Without a doubt, one of the most desired aspects of top online casinos is the speed of payment. The fastest paying online casinos are often the highest rated as well as the most trusted. It pays to be one of the fast paying casinos as it proves to your customers that you value their time, money and financial obligations.
The online casino gaming industry is booming. With the introduction of Bill C-218 – ‘The Safe & Regulated Sports Act’ in 2021, the Canadian online gaming industry started to see quite a surge.
This bill takes a lot of casino-related legislation away from the Canadian criminal code and instead places it in the hands of the provincial governing bodies. For Canadian online gambling enthusiasts, this means lots more opportunities for online casinos and various other betting platforms.
In this Bonusninja guide, we aim to provide an in-depth look at what makes a fast paying casino and some of the things to look out for when placing your bets. As more and more real money games become available in Canadian online casinos, there is a need to understand some of the industry jargon to keep the experience enjoyable and your money safe.
In addition to providing readers with the information to make their own informed decision, we also happily provide a list of recommended online casinos that pride themselves on their speed of payment.
Why Should Fast Payouts Be Prioritized?
The first and most obvious reason why we believe fast payouts are important is that it’s your earned money, and you have the right to have instant access to it. Regardless of whether you are a professional gambler frequenting the live casino or just a recreational online slots lover, the money you win is yours, and you should be able to spend it when you like.
Fast payouts become particularly important when online players jump between online casinos or strategically move around larger amounts of money. There is nothing more annoying than being on a roll and having to wait multiple days for your funds to be released.
We believe that a reputable and trustworthy online casino should constantly be improving its payout methods to support its customers.
If they don’t put an adequate focus on this aspect, their business will suffer from a lack of trust. There will also be a slower flow of money in and out of the online venue.
What Are the Fastest Payment Methods?
A fast paying online casino will have various payment methods to suit its customers’ needs. Luckily with Canada’s advanced banking system, more and more payment methods are being introduced, all with the goal to create a more streamlined and efficient system.
Below we cover the primary payment methods available from quality Canadian casinos and give a ballpark estimate of the delivery time involved.
Note: Each Canadian financial institution can have industry-specific regulations that you want to be clear of to avoid unexpected delays or additional fees.
After yet another cryptocurrency boom, this method of payment is fast becoming one of the most desired. With more and more exchanges popping up and the ability to move your crypto around with almost negligible transaction fees, cryptocurrency is a no-brainer when it comes to online casino payouts.
Many online casinos have the capacity to payout in more established coins (Bitcoin, Litecoin, Ethereum, Ripple), while others are already getting into some of the smaller alt-coins.
Using cryptocurrency as a payment method results in almost instantaneous payout speed with minimal transaction fees. Add this to the significantly higher withdrawal limits (sometimes as high as $10,000), and you have a great solution for your gambling payout needs.
Using cryptocurrency as a payout method is incredibly useful. However, users have to be aware of the volatility of the coins when left for an extended period of time.
Moving money around with crypto is effective, safe and cheap- but all money kept in cryptocurrency is susceptible to market highs or lows.
Following crypto, e-wallets are the fastest and most efficient way of getting your casino payout. E-wallets act as a digital service in order to provide third-party transactions. Many of them offer relatively low transaction fees within the service but sometimes higher withdrawal fees. Pay attention to the terms and conditions before choosing a wallet.
With so many e-wallets available internationally, it’s important to double-check that the one you are using is valid with Canadian online casinos.
From our experience, the leading e-wallets that are used by fast paying casinos in Canada are Paypal, Skrill, Neteller and iDebit. Each of these e-wallets provides easy transfers to Canadian financial institutions and offers relatively low fees. Depending on which bank you use, there may be more of a relationship between one e-wallet and your bank.
Similar to crypto, many e-wallets offer fast payout times within minutes. For many, the additional security provided by the service is worth the slightly higher transaction fee.
Unlike crypto that carries little to no reassurance due to its complete de-regulatory ideal, e-wallets offer customers a more trusted method that doesn’t compromise speed.
Debit and Credit Cards
While this withdrawal method is slowly being replaced by the methods listed above, many online casinos still offer both deposit and withdrawal options with credit and debit cards.
Specifically in Canada, the Interac debit software can provide a quick option for those without a credit card, crypto or e-wallet.
While these methods can be as fast as a day or two, there is still a significant difference in lag compared to the previous methods.
Similar to bank wires and checks, these payout methods are quickly becoming obsolete.
How Fast is the Payout?
The fastest online casinos typically provide customers with all of the options listed above.
For those looking for the fastest way to get their money, we recommend either e-wallets or cryptocurrency withdrawals.
