Bookmaker Payment Methods

A good bookmaker does not just provide you with lots of betting markets and great odds; they also have a wide variety of payment methods. As a punter, to get the most out of your betting, it is good to have your bankroll spread out over multiple bookies. This way, if there’s good value somewhere, you are ready to pounce. On this page, you can read a lot about bookmaker payment methods; security, data processing, withdrawal times and of course, reviews of the best payment methods.

Most secure bookmaker payment method

Any type of purchase online carries a small risk of hackers stealing your payment information. The same is true when using bookmaker payment methods to make deposits or withdrawals. As a general rule, all available bookmaker payment methods are secure. You can rely on the technology behind each payment method to protect you. In all cases, your financial and personal details are encrypted during transactions.

Credit cards are a great option. If something terrible happens, you have zero liability if you report your card stolen if the card is gone or the details were stolen. The drawback with credit cards is that you have to enter the same information in every bookmaker you deposit in.

A better option for secure payments to bookmakers is to use a third-party payment service such as Trustly. With Trustly there you don’t have to insert your financial information or even log into any application. During the deposit or withdrawal process, Trustly will re-direct you to your bank account where you log in and authorize the payment. With Trustly you reduce the number of sites hackers could potentially find your information.

Withdrawal times at Canadian Bookmakers

Getting money in and out of bookmakers is getting easier and easier. You might find that many bookmakers in Canada are international betting sites. This does not mean that withdrawal times are any slower if you are in Canada or in another country.

Fortunately, all bookmakers have realized that people want to receive their money as soon as possible. The time it takes to withdraw depends on several factors. Most important what type of withdrawal option you choose. A good bookmaker will have several withdrawal options to cater to all different needs.

As a general rule of thumb, regardless of which bookmaker you’re withdrawing from, most will state that it can take up to 48 hours to review and process the request. This 48h value is a safe, average upper limit for bookmakers. Usually, withdrawal requests are reviewed and processed within 24 hours.

Then it all depends on what withdrawal method you use. Below are a couple of different standard payout options and the standard withdrawal times:

Credit/Debit Card – typically takes about three business days
Cryptocurrency – typically within a few hours
eWallet – typically within 24-24 hours
Wire Transfer – typically takes about four to six business days

Withdrawal fees

Normally, Canadian bookmakers won’t charge you a withdrawal fee. The only time it’s more likely to happen is when doing a wire transfer. What’s more common is that some payment methods such as eWallets may charge a fee when you withdraw money from the wallet. This is the case with Neteller and Skrill, for example.

Different payment methods

Some bookmaker payment methods are more favored by punters. The goal of any payment method is to process money to or from your account. But of course, some are better suited for your needs than others. If speed is a factor, you should consider a credit card withdrawal over a wire transfer, for example. For comparison, we will take a look at some of the best bookmaker payment methods below. For more information about the respective payment method, please visit the dedicated pages for each method.

Trustly

Trustly was previously known as Instantbank. Back then they were a smaller payments operators. With the business not growing fast enough, they decided to make a significant push and put many investments into developing their payment solution to what it is today. Trustly is one of the best bookmaker payment methods on the market. Trustly is one of the safest options on the market using 2048-bit RSA encryption. In non-technical terms, this means exceptionally safe.

Trustly is slowly spreading all over the world, including Canada. Many Canadian bookmakers have Trustly payment method available, but far from all have still adapted to this relatively new and very safe and convenient payment method. No matter if you’re requesting a withdrawal from inside or outside of Canada the processing time is the same, within minutes up to 48 hours. Making it one of the fastest bookmaker payment methods on our list. You can read more about using Trustly in our review.

Visa/Master Card

Visa or Master card? These two have so much in common these days that there’s no difference other than the logo of your card. Both Visa and MasterCard are widely available in every corner of the world. Most likely, you have a Visa or MasterCard issued from your bank. Usually, to get started with any other type of payment methods whether it is bitcoin or Neteller. You are likely to link it or deposit through your Visa or MasterCard. So in one way or another, no matter if you deposit directly with your card or through another bookmaker payment method, you will likely be using your credit card.

Both Visa and MasterCard are perfectly safe to use. It used to be the most common payment method, but these days people prefer to use wallet-type solutions like Trustly or Skrill. Using one of these options limits the distribution of financial details to just one place, instead of spreading it out across many bookmakers. It’s much more convenient and also a little more secure. When withdrawing directly to either Visa or MasterCard, you can expect it to take between 3 and 5 working days. If you want to learn more about depositing and withdrawing funds from a bookmaker using credit cards, then you should read our Visa/MasterCard review.

Bitcoin

The internet loves Bitcoin and Bitcoin loves the internet. And we love Bitcoin payment methods. And Bitcoin bookmakers (but that’s a different topic). Bitcoin withdrawals in bookmakers are processed in minutes. In addition to lightning-fast transaction times, Bitcoin is a very safe and secure payment solution. This is why we are seeing more Canadian operators adding Bitcoin to their suite of bookmaker payment methods.

