The world of sports betting is on the rise in Canada, with online betting becoming legal in most Canadian provinces, each with its own rules and legislations. With access to online betting becoming easier than ever, numerous payment processing solutions started supporting that easy and accessible access to placing wagers online.
Since sports betting payments on Canadian online betting sites vary, we’ve gone above and beyond to make sure each CA bettor has an option that suits their needs. From e-wallets to vouchers, we’ll cover all secure and available online sports betting payments here.
Not all online betting payments are the same. Some only allow you to make deposits; others support withdrawals, too. We consider various criteria when rating the payment methods at Canada’s top online sportsbooks.
This is done to create a list of valuable sports betting payments that Canadian bettors can use to make quick and safe transactions. Let’s cover the most important criteria for our ratings below.
Transaction times: Canadian bettors are constantly looking for fast payment options when it comes to iGaming. The top sportsbooks should support fast betting payments. Therefore, transaction times are the first thing we check when rating the best payments—if the processing times are slow, they don’t belong on the list.
Bonuses and promotions: Some payment methods aren’t eligible for bonuses. That’s the case with certain e-wallets, like Skrill, that you can’t use to cover the minimum deposit before claiming a bonus. We ensure that our recommended bookmaker payments qualify for bonuses so that you can get the best deals.
Deposit and withdrawal limits: Each payment method has different transaction limits. Bettors would love to have a limitless option, but there’s no such thing. So, the next best thing are payment methods with stretched deposit and payout limits, such as the ones featured on this page.
Transaction fees: Canadians want to pay little to no fees when using any payment method on online betting sites. Hence, we rate those without fees higher up our list and avoid supporting bookie payment options that charge extra for transactions.
Secure payments: Security is of paramount importance for everyone when it comes to online betting payments. We ensure that the best payment options on our list are 100% safe with several security measures, so you don’t have to worry about your data or funds.
Types of Online Betting Payments
There are different ways to fund your betting bankroll and withdraw winnings. The best Canada-centric sports betting payment platforms range from bank transfers to mobile solutions. If you’re unsure what you should use, we cover the most popular betting payment providers below.
Credit and Debit Cards
Debit and credit cards remain the most popular option for Canadian bettors. They’re usually linked to a bank account, allowing bettors to use them to deposit money and place a bet. Moreover, cards such as Visa, Mastercard, and Visa Electron are widely accepted at most Canadian online sportsbooks. Their ease of use and top-notch security features make them a widely accepted payment processing solution.
Prepaid Cards and Vouchers
Payments like prepaid cards and vouchers are getting increasingly more popular at Canadian sports betting sites. The reason is simple—they offer speed and privacy. While you can’t use them for payouts, funding your bankroll and placing a wager is as simple as scratching a PIN code. Enter it at a bookie to add funds to your account and start betting. Paysafecard and Flexepin are two popular options for Canadian bettors, available to buy online and in retail stores.
E-Wallets
As one of the most popular online betting payments around the world, Canada included, e-wallets represent a seamless and convenient online payment. They are essentially a digital payment solution that can be linked to cards, other e-wallets, or even bank accounts. The result is fast and safe transactions via any sportsbook payment platform. Skrill, Neteller, PayPal, Payz, and MuchBetter are the hottest e-wallets to use in Canada. Many of them provide apps that simplify transaction tracking, allowing you to easily monitor your spending.
Interac and Bank Transfers
Bank and wire transfers may not be the most efficient bookmaker payment solution. However, nothing beats bank transfers in security. Deposit times are improved compared to the past, while withdrawals remain slow. But if you want a safe payout option without compromises over security as well as large transaction limits, it doesn’t get better than Interac or direct bank transfers. Plus, this payment method is available on almost any betting site in Canada.
Mobile Payment Methods
We use our phones to pay for all kinds of services these days, and it’s the same with online betting. You can fund your bankroll and claim winnings with various mobile payment solutions such as Apple Pay or Google Pay. With this option, you don’t need your wallet at hand to fund your bet bankroll—you can store your cards or other payment processing platforms in an app, review the details, and pay from your mobile device.
Cryptocurrencies
When it comes to online sports betting payments, cryptocurrencies are the latest trend. Unfortunately, Canadian-licensed bookmakers regulated by provincial authorities don’t accept cryptocurrencies as a payment method. However, Canadian players can legally access some offshore operators that accept these digital coins.
Bitcoin, Ethereum, and Tether are the most important crypto betting payments. They offer instant and fee-free transactions and are perfect if you prioritize privacy. Crypto transactions can’t be hacked thanks to the blockchain technology.
Transaction Limits and Fees for Online Betting
As mentioned, when choosing payment processing platforms for online betting, it’s crucial to check for any fees, limits, and transaction times. Each betting payment solution differs in these specifics. Some will have higher fees than others and some payments will be faster than the rest.
