There are tonnes of exciting developments in the Canadian gambling market right now. Technology is transforming the ways to play and pay. With new fintech solutions being introduced at online casino sites, it is an excellent time to take a look at precisely what is on offer and how they compare.
Is it safe?
The big question when looking at new financial technology has to be, is it safe? How do you know that your money or account details will not end up in the wrong hands? Fortunately, in Ontario, the online gambling market is regulated. This means that online casinos in the province have to obtain an iGaming Ontario License to operate.
iGaming Ontario is a division of the Alcohol and Gaming Commission of Ontario. They have created a framework of rules governing igaming in the province. The license conditions mean that operators have to adhere to these regulations. A large part of this is regarding site security and customer protection. It goes without saying that the regulator is not going to approve commercial casinos that have payment partnerships with any dodgy financial providers.
Look for the license
If you are playing at a licensed online casino in Ontario, you can rest assured that your security is the highest priority for the casino platform. If you are on a platform in Ontario that does not have the correct licenses, do not deposit your money there. Walk away. There are loads of great, safe places to play; if anything goes wrong, you will have somewhere to turn to.
Exchanging cash for chips
Casino sites are packed with technological wizardry, none less so than how we deposit and withdraw money. In the days when casinos were only land-based, you would simply go to the cashier’s office and exchange your cash, check, or card payment for casino chips. There has always been a requirement to exchange your money for the casino’s currency. The same is true today, but rather than chips, you get a positive balance in your casino account.
Getting your hands on any winnings
When you play at the casino, you always hope you will be lucky and have a fat amount to withdraw after placing your final bets. In reality, you know that the house always wins, but it is fun to go along for the ride. Sometimes, you get lucky. When you do, you want to be playing at a fast payout casino, where you will be able to get your hands on your cash as quickly as you can. The speed of payment is affected mainly by the method of payment you made your deposits with. Therefore, it is worth taking a little time to research the various payment methods on offer.
So without any more preamble, here is a list of the latest payment solutions available at online casinos
This payment app was founded in 2016 and has won multiple awards. On the one hand, it is an e-wallet like any other e-wallet. On the other hand, it has several things that distinguish it from others, adding to its security and accessibility. Players like the safe, fast transactions on offer.
The MuchBetter app is paired to a particular device for added security and has prepaid device functions to help with budgeting. For example, you can load up a Much Better key fob or other wearable tech before going out for the evening. It can be used wherever you usually pay with contactless, but there is no need to have your wallet with you. In addition, the team behind this e-wallet has designed specific functionality to integrate it with online casino platforms.
Paysafecard is a way to use cash to pay online. This means that without a bank account or credit card, players can make online deposits. The prepaid card can be topped up using cash at various locations and then used online. Paysafecard is a great way to keep your gambling budget separate from your everyday expenses. You can allocate a budget and play safe in the knowledge you are not overspending.
Paysafecard users can either be registered or not. The advantage of registering is that larger transactions can be processed in a single go. In addition to the physical card, there is also a virtual version in the form of an app for iOS and Android devices.
NeoSurf is another up-and-coming payment solution that is on offer at a number of online casinos in Ontario. Neosurf is a prepay voucher payment option. Players can buy voucher codes from participating outlets like newsagents and then use the voucher for online play. Like Paysafecard, it allows you to keep your gambling funds completely separate from any other expenditure. In addition, there is an option to set up a registered My NeoSurf account and pay through that.
Don’t forget the golden oldies
There are plenty of other payment options available at online casinos in Canada. Some of them are not new at all. For example, you can pay using Interac, your Mastercard, or a Visa card. The advantage of these payment options is that they are well-known and straightforward. The disadvantage is that your playing funds are not kept in a separate pot.
PayPal is still a strong contender
The granddaddy of fintech solutions is PayPal. It is still the most popular choice for paying at online casinos in Canada. Not only does it have the fastest withdrawal times, but it is also perfect for budgeting. You can choose which banking source to connect to your online casino account and keep a close eye on your spending. PayPal has excellent security features and even allows you to link up and pay using AMEX. As American Express cannot be used to pay directly at online casinos in Ontario, that is a valuable life hack.