PayPal Casinos in Canada: What You Need to Know
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PayPal is one of the biggest digital wallets in the world. Yet, for a long time, you couldn’t use the e-wallet for online gambling in Canada. There’s a perfect explanation for that.
PayPal supports online gambling payments in regions where the sector is legal. You can use it in the UK, Spain, Ireland, and US states like New Jersey and Pennsylvania. Now, it is also available in Canada.
Here’s everything you should know about using PayPal for casino gaming in Canada.
PayPal Operates in Ontario
After the government legalized single-event betting in 2021, provinces were given the right to commercialize online gambling. Ontario legalized the sector immediately and created a regulatory body to license commercial casinos.
Today, the Alcohol and Gaming Commission of Ontario has licensed more than 60 online casinos and sportsbooks. Some of these operators now accept PayPal for both deposits and withdrawals.
Should you use PayPal for casino gaming? The short answer is yes. If you love to play online slots and card games, consider joining the best PayPal casinos Canada. Not only are they safe, but also they deliver fast and secure payments. They’re trustworthy and reliable.
Benefits of Using PayPal for Casino Payments
PayPal has many competitors in the digital banking space. But it has some benefits you don’t easily find online. Think of fast transactions, bonuses, low fees, mobile banking and tip-top security. Below are some of the aforementioned benefits.
Fast Payments
If you want to deposit money at an online casino, a few payment providers are as fast as PayPal. The mobile wallet processes transactions instantly. It doesn’t matter if you’re depositing $10 or $10,000.
For comparison, checks take at least 24 hours while a bank transfer can take 3-5 days. Yes, PayPal isn’t the only payment method that offers fast casino deposits. However, it has the benefit of processing transactions quickly during both deposits and withdrawals.
You see, casinos don’t always process a withdrawal request instantly. They can take up to five days depending on your preferred payment option. With PayPal, gambling sites process your winnings within a few hours.
If you choose a credit/debit card, the payout process takes between one and three days. Bank payments can take up to a week.
Top-Notch Security
PayPal uses a series of technologies to secure your data and money. It uses SSL encryption to protect your data from hackers. Because it facilitates card payments, PayPal is also PCI DSS compliant.
PCI compliance is a 12-step process designed to provide maximum security to cardholders. PCI-compliant payment providers must implement firewalls, password protection and Two-factor Authentication.
Additionally, they must use anti-malware software, test security systems regularly, use updated software and have properly documented data privacy and handling procedures.
Another way PayPal keeps you secure is through its OneTouch technology. This feature allows you to log in and send money to gambling sites without the need to reveal your financial data repeatedly. PayPal keeps your financial data securely and only transmits money to gambling businesses.
Free Deposits and Low Withdrawal Fees
PayPal doesn’t charge you a thing for depositing money to gambling sites in Canada. The only time you need to pay a fee is during withdrawals, and this is something casinos decide. Some casinos have no withdrawal fees. Or, they charge low fees to PayPal customers.
Compared to other banking providers, PayPal is one of the most cost-effective payment options for casino players. Think about this. Banks have a minimum payment fee of $10 to $20.
So, if you want to deposit $10 to a slots site, you could pay double the amount in fees. Credit/debit cards are cheaper than banks. But they take up to 3% of your payment in fees.
The only payment method that can rival PayPal in providing low fees is Bitcoin. But it has its drawbacks. For example, it fluctuates, meaning you could deposit $50 to a site today and it will be worth $40 tomorrow.
Protects You from Fraud
PayPal’s chargeback service gives you insurance against online fraud. It allows you to ask for a refund if you have a terrible experience at any gambling website. Only cards offer a similar service.
With most payment providers, you have no way to ask for a refund in case of a bad online experience. Take crypto as an example. It has a fast, safe and revolutionary payment method. However, it doesn’t support chargebacks.
If you deposit money to a shady casino through Bitcoin, you have no way to recover your funds. If you use PayPal, however, you can always ask for a chargeback.
That said, the AGLC does an excellent job of vetting gambling sites in Ontario. Every licensed casino in the process is equipped to protect your data and funds.
Drawbacks of Using PayPal for Casino Payments
Using casinos for payments comes with several drawbacks. Here are some of them:
Not Available in Every Canadian Casino
You can use PayPal at some Ontario-based online casinos but not all of them. So, don’t be surprised if your favourite betting site doesn’t support the digital wallet. Surprisingly, nearly every gambling site in the province accepts Visa, MasterCard and bank payments.
Outside Ontario, you can’t use PayPal for gambling payments. You can gamble at offshore casinos in British Columbia, Nova Scotia, Manitoba and Quebec. But you can’t use PayPal for payments.
Not Ideal for High Rollers
If you’re a high-roller casino player, you might want to choose a different payment method. PayPal limits casino deposits for most people to $10,000. It allows some people to send and receive up to $60,000 but only if they’re loyal customers who’ve passed multiple verification procedures.
With most payment providers, the maximum you can deposit or withdraw from a gambling site ranges between $5000 and $20,000. That includes most card transactions and mobile wallets.
Banks and cryptocurrencies offer the best limits to VIP players. With Bitcoin, you could transact up to $100,000 at most gambling sites. Technically, crypto has no payment limits—banks and online businesses decide the limits.
Bank payments might take a few days. But if you ever hit a million-dollar jackpot while playing slots online, you’ll probably want to send the money to your Canadian bank account.
