Seeker’s Guide to Gambling Online with CAD Credit Card Deposits

Gambling Online with Credit Card Deposits

Credit cards have been around for decades now. The first cards appeared in the mid-20th century. Generation after generation, we rely on credit cards to pay for things without using cash. Sounds like a debit card, I know, but there is one key difference.

What sets credit cards apart from debit cards is that you don’t have to have cash in the bank to cover a purchase. You can pay it back later. Hence the term, buying on credit. Credit-worthiness is determined by eligibility and merit; a combination of past and present financial performance.

You don’t have to have perfect credit, either. Just about anyone can get a credit card today. Things like credit limit and interest rate will vary by the determination of merit, but getting one is not difficult. Paying it off might be, but we’ll talk more about that in the Risks section below.

Once you have one, you’ll find that the majority of Canada’s online casinos accept them. Not all, mind you, due to regulations in some of the world’s strictest iGaming jurisdictions where credit card gambling is prohibited. That’s another topic we’ll discuss a little further on. First, let’s take a look at Canada’s top casinos that accept credit cards today.

Canadian Credit Card Casinos in 2023

There are quite literally thousands of online casinos operating today. About one thousands of them currently welcome Canadian customers. That’s a lot of gambling sites to choose form! When you narrow the list by operators that accept credit cards, however, it gets a lot smaller.

That’s not to say there aren’t many to choose from overall, but in terms of quality and reputation, it’s not many. The following is a list of Canada’s top credit card casinos. Note that Ontario residents have a different batch of locally regulated gambling sites to choose from. We list Ontario-licensed casinos with credit card payments below.

Credit Card Gambling Sites – All of Canada

1. Royal Vegas Casino
2. Jackpot City Casino
3. 888Casino
4. Ruby Fortune
5. CanPlay
6. Spin Palace

Credit Card Casino Deposits – Ontario Exclusive

These are casinos licensed by the government of Ontario. These operators only accept players from Ontario, and adhere to strict regulatory guidelines set forth by the province. Note that some of these brands are the same ones listed above in the ‘All of Canada’ section. While they are the same brand operators, the websites and their URLs are different.

1. Ruby Fortune
2. Royal Vegas Casino
3. Jackpot City Casino
4. CanPlay
5. Play Fallsview
6. 888Casino

What if My Favorite Casino Doesn’t Take Credit Cards?

This situation leaves you with three options. If your favorite online casino doesn’t allow deposit by credit card, you can:

1. Look for another casino website that accepts credit cards.
2. Use a different payment to deposit.
3. Use your credit card to fund a deposit method that your favorite casino accepts.

The first two answers require no further explanation. That third one, however, offers an easy way to circumvent the rules. If you’re determined to use the same casino, and pay with a credit card, here’s how you do it.

Examine the website’s list of alternative deposit methods. Look for an eWallet method, such as MuchBetter or Paypal. Web wallets like these will let you fund your account in a multitude of ways – credit card included. Once that money is in your eWallet, simply use that payment to deposit at your favorite gambling site.

Why Some Jurisdictions Ban Credit Card Gambling

Gambling with a credit card is not illegal in Canada. However, there are some jurisdictions that don’t allow it. The UK is probably the most famous for it. And it is for this reason we often come across gambling websites that won’t accept credit deposits, even from Canadian members. These websites are licensed, in whole or in part, in at least one country with a credit card gambling ban.

The bwin/Party gambling suite is a good example of this. Owned by European-based Entain Plc, the suite includes bwin sportsbook, PartyCasino, PartyPoker, and PartySports (among others). Although the company headquarters are in Isle of Man, it’s largest iGaming operations are in the UK.

All of these gambling sites possess an operational arm in Canada, too. As of April 2020, none of them accept credit cards. That also goes for the newer Ontario-facing editions of those websites, operating and licensed and under subsidiary group ElectraWorks Maple Limited. 

The reason for the ban on credit card gambling is transparent enough. It all boils down to reducing the potential harms of gambling. The UK government lays out three simple facts to corroborate its ban.

First is research that found, in Britain, 22% of gamblers use credit cards. Second was the high rate of debt accumulation among those users, often exceeding £10,000. Third is the high interest rates and fees credit card companies charge, further encouraging gamblers to chase losses to avoid exorbitant fees.

Know the Risks of Gambling on Credit

This is an important section. Many people can be swept up in the excitement of gambling, online or otherwise. When that happens, it’s easy to spend more money than intended. Gambling on credit makes this far more dangerous than betting with cash.

Making a bet is not is not like making a purchase. Gambling is an activity in which the person placing the bet is hoping to make back more money than the cost of the wager. By definition, the outcome of any gambling activity is based predominantly on chance. This means there’s a chance that you won’t win your money (or considerably more) back. There is, in fact, a higher chance you’re going to lose your bet.

