PayPal is one of the biggest digital wallets in the world. Yet, for a long time, you couldn’t use this method for online gambling in Canada. There’s a perfect explanation for that.
This payment option only supports online gambling payments in regions where the sector is fully regulated. This has long included countries like the UK, Spain, some states in the US and others.
However, it’s becoming available in other locations too. For example, it’s now possible to find a variety of PayPal casinos in Canada which are fully regulated. You can find these sites within provinces where online gambling is legal.
Here’s everything you should know about using this method when gambling online as a Canadian.
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 several online casinos and sportsbooks. Some of these operators now accept PayPal for both deposits and withdrawals.
Should you use this payment method for casino gaming? The short answer is yes. If you love to play online slots and games, consider joining these sites where this method is available. 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 casino payment area. But it has some benefits to offer that you don’t easily find when using other options. Think of fast transactions, bonuses, low fees, mobile banking and tip-top security. Below are some of the major advantages.
Fast Payments
If you want to deposit money at an online casino, there aren’t many other payment providers as fast as PayPal overall. The mobile wallet processes transactions instantly. It doesn’t matter if you’re depositing $10 or $1000. For comparison, e-checks take at least 24 hours while a manual bank transfer can take up to 3-5 days, on average.
Yes, PayPal isn’t the only payment method that offers fast casino deposits. However, it has the benefit of processing payouts quickly too. You see, casinos don’t always process a withdrawal request instantly. They can take several days depending on the payment option.
For example, if you choose a credit/debit card, the payout process takes between one and three days. Bank payments can take up to a week. With PayPal, gambling sites can process your winnings within a few hours.
Top-Notch Security
PayPal uses a series of technologies to secure your data and money when you are gambling online. It uses SSL encryption to protect you 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.
You can only find PayPal at trustworthy casinos too. That’s because they always partner with credible and legal sites. This is very important for your safety and protection from possible fraud attempts or other issues.
Free Deposits and Low Withdrawal Fees
Pretty much all gambling sites in Canada don’t charge you a thing for depositing with PayPal. You may need to pay a fee during withdrawals, and this is something casinos decide. However, some have no withdrawal fees at all.
Compared to other banking providers, PayPal is one of the most cost-effective payment options for casino players. For example, many Canadian banks have a minimum payment fee when it comes to wire transfers. Credit/debit cards might be cheaper than banks but they can also add a charge. So, if you want to deposit $10 to a slots site, you could end up paying a lot more with the fees included. You need to consider this when choosing your preferred payment method when playing online.
Drawbacks of Using PayPal for Casino Payments
Using this payment method at online casinos comes with some drawbacks. Here are a couple of them:
Not Available in Every Canadian Casino
You can use this method 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. You need to check yourself if it’s available before signing up for a new account.
Outside Ontario, you can gamble at offshore casinos in provinces like British Columbia, Nova Scotia, Manitoba and Quebec but you can’t use PayPal for payments. However, it is expected for these provinces to follow Ontario’s lead and regulate. This could mean that, in future, this payment option can become available in these areas of the country as well.
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 might allow some people to send and receive higher amounts but only if they’re loyal customers who’ve passed multiple verification procedures.
Other payment methods might have higher limits – for example, bank transfers. It may take a few days for these transactions to complete. 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.
