Electronic wallets or eWallets for short are a type of digital payment method. They are a fast, safe and secure way of making transactions online via a computer or mobile device. Many bettors in Canada use eWallets as an alternative to their credit or debit cards. You can use eWallets to make deposits and withdraw at an online betting site without having to reveal your personal payment information. Learn more on how to use eWallets at Canadian sports betting sites, find different eWallet options and how to use them.
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HOW EWALLETS WORK AT SPORTSBOOKS
If you are a veteran on the sports betting scene, you’re probably familiar with PayPal, Skrill or Neteller. Those are one of the most popular eWallet options used at sportsbooks. They work similar to how online bank accounts work. All you need to do is follow this quick and easy process:
- Install an eWallet software of your choice on your device or sign up online (you will find a range of eWallet options that accept the Canadian dollar on our next section).
- Create an account and provide the necessary information on the sign-up form.
- Deposit funds and start betting on your favourite sports.
TYPES OF EWALLET OPTIONS FOR CANADIANS
Canadian players are spoilt for choice when it comes to eWallet options. Usually, eWallets are free to use but some sportsbooks can charge a commission for withdrawals. Using eWallets for betting is very safe and is usually instant. More so, this payment method is a good way of claiming betting bonuses. Below are the several eWallets accepted in Canada:
ADVANTAGES OF USING EWALLETS
Below are some of the pros associated with using eWallets at Canadian sportsbooks:
- eWallets are fast, safe and very secure to use.
- eWallets don’t require players to submit their banking details to their betting site. Canadian players can simply fund their online betting account or withdraw money using their eWallet instead of bank details directly at the sportsbook.
- Your gambling activity is in no way recorded or made known to your bank.
- eWallets allow gamblers to easily move money around and to different eWallet betting websites.
- Players can easily control their gambling based on the funds available on their electronic wallet.
- You can keep track and monitor your transactions in one place if you’re betting at more than one site.
- You can use eWallets for shopping online.
DISADVANTAGES OF USING DIGITAL WALLETS
eWallets also have a few disadvantages, and it wouldn’t be fair of us not to mention this. Below are the cons associated with electronic wallets:
- It takes a bit of time to set up an eWallet account and link a payment method. It can take up to a day to have your identity checked and verified.
- You can incur fees for making a withdrawal at some betting sites.
- Some sites might not reward you with betting welcome offers when using eWallets. Always be sure to check T&C’s at your selected betting site.
- You may sometimes have transaction limits when using eWallets at certain betting sites.
Other Payment Options: