Even though it took some time and a lot of effort, the province of Ontario legalized and regulated its online gambling industry in April 2022 with the goal of providing a secure and enjoyable online gambling experience.
The top Ontario online casinos have obtained their licensure from iGaming Ontario (iGO), a subsidiary of the Alcohol and Gaming Commission of Ontario (AGCO), and started accepting players from big cities like Toronto, Ottawa, Hamilton, and others for more than a year.
Withdrawing your winnings from licensed online casinos is a hassle-free process, and in this article, we will present you with some of the most popular banking options to do it.
We are long past the days when payments from online casinos were unsafe (especially in a controlled market like Ontario). Nevertheless, it is always wise to be careful with online transactions.
Reading terms and conditions is usually a good idea for withdrawals, as it provides crucial information regarding potential fees or the waiting time for the request to be processed. Imagine landing a massive win and waiting over a week to appear in your bank account.
Online casinos in Ontario have to provide fast, secure, and reliable methods for deposits and withdrawals to stay competitive nowadays, so do not be surprised to find out that a significant majority of them cover all popular banking options, from credit cards to e-wallets like PayPal and Skrill.
The processing times have also been reduced lately, usually between three to five business days, although some are even faster. Remember that, in every case, you must verify your identity before cashing out winnings. Also, remember that to use a particular withdrawal method, you typically must first complete one deposit using that same method.
Below, you will find the most common methods to withdraw cash from online casinos in Ontario.
eWallets such as PayPal and Skrill have emerged as one of the most popular banking methods among casino players in Canada. Besides security, the most beneficial perk is the swift processing time for deposits and withdrawals. If you opt-in for this e-wallet and request a cashout, Ontario’s top operators guarantee payment within 24 hours.
As for deposits, funds will appear in your balance instantly, and you will be ready to test out your new roulette strategies or jump into your favorite slot game and start spinning the reels.
It is extremely easy to use, and it will take you only a few clicks to send the winnings from the casino’s online cashier to your PayPal account.
VISA, MasterCard, and other popular credit cards were one of the first payment methods accepted by online casinos, and they are still one of the most popular banking options today.
Some players cannot be bothered opening e-wallet accounts, as the process includes different verification steps, or they prefer a traditional way to make deposits or request withdrawals with their credit card.
There are usually three layers of protection with credit card transactions, so you never have to worry if your personal information is safe. Another plus is that almost all operators in Ontario have it listed on deposit/withdrawal options, and the processing time usually takes 3-5 working days.
Of course, the biggest downside can be the potential usage of credit card limits and playing with banks’ money. Also, from our experience, making withdrawals to your credit card — when a casino allows this as a withdrawal method — will usually add up to some additional processing fees. It’s also worth noting that some banks will block casino charges, so you might need to go through extra steps to verify the transaction.
Electronic Checks work similarly to credit cards, and players who request a payment using this withdrawal method will get the funds placed directly into the bank account. It provides security for your personal information and is very simple.
However, it is worth mentioning that eChecks have longer processing times, usually taking five to seven business days. Additional fees might also occur depending on your bank and the casino provider.
Also, not all online casinos in Ontario support this payment method, so we suggest checking our list of most recommended operators for more information.