If an online casino can get the right balance between the number of payment methods it has on its site and the speed of its withdrawals, this is a promising factor that does not get overlooked by casual players and experts who have a keen eye on a casino gaming platform.
Granted, it is not the only factor to weigh up, but slight variations can make the most significant difference in such a saturated market. Factors such as a similar range of games, mobile app options, and firewall security all have their place, but it’s rare to come across a competent casino that doesn’t tick these boxes.
If they have a few more payment options and can guarantee a payout speed equal to or greater than that of their competition, they will be able to expand their presence in the market. Out of all the top online casinos Canada based customers can rely on, it’s the ones with the broadest payment options that can pique the interest of the experts the most. Payment solutions such as Interac and iDebit consistently stand out. Resources that highlight Canadian-friendly platforms can be especially helpful in narrowing down options that cater specifically to local preferences.
Despite having a keen eye on the market and decades of experience, it can be a monotonous process for experts if they are rating platforms that are largely the same. So today, our focus is both on Canadian-friendly payment methods at online casinos and those platforms that make it their main USP and business model to expand into the Canadian market.
Why payment methods are still a lucrative USP
The rise of the online casino industry came as a blow to the land-based arm of the industry for many reasons. Still, one of the most significant blows stemmed from the range of online payment options compared to traditional providers.
Even in the early 21st century, when online casinos were in their formative stages, providers still offered a payment option other than VISA or bank transfer. E-wallets like PayPal and Neteller pioneered and took up a bigger market share than VISA.
This ethos has continued to drive many of the most pioneering fintech companies in the Canadian market. Specifically, brands based in Canada, such as iDebit, hold the edge over overseas providers such as PayPal and Apple Pay, as they are a Canadian presence in an international market.
At risk of stating the obvious, payment speeds and convenience are considered among the most critical factors of any online casino brand. This applies to Canadian, UK, or US customers—a global market with global payment solutions and ideas. Ultimately, those that provide the best combination of speed, convenience, and security will rise to the top.
The future of payment methods in Canadian casino gaming
Given the online casino market is a global market, financial trends profoundly impact the way casino companies adopt new payment methods or discard ones that are not popular enough to remain viable. One of the newest and most disruptive payment systems that has grabbed the attention of Canadian online casino customers is crypto.
Unless you have been under a rock for the last few years, you’ll know how much cryptocurrency is becoming a prominent part of traditional finance. There are more casinos than ever that are happy to take cryptocurrencies as payment, and the fact that Millennials and Gen Z own more cryptocurrency than houses speaks to the popularity of the payment method and how much potential it has in the future of the online casino world.
Within the large umbrella of cryptocurrencies, there are a multitude of payment options. However, those who might not have a firm grasp of crypto often believe that Bitcoin is the only asset people are referring to.
Still, more Canadian casinos are adopting other altcoins, such as XRP, Ethereum, Litecoin, and Dogecoin. The current market dynamics and the approach to cryptocurrency and gambling on both a national and provincial level strongly suggest that crypto will have a huge role to play in the future of Canadian casino gaming.
Other popular fintech solutions include eCheck, Instadebit, and Google Pay. And while they might take up a smaller slice of the market at the moment, they’re all payment methods that remain popular with Canadian gamers.
Traditional payment options
While there seems to be a big push toward fresh fintech, e-wallets, and cryptocurrencies, many Canadian casino gamers still opt for traditional methods. We would include PayPal in this.
Considering they have been in the market for the last 25 years, PayPal are both established and part of the first wave of fintech innovation that created such incredible opportunities for online casinos in the market's earliest days.
VISA and MasterCard handle millions of transactions per day in the Canadian casino gaming market, and, at least from this perspective, Canadian customers benefit from the broader advances in the fintech world.
It’s friendly to an international market, and with Canada now playing an increasingly larger role in the broader casino gaming industry, VISA and MasterCard remain, by default, among the most accessible ways for casino gamers to deposit and withdraw their funds via their provider of choice.
Conclusion
Although some of the more prominent names in Canadian casino gaming originally started their journey from Canadian shores, the vast majority of Canadian casino sites are brands across several different countries.
Over the last decade, the emergence of cryptocurrency has caused casino companies to take notice. It’s crucial not to remain static in a global market, especially given the potential and size of the online casino world.
Payment methods are one of the most effective ways for casino platforms to stay ahead of their competition. However, from the perspective of Canadian gamers, they benefit from the international advances we have seen in payment methods. Companies like Apple Pay have established a significant footing since the start of this decade. Despite being US-based, they accommodate Canadian customers and expedite their casino deposits.
Likewise, the origin of Bitcoin is still in dispute. It’s now a cornerstone of digital finance, and a market worth trillions of dollars, and it can be used across all major casino gaming countries. So, from this perspective, it’s friendly for Canadian customers, just as it is for customers throughout Europe and the US.