Casino Deposits and Withdrawals Explained

Online casinos are great but an element of confusion looms for Canadian gamblers itching to play blackjack or poker as to how casino deposits and withdrawals work. If you can’t deposit money into an online casino to begin gambling, then you are just wasting your time for fun. After all, even the best casino games just as blackjack, baccarat, or craps are really no fun if you don’t have a stake in the game. As for withdrawals, it can be incredibly frustrating when you win $1,000 to $5,000 or more and then find the casino won’t pay up. At least when a party “bumps uglies with you” you get a few drinks or dinner out of it. But to be left high and dry by an online casino… that’s the worst. So that’s the first lesson in making deposits and hopefully, big withdrawals with an online casino, find out where they are licensed from. There are in the Online Casino world, essentially three levels of license authorities. There are:

  • The very best licenses. Those online casinos licensed in either the United Kingdom or Malta, as well as those from the Isle Man and Alderney, are also good. The strictest regulation and therefore the safest is the United Kingdom Gambling Commission. Unfortunately, Canadians are banned from playing in a United Kingdom licensed casino. Therefore, the next safest option, which 99 percent of Canadian Gamblers use is an online casino with a Malta Gaming Authority based casino. They are also highly regulated, and you will not be cheated with a deposit or withdrawal by a Malta Gaming Authority licensed casino.
  • The next choice are Casinos regulated in Curacao, Costa Rica, Panama, and just about anyplace else. For example, more than a few Canadian Casinos are licensed by the Kahnawake Gaming Commission in Quebec. This is a tribal gaming authority. These casinos are only around 30 to 40 percent trustworthy, and if that. Many a gambler is still kicking themselves over choosing to gamble at these establishments.
  • Finally, there is any number of casinos that are self-licensed and have no government body watching out for them at all. Do you trust them? Good, we have a bridge to sell you in the middle of Lake Michigan.

Besides looking for a Malta Based Casino, you also want to look at the bottom of their website for an eCogra seal. eCogra is a company, based in London, which thoroughly analyzes everything about how the casino does business, from fair random number generator to honest deposit and withdrawal policies. A site with an eCongra seal is a casino you can trust.

How to deposit at an online casino

Online casinos try to make it incredibly easy to deposit money, and there are typically a half dozen or more ways to deposit your money. You should read carefully your intended casinos website to determine not only the many ways to deposit your money, but also once deposited, how long you will need to expect to wait until you can actually gamble with the money. Most deposits take 1 to 2 days to be fully released into your online casino account, but others may take 5 to 7 days or so. Most Malta-based casinos take Visa and MasterCard to make a deposit and that is generally the best alternative. However, depending upon where you live, Visa and MasterCard may be blocked in your country from making deposits. This is something that is beyond the casino’s control. As an alternative, almost all casinos have alternative sites such as Neteller and Skrill that serve as intermediaries. For a small fee, you can charge your credit cards to Neteller or Skrill, but generally, Canadians have no trouble making deposits with Credit Cards. And if that doesn’t work for you, many services will make a deposit directly out of your bank account to make a deposit. One thing that Canadians should keep in mind is what currency the Casino accepts. Some online Casinos accept Canadian Dollars, others do not. The reason this matter is that if the casino doesn’t accept Canadian dollars but only accepts Euros for example, then your deposit will be converted to Euros, and as savvy shoppers know everywhere, you always lose a bit (sometimes quite a bit) in the conversion process.

Most online casinos have minimum deposit requirements in the region of CAD 20 but there are a number of excellent $1 and $5 deposit bonus casinos in Canada. There are a number of requirements that are attached to these low deposit casinos. These include restricted deposit methods and exclusion on deposit bonuses when utilizing the minimum deposit thresholds. The exclusion from the deposit match bonus is not the worst thing when considering the wagering requirements that are applied to casino bonuses.

Also, read carefully the process of withdrawing money. Most Malta-based casinos are quite good on the philosophy what does in the way of deposits goes out the same way. However, an online casino may accept a deposit one way, such as a credit card deposit, and only pay out in a different manner. There is no getting around this, so you need to read the website carefully to be apprised of your options. Also, read what are the withdrawal limits per week, and find out what are the minimum amounts that you need to have to withdraw, typically $50 or $100. If you have not picked your new casino yet then finding the best bonus can help make your decision.

Casino Deposits and Withdrawals Explained
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