Of all the elements of online casino gaming that have helped propel it into the stratosphere, the universal transition towards digital payment systems has been one of the catalysts that have spearheaded the online gambling revolution.
Of course, there are other factors to consider. However, for Canadian gamers, many of whom have entered this new market for the first time in the last 18 months, payment methods are one of the main areas they explore when deciding which gambling provider to use.
Due to the universality of financial technology and the global economy becoming infinitely more interconnected, the payment methods available in Canada are largely the same as those you’ll find in casinos based in other parts of the world, especially in Western countries.
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Some of the biggest names in online casino gaming and sports betting have a multinational presence and have effectively mirrored their services in Europe and the US to cater to Canadian customers, so the payment methods also have many similarities.
Why are payment methods important In iGaming?
Well, in short, they’re the lifeblood of the industry’s viability. When land-based casinos began to lose their monopolistic grip on the industry in the early 2000s, they wouldn’t have felt the severity of the impact anywhere near as much if they had been offering a service that could guarantee the same number of payment methods.
The convenience and security that online platforms could provide meant that they offered a noticeably improved way to deposit and withdraw from online casinos, and this positive was also evident in sportsbooks too.
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Site mechanics, customer service quality and mobile app latency can all be important elements of casino gaming that experts at AskGamblers Canada use to evaluate a platform’s overall package. Sites that have the smallest hint of payment delays or issues with receiving deposits will lose customers very quickly. In an industry that is continuing to grow, especially in Canada, payment methods are vital as they’re often the primary interaction we will have with a casino.
While we may speak to the customer support desk every so often or explore how many new games they have available every couple of weeks or so, payment methods are how we deposit funds to play and receive winnings. Without reliable payment methods, iGaming companies are in trouble from the get-go. Some experts believe that it is the most important factor, and it’s hard to argue that they aren’t.
Available payment methods in Canadian gambling
Having browsed through many online casinos and sports betting providers currently operating in Canada, I found that they use over a dozen payment systems. Just like how we watch sports or keep updated with sports news, online gambling companies have realized that the future is digital, and this fact is set to continue permeating every angle of the industry.
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Payment methods are further proof of this. We’ve broken it down into different sections to show you how this influence is growing and how casino companies are implementing and adapting to changes in the fintech world.
Digital only payment methods
Online casinos and sports betting companies are becoming increasingly focused on providing digital wallet payments or digital-only systems, including:
- Apple Pay
- Google Pay
- PayPal
- Skrill
- Neteller
- Cryptocurrencies, such as Bitcoin, Ethereum and Litecoin
Just like many aspects of the iGaming industry, such as in-play betting, these payment methods would not exist without the emergence of the internet. Apple Pay, in particular, is becoming a behemoth in financial technology and could dominate the sector in the not-too-distant future.
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To a lesser extent, some believe that cryptocurrencies provide the sort of decentralisation and publicly viewable proof of transaction systems needed to enact an entirely different type of digital payment system in online casino gaming and sports betting.
Traditional payment systems
That’s not to say that the entire Canadian iGaming industry is turning toward new, futuristic payment systems; there’s still room for the good old traditional methods that first emerged. In fact, traditional systems remain the most popular for now, with VISA, Mastercard and bank transfers all still being popular payment methods, alongside the titans of Canadian finance, such as Interac.
Understanding legislation and Canadian gambling laws
While the range of choices might have erupted over the last 20 years, it’s crucial to stay informed about how these methods work, especially the newest payment methods like cryptocurrency.
Many gamblers are amazed at the advances that digital payment methods have brought to the Canadian gambling world. However, understanding how fees work and some of the smaller, negative aspects and issues that can occasionally happen can help those who gamble throughout the country settle on a payment method that is right for them.
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Knowledge is crucial when it comes to legislation too. Canadian gambling operators are legislated at a provincial level, and there are some slight differences between each jurisdiction. However, when it comes to payment methods, all gambling operators in Canada accept the traditional and digital payments we have touched on today.
The Canadian gambling industry might be a bit further behind some of the digital gaming developments we’ve seen over the last 20 years in the UK and, more recently, the US. However, legislators and platforms looking to launch in the country have used some of the lessons and amendments that countries like the UK have unearthed during this period.
Subsequently, payment methods have evolved alongside. Although more casinos and sportsbooks are looking to innovate in this sector and trying to find niche avenues to attract those who prefer to use the lesser-known payment options, there’s a good foundation of recognizable names in the finance world that have established themselves as effective options for gamblers.
By shoring up this foundation, they have set the benchmark and tone for this expanding, new Canadian industry.
