How Interac Became The Most Popular Payment Method in Canadian Casinos

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Although online casino gambling had been legalised in Canada, there was a major problem with how Canadians transferred their real money into an online casino platform just so they could enjoy their favourite casino game. While are legal issues that come with casino banking in Canada, the advent of Interac partnering up with Gigadat Solutions Inc, solved most of those issues. This pivoted Interac online and e-transfer to the peak of popularity in the country and it became the standard of online casino payments for the average Canuck.

The Canadian province of Ontario today (4 April) officially launched its legal and regulated online gambling market.

The Canadians could only play online casino games and gamble at sportsbooks with their credit cards. MasterCard and Visa partnered up with banks across the world to put an end to this type of transaction, and so the search for other methods of payment for Canadian gamblers returned. Skrill and Neteller emerged as the possible best for the Canucks in their search.

Legal Issues Hindering Online Casino Payment Processors

Back in September 2006, the US Senate released a bill that made online gambling illegal in the United States, this transformed into Neteller being charged by the government for “illegally” processing online gaming transactions and ESI. This also led to a Canadian payments provider being charged, then it became the chain of events that led to several legal problems arising in the industry.

Although no bill was passed in Canada to make online gambling illegal, the lack of response was left open to interpretations. The online casinos operating in Canada can only be given licenses by the provincial governments. Because foreign companies cannot be prosecuted under the Canadian Criminal Code except the companies that have a physical presence in the country, Neteller and Skrill, which both have a physical presence in Canada, decided to not run the risk of operating in the country and thus packed their bags.

Arrival of New Canadian Casino Banking Methods

Over the last decade, several payment providers came and left the online casino banking range. EcoPayz, iDebit, and Instadebit are the latest e-wallet companies to enter that market, while PayPal never concerned themselves with the industry at all. Paysafe, Neosurf and Flexepin also emerged in the market as they were accepted by most online casinos operating in Canada. However, they can only be used to deposit cash into their casino account, if they wish to withdraw they will have to choose another method to achieve that aim, which in most cases is usually the ancient bank wire or cheque in the mail.

How Interac Online Became Popular

Online casino banking or not, Interac is the most widely used payment processor in Canada. All Canadians that have a bank account probably know of Interac e-Transfer, as the payment processor has partnered with almost every major bank and credit union across the country, and they all offer Interac Online.

LeoVegas was the first INTERAC online casino in Canada to start offering Interac Online as a deposit method to Canadian gamblers. That was just three years ago. Currently, almost all top-class online casinos in Canada is now offering Interac as a mode of payment. Gigadat Solutions Inc’s partnership with Interac made this possible, as it is responsible for connecting Canadian banks with merchants.

Interac Online & E-Transfer

Using Interac as a payment method in online casinos became so popular due to its ease of use. However, there are two main online casino types, Interac Online and e-Transfer. Interac Online is popularly known to be a direct banking method that lets you transfer cash directly to your casino account with the aid of Gigadat as the third-party processor that will link the two parties together. While e-Transfer is a type of payment that is processed by a financial institution. Gigadat is still responsible for processing the information needed to complete the transaction.

While both types can be used for deposits, only e-Transfer can be used for withdrawals. Interac e-Transfer is available at every bank and credit union running in Canada, and it also takes more time to process deposits while Interac Online are instant when it comes to deposits.

Interac is an online payment solution that is based in Canada, so this won’t stop being a payment method for Canadians in online casinos unless it is regulated by the Canadian government. Interac will be Canadians’ stable, secure and fast casino payment method for a long time.

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