Most casinos process withdrawals within 24 hours

● Offers fast and safe transactions

Cons:

● Not always available for withdrawals

● Money is usually limited to Interac sites

● Not readily available outside Canada

EcoPayz

While EcoPayz is the second choice on our list, the banking option is just as good as any other reputable Canadian payment method for gambling online. In fact, EcoPayz is one of the most popular global e-wallets on the market today. The payment provider has been around since 2000 and has since expanded its reach to provide top-tier banking options online. Additionally, it’s straightforward to fund your casino account with EcoPayz.

To get started with EcoPayz, you should:

  1. Create an EcoPayz account and ensure the account is verified before proceeding.
  2. Visit your preferred online casino, sign in and head to the cashier menu.
  3. Select EcoPayz as the payment method.
  4. Connect your EcoPayz account with your online casino account.
  5. Select the amount you want to deposit.
  6. After completing the transactions, your funds should appear in your online gambling account instantly.

One of the most significant benefits of funding your online casino account with EcoPayz is the additional security you receive when doing so. While all our recommended gambling sites adhere to the strictest security standards, the payment method’s SSL encryption technology and anti-fraud protection add an extra layer of security to your online gambling experience.

Many Canadian casino bettors also love EcoPayz because it has had twenty years to establish itself on the market. Similarly, the ease of the banking option makes it simple to transfer funds whenever you wish to top up your online gambling account. As well as wide acceptability, swift transaction speeds, and the unique EcoPayz virtual prepaid debit card, EcoPayz is ideal for bettors on the lookout for increased security when gambling online.

EcoPayz Pros and Cons

Pros:

● Enables up to five different user accounts

● Principle member of MasterCard International Inc

● Attentive and reliable customer support

Cons:

● Internal transfers (except for a Gold Account) are subject to fees

● The mobile app can be slow and is limited in features

● Some exchange rates are not competitive

PayPal

PayPal is another excellent casino payment method available to Canadian players. You can fund your online gambling account and withdraw your winnings with the e-wallet without additional hassle, whether from a phone, laptop, or similar device. Like the previous two payment methods on our list, you don’t have to share your personal information with the online casino when depositing, making it ideal for many online gamblers.

Similarly, thanks to the popularity of PayPal, the payment method is accepted at many Canadian online casinos. Depositing with PayPal is also straightforward.

  1. Log into your online casino account.
  2. Head to the cashier section.
  3. Select PayPal from the payment methods offered.
  4. Enter your desired deposit amount.
  5. Finalize the transaction.

Once you have funded your online gambling account, your funds should appear in your account instantly, making this banking option ideal for bettors who value swift transactions. With withdrawals via PayPal also boasting some of the quickest transaction speeds around, cashing out your winnings with PayPal is also very convenient.

Better yet, it’s free to make a PayPal account. You can transfer your funds back and forth from your personal banking account to your PayPal account, meaning this payment method is ideal for online gamblers.

If you’re interested in an online payment method that keeps your information safe, PayPal is the way to go. Used by millions of users worldwide, the banking option has an established reputation, having been around since 1998. Ultimately, if you wish to experience great flexibility, no additional transaction fees, excellent security, and an easy-to-use payment method, PayPal is your option.

PayPal Pros and Cons

Pros:

● Widely available in many Canadian casinos

● Easy to set up and super safe and secure to use

● Money from winnings can be used anywhere where PayPal is accepted

Cons:

● Not legal everywhere

● Transaction fees

● Sometimes freezes accounts used for gambling

Visa headquarters

Visa/Mastercard

If you want to go with a household name, Visa and Mastercard are payment companies you can’t go wrong with when looking for a top-tier Canadian payment method. Accepted at most online casinos in Canada, deposits and withdrawals via Visa and Mastercard are secure, relatively swift, and allow you to access generous welcome offers and sign-up bonuses.

To fund your casino accounts with Visa or Mastercard debit/credit cards, take a look at our below step-by-step guide.

  1. Have your debit/credit card information readily available.
  2. Sign in or register with your chosen online casino.
  3. Head to the cashier section and select the deposit option.
  4. Select Visa or Mastercard from the list of options.
  5. Enter the amount you wish to deposit.
  6. Select “Deposit,” and the funds should appear in your account instantly.

Locating online casinos that accept deposits and withdrawals via Visa and Mastercard is often effortless. You’ll be hard-pressed to find an online gambling site that doesn’t take Visa or Mastercard payments.

Credit and debit card users can also enjoy low minimum limits and top-notch bonuses. While many e-wallets are often excluded from promos, Visa and Mastercard are rarely omitted. Ultimately, this means that you can kick-start your online casino adventure with a boosted bankroll.

With this secure payment method, casino bettors worried over their online safety will also have peace of mind. Visa and Mastercard use unique codes for every transaction to protect your funds and safeguard your information. You can deposit and withdraw with confidence at our recommended online gambling sites. Visa and Mastercard are excellent options for every Canadian online gambler, thanks to rock-solid safety features and anti-fraud policies.

Visa/Mastercard Pros and Cons

Pros:

● Doesn’t require opening an additional account

● Secure

● Accepted in most casinos

Cons:

● Some banks block gambling transactions

● Incurring gambling fees

Prepaid Card

Prepaid cards, such as Paysafecard, are another safe way to fund your online gambling account in Canada. This payment option is available for purchase at many private business locations and can be loaded with an amount of your choice. Prepaid cards have no connection to your bank account, only the funds you load onto them. Therefore, you can utilize this method without the fear of giving up your personal information as you gamble.

