Tweet

Related

• Moneybookers Review
• InstaDebit Review
• Moneybookers vs. InstaDebit

There are many different ways to fund your online sports betting account. For Canadians, the easiest and most popular methods are Moneybookers or InstaDebit.  These electronic methods are faster, easier, safer, and cost less than using person to person services like MoneyGram or Western Union or sending cashier's cheques.  

We recommend the following electronic methods for Canadians to fund their sports betting account.  Each is a little different, read the full reviews for more details.

Moneybookers

Moneybookers is the consensus best funding method for Canadians. It's easy to set up an account and you can fund it from your credit card or via wire transfer.  Withdrawals from Moneybookers are deposited into your Canadian bank account directly or you can request a cheque. Limits are high, fees are low, and almost all sportsbooks accept Moneybookers.

InstaDebit

InstaDebit is another good deposit option for sports bettors in Canada.  InstaDebit is integrated in the Canadian banking network so you can withdraw and deposit from your bank account quickly.  There are no fees for using the service to deposit or withdraw from sportsbooks.  There are a few issues to be aware of with InstaDebit, primarily much lower limits than Moneybookers and lower acceptance as a funding method at sportsbooks. Read the full review for details to see if this option is right for you.

About Credit Cards

Credit cards can sometimes be used to fund your sports betting account but they won't always work. Some banks that issue credit cards in Canada do not allow depositing to gaming accounts.  Another issue with credit cards is the verification process which can be a pain at some sportsbooks as they require you send in proof of identification which slows down the process.  You will also not be able to request a withdrawal to your credit card, sportsbooks will generally issue a cheque instead as Visa and Mastercard do not allow withdrawals back to their cards.

Neteller & PayPal

Neteller used to be the best funding method for Canadians but they pulled out of the Canadian market at the same time the left the US market.  PayPal is another popular payment processor but does not allow Canadians to send/receive money from gambling web sites.

Other Funding Methods

Other methods include person to person transfer methods like Western Union or MoneyGram but these options are less secure, cost more, and you cannot withdraw back to them.  If you do use any of these methods make sure you check with sportsbook first to see if they will pick up the deposit fees (most will).  Waiting for a cheque to arrive is a lengthy process. Making it worse is that most of the time cheques are issued in US dollars and it could take up to a month for it to clear at your bank.  Whenever possible, electronic funding methods are the way to go.

Note: It's always a good idea to read the sportsbook's website carefully so there are no surprises when it comes to depositing or withdrawing your money. And never send cash in the mail, it's a really bad idea.