How Interac Became One Of The Most Popular Payment Method For Online Gambling In Canada

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Back in the day, online gambling was a difficult task to achieve for Canadians, and this is due to the difficulty that comes with getting their real money into an online casino account to play games. While online gambling in Canada is legal, there are still some legal problems that come with online casinos in the country. The emergence of Interac in partnership with Gigadat Solutions Inc, however, solved most of the problems Canadians have with the financial aspect of online casinos.

Previously, the Canadians had to resort to using their credit cards to finance their online casino activities as well as poker sites and sportsbook. Mastercard and Visa, along with several banks, rejected this kind of activity and thus put an end to it. This led to the Canuck searching for other ways to ensure they don’t miss out on their favourite online casino games. Then came Neteller and Skrill. They were both amazing companies established internationally to process different types of transactions and they are also accepted at online casinos. They quickly became a popular choice at online casinos.

Neteller and Skrill quickly built a physical presence in the country. However, things didn’t go smooth sailing for Neteller as it was charged by the US government regarding the illegal processing of online gaming transactions. The company ended up being prosecuted by the US in 2007. Although online gambling is somewhat legal in Canada, the grey area has always been left open for interpretation by many. Online casinos in the country have to be licensed by the provincial governments, and some of the most popular online casinos in Canada are licensed by overseas jurisdictions like Malta, Isle of Man and others. The problem for Neteller and Skrill was that the Canadian government can’t prosecute foreign companies under the Canada Criminal Code. However, both companies have a physical presence in Canada, which makes it easy for them to get prosecuted by the country. The risk was too high, so they left the country.

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Arrival Of New Casino Banking Methods In Canada

Over the years, several other payment solution platforms brought their business to the online casino banking sector and removed themselves just as fast. E-wallet companies like ecoPayz, iDebit, and Instadebit debuted in the sector some time ago and they stayed there. Despite being a leader among payment providers, PayPal has never entered the online casino sector.

Canadians have to turn to their prepaid cards to deposit their real money into an online casino account for their games. Neosurf, Flexepin and Paysafe rose to popularity due to this as they were quickly added to the many payment methods accepted by online casinos in Canada. These cards can only be used to deposit cash, and are easily available at the nearest stores and gas stations. If you want to withdraw, another method entirely will be used like bank wire or cheque.

How Interac Online Rose To Popularity

Interac slowly entered the online casino market and shook the world of casino players in Canada. Interac had previously been a widely used payment processor in the country as it is the most trusted financial payment solution in the North American country. Almost all Canadians with a bank account know about Interac e-Transfer, and even some of the major financial institutions offer Interac Online to their clients.

Three years ago, LeoVegas became one of the first Canadians Interac online casinos as a deposit method. Seeing LeoVegas spearhead the payment method, several online casinos also followed suit and included Interac Online as a payment method for the Canadians.

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This solution was made possible due to the partnership between Interac and Gigadat Solutions Inc, a third-party payment processor. They specialize in helping the service establish a stable connection from Canadian banks to merchants, and they are also in the business of online gaming, gambling and casinos.

It quickly rose to become the most popular and widely accepted payment method for gamblers in Canada. Unlike Neteller and Skrill who left the country, Interac and Gigadat Solutions Inc., are Canadian, so they won’t be leaving the market unless something else happened.

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