Knowing the limits, fees, and processing times is important if you want to choose the right method for your needs. We’ll cover the average specifics for the most popular payment methods at Canadian sportsbooks below.
Payment method
Average deposit time
Average withdrawal time
Min/max deposit
Min/max withdrawal
Fees
Visa
Instant
3-5 days
$10/$4,000
$20/$5,000
None
Mastercard
Instant
3-5 days
$10/$4,000
$20/$5,000
None
PayPal
Instant
Instant (after approval)
$10/$5,000
$20/$5,000
None
Neteller
Instant
Instant (after approval)
$10/$5,000
$20/$5,000
None
Skrill
Instant
Instant (after approval)
$10/$5,000
$20/$5,000
None
Paysafecard
Instant
N/A
$10/$200
N/A
$2.50 applies if vouchers are not used within 18 months
Interac
Instant
Instant (after approval)
$10/$5,000
$20/$5,000
Your bank may charge a small fee per transaction (usually around $1 to $1.50).
MuchBetter
Instant
Instant (after approval)
$10/$5,000
$20/$5,000
None
iDebit
Instant
Instant (after approval)
$10/$5,000
$20/$5,000
Withdrawals may incur a fee (typically $1.50-$2)
Apple Pay
Instant
N/A
$10/$5,000
N/A
None
Google Pay
Instant
N/A
$10/$5,000
N/A
None
Bank Wire
Instant
Up to 5 days
$10/$50,000
$20/$50,000+
Varies by bank; typically around $10 per transaction
Note: The values in the table are for average deposit times, limits, and fees at the top sportsbooks online in Canada. Keep in mind that the values for different sports betting payments may vary at bookmakers. Always review the transaction times, limits, and fees before you start using a payment method at a Canadian bookmaker.
Deposits and Withdrawals at Canadian Sportsbooks
Making a deposit or a withdrawal at a Canadian online sportsbook is typically a straightforward process. It’s been streamlined across most sports betting sites, so even new bettors can make payments easily without any hassle.
In most cases, the process of depositing and withdrawing is the same. Many bookies also have guides that will walk you through it all. Payments are usually made on the cashier page, accessible from your betting platform profile. We cover the general deposit and payout steps on Canadian sports betting sites below:
How to Make a Deposit
Choose a sports betting site.
Go to the payments or cashier page and click on deposit.
Choose one of the online betting payment solutions from the list.
Enter the amount you want to transfer.
Click on deposit to finish and confirm the transaction.
Create an account by filling out the registration form.
How to Withdraw Your Winnings
Log in to your online betting account.
Go to the cashier or payments page.
Click on withdraw.
Check your withdrawable balance.
Enter the desired amount.
Click on withdraw to finish and confirm it.
Choose an online payment method from the list.
Things to Consider Before Selecting a Payment Method
With so many options to pick from, it can be difficult to stick to one. You have betting sites that accept fiat money and crypto, betting sites that accept mobile payments, and platforms that cover them all. As soon as you have your bankroll all set up, you should consider a few things before choosing one of the accepted payment methods at a bookie.
If you don’t know where to start, we have a few tips on making the right choice:
Consider Your Preferences: When choosing sports betting payments, you need to consider your preferences. A new customer isn’t likely to make big deposits, while high rollers will seek payments with stretched limits. Take your preferences into consideration before choosing one.
Check Minimum Deposit Requirements: If you choose an option that has high minimum deposit requirements and you’re planning on casual betting, it won’t fit into the picture. Always check the minimum deposit requirements before you choose a popular payment method.
Make Sure Your Deposit Method Qualifies for Bonuses: Not every betting payment solution qualifies for bonuses and promotions. Sometimes, certain e-wallets are excluded. If you want to take advantage of deposit bonuses, ensure that the option you choose is eligible for them.
Check the Processing Speed and Fees: It goes without saying that this should be another priority for all bettors. Digital betting payment solutions are typically faster compared to bank cards and wire transfers.
Check the Security Measures: Most betting payments nowadays are 100% safe and secure. However, to ensure your safety, it is advisable to review the security measures implemented by the payment method. This way, you can also use those measures more effectively.
Check If It Supports Withdrawals: Having a sportsbook payment platform that supports both deposits and withdrawals will make your life much easier. Instead of managing two different options, you can simply use a payment that supports both.
Check for Fees: There shouldn’t be overly high fees charged on online betting payments. Choose a payment method that charges little to no fees, and ensure that the bookmaker doesn’t charge any extra fees either.
Payment Verification and KYC at Online Sportsbooks
Most bookmakers require players to pass the KYC check to verify their identity. This step is mandatory, and if you skip completing the process, you won’t be able to make your first withdrawal.
KYC stands for Know Your Customer. In Canada, KYC protocols are essential components of the country’s efforts to combat money laundering and terrorist financing. These protocols require financial institutions and gambling operators to verify the identities of their customers to ensure the legitimacy of their activities.
