E-Wallets, short for ‘Electronic Wallet’ are a digital payment method for online casino players. Offering secure, quick, and convenient transactions, E-Wallets can be used for many online transactions but have become most well-known within the online casino scene. Therefore, it is a standard expectation for any respectable online casino to include multiple E-Wallet options for players to use when making a casino deposit.
As online casinos are relatively new to Ontario, it is understandable that many players will also be new to E-Wallets. With this in mind, we’ve created a simple guide for using E-Wallets. Keep on reading to learn more.
What Are E-Wallets?
Electronic wallets, or 'E-Wallets', differ from traditional banking methods and were created as a direct result of the digital age. In essence, E-Wallets act as a go-between for your bank account and the casino, which provides an extra layer of security as it means your bank account is not directly linked to your casino account.
Alongside the security benefits, E-Wallets can also improve the overall gameplay experience. They streamline banking processes, giving you the flexibility to deposit and withdraw from your casino account whenever suits you without needing to enter lengthy banking information, whilst remaining safe and secure. This is particularly handy if you’re a mobile ‘on-the-go’ gamer.
E-Wallets also help you to gamble more safely. Before playing, you can deposit your budget amount into your E-Wallet, meaning it's harder to overspend by playing ‘just one more round’.
Skrill, PayPal, and Neteller are examples of some of the most popular E-Wallets used by Ontario players. Among the most popular E-Wallets. Lastly, it is worth noting that E-Wallets are not the same thing as Cryptowallets.
Setting Up an E-Wallet Account
Setting up an E-Wallet Account is straightforward; just follow our ‘lucky seven’ steps:
- Research and select the best E-Wallet for you. You can either select the E-Wallet system that is best for you and then find a casino to fit, or if you’re already part of an online casino you love, check out the E-Wallet options they offer and select from the available options. Common options you’ll come across include PayPal, Apple Pay, Google Pay, Skrill, and Neteller.
- Visit the provider's website and/or download the app. Some E-Wallets like PayPal work well as both a website and an app, while others are designed to be used via an app which you’ll be able to find in the app store of your chosen device.
- Set up an account with your chosen E-Wallet. To do this, you’ll need to provide some personal information such as your name, email address, and cell phone number. Identity verification may demand additional information from some E-Wallet providers, this may require a government-issued ID, address evidence, or other documentation. Be sure to read the terms and conditions before completing your account set up.
- Create a password and enable two-factor authentication. Secure your E-Wallet account with a strong, unique password. Use upper and lowercase letters, numbers, and symbols. If you’re a person who struggles to remember their password, there are a variety of apps you can download which safely store login information. Alongside this, enable two-factor authentication. This makes your account far more secure as, along with entering your password, to access your account you’ll need to complete an additional check such as fingerprint or face recognition, or by allowing the login on another device.
- Link your bank Account or other payment method to your new E-Wallet. Now the E-Wallet is completed and secure, you’ll need to follow the required steps to link your new account to your bank account or bank card. Depending on your provider you may need to undertake further authentication or be required to relink your account every 90 days or so. Some services all Cryptocurrency transfers, but be aware this isn’t universal.
- Complete initial activation and add funds. When first using your E-Wallet you might need to activate your account by following a link e-mailed to you or by entering a code. When adding funds to your account, think about the budget you’d like to set for your current gaming session, and only deposit that much. This will help you to gamble responsibly and prevent you from overspending.
Using E-Wallets at Ontario Online Casinos
No matter your payment method, the process to deposit funds into your online casino account is the same, it's just where the money is coming from (your E-Wallet instead of your bank account directly). If you're a new player, you'll need to register for an account first, but if you already have an account at an Ontario online casino, follow the steps below.
Depositing Funds
- Click on the ‘cashier’ or 'banking' (terms may vary) page on the site. This is usually found from your account page.
- Click ‘make a deposit’, 'add funds' or similar terms your site uses and choose your payment option from those provided.
