Funding you online casino account in Canada is a simple operation with options like credit and debit cards, payment processors, pre-paid cards and of course, the fast growing bitcoin and it’s offshoots.
Unlike in the United States, payments to to online casinos via credit and debit cards are less likely to be blocked, meaning this is the preferred method of most players.
Best online casino sites for Canada
The following deposit methods are the ones you are most likely to find at gambling sites accepting Canadians:
Prepaid credit cards
One method for depositing to gambling sites for Canadians is prepaid credit cards such as the Vanilla Mastercard. While they do come with a modest surcharge ($5.95 for the $200 card) they work at pretty much all online casinos and poker rooms and because they can be purchased with cash or your debit card they are also anonymous. Please note you cannot use a credit card to purchase them for reasons of combatting fraud. They do take about 20-30 minutes to activate but other than that they are a convenient option for Canadians looking to deposit online.
One of the best options for Canadians looking to deposit on online poker sites or casinos are payment processors like insta-debit or e-cheques. The great thing about these options are they have really low fees.
What they do is draft your bank account, and in my experience the costs have been minimal and are usually covered by the casino in question. Obviously anywhere you can save money is great so these are an affordable option, the only drawback is there is usually a pretty small limit on how much you can deposit in a single go.
Credit cards are the bread and butter of online casinos. They’re quick and convenient. Unfortunately credit card companies treat deposits using these cards like cash advances. That means you are going to pay a fee to deposit, and there is no grace period, you begin paying interest on this money immediately.
Furthermore online casinos and poker rooms are increasingly charging an additional fee for credit card deposits. So while depositing with your credit card is generally pretty convenient, it can also be rather expensive compared to some other methods.
The other problem with credit cards is that many of them simply do not work for online gambling. Increasingly banks and financial institutions are putting limits and restrictions on how credit cards can be used. While some credit cards can be used to make deposits for online gambling, others cannot.
Bitcoin and other cryptocurrencies
Bitcoin and other forms of fake internet money like Ethereum are another increasingly popular choice for getting money onto your favourite betting site. The advantage of these forms of payment is that they are fast (unless the blockchain is really backed up and you skimp on the miner’s fee), relatively cheap (bitcoin transactions are costing about a buck or two last time I checked, although this does vary), and pseudo-anonymous.
The disadvantage is that Bitcoin is not as widely accepted as say credit cards, and it can also be a bit expensive and/or time consuming to get your hands on this stuff. If you buy it through a P2P trading site like localbitcoins, you can get it in about an hour or two, but expect to pay a pretty decent surcharge on purchases. It is a lot cheaper to go through a bitcoin exchange (they charge very minimal amounts over spot price), but then they will want you to verify your identity and the whole process can take some time.
Bitcoin is a big deal for online casinos because the decentralized nature of cryptocurrencies is an excellent approach for by passing government regulation and control. For example, the biggest online pokerrooms and casinos that are servicing US customers are all very pro bitcoin, because the Unlawful Internet Gambling Enforcement Act (UIGEA) has really cracked down on financial institutions that want to enable consumers to access internet gambling.
What is Entropay? Entropay is a virtual credit card, which is basically designed to bypass gambling restrictions on credit cards. What you do is deposit to entropay, and then use entropay to deposit onto your site of choice. Entropay works pretty decently, but the only problem is that there are some pretty high fees associated with its use. One site that I played on the only options they had for cashout was back to your card, which didn’t work because I used Visa Debit, or through entropay. Well I paid easily 10% of my profits to this company. So while it will do in a pinch, if you can use a method with lower fees you should probably go for that.
Visa Debit is great. With Visa Debit you basically use your bank account like a visa card. While generally there are low fees associated with deposits using visa debit, some sites (BetOnline and Bodog, for example) did charge me a fee for using it.
But my account did not charge me a fee at all, and other sites did not charge me a fee. Visa Debit is super easy to use, you just copy the information from your debit card onto the normal credit card deposit form and you are good to go. Visa Debit is offered by CIBC, Scotia Bank and RBC (although they call it Virtual Visa Debit). BMO has a debit mastercard and TD Bank also offers Visa Debit.
Reloadable Credit Cards
Another option aside from prepaid credit cards are prepaid reloadable credit cards, such as those offered at Money Mart like the Titanium card and others. Often these have pretty high limits and can also be used to reserve hotels, but you have to watch the fees here as well.