Furthermore, ownership of the sports betting payment method is one of the things you must prove before you can withdraw.
The process itself typically lasts for 24 hours. After verification, the bookmaker rarely asks for further identification. There might be cases where an operator asks for new verification, such as winning large amounts and trying to withdraw a big sum.
Luckily, the process itself is easy to complete.
The KYC identification procedure asks for personal documents you must send for verification.
These include a copy of your ID or passport, a utility bill no older than 6 months, and proof of payment method ownership.
The documents are usually sent via a special tool available on the profile page for each customer.
All bookmakers are required to process sensitive documents with utmost respect.
Canadian sports betting sites use SSL encryption to transfer the data securely over private servers.
As soon as the documents are sent and verified, they are deleted from the bookie’s database. In this way, players can rest assured they’re safe from fraud and identity theft.
Online Betting Bonuses and Promotions
Canadian bettors have a large selection of bonuses and promotions to claim. That’s a good thing, as they can enhance the betting experience like little else. But before you run to a bonus offer, it’s important to know that not all online sports betting payments might qualify for bonuses. By qualify, we mean some can’t be used to cover the minimum required deposit.
Sports betting bonuses and promotions are usually available with a deposit. Some common examples include matched deposits and free bets. A Canadian bettor can use any popular payment option to place bets, but claiming a bonus is an entirely different thing.
This kind of information is available under the bonus terms and conditions. Each bookmaker will specify if all online betting payments are available for a bonus or if a selected few are excluded. Neteller and Skrill often find themselves on that list. When it comes tobank transfers, credit or debit cards, and prepaid vouchers, they usually qualify for betting bonuses and promotions.
Make sure not to miss this condition, as depositing with Neteller, for example, might not get you the bonus you want. It’s also important to go over the bonus T&Cs in detail, as there are other terms you shouldn’t miss.
How to Win Big at Online Sportsbooks
Winning big at online sportsbooks in Canada is never a certainty. But with a smart strategy and by selecting the best betting payments, bettors can get the most out of their bets. Here are a few tips that are useful to know so you can win big at online sportsbooks.
Choose Trusted Payments with No Fees: If you want a proper online betting experience, you have to choose a trusted payment method. Choose one that’s safe to use and has no fees. Low fees are OK, but when there is a no-fee options, we recommend prioritizing it.
Take Advantage of Payment-Specific Bonuses: When betting on sports, you should look at any payment-specific bonuses and put them to good use. For instance, some offshore operators feature offers exclusive to cryptos. Review the bonus T&Cs to learn which payment methods qualify for bonuses and free bets.
Prioritize Fast Payments: Always prioritize fast transactions—or instant payouts—when choosing a sports betting payment platform. You’ll want to claim your winnings as soon as you get the chance, and bank transfers aren’t exactly stellar in this department.
Use the Same Method for Deposits and Withdrawals: To avoid conversion fees or restrictions, choose betting payments that support both deposits and withdrawals. This way, you won’t have to deal with separate fees imposed by separate payment methods.
Importance of Choosing the Right Method for Online Betting Payments
Choosing a trusted betting payment solution is one of the most underrated factors when signing up on Canadian betting platforms. Bettors use their selected payment option for deposits and withdrawals, so a proper method is a must. The good news is that there are plenty of options to pick from that are suitable for any bettor’s preferences and needs.
Of course, there are some things to consider before choosing a payment option for sports betting online. These include transaction limits, safety measures, speed, and fees. After reviewing all the details and with our analysis, you should be able to pick the right payment method and use it at the top Canadian sportsbooks.
Betting Payments Canada FAQs
No, they aren’t. There are many differences between bank transfers and digital wallets, for example. These differences are reflected in the fees, ways to fund the payment option, and transaction limits and speeds.
Most betting payment solutions are free to sign up for and use. Funding some e-wallets might incur small fees, but other options usually remain free to use.
Most Canadian bettors prefer to use debit and credit cards. They’re available on all betting sites, just like bank transfers. For faster transactions without fees, you can use e-wallets that support both deposits and withdrawals.
It depends on the payment method. Bank transfers have some fees, while e-wallets have internal fees. But, when using them on betting sites, you won’t pay fees on any transactions unless stated in the terms.
Debit/credit cards remain the most popular choice for Canadian bettors. They represent a widespread option for digital payments, which fits right in with the online betting narrative. However, if you want to keep your payments separate from your cards or bank account, there are other options.
No, they don’t. Some online betting payments can exclusively be used for deposits. That’s the case with prepaid vouchers. While they have their own advantages, to avoid any delays later, it’s best to choose an option that works both ways.
E-wallets usually have instant withdrawal times at Canadian online sportsbooks. Keep in mind that each sports betting site may need a day or two to process the withdrawal request.
Sportsbooks ask you to verify your identity before completing your first withdrawal request. This part of the mandatory KYC process. You might need to complete it on the payment provider’s side as well.
