Instadebit vs PaySafeCard for Sportsbook Deposits from Canada

PaySafeCard (formerly UKash) is a fairly new online sportsbook deposit method, but has taken off very quickly across Europe and now in Canada.

 ukash-canadaPaySafeCard is a fairly innovative way to fund your online betting account because you can actually buy a ticket at a retailer using cash, and transfer that amount easily to your online sportsbook. PaySafeCard is a truly great way to fund your account and avoid dealing with third-party processors, credit cards or online banking.

The main drawback, however, is that you have to physically go to a store to buy a ticket. Also, the highest ticket value they offer is $250, but you can buy multiple tickets should you wish to deposit more funds at one time. PaySafeCard does charge fees for purchasing tickets, this is how the retailer makes money.

Generally, these fee’s run about 4%-6% of the cost of a voucher. So a $100 PaySafeCard ticket in Canada will cost $105.95. There are no other charges associated with PaySafeCard tickets after purchase. The main drawback of PaySafeCard currently is that to take money out of a sportsbook, you will request a withdrawal and they will send the funds via bank wire or mailed cheque.

Advantages of PaySafeCard Sportsbook Deposits

  • Ability to fund a online sportsbook using cash
  • Accepted by most online sportsbooks in Canada

Disadvantages of PaySafeCard Sportsbook Deposits

  • Still have to wait for a mailed cheque or bank wire for payout
  • Fees run between 3-6% of the value of deposit

Why Instadebit Canada is a better deposit option than PaySafeCard

Instadebit is superior to PaySafeCard when it comes to funding sportsbooks in Canada because Instadebit only charges a flat fee of $1 no matter what the deposit amount is you transfer to your sportsbook. This is significantly cheaper on say a $250 deposit where PaySafeCard will charge $9.95.

Although you need to wait three days to verify your Instadebit account, you will save yourself the time in the future of having to go out and buy a ticket every time you want to make a betting deposit. As well, your payouts will go back to your bank account a lot faster with Instadebit than waiting for a mailed cheque or bank wire with PaySafeCard.

PaySafeCard is still the only way to fund your sportsbook account with real cash though, and that is a big advantage for some Canadians.