Safest online payment methods available to Canadians

Canadians are keen gamblers

Canadians are amongst the highest-spending gamblers in the world. You could say that gambling is a national pastime – there are over 19.3 million active online gambling accounts, and the country has the world’s eighth-highest spend on gambling. Sixty-three percent of men and fifty-seven percent of women say they have spent money on gambling in the past month.

 

There are all kinds of gambling options available

Legislators have not always kept up with what residents have been up to. Legalized gambling really took off in the country after law changes in the 1970s. Casinos were established in Winnipeg and Montréal in the late 80s and early 90s. The other provinces followed suit, and video lottery terminals (VLTs) also became popular. The provincial governments realized that there was a good income to be earned by taking a portion of the gambling revenues. There are no taxes paid on gambling winnings, but license fees are payable by the operators.

 

Online gambling has captured the imagination

Online gambling has been of particular interest to Canadian gambling. The revenue for the industry in 2021 was $1.2 billion. Until relatively recently, much of the money spent was in the grey market at offshore casinos and betting sites. Now many provinces have moved to protect their residents and set up regulated markets to persuade people to play more safely at licensed operators. For example, Quebec and British Columbia have state-operated sites. Ontario has taken a different approach and opened its fully legalized and regulated gambling market to commercial operators. By granting licenses to local and international companies, the province ensures the highest safety standards are in place.

 

What to expect from a good online gambling site

Gamblers choose which website to gamble on for a variety of reasons. They need a website with the games they want to play loads quickly and is glitch-free. With the latest technology, high-quality graphics and lightning-fast internet connections, these requirements should come as standard on any gambling platform. So too, should customer safety and financial security. Online casinos must be some of the most secure websites on the internet. They hold enormous levels of customer data and are prone to attacks in the way in which banks are. As more and more people are accessing online casinos from the latest smartphones, it is worth checking whether the operator has a native app or how the site works on a mobile.

 

Which payment methods are the best?

Therefore, it is essential to consider what are the safest payment methods offered by Canadian casinos. The question you always need to ask yourself is, ‘what would happen if something went wrong?’.

 

If you are in Ontario and playing on a licensed platform, you will have the backup of the regulator’s office. iGamingOntario only issues licenses to the most reputable organizations, and there are strict rules around obtaining a green light to operate. Therefore, the most reputable casinos will only offer secure payment methods. The choice the player needs to make is how do they want to fund their online gambling.

 

Linking your banks and casino accounts

Online casinos offer all kinds of options for making deposits. Essentially, you can link your bank account to your casino account or use a third-party app or card to make deposits and withdrawals. One of the most popular choices is Interac transfers. The player simply makes deposits directly from their current account. This is all well and good if you are very disciplined with your online spending. However, it does mean that there is no separation between day-to-day and leisure spending. Therefore, many people prefer to set themselves up a separate funding source for playing online.

 

Debit and credit cards

One option is to use a particular debit or credit card to pay at the casino. The advantage of this is that you can set yourself a budget and not spend more than you can afford to lose. You could even have a card that you keep just for this purpose. All the big casinos accept payments using Mastercard and Visa. However, players looking for an Amex casino must jump over an extra hurdle. However, that extra hurdle offers an additional layer of protection. That is because you cannot pay directly using American Express, but you can do so if you link your card to your PayPal account.

 

Using PayPal to make deposits at online casinos

PayPal is regarded as one of the safest online payment methods. One of the reasons for this is that it is the granddaddy of fintech solutions. PayPal has been around the block and has incredibly sophisticated systems to keep you safe online. From a user perspective, it is incredibly simple. You do not have to share any private financial information with the online operator. All you need is your email address. The tech wizardry behind the platform does the rest. In addition, PayPal has two-factor authentication to ensure it is you using the service. Before setting up your online casino account, you need to link your PayPal account to your Amex card. Then when asked to select your funding source at the casino, select PayPal and American Express. Another advantage of PayPal is that deposits and withdrawals are swift.

 

Prepayment cards

If you want to set a strict budget for your igaming, another alternative is using prepaid cards at the online casino. Unlike other payment methods, the amount you have to spend is finite. As a result, you cannot accidentally overspend with prepaid cards. Instead, you deposit money onto the card in advance and make your casino deposits using it. This method also keeps your online gambling funds entirely separate from your everyday spending.

 

Remember to gamble safely

No matter how secure the payment method is, you can ultimately be as safe as you allow yourself to be. Remember not to play for too long and to take regular breaks. Gambling is supposed to be fun. Do not be tempted to spend more than planned, and never try to win back your losses by borrowing money.

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