Which Payment Methods are Preferred by Online Poker Players and Why?

When gambling online, poker players (particularly those in Canada) prefer speedy transactions. They prefer secure transactions. They prefer trusted payment options. This means that you'll find that many online gamblers tend to stick to a few payment methods that they know they can trust. We'll take a look at some of the most popular ones here.

The General Rule

The general rule is that online poker players prefer fast deposits and withdrawals. When they're in the midst of a poker game, they don't want to spend an age loading up their account with new funds. It should take a few seconds, maximum. If they win, they don't want to be jumping through hoops to get money out of their account. Ideally, it should take minutes and allow players to get back to their strategy to try and win some more. However, some popular methods may take a day or two.

Of course, the payment method must also be something somebody uses regularly. This means people trust that payment method. This is why many of the methods we discuss here are ones you will have heard of before.

Interac

Interac is a payment system limited to Canada. It is part of the Canadian banking system, and it offers fast and reliable money transfers. The money will be transferred directly to and from the bank account.

Speed is a major factor in why people choose Interac. However, many people also enjoy the fact that they do not need to share any payment details with their selected online casino (which could lead to hacking), plus the poker player will also be benefiting from the high-level security of their bank. Again, this limits the chances of your payment information being stolen.

Credit & Debit Cards

While you can't withdraw from credit and debit cards (in most places), they are, without a doubt, the most common way to purchase things online. This includes making deposits into your selected online casino.

Most poker players use credit and debit cards because they know they are fast as a deposit option, and it's something that they are very familiar with.

As we said, you can't withdraw to a credit or debit card at most online casinos. This can be quite a hassle. Those that do allow withdrawals to this payment method tend to be a bit slower, because the withdrawal is actually processed as a refund, which can take a few days. Plus, you can't withdraw more than you deposited. This means that you will need to have a backup withdrawal method in place if you win big.

Cryptocurrency

Canadians are now starting to wake up to the benefits of cryptocurrency. If you gamble with cryptocurrency, you may have more options available to you when it comes to playing poker. This includes offshore poker platforms. If you are going to play at one of these platforms, make sure it is one of the highly rated Canadian crypto casinos that are vetted by industry professionals.

The main benefit of gambling using cryptocurrency is that it is a secure payment method. Your identity cannot be determined from your crypto transactions, nor can it be determined where your money was sent/received from.

You'll also find that most crypto transactions are fast, often being processed in a few seconds.

E-wallets

We are talking the likes of Skrill, Neteller, and PayPal here. E-wallets basically hold digital funds for you. You can also tie a variety of payment methods to your e-wallet. There are a few benefits to poker players here.

First and foremost, e-wallets are incredibly secure. Well, assuming that you choose one of the e-wallets that we listed above. You get almost bank-level security here. So, you can be sure your payment details are properly protected, particularly if you use 2FA. However, there are way more benefits than this.

The fact that you can tie multiple payment methods to your account is beneficial. This is because you will likely be able to use payment methods that the casino wouldn't normally accept. So, you can still make payments. It also means that if one payment method isn't working for you, your e-wallet will allow you to use another method without any hassle. Your details should be saved, so you won't be typing everything in again.

Deposits and withdrawals also tend to be very quick. In fact, most withdrawals to e-wallets should be processed within just a few seconds (assuming the online poker site works that quickly). There will also rarely be any limits on the withdrawal. On top of this, you can either leave the cash in your e-wallet or withdraw it to any account that you want. Simple!

Finally, because the e-wallet is handling your payment, you won't need to share any payment details with your selected online poker site. This just makes things a little bit more secure.

Bank Transfers

Most players in Canada tend to use Interac rather than bank transfer, since Interac is essentially the same. Still, some poker players may prefer a good old-fashioned bank transfer, as they are already used to them. They have the same benefits as Interac, i.e. secure and fast. If you're unsure of which payment methods are available on a site, make sure to check out their 'about us' or 'contact/help' page.

Prepaid Cards, e.g. Paysafecard

Some poker players are using prepaid cards to gamble. This is especially true of Paysafecard. There are some physical stores where you can buy Paysafecard, which makes it one of the few options you can deposit using cash.

The idea of buying a prepaid card can be a bit of a hassle, too, and it can limit how much you spend on poker. A lot of people like this, as they don't want to be blowing through money they can't afford to lose.

Final Thoughts

This is just a small smattering of the various payment methods that poker players use. They are the most popular, though. This is because they are all secure and fast. Some even offer a lot more privacy than other payment options, too, which can be important to players. Any reputable online poker site should support at least a couple of these options.