Sportsbook Payment Methods: Top Options and Where to Use Them

Online betting is a booming industry, with thousands of bettors across Canada wagering on sports every day. How to fund your account is one of the most important decisions you must make when signing-up with a bookmaker and it is important to find a method that works for you. The experts at BettingTop10 have taken the hassle out of the process by producing a comprehensive guide to the different payment methods on betting sites in Canada.

Wondering what are the most popular payment methods for gambling and betting in Canada? We’ve made a list of the most popular payment methods and which operators accept them.

Visa is one of the world leaders when it comes to electronic fund transfers. Launched in 1958, this multi-billion-dollar corporation has achieved staggering levels of success and stands out as one of the most popular ways to facilitate payment.

Sports betting with Visa is highly common. Just about every sportsbook out there will accept Visa transactions. Typically, Visa transactions are fast and easy, with low minimum payment amounts and quick processing speed, although it depends on the sportsbook. 

MasterCard is a global payment service corporation specializing in transaction process and credit purchases. It is a powerful company that launched in 1966, rapidly growing to become one of the biggest names in the industry.

It is highly rare to find a sportsbook that does not take MasterCard payments. This is one of the defining options for sports betting on the market, as it has quick payment processing times and low minimums. Many sportsbooks will also accept high maximum transactions with MasterCard. It is a premier option that is one of the defining forms of online payment.

Guess what the number one most widely available payment method is for Canadian betting sites. If you picked anything other than Interac, then you are incorrect. Interac is Canadian interbank network connecting financial institutions and other bodies.

It was founded in 1984 and is essentially the defining Canadian debit system that allows for quick online transfers. Just about every online betting site will have Interac payments if they operate in Canada. Typically, Interac has low minimum transaction amounts and high maximums, so bettors can deposit at their leisure, and transaction speeds are rapid.

Sportsbooks that Accept Interac

PayPal is a wildly popular online payment platform that was launched by luminaries like Elon Musk and Peter Thiel. It is a major financial technology company that has hundreds of millions of users around the world. PayPal has established itself as a global leader, but you may not find it on most sports betting sites in Canada.

There are only a few sportsbooks across the country that accept PayPal transactions. Only a few well-known, licensed operators accept PayPal transactions, but the ones that do, have an easy, fast process for payments with high maximum deposit amounts and efficient transaction times.

Sportsbooks that Accept PayPal

iDebit is an online, real-time payment method that allows people to pay through their bank accounts online. Note that it is a deposit-only option, so you can’t withdraw with iDebit. It is an encrypted, reliable form of deposit, and it allows bettors to not have to disclose their bank account details to sportsbooks and casinos (if they are unwilling to do so).

iDebit has many pros, but some sportsbooks will charge high fees on these transactions or have a large minimum charge to disincentivize users. However, iDebit is still a premier option, even if many betting sites don’t accept it.

Sportsbooks that Accept iDebit

MuchBetter is an e-wallet, a form of digital currency holder, that stores money for users. It is like an online bank account without any fees, making it wildly popular. MuchBetter has been designed to make payment easier and was created with sports betting enthusiasts in mind.

MuchBetter is a very commonly accepted payment option on many Canadian sportsbooks. There are sportsbooks that attach downsides to e-wallet payment options to discourage their use, but not every one does. There are many positives that come from wagering with MuchBetter, including fast transaction processing and not needing to go through a bank.

Sportsbooks that Accept MuchBetter

Cryptocurrency betting is taking the internet by storm these days. Cryptocurrency has exploded as a rapid form of exchanging that does not rely on any central authority. With decentralized payments, bettors can rely on faster processing times and less limitations, as there are not the same amount of parties to go through.

There are a huge range of crypto options that are accepted on sportsbooks, including Bitcoin, Litecoin, Ethereum, and more, with the options differing according to the website. While many licensed sportsbooks don’t accept crypto, there are many offshore operators that primarily deal in cryptocurrency.

Sportsbooks that Accept Crypto

InstaDebit is very similar to other e-wallet options in that it allows users to transfer money from their accounts without having to go directly through a bank. This is a relief for bettors who don’t feel comfortable putting their account information on a sportsbook.

InstaDebit has surged to become one of the most widely used payment methods on sportsbook, largely due to its security and capacity to handle a ton of transactions. The minimums and maximus for InstaDebit differ according to the sportsbook, with some charging fees as well. Largely, InstaDebit will have big maximums.

