Payment Methods → Safe Deposit & Withdrawal Methods - Supported CA Payment Methods 2024

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Which are the best payment options in Canada? Read below to see which methods sportsbooks usually offer and understand to most important aspects of deciding which one to use. 

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Sportsbook Rating Payment Method Payment Details Go to sportsbook
5.0 /5
Recommended
Visa Visa
Max. limit Processing time Min. limit Transaction fee
Deposit $50,000.00 Instant $5.00 No fee
Withdraw $100,000.00 1 Day $5.00 $0.00
Visit Site Stake.com Payments
4.9 /5
Recommended
Visa Visa
Max. limit Processing time Min. limit Transaction fee
Deposit $50,000.00 Instant $15.00 No fee
Withdraw $50,000.00 1 Day $15.00 $0.00
Visit Site TonyBet Payments
4.8 /5
Recommended
Visa Visa
Max. limit Processing time Min. limit Transaction fee
Deposit 0.00 Instant 10.00€ No fee
Withdraw 0.00 1 Hour 20.00€ 0.00€
Visit Site Goldenbet Payments
4.8 /5
Recommended
Visa Visa
Max. limit Processing time Min. limit Transaction fee
Deposit $70,000.00 Instant $10.00 No fee
Withdraw $70,000.00 1 Day $10.00 $0.00
Visit Site PowerPlay Payments
4.7 /5
Recommended
Visa Visa
Max. limit Processing time Min. limit Transaction fee
Deposit $10,000.00 Instant $10.00 No fee
Withdraw 0.00 - 0.00 No fee
Visit Site Cashwin Payments

When it comes to funding your online sportsbook account and withdrawing your winnings, you will need to use one of the payment methods accepted by your chosen bookmaker.

There are dozens of these to choose from, and in this article, we’re going to look at each of them. We will be analyzing their speed, security, fees, and any other important factors you need to know.

Accepted payment methods in Canada – Complete list for convenient betting

Consider this your complete guide to sportsbook payment methods in Canada. From credit and debit cards to e-wallets, prepaid cards, and even wire transfers, we at Oddspedia have reviewed the most popular payment options to help you make the right choice.

Whether you are looking for ease of use and convenience, low fees, or the fastest possible withdrawal times, you’ll find the payment method suited to your needs listed below.

PayPal

One of the most widely used online payment methods on the planet, PayPal can also be used by Canadian sports bettors to withdraw their winnings.

However, at the time of writing, rules prevent some bookmakers from accepting PayPal deposits.

PayPal is highly secure and withdrawals are processed quickly, typically within 24 hours in most cases.

In the unlikely event you want to convert your sportsbook winnings to a foreign currency, PayPal will charge a conversion fee.

Visa

A world-renowned name in online payments, Visa is one of the most popular choices of betting payment methods in Canada.

For the most part, Visa is accepted as both a deposit and withdrawal option, and while the transaction times for cash-out requests can be long (up to five business days), at least you have the added security of using one of the safest payment methods available.

Mastercard

Like Visa, MasterCard is a globally known provider of credit and debit cards and is one of the most trusted payment partners.

Many Canadian sportsbooks allow you to deposit using your MasterCard, although it’s not always on the table as a withdrawal method. It’s worth checking with your online betting site in advance.

Your MasterCard is linked directly to your bank account too, so you can easily fund your betting without having to set up an additional payment method.

American Express

One of the most commonly used payment methods in Canada is American Express. It is welcomed by many online sportsbooks in the country as well.

Unfortunately, you won’t be able to withdraw winnings from your sportsbook to your AMEX card, and there are typically processing fees to consider.

However, American Express may allow you to deposit larger amounts into your online sports betting account than similar debit/credit card companies.

Interac

Interac debit card is a common favourite in online sports betting.

Interac’s e-transfer network is quick and secure and can typically be used for both deposits and withdrawals.

It is one of the fee-free online betting payment methods. However, there may be a charge levied by your bank if you opt to use Interac, so that is something to consider.

MuchBetter

An e-wallet typically accessed via a mobile app, MuchBetter allows deposits and withdrawals into and out of your sportsbook account.

MuchBetter users generally link another payment method to their app for mobile deposits and withdrawals. Interac is free of fees, while credit cards can also be used (albeit there’s a 5% charge).

Using a mobile app adds an extra layer of security to your payment, so MuchBetter is a useful option for those wary of sharing their personal data.

Neteller

Neteller is a popular payment option for bettors because it was founded right here in Canada.

This online wallet provider effectively acts as a middleman between your bank account and your sportsbook. You send funds to/from Neteller before transferring them on with no fees, with the added security of not sharing your personal data.

Neteller's transactions are anonymous, which may appeal to some sports bettors.

INSTADEBIT

INSTADEBIT effectively acts as an extension of your bank account, providing an extra layer of security by allowing you to make payments without specifically having to save your bank details with a sportsbook.