When a person pulls cash from their wallet or purse and hands it to the casino cashier, they are distinctly aware that they are handing over that amount of money, and that they may never see it again. When a person gambles on credit, there is no money changing hands. There is a disconnection between the bettor and the money. And therein lies the danger.

Falling Victim to the Gambler’s Fallacy

That disconnection from the money results in a disconnection from responsibility for it. It becomes something we can worry about later. And this eventually leads so many players to fall victim to the Gambler’s Fallacy.

In short, the Gambler’s Fallacy is a psychological phenomena in which a gambler erroneously believes they are ‘due’ for a win. Maybe those slots reels are calling, convincing you that there’s a big hit right around the corner; that if you stop now, you’ll miss out. Just a few more spins… Or maybe you are experiencing a downswing at the blackjack tables. You’re sure you can win it all back if you just play a little longer.

This behavior is not becoming of a responsible gambler. And if you use a credit card to do it, the disconnection with responsibility can lead you deep into debt before you even realize it. With a debit card or bank payment, you’re at least confined to wagering with money you already have.

My advice to you is to understand the risks completely. Always be aware of what you’re spending, and make sure you’ll be able to pay it back on time.

Weighing the Pros and Cons of Credit Card Payments

Credit card payments aren’t all bad. In fact, there are some shining qualities worth mentioning, like sheer convenience and munificent rewards programs. What it really comes down to is awareness; a determination of responsibility and willpower.

When the UK government commissioned researchers to dig up fact son credit card use for iGaming, they found that most players who use this payment method do so simply because it’s convenient. Most were well aware of their spending, and had no issues paying off their cards.

A lot of credit cards come with fancy incentives, too. New sign-up bonuses can give users hundreds of dollars in extra spending cash. Percentage-based cash-back rewards are becoming more and more common these days. The tried-and-true promotion of free airline miles continues to attract card holders. But, often times, the higher the rewards, the higher the interest rate and fees. This is why it’s so important to compare all aspects before signing up for a new card.

Responsibility Check List

If you do decide credit card casino payments are right for you, here’s a quick checklist of things to consider:

1. Set Limits: As Canada’s PlaySmart adage goes, “Set a limit and play within it”. That goes doubly true for anyone who deposits with a credit card. It’s important to know what you can afford to spend, and keep track of it. In fact, it’s so important that most Canadian gambling sties (and all Ontario-licensed operators) offer voluntary self-limitations. Right from your gaming account, you can input how much you’re willing to spend on an intermittent basis. Or you can choose to see regular reminders of your spending habits to boost awareness.
2. Review Fees & Rewards: Take a look at the terms of your credit card usage. Make sure it’s worth using. Are you being charged any extra fees? And are you getting any benefits from its use? If there are no perks, consider switching to another card with cash-back or other incentives.
3. Consider Alternatives: While a credit card may have no pitfalls for you, there might be alternative options with more advantages. For example, some casinos offer bonus promotions for using their preferred ‘alternative payment methods’, or APMs for short. This is quite common, and reasonably so, since credit card companies charge merchants for every payment they receive. Even if there are no benefits to using a debit card or other method, would it be less convenient to make the switch? Which brings us to our final section…

Why Many Prefer Debit Card Casino Deposits

There are several reasons why many iGamers prefer to use a debit card over a credit card. Both are perfectly secure, so long as your computer or mobile device have proper protection, and you’re only depositing with reputable gaming sites. But underlying differences remain.

As we already discussed, personal responsibility is a big deal. Debit cards only allow you to deposit money you already have. This won’t prevent you from depositing more than you can afford, but at least it won’t give you an immediate debt. As for paying off your bills and household expenses first, that level of responsibly is up to you.

Another thing many people don’t realize is that debit card payments are actually faster than credit cards. Although the difference is minimal, depositing with a debit card is usually quicker by up to a few minutes.

Speed of Debit vs Credit Card Depositing

Debit card purchases are performed via Electronic Fund Transfer (EFT). The moment you submit the deposit, a digital signal is sent to your bank, requesting the funds. The bank immediately verifies whether the funds are available in the account, and responds with a positive or negative signal of its own.

In a matter of 1-10 seconds at most, your deposit is granted (assuming the funds are, in fact, available). The online casino won’t actually receive the money for a few days, but that EFT signal tells them the money is on its way. So they’re happy to credit your account without delay.

Credit card deposits don’t work that way. Card issuing companies can take 1-3 minutes to actually approve a deposit. Some are faster, but most are not. As I said, the difference is minimal, but think of what you can accomplish in 3 minutes? For me, that’s a trip to the restroom and a coffee refill, with time to spare. If my bladder is empty and my mug full, I’d rather spend that time navigating the games menu.