Andrew Stone is a former online casino executive and for the last few years has been running a New Zealand oriented casino site at https://bestnewzealandcasinos.com. Though Andrew's site is intended for Kiwis, his industry knowledge is very applicable to Canadians gambling online, and we are happy to have his advice. He has also launched a new website in Canada called Canadian Casino Expert that focuses on the best online casinos in Canada that is great for online casino news and advice. Today's topic with Andrew is why casino deposit options are so important. So that was our first question to Andrew. Why are casino deposit options so important. He gave us several answers.
#1. More options the better
Be very careful of gambling at casinos with limited deposit or withdrawal options. The fewer the options, the more likely the Casino is a scam casino. Remember the better deposit options such as credit cards, eWallets, Skrill, and Neteller will cut a casino off completely if they aren't acting responsibly with your money. If you go to a casino's website and see that making a wire transfer or paying by bitcoin are your only options it generally means that responsible parties have already cut them off. You want a casino that gives you more deposit options, not less.
#2 Credit cards give you leverage in disputes
If an online casino stands to lose millions by losing a deposit option, believe you, this means that when there is a dispute over a deposit, those agencies have a certain amount of leverage. Money talks as they say and a good casino will tend to suck it up on disputes.
#3. Make sure they accept your countries currency
This is a big one. If you are a Canadian player and the Casino does not accept your particular currency directly but rather requires you to convert it into Euros or American dollars, you will always lose a substantial amount of value during the conversion process. This can be a really big deal when it comes to gambling with online casinos.
#4. Determine if the casino accepts credit cards?
Credit cards are the preferred method of making a deposit because the deposit is usually instantaneous within 2 hours. In all honesty, credit cards are a double-edged sword for online casinos because sometimes there is a country-wide block on all online casinos, or alternatively, just some are blocked. If there is a country-wide block, there is not much anybody can do about it including the casinos, but if only certain casinos are blocked it may be due to the policies of the particular bank involved. In general though, if you can make a deposit using a credit card, it's a good sign of authenticity.
#5. E-wallets are your second best bet
E-wallets are user accounts backed by money in your bank account. The reason E-wallets are so handy is that they are almost as instantaneous as credit cards. Many online casinos will also accept your deposit with 2 or 3 hours. The great thing about E-wallets is that they don't leave a trail. Canadians are lucky in that, like New Zealanders, their governments do not collect taxes on gambling winnings. However, in places like the USA, e-Wallets mask the trail between your bank account and the casino. After all, whether you make a deposit to an E-wallet or get a large withdrawal, people use E-wallets all the time for purchasing things on the internet. E-wallets are thus discreet.
Paypal is hit or miss. The company made a huge disassociation with online gambling several years ago and is quietly making exceptions to online casinos here and there. At the present time, you can use PayPal to gamble in European Casinos such as Malta and the UK but cannot use Paypal for gambling sites located in the U.S. or Canada.
#6. Debit Cards
Although debit cards are usually accepted at most online casinos, we don't recommend them because they offer little protection in a dispute. Plus some individual banks may block debit cards.
#7. Wire transfers, bank checks and cryptocurrency
Many casinos take wire transfers, bank checks or accept cryptocurrency. The big problem with wire transfers or bank checks is that they typically will take 7-10 days to process at an online casino. And wire transfers can cost as much as $50 each from your bank. As to bitcoin, while there are many online casinos with stellar reputations that accept bitcoin and other cryptocurrencies, there are quite a few that will play the float with your bitcoin, hoping the value will go down. Since bitcoin is fairly unregulated, you are really up to the online casino's reputation to make sure you get value.
The bottom line
You should without exception pay attention to what formats an online casino accepts for deposits and notice how soon it takes them to deposit to your account. The more methods of deposit the more you can generally trust the online casino. Don't just take the casino's website however as the gospel truth. Read review sites to get the real story on how well the online casino handles your deposits and withdrawals.