We understand our customers want secure and easy payment methods to deposit. That is why we have made it a priority to make the process as seamless as possible
PointsBet Ontario said its parent has entered into a partnership with Interac Corporation — a Toronto-based banking network that runs the Canadian debit card system and whose brand is revered by Canadians — to serve as a payment processer in the province.
In a statement, PointsBet Canada said Interac would provide “safe and easy deposits and withdrawals every time.” It did not disclose any additional details, including the length of the partnership, which appears to extend to all of Canada, not just Ontario.
“We understand our customers want secure and easy payment methods to deposit,” PointsBet said. “That is why we have made it a priority to make the process as seamless as possible.”
The operator said deposits through Interac would be instantaneous and that the operator would not apply any surcharges for using the banking network. PointsBet added that Interac is available at more than 95% of banks and financial institutions in Canada, providing excellent access for customers to make deposits.
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Who is Interac?
Interac is a privately-held banking network founded in 1984 in Toronto. At the time, it was a joint venture between five central Canadian banks — CIBC, Desjardins, RBC, Scotiabank, and TD. According to the network, it handles 18.6 million transactions daily and is connected with more than 300 financial institutions.
It was named the most trusted financial company in Canada by the Gustavson School of Business at the University of Victoria, a public university in British Columbia.
According to the eighth edition of the Gustavson Brand Trust Index, Interac was one of four companies ranked as the eighth-most trusted brand in Canada. Interac also made the business school’s list of the 50 most trusted brands in Canada, based on overall brand trust scores.
No Stranger to Gambling in Canada
Interac has been providing its services to online casino players in Canada for several years.
One key component of Interac’s success is its separate partnership with Gigadat Solutions, a third-party payment processor also based in Canada. Both companies are based in Canada, which resonates with Canadian players since conversion from the Canadian Dollar (CAD) into other currency is not necessary.
Online casinos in Canada have also accepted fund transfers through its e-Transfer and Interac Online services. The former allows online banking customers to transfer money to anyone with an email address and a bank account in Canada. At the same time, the latter gives customers to ability to pay for goods and services directly from the bank account.
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PointsBet Faced Alleged Violations Early
PointsBet Ontario launched its online sportsbook in Ontario on April 4, the opening day for the province’s online poker, casino gaming, and sports betting markets. It was issued a one-year license by the Alcohol and Gaming Commission of Ontario (AGCO) on February 3 and executed an operating agreement with iGaming Ontario (iGO) shortly after that.
The operator allegedly ran afoul of the province’s strict rules governing advertising and inducements in early May. The AGCO fined it $30,000 CAD (then about $23,400 USD). PointsBet Canada CEO Scott Vanderwel issued a quick apology for the violations.
At about the same time, download data from the website SensorTower showed PointsBet was the most popular app among those designed for more than one vertical. The PointsBet app handles online casino gaming and sports betting.
Learn more about the Pointsbet and the Best Ontario Sportsbooks in our comprehensive guide »