While this payment method is not available for withdrawals, depositing via prepaid cards is easy.

  1. Select one of our recommended prepaid card online casinos and head to the site.
  2. After registering or signing in, head to the deposit/cashier section.
  3. Select a valid prepaid card option (such as Paysafecard) from the list of available methods.
  4. Enter all the necessary details, including your desired deposit amount.
  5. Select “Deposit” to finalize the transaction. Your funds should appear in your online gambling account immediately.

Prepaid cards are ideal for casino players concerned over their online security when online gambling in Canada. This payment method is quick, secure, and gives you complete control over managing your bankroll. Since you need to load funds onto your prepaid card before transferring your money to your online casino account, you can closely monitor all your financial transactions.

As well as improved bankroll management, Canadian online gamblers are guaranteed complete anonymity when depositing at online casinos. You do not have to share your financial information with sites, such as your card details, meaning prepaid cards are ideal for bettors who value secure and anonymous transactions.

Prepaid Card Pros and Cons

Pros:

● No need to share your banking details with casino sites

● Suitable for limiting your spend (can only use what is on the card)

● Can purchase and upload in retail locations

Cons:

● Available for deposit only

● Limited funds per card

● Requires purchasing and uploading a card

Cryptocurrency

Other Payment Methods

We just mentioned above some of the most popular payment methods available to online gamblers in Canada. But these are not the only options you have. In fact, Canadian gamblers have access to a great range of secure and popular banking options when funding and cashing out from their online casino accounts.

If you’re looking to scope out alternative payment methods, take a look at the below banking options. Each comes with its own unique benefits and advantages, and you can find most at our recommended online gambling sites.

Other E-wallets: Aside from our previously mentioned e-wallets, other options, including Skrill and Neteller, offer swift and secure transactions when depositing and withdrawing from online casinos. While these e-wallets may be excluded from specific bonuses, their withdrawal speeds are some of the quickest around.

Wire transfers: Unlike many other payment methods, bank transfers do not involve third-party merchants, making this option fast and reliable. Ideal for high rollers, wire transfers allow casino players to transfer large sums of money.

Pay by Phone: With most online gambling done on mobile devices nowadays, payment solutions like Google Pay, PayPal and Apple Pay are becoming increasingly popular. These safe and secure payment methods allow you to conveniently manage all your banking and gambling from your mobile device.

Cryptocurrency: While this payment method is not available at every online casino, many Canadian online gambling sites accept deposits via popular cryptocurrencies like Bitcoin and Ethereum. One of the main benefits of crypto transactions is their ease of use and security. In just a few clicks, you can instantly transfer your funds.

Conclusion

There is plenty to choose between the recommendations and options covered above when funding your online casino account and cashing out your winnings at Canadian gambling sites. Ultimately, it’s vital to have access to a variety of payment methods when gambling online, whether you value widely-accepted options or the swiftest and most secure transactions.

Thankfully, our recommended online casinos understand that players value flexibility when depositing and withdrawing funds online. No matter which Canadian payment method you prefer, there is something for everyone.

Bettors can access an excellent range of popular and secure payment methods for gambling at online casinos in Canada at our recommended sites. So, what are you waiting for? Register today to grab your exclusive welcome bonus to start your online gambling journey with a bang.

FAQ

Is it legal to gamble online in Canada?

Yes, it is. Some Canadian provinces offer their own legal gambling sites, including PlayOLG in Ontario and PlayNow in British Columbia. Ontario is also the first province to award licenses to regulated online sportsbooks and casinos. Therefore, it is legal and safe to gamble online in Canada.

Do I have to pay tax on my online gambling winnings in Canada?

Since playing at online casinos and gambling-related activities do not classify as steady income, the taxation of online gambling winnings is not considered fair and reasonable in law. Therefore, Canadian gamblers do not have to pay taxes on their casino winnings. Yet, those who make a living from their gambling winnings or full-time gamblers must pay taxes.

Are online casino games rigged?

No, the games on our recommended sites are always fair and never rigged. When playing at a licensed and reputable online casino, all games are regulated by an RNG (Random Number Generator) engine that ensures every outcome is random and games are always fair.

What is the best payment method for online gambling in Canada?

While the best payment method for gambling online in Canada depends on your personal preferences, Interac is one of Canada’s most trusted banking options. You do not have to share your private financial information with casinos, which adds an extra layer of safety to your online gambling experience.

Affiliate Disclosure: At CasinoSource we work hard to match our readers to the best possible casino offers suitable for individual players' needs. For this reason, some of the recommended casino links are affiliate links. This means that if you visit a casino site via our dedicated link and make a deposit, CasinoSource will receive a commission at no extra cost to you. more

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Ziv Chen

Ziv Chen

Content Writer

Ziv's Story

Ziv Chen has been working in the online gambling industry for over two decades in senior marketing and business development roles. Ziv writes about a wide range of topics including slot and table games, casino and sportsbook reviews, American sports news, betting odds and game predictions. Leading a life full of conflict, Ziv constantly struggles between his two greatest loves: American football and US soccer.

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