If you are interested in using Bitcoin as a payment method but want to learn more about it first? Then we suggest that you read our thorough Bitcoin payment review to find out if it’s the right solution for you.

Skrill

Many of you may know of Moneybookers, Skrill and MB are one and the same. After a rebranding Moneybookers became Skrill. Skrill is an eWallet even outside the world of online gambling. Many webshops and e-merchants accept Skrill as a payment method alongside the likes of Trustly. This diversification makes Skrill more useful in everyday life as you can use it as a payment method not only with bookmakers but also when shopping for clothes online.

Skrill is one of the oldest bookmaker payment methods. The company behind Skrill was established in 2001. Today Skrill is available in over 200 countries and over 40 different currencies. One of the best perks with using Skrill as your solution for depositing and withdrawing is the fast processing times. Skrill will always deliver money to your account within 24 hours. If you want to learn more about why so many punters choose Skrill, you can continue reading our Skrill review .

Neteller

Neteller has always been a payment method for people who like to bet with money online. Neteller opened its gates back in 2000. During their first years, in the earls 2000s, approximately 95% of all the funds that passed through their payment platform was related to online gambling such as sports betting. Alongside Skrill, Neteller is the premier eWallet solution for bookmakers.

Similarly to their main competition, Skrill, Neteller withdrawals are usually processed super quick, so you have the money in your account within 24 hours. Most often, it only takes a couple of hours. Read more about using Neteller as a payment method in our Neteller Review.

Paysafecard

Prepaid cards are probably one of the more overlooked bookmaker payment methods. The options for prepaid cards are vouchers, cards and other items which can be preloaded with a specific sum of money. The prepaid card is then consumed as you deposit money into your bookmaker account. The leading product in the prepaid cards segment is Paysafecard. This payment method is not exclusive to online gambling, literally hundreds of thousands of sites accept Paysafecard.

It’s a great option if you are uncomfortable sharing your financial information or you don’t have traditional online banking instruments available. Over 500,000 real-world locations act as resellers of Paysafecard, many of these are available in Canada. If you ask in the counter of a supermarket, gas station or pharmacy, it is likely that they have Paysafecard. The sums usually range from $10 to $100. If you wish to deposit more than $100 using Paysafecard you just need to purchase cards equivalent to the sum you want to deposit. You then pay with cash or credit card. The prepaid cards are then worth the amount of money you purchased them for. As you deposit with the bookmaker, the amount of the cards are transferred to your account. If you’re still uncertain how prepaid card works, you can read more about it in our Paysafecard review.

FAQ

Does it cost anything to make a transaction?

Most sites today will not charge you anything. Even if they themselves are charged a fee by the payment provider, they may cover that fee. Payment providers may charge transaction fees. Most don’t but may do if you require a faster withdrawal or have made many transactions in short time intervals.

I can’t see money in my bookmaker account yet?

All types of transactions can take time. Deposits are generally instant but may sometimes take longer. Most withdrawals have longer processing times compared to deposits. You can find more information about this in our payment reviews.

Do I have to use the same deposit and withdrawal method?

Canadian bookmakers can sometimes insist on you using the same withdrawal methods as what you used to deposit with. In these cases, it’s a good idea to choose the deposit method that you are also comfortable withdrawing with. Using the same method is better, the processing time is lower, and you only have to input financial details once.

I have money in my bookmaker account that I want to withdraw, but it won’t let me?

Most bookmakers and providers have limits. This limit varies depending on bookmaker and provider. For example, let’s say you’re betting with Cbet.gg, they have a monthly withdrawal limit of $10,000, weekly limit of $2,500 and daily limit of $1,500. If you hit that limit, you won’t be able to withdraw more money that month. In addition, providers may have a limit.

Why can’t I make deposits or withdrawals?

Both bookmakers and payment providers need to verify your identity before you can perform transactions. Check that you have been verified. If you submitted document for verification. It may take up to 48 hours or more for verification. Contact support if needed.

Why is my account blocked?

Payment providers are extremely diligent when it comes to suspicious financial activities. In addition, licensed Canadian bookmakers are bound to legal frameworks where they have to fight money laundering and fraud proactively. Most bookmakers and payment providers have a list of reasons and violations that may result in your account being temporarily or permanently blocked. Mistakes happen; in this instance, you should contact the support of the provider or bookmaker.

Summary

As we mentioned in the top of the page, having many bookmaker accounts is beneficial for successful sports betting. Odds are often different in different bookmakers. If there’s value in one, you want to be able to act on it and place a bet quickly. When managing multiple bookmaker accounts, it’s smart to use one and the same payment methods, such as an eWallet or Trustly to manage your bankroll. If you want to learn more about the best bookmaker payment methods, we suggest that you read the individual payment provider reviews we have linked to on this page.