Banking Options for Ontario Gambling Sites

Banking — more specifically, payment method availability — is right up there with the most important factors to consider when choosing a gambling site. Top-rated sites support a range of secure and easy-to-use deposit options and let you top up your account swiftly and effortlessly.

When it comes to sportsbooks and online casinos in Ontario, you’ll find no shortage of funding choices. This guide will help you get all the facts straight. We’ll go over the most convenient payment methods on Ontario gambling sites in addition to walking you through the deposit and withdrawal process step by step.

Easiest payment methods for online casinos and sportsbooks in Ontario

Most licensed gambling sites in Ontario accept various payment methods, although the exact selection may differ from one site to another. Specific policies regarding banking limits, fees and processing speed also vary. Here’s a rundown of the most commonly available options:

  • Credit card Casinos: Credit cards have a widespread presence in the Ontarian online gambling sector. The two biggest providers, Visa and Mastercard, work on most gambling sites in the Heartland Province, including heavy hitters like BetMGM and FanDuel. Credit cards generally work for deposits only. Advantages include top-notch security and flexible limits, while the biggest downside is the danger of overuse.
  • PayPal Casinos;: As a leading e-wallet, PayPal is an option at most sportsbooks and online casinos in Ontario. Most notably, you’ll find it at top-tier sites like DraftKings and Caesars. PayPal acts as a middleman between the gambling site and your financial institution, allowing players to make transactions without revealing bank details. Another selling point is the payout speed. It’s one of the fastest payment methods for cashing out.
  • Interac Casinos: Interac is a Toronto-based debit network, and it only makes sense that it’s found its way to Ontario gambling sites. Its modus operandi is similar to that of e-wallets in that it keeps your sensitive data hidden while processing deposits and withdrawals. Interac collaborates with most banks in Canada, including Scotiabank, FirstOntario and Royal Bank of Canada. Like PayPal, Interac works for both deposits and withdrawals.
  • E-check: E-checks are the virtual equivalents of traditional paper checks and are often the players’ top choice for online gambling expenditures. This form of payment is among the safest because it doesn’t require you to reveal any card information during transactions. A notable shortcoming is the waiting time on deposits since all the other methods on this list facilitate instantaneous deposits.
  • PayNearMe: The PayNearMe payment system has a high acceptance rate among Ontario gambling sites. You’ll find it at Bet365, PointsBet and most other top-tier companies. It’s an excellent alternative for players who don’t have (or don’t want to use) credit/debit cards at their sportsbook or online casino. You can use this reliable billing system to fund your account via a nearby Family Dollar or 7-Eleven. PayNearMe only works for deposits, and therein lies its biggest weakness.
  • Prepaid gift cards: Prepaid gift cards like the Vanilla Visa gift card are convenient for smaller payments. They’re not as ubiquitous as other banking options and may not work at some sites. On the flip side, prepaid gift cards are 100% anonymous, making them an excellent choice for Ontario players who want to stay under the radar.
  • Skrill/Neteller: Skrill and Neteller have recently made a comeback in Ontario. Both of these e-wallet providers are owned by PaySafe Group and have similar traits. Transactions via these payment methods are fast, easy and secure.

How to deposit to a gambling site

Funding your online casino or sportsbook account is an intuitive and easy process. Here’s a mini-guide detailing the steps:

  1. Visit the website or launch the provider’s app.
  2. Sign up for an account. You’ll need to provide details about your ID and whereabouts in the application form. These include full name, address, login credentials and date of birth. Don’t forget to agree to the terms and conditions.
  3. When you complete the registration, go to your account menu and select the deposit link.
  4. Choose a payment method from the list.
  5. Follow the on-screen prompts (card number, e-wallet address) and input the amount you want to deposit along with other details. You also may need to provide a bonus code at this point. If so, just copy and paste the one we provided in our tables. Make sure to meet the minimum deposit requirement, which is usually around $10 to $20.
  6. Once you confirm the payment, the funds should reach your account almost instantaneously. It will take longer if you’re depositing via e-check, though, as that method usually has a three-day turnaround time on deposits.

In some instances, the site will require you to go through additional ID checks after you complete your registration. Eligible documents include passport, licence, bank statement and/or a utility bill (not older than six months). It usually takes around 24 hours for the site to review and verify them. Once you receive the OK, you’ll be able to make deposits and withdrawals.

How to cash out from a gambling site

Cashing out from an Ontario gambling site entails a similar process as depositing. Most will require you to use the same method for deposits and withdrawals, if possible. It’s worth mentioning that every site will offer fewer options for withdrawals than deposits. Here’s a walkthrough:

  1. Log in and click or tap the withdraw link.
  2. Select your preferred payment method and provide the necessary details (bank account, e-wallet address, card number). Input the amount you want to withdraw.
  3. When you submit your payout request, the site will need to review it. Depending on the volume of requests, it will usually take around 48 hours to receive approval. Your banking institution will also need an extra couple of business days to process the transaction.

Most casinos and Ontario online sportsbooks impose a $20 minimum on withdrawals. The upper limit varies greatly depending on the method that you use. Wire withdrawals typically have the highest threshold at around $10,000/daily.

What is the fastest way to deposit and withdraw?

The fastest way to cash out quickly is through e-wallets (PayPal, Skrill and Neteller) and Play+. The typical timeline for these methods is roughly 48 hours.

ACH and bank transfer, meanwhile, are in the middle of the pack. Withdrawals via these options take around three to five days to process at most sites.

Check payouts have the longest turnaround time. On average, it hovers around seven to 10 days, and that’s after receiving approval from the finance team.

Responsible gambling protocols

Online casinos and sportsbooks in Ontario have various measures to promote responsible gambling. These include educational resources and proactive features aimed at helping users avoid problem gambling.

Every platform offers a full suite of tools to assist players in setting monetary limits. You can set deposit, time and wager limits on your account, all of which aim to help you manage your betting activity.

If this doesn’t help, it would probably be a good idea to take a short break from gambling. By activating the cool-off option, you’ll effectively ban yourself from the site for a set period of time. And if you still feel the urge to gamble compulsively after that, you should sign up for the site’s self-exclusion program. You should definitely think this decision through because the process is irreversible; once you self-exclude, you’re banned for a set length of time or indefinitely.