Casinos that offer e-wallet transfer are more often than not instantaneous.
For online casinos that may have less support allocated for payouts, this process could maybe take a few hours but hopefully no longer than that. Some e-wallet transfers have been known to take 24 hours, but we recommend switching casinos if this becomes a regular thing (and letting us know!)
Credit card payouts normally take 1-3 working days, while bank transfers can take anywhere from 1-5 working days.
Red Flags with Fast Paying Online Casinos?
While we try hard to research and list only the most trustworthy and fastest paying casinos, there are some red flags we encourage online casino gamblers to look out for. These can sometimes be tough to spot.
Brand New Sites
While we are big supporters of new online casinos, beware of seemingly brand spanking new sites. Being new does not necessarily mean that it’s a scam. It could be that these casinos don’t yet have the capacity to offer fast payouts due to their lack of cash flow. Best to let them slowly gain traffic and reviews so you can be sure your money is safe.
Bonuses Too Good to be True
Don’t get us wrong, here at Bonusninja, our job is to sneak around and find you the best bonuses. But when something is just too good to be true, it normally is! Instead, let us do the dirty work and find you safe and trustworthy casino bonuses.
Horrible Customer Service
Like any business, online casinos rely on customer service. If an online casino provides poor customer service on the front end, you can only imagine what is going on behind closed doors. More established casinos will invest money in providing the best services for their users.
Fastest Online Casinos FAQs
Every fast paying casino has its own set of terms and conditions, and these are important for every player to look through. From deposit limits to withdrawal fees, gamers must do their research and avoid ruining their gain experience by not reading the fine print.
Here we have answered some of the most common questions we see regarding online casino payouts.
A withdrawal limit is how much you can take out of your winnings per day or even per month. Online casinos with fast payments often have withdrawal limits to avoid players abusing the system or putting the casino in a compromising position. These limits are also a way that casinos follow regulations and limit players from spending too much.
Withdrawal limits vary significantly between fast paying casinos, but the information can easily be found in the terms and conditions of each online casino. For players that rely on large withdrawal limits, it’s best to read these conditions before playing.
On top of withdrawal limits placed by the casino itself, there can also be limits on particular e-wallets of financial institutions. Check with your bank or digital e-wallet service to ensure you understand how much you will be able to withdraw in a given time frame.
Payout percentages are calculations meant to inform the player of what percentage of their bets they should expect to receive back as winnings in the long term. It’s important to note this does not mean players can expect that in profit, only in total winnings.
For example, if a game has a 98% payout percentage, it is telling the player that in the long term, they can expect to win $98 for every $100 spent. Most online casino games operate in the 95%-99% range.
Reputable casinos tend to make this information public and easily accessible, further informing their audience of the risks and making the experience more enjoyable.,
Online casinos normally offer free play to get users comfortable with the game. While real money can be won during free play mode, most casinos do not allow immediate withdrawal of free play money won. Instead, these winnings have to be re-wagered multiple times before being eligible for withdrawal.
Online Casinos that are offering free play will have terms and conditions outlining the withdrawal procedures.
There are various fees that are incurred with taking payouts, and these fees are varied based on casino, bank and withdrawal method.
Every e-wallet service has its own set of fees that will be applied to your withdrawal amount. These fees are different from the e-wallet to bank fees and the casino to e-wallet fee.
Fees added on by the casino itself are often there to support customer service staffing that results in a higher quality product. As a gamer, stay informed of the fees you will have to pay before placing a bet.
When playing at various online casinos, you may notice that using the same payment method carries different transaction fees. This results from the casino adding in the transaction fees they deem appropriate for the service they are providing.
While it is easy to rush to the fastest paying online casino with the least amount of fees, it’s important sometimes to remember the old adage, “you get what you pay for.” While it is not always the case, many online casinos with higher transaction fees are able to offer a more streamlined customer service approach. These casinos might be a safer and more hassle-free bet for future gaming.
To further add value to their services, some online casinos offer a VIP programme for people looking to take advantage of certain services. VIP programmes come with a plethora of benefits, including instant payouts for members. This is a way of the casino understanding who the regular customers are and allocating extra resources to ensure their experience is optimal.
Deciding which online casino to trust can be daunting. Here at Bonusninja, we try to provide you with as much information as to make an informed decision. Payouts are an essential part of the online casino business model, and finding a fast paying casino should be at the top of your list.
Withdrawing money shouldn’t be complicated and should not take a lot of time. Focus on casinos that streamline the payout process and prioritize customer service. Spend less time worrying about getting your money out and more time enjoying the games.