It should be noted there’s a $2 fee when making a deposit or withdrawal, although some online betting sites will refund your fee when you deposit funds into your betting account.

iDebit

iDebit is essentially the same as its sister company, INSTADEBIT, although the difference is you don’t have to register for an iDebit account in order to use it, as you can complete transactions as a guest.

To that end, it’s one of the quicker Canada betting payment methods around, although it should be noted that fees are charged at both the deposit and withdrawal side of funding your betting account.

Paysafecard

If you want to carry out online transactions with the added security of a physical payment method, Paysafecard could be the choice for you.

You can buy Paysafecard vouchers from many retailers, each with a unique code. You type this code into your sportsbook’s cashier in order to complete a deposit.

There are no fees, and Paysafecard can be regarded as one of the most secure payment methods because no vulnerable information is shared. However, note that Paysafecard is for deposits only – you’ll need to use a separate method for withdrawing funds.

Bank wire

One of the most straightforward betting site payment options, bank wire transfers enable you to transfer funds directly to and from your bank account.

These have the added security of being backed by your bank and generally come with higher limits for both deposits and withdrawals.

That said, processing times tend to be longer for withdrawals, so a bank transfer may not be the best option if you want to cash out your winnings quickly.

Skrill

Although based in the UK, Skrill is live and legal in Canada, and many bettors use it as one of their primary sportsbook deposit methods.

Like other e-wallets, you can deposit and withdraw funds to and from your sportsbook accounts via Skrill, and selecting this payment method ensures you don’t have to share your credit card or bank account details with your betting site.

Another perk of Skrill is its speed – withdrawal requests can be completed within 24 hours.

Click2Pay

Established in 1999, Click2Pay has been a go-to payment method for bettors ever since.

Like most e-wallets, you simply fund your Click2Pay account using your bank details or credit/debit card, using your wallet as a central "store" of funds. You can then transfer these to your sportsbook account without sharing your private information.

ecoPayz

Another e-wallet system that allows you to safely store funds online, ecoPayz is a popular payment option for Canadian bettors.

It’s quick and easy to deposit funds from your ecoPayz wallet into your betting account, and it saves you the hassle and security risk of entering your card details in your chosen sportsbook.

However, you should note that withdrawals to ecoPayz will incur a fee, and these can amount to a few dollars at a time.

Bitcoin

Several Canadian sportsbooks now welcome payments via cryptocurrency, and Bitcoin is typically the most popular option.

Like any crypto transaction, you connect your private wallet with the sportsbook’s public wallet using a key code, and payments are carried out anonymously and with complete security – no sensitive data exchanges hands.

Apple Pay

Although it is only accepted by a few Canadian sportsbooks, Apple Pay is a quick and secure option.

Apple Pay uses two-factor authentication, which helps to keep your account safe, and as long as you have an iPhone or iPad, you can connect your account to any sportsbooks that welcome Apple Pay as an option.

Google Pay

Google Pay is unique because it has no maximum transaction limit – ideal for high rollers who want to wager larger sums than the average bettor.

It boasts multiple security layers to help keep your transactions safe, and the Google Wallet can be used to fund your betting account without having to share your bank or card details with a sportsbook.

How To Fund Your Account

Everything You Need To Know In 5 Easy Steps!

Choose your payment type

Log in to your sports betting account

Sign up with the bookmaker

Locate and enter the cashier/payments page

Go to cashier page

Choose your preferred deposit method and input required details *With most sportsbooks you need to set a payment method in the registration process, this is then used for both deposits and withdrawals

Enter The Deposit Amount

Enter the total amount of funds that you wish to deposit into your sports betting account and click on the deposit button.

Start Betting

Visually confirm that the funds have been added to your account balance, and then you are free to wager them. Good Luck. *The time it takes the funds to be credited to your account differs between payment methods. But the best methods will instantly credit your account

Choosing a deposit method in Canada – important factors to consider

Picking the right deposit method is an important part of your betting experience because you want to fund your sportsbook account in the easiest, safest, and most accessible way.

There are plenty of sportsbook payment methods to choose from, but you want to use those that satisfy as many of the five criteria listed below. That way, you know that the deposit method you opt for is of the highest standard.

Security

It’s essential that your chosen deposit method implements the most rigorous standards of security. Whether it’s top-tier encryption or the introduction of additional security like two-factor authentication, the best sportsbook payment methods will protect your sensitive data from falling into the wrong hands.

Some bettors opt for payment options like e-wallets because it means you don’t have to directly share your bank account or credit card details with a sportsbook. Instead, you simply use your e-wallet provider as a middleman, which enhances your security.

Privacy

Many sports bettors in Canada look for privacy and anonymity regarding their betting activity.

Payments made using cryptocurrency are wholly anonymous, with no personal information shared between any of the parties. As a result, some bettors will prefer to use Bitcoin and other cryptocurrency options.

