Instadebit vs Credit Cards for Canadian Sportsbook Deposits
And five years ago it was really easy to make deposits using a Canadian Visa or Mastercard but then a couple Canadian banks decided to block these transactions because they didn’t want Canadians to use debt to fund online betting accounts.
That is when Instadebit stepped in and decided to create an electronic e-cheque system where Canadians can write electronic cheques from their personal savings or chequing account to the sportsbook of their choice.
The additional benefit of this is that money can be sent back directly to your bank account in three business days. Customers who deposited using Visa or Mastercard, generally had to ask for a payout, fax in a copy of their card to the sportsbook, and wait for a cheque.
Canadian Banks that Allow and Block Visa and Mastercard Sportsbook Deposits
The three major banks in Canada that block Visa and Mastercard deposits to online sportsbooks are TD Bank, Royal Bank (RBC) and Scotiabank. You can still use Instadebit with these banks, you just can’t deposit successfully using a credit card issued from these banks.
The banks that issue Visa and Mastercards that work for online betting in Canada include CIBC, Bank of Montreal (BMO), National Bank, VanCity and Dejardins.
Advantages of Canadian Visa and Mastercard Sportsbook Deposits
- Most Canadian already have a Visa or Mastercard, no need to register any new services
- Quick and easy to manage, no learning curve.
Disadvantages of Canadian Credit Card Sports Betting Deposits
- Many Canadian Visa and Mastercards are blocked for sportsbook deposits
- Need to wait for a mailed check or bank wire to make a withdrawal
- Need to send in verification documents and fax a copy of the card to the sportsbook
Why Instadebit Canada is a better deposit method than Canadian Visa or Mastercards
Credit Cards can be a fast, easy and familiar way to fund your online betting account from Canada. The only problem is that more than 50% of cards are blocked for online gaming deposits. Also, waiting for a payout as opposed to having it credited back to your card can be tedious.
Especially where you need to scan docs and send them in for verification. It’s definitely worth taking five minutes and setting up Instadebit. Money moves quickly back and forth and there is no need to share your information with every sportsbook or poker room you visit.