- Enter your deposit amount. The minimum value for sites is usually around $10 (CAD). If you're a new player, check to see if there are any welcome bonuses on offer. Before the E-Wallet releases your funds to your casino account, you may need to complete authentication, such as confirming the transaction via a code sent to your phone or email. Once completed, your funds will instantly appear in your account.
Withdrawing Winnings
- Visit the cashier/withdrawal page of your account and pick your chosen withdrawal option. The deposit method you used will display first for added convenience.
- Decide how much you’d like to withdraw. Be mindful that if you’ve engaged in a promotion you cannot withdraw any winnings earned until the wagering (or playthrough) requirement has been met. You’ll also need to consider the minimum and maximum withdrawal amounts permitted by the site. These vary from site to site and can differ between options too. The minimum amount typically ranges from $10-20 (CAD).
- Check the terms and conditions of withdrawing; the majority of casinos offer free withdrawals, but some options (such as bank wire transfer) may have fees attached. Some sites will allow you one free withdrawal per day with any additional withdrawals incurring fees. Once submitted, the casino needs to authorize your withdrawal request. More often than not, this will occur within the hour, but a window of 24 hours is pretty standard. Again, some options (particularly those directly to banks) can take even longer; sometimes up to 3 days.
Benefits of Using E-Wallets
E-Wallets come with a lot of benefits important to the online casino gaming experience:
- E-Wallets are Convenient: E-Wallets are compatible with the majority of devices including mobile phones and tablets. Because they come with dedicated apps suited to mobile devices, E-Wallets can easily be used on the go and in general are a convenient option suited to the pace of modern life.
- E-Wallets are Quick: E-Wallets offer the fastest withdrawal and deposit times, meaning you can deposit and play immediately, and won’t be waiting days for withdrawn funds to appear in your E-Wallet.
- E-Wallets Offer Security: E-Wallets work as the middle man between your bank account and your online casino account, which means you don’t have to share your personal banking information with the casino. A good rule of thumb when spending money online is to put at least one level of protection between your bank account and the platform you’re spending money on. E-Wallets offer this and can even improve security further with two-factor authentication options. As a middle man, they also help keep your personal information more private by using encryption technology.
- E-Wallets Are Multi-Use: E-Wallets don’t just have to be used for online casino gameplay; for example, PayPal is an E-Wallet option that can be used to pay for goods, order food, and transfer funds between friends. This versatility keeps things simple and streamlined for users.
- E-Wallets are Low/No Cost: Creating an E-Wallet account is free as is withdrawing funds in the majority of online casinos.
Considerations and Potential Drawbacks
As with all things in life, there are some potential drawbacks to using E-Wallets to consider:
- Potential Delays in Verification: Depending on your bank, it may take days to verify your E-Wallet and link it to your bank account.
- Potential Fees: While most transactions involving E-Wallets are free, some peer-to-peer transactions, and additional services like currency conversion may incur fees.
- Transaction Limitations: Some E-Wallets have transaction limitations. The maximum amount you can add to your E-Wallet may be limited, or you may only be able to make x amount of withdrawals within a designated period.
- Possible Prevention of Promotions: While on most sites this isn’t an issue, E-wallet deposits may make players unfit for bonus bets and bonuses; be sure to read the terms and conditions.
- Lack of Availability: While most of the best-loved E-Wallets are readily available at online casino sites, as there are plenty of them, if your chosen version is too niche you might struggle to find a site which has it available as an option.
- Possible Currency Conversion Fees: E-Wallets commonly have fees for converting currency. Where possible, play in the currency of your region or use other services to convert your funds into CAD before using your chosen E-Wallet.
Conclusion
E-Wallets are a convenient, safe, and secure option for players making deposits and withdrawals at online casinos. Keeping your gameplay funds separate from your bank account, many E-Wallets can be downloaded as a convenient app, ideal for mobile gamers. Transactions using E-Wallets are expedient; perfect for busy 21st Century life.
Happily, you can use E-Wallets at online casinos in Ontario, such as right here at Spin Genie. Sign up and play today.