Some payment providers like Neteller have built-in anonymity and privacy functions, so you can deposit/withdraw without a sportsbook appearing on your financial statements, while iDebit allows you to transfer funds without registering for an account – that also keeps the paper trail to a minimum.

Bonuses

Something that often goes overlooked when joining a new sportsbook is that, in some cases, welcome bonuses and promotions can only be claimed when you use a specific payment method to deposit.

You can usually find this information listed in the bonus’ terms and conditions, although, as a general rule, the leading debit/credit cards, banks (via wire transfer), and some e-wallets are typically safe to use if you wish to claim a new customer offer. We have prepared for you a ranking of the best sportsbooks promo, as well as a a comprehensive list of top-rated Ontario sportsbooks for your convenience. In addition, we provide information and recommendations on the best Ontario betting apps and sports betting apps in Canada to enhance your online betting experience. 

Furthermore, we have compiled a list of the best NFL betting sites and NFL odds on our site. We also took care of hockey fans and made a rating of the best NHL betting sites and top NHL odds. Basketball fans will also not be left without our professional support and help in choosing the best site for betting on the NBA and the highest odds for the NBA. And for dessert for you we have left our ranking of the best sportsbooks for betting on UFC.

Fees

Although deposits into a sportsbook account are usually free of charge, there can be fees to pay when it comes to withdrawing your winnings.

These can be charged either by the sportsbooks themselves or by the payment merchant, and it’s important that you understand the fees you will have to pay before making a withdrawal – these can be a nasty surprise if you aren’t aware.

Generally, wire transfers and credit/debit card transactions are free of charge, although some e-wallets will levy processing fees to withdraw your winnings.

Transaction Time

For the most part, deposits into your betting account will be processed instantly, so you can start wagering pretty much immediately after completing a transaction.

The same is not true for withdrawals, which can vary from 24 hours right up to five working days for processing.

For the most part, e-wallets are the fastest payment option for cashing out winnings, with the likes of PayPal and Skrill generally completing transactions within two business days.

Wire transfers, while offering enhanced security, are amongst the slowest, with five days or more required for your funds to reach your bank account.

Canada betting sites deposit and withdrawal limits

All sportsbooks in Canada have imposed unique deposit and withdrawal limits that cap how much you can put into, and take from, your account.

This amount is also dictated by the payment method you use, as each option has its own limit on how much you can deposit in a single transaction and how much you can cash out in one withdrawal request.

A third factor to mention is your location. Each Canadian province has its own rules on deposit and withdrawal limits, so you should determine how much you can cash out in your region.

As a rule of thumb, the highest deposit and withdrawal limits can be found with wire transfers and credit card transactions. You can typically deposit as much as $50,000 using this payment option, while ecoPayz and INSTADEBIT are some of the better options if you prefer to use an e-wallet or online payment system.

The same principle is in place when you come to make a withdrawal as well. Wire transfer is undoubtedly the way to go for high rollers, with cash-out requests as high as $100,000 facilitated in this way. The maximum withdrawal limit for some brands of credit/debit cards can reach $20,000.

If you want to withdraw a large sum using an e-wallet, note that there’s often a limit of $5,000 in place per transaction. So you will need to make multiple withdrawals in order to cash out sums over $5,000.

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FAQs about Canada Payment Methods

What online betting sites accept PayPal in Canada?

PayPal is one of the most popular payment methods for sports betting in Canada, and several operators allow you to deposit and withdraw using this option. Those include bet365, 888sport, Unibet, and LeoVegas.

Why won’t my Visa or MasterCard work on betting sites in Canada?

There are many reasons why your credit card might not work at a Canadian sportsbook, but the chief one is that not all banks and payment providers will let you use your card for gambling. However, this isn’t always the case, and many banks native to Canada will let you deposit/withdraw using your card, given that sports betting is legal in the country.

Are INSTADEBIT and iDebit safe to use on Canadian betting sites?

INSTADEBIT and iDebit are both considered safe to use when betting in Canada because they act as a go-between, connecting your bank and sportsbook without you having to share your credit card or bank details with a betting site. The iDebit platform is considered even more secure as you can complete a transaction without registering for an account, so none of your personal info will be stored on file.

How long does it take to withdraw money from sportsbooks in Canada?

The amount of time it will take for your withdrawal to be completed depends on your selected payment method. For wire transfers and credit card withdrawals, you generally have a 3-5 working day timeframe. Some e-wallets, such as PayPal and Skrill, tend to be much quicker at around 24 hours.

How long will I have to wait for my funds to be credited?

One of the great things about betting in Canada is that deposits are generally processed immediately - instant deposits, so your funds will instantly be credited to your account. There can occasionally be delays on wire transfers, but these are rare.

Do Canadian sportsbooks charge any fees for deposits and withdrawals?

Although your sportsbook won’t charge you for deposits and withdrawals, your payment processor might at their end. Deposits are free of charge almost across the board, whereas withdrawals can require a flat fee of a couple of dollars or sometimes a percentage of the amount being withdrawn.

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