Sportsbooks that Accept InstaDebit

There are many e-wallets that have managed to carve out a significant market share, but few can rival Paysafecard. Safe, easy, and fast, Paysafecard allows users to store currency on an online wallet, without any of the hassle of having to deal with a bank or a bank account.

It was designed to facilitate transactions on sportsbooks and casinos, and make everything as straightforward and efficient as possible for bettors. Be warned, it is a low-limit card, meaning you can’t add a ton to your Paysafecard at one time. It is a major brand that is now accepted on many sports betting sites in Canada.

Sportsbooks that Accept Paysafecard

Millions of people across Canada are iPhone users, and Apple is constantly innovating to try and make the iOS experience better for users. Apple Pay is one of the ways they have done this. Apple Pay is a way for users to add their credit or debit cards to their iPhones or Apple laptops for rapid transactions.

Apple Pay allows fast, efficient payment times for users, and it is typically safer to use then a normal credit or debit card, as they don’t share data with merchants. It is also fast because bettors need only tap their fingerprints. While many sportsbooks haven’t implemented Apple Pay, many have caught on and allow Apple Pay transactions. 

Sportsbooks that Accept Apple Pay

Payz, which many bettors known as ecoPayz, is a global payment solution that enables bettors to send money from an e-wallet. Payz allows gamblers to store more than fifty different currencies in their digital wallets, allowing for transactions that don’t need to go through a bank.

Payz has managed to become the digital wallet of choice for many betting sites, with several sportsbooks serving as merchants that accept these forms of transactions. Payz has a very straightforward user interface, and sportsbooks typically don’t charge a fee to use it. Payz also has low minimum deposit amounts and high maximums.

Sportsbooks that Accept Payz

Neteller is a virtual payment intermediary that serves a role as a digital wallet. They are a Canadian enterprise that has managed to carve out a big role in the online payment space, as their e-wallet solution is now a favourite.

While there are a lot of upsides with Neteller, it is worth noting that there are also fees charged on this e-wallet, and many sportsbooks will not allow Neteller transactions to be bonus eligible. Still, the convenience and ease of use that this e-wallet provides will make it worth the hassle for many. It is accepted on a number of prominent betting sites.

Sportsbooks that Accept Neteller

Before you choose a deposit method you must be satisfied that it suits your particular needs. Start by visiting the cashier section on your chosen site to find the information you need.

• Most bookmakers in Canada process deposits instantly, although methods such as bank transfers and eChecks can take longer.
• Make sure that you check the minimum deposit requirements, particularly if you are planning on claiming a welcome bonus.
• Read the terms and conditions to ensure that your deposit meets the criteria, as these are a great way to boost your bankroll.
• Some bookmakers charge a fee for making deposits by certain methods, so check out the T&Cs before parting with your hard-earned cash.
• Online security is also an important consideration when you are betting online, so make sure that the sites you visit use the latest SSL encryption technology. This keeps your personal details safe and gives you peace of mind that all your payment transactions are completed in a secure manner.

Withdrawal times vary between different bookmakers, although most generally work to a 3-5 day timeframe to credit winnings back to your account.

The majority of sites require you to make withdrawals by the same method as you deposited, so make sure you are happy with this before making a payment.

e-Wallets are often the quickest withdrawal method, with some bookies completing transactions within 24 hours via the likes of PayPal, Neteller and Skrill.

Debit and credit card withdrawals usually adhere to the 3-5 day average, although some sites manage to process payments more quickly.

Bank transfers and checks usually require you to wait for your funds for the longest period of time, with 5-14 days often quoted by Canadian bookies for these options.

It is also worth noting that many betting sites have pending periods where you can change your mind and cancel the withdrawal request. This is usually between 24 and 48 hours.

Most online bookmakers are completely safe to use and have built up an excellent reputation during the time they have been operating.

Whether you are planning to use an established company or one of the newer sites, check out the reviews at BettingTop10 to find all the information you need.

Look for sites that hold a current operating license issued by a known gambling authority such as the Kahnawake Gaming Commission.

For offshore firms, licenses from the UK Gambling Commission and the Malta Gaming Authority point towards a site being trustworthy.

Make sure that your chosen site offers plenty of ways to contact them – the ones that have something to hide often only offer a web contact form.

A big choice of payment options is also a sign that it is safe to deposit, as reputable payment providers are generally reluctant to work with untrustworthy brands.

Avoid any sites that don’t use the latest SSL encryption technology as this indicates that they don’t take keeping your details secure seriously.

Bettors may have some questions about the top sports betting payment methods and the operators that accept them. Below, we’ll look at the answers to some of the most frequently asked questions about this topic.