Given that it is the number one payment method in Canada, it’s hardly surprising that Interac betting sites are widely used by players in Ontario. Using Interac allows you to enjoy quick deposits and withdrawals with no fees.
Interac has multiple products under one roof that allow you to make online transactions whilst managing your spending. And that now covers online betting in Ontario, so join us as we check out the best sportsbooks that accept Interac e-transfers. On top of that, we will also look at the advantages of using this payment method.
First up, let’s get the ball rolling by taking a look at the main advantages and disadvantages of using Interac for online betting:
According to the company itself, around 90 percent of Canadians use Interac’s e-transfer service on a regular basis. It’s therefore hardly surprising that it is one of the most popular sportsbook deposit methods in Ontario.
Almost every licensed Ontario online betting site accepts Interac for deposits at the very least. Additionally, you will also find that most of them will also allow you to withdraw your winnings to your bank account via Interac e-transfer.
Interac was first launched in 1984 to provide efficient payment solutions for Canadians, and to this day it is the most widely used in the country by a distance. It is estimated that around 60 percent of all daily transactions in Canada are conducted through Interac.
In 2023 there are two main Interac products that you can use to make online and offline payments:
Interac is a popular deposit and withdrawal solution for online betting in Ontario, first and foremost, because it is used daily by most Canadian people and businesses. On top of this, however, it also offers a number of advantages, both for you as the bettor and for the sportsbooks.
As an Ontario resident aged 19+, chances are you already have Interac installed on your phone, and possibly an Interac Debit card as well. This makes it the most convenient solution when it comes to funding and withdrawing from your Interac betting account.
However, there are many other convenient solutions, including Visa and Mastercard. What Interac holds over these solutions is lower fees, faster processing speeds and a higher trust rating. Moreover, depending on which bank you use, you may not have to pay any deposit or withdrawal fees at all.
As well as benefiting you, Interac is also a preferable solution from the operator’s point of view. On top of everything already mentioned, Interac is a world leader in fraud prevention, which is something that can cause online gambling operators a headache.
Additionally, Interac also takes care of the authentication side of things, by verifying your identity through your bank. Not only does this ensure secure transactions for you, it also certifies safety for the merchant.
To start betting online with Interac, you just need a Canadian bank account with a participating financial institution. You only need to have a participating bank account for this, you don’t need to create an account with Interac.
There are over 300 financial institutions that currently participate with Interac. Therefore, if you have a Canadian bank account, then chances are it will work with Interac e-transfers.
Once you have checked and confirmed that you have a participating bank account, you just need to register with a betting site in Ontario that supports payment via Interac e-transfers.
Further down this article, you can find some short reviews of the top three Ontario sportsbooks with Interac. The registration process differs at all of them, but below you can find a rough guide explaining how it works:
On most sports and cricket betting apps in Canada, you don’t actually have to verify your account until you make your first withdrawal. However, we recommend doing it after you sign up to get it out of the way before making your first Interac deposit.
To verify your account on most sites you will need to upload the following documents:
As long as the documents exactly match the details that you provided, you should find that your account is verified within 24 hours. However, the process can take up to 48 hours on some Ontario gambling sites.
Once you have opened your online betting account, you can make your first deposit straight away with Interac – you don’t have to wait for full verification. Again this process can be slightly different on each site, but it more or less works like this across the board:
That’s it, once those 10 easy steps are complete, you will have a fully funded Ontario sports betting account and you can start wagering/playing.
As we mentioned earlier, most online sportsbooks in Ontario also allow you to withdraw funds via Interac e-transfer. Here is a quick guide on how to proceed:
Now that we’ve covered the ins and outs of the Interac e-transfer payment process and how it works, it’s time to look at the operators. As said before, most sportsbooks in Canada accept Interac, but we have picked out the top three:
In the table below, you can check out the key information for Interac deposits and withdrawals at our three top-rated online betting sites in Ontario:
|Sportsbook||Deposit limit||Interac processing time||Fees|
|BetMGM||$10||0 – 15 mins||$0*|
|Betway||$10||Up to 30 mins**||$0*|
*Interac doesn’t charge e-transaction fees for outgoing payments, but your bank charges may still apply.
**Possible delays in the processing time at Betway can result in it taking up to 24 hours for the funds to appear in your betting account.
|Sportsbook||Withdrawal||Approval time||Processing time||Fees|
|BetMGM||$20||1 -3 business days||Up to 8 hours||$0*|
|BetRivers.com||$20||Up to 24 hours ( on business days)||30 mins||$0*|
|Betway||$20||Up to 24 hours ( on business days)||30 mins||$0*|
*Interac doesn’t charge e-transaction fees for receiving money, but your bank charges may still apply.
BetMGM is a US sportsbook brand and online casino that launched in Ontario in 2022. On this site, you can wager on sports pre-game and in-play, and also play online casino games and poker for real money.
When it comes to Interac betting in Ontario, BetMGM offers instant payments in most cases. However, it is the slowest of the selected operators for Interac withdrawals. That being said, BetMGM still tops our list as the overall product makes the longer payout speed worthwhile.
BetRivers is another US-based casino resort company that now also has a strong online presence in North America. Although perhaps best known for its online casino games, there is an excellent sportsbook here that is not one to be overlooked by hockey and basketball fans especially.
On top of that, it is the best site on our list for using Interac quickly for online betting. Deposits are almost always processed instantly with Interac e-transfer, meanwhile, you should receive your funds within 24 hours or less when you make a withdrawal.
This is the most international of the three brands mentioned on this list, with products in over 20 countries and multiple languages. If you prefer a less North American-centric approach to your online betting, then Betway is the ideal site. While the markets on the likes of the NHL and NLM are good, you also have valuable odds on soccer, cricket and more.
The slight downside is that Betway can be a little bit slow when it comes to processing Interac payments. Deposits usually take up to 30 minutes but can take up to 24 hours if there is an issue that affects the processing time, however, this will rarely happen.
On the other hand, Interac withdrawals are pretty quick at Betway, and will usually be processed within 24 hours.
Interac is the biggest and most widely used finance company of its kind in Canada, both when it comes to general use and online betting. However, it does have two direct competitors:
Or, if you are looking to go down the e-wallet route, betting with PayPal is still the best option, as Neteller and Skrill are not supported at Ontario online betting sites.
In summary, Interac is, on balance, the most convenient and secure payment method for online betting in Ontario. Added to that, it is safe, secure and has a high standard of fraud prevention – and it doesn’t charge any transaction fees. So check out our top-rated Interac betting sites and register with your preferred operator today to get started.
Yes, the majority of online betting sites support Interac e-transfers for deposits and withdrawals. You can check out the best operators here at TheGruelingTruth.com.
There are three Ontario sportsbooks that stand out when it comes to betting with Interac. BetMGM, Betway and BetRivers.com all have fast processing times and no transaction fees for Interac deposits and withdrawals.
To make an Interac deposit, you will need to select it as an option in the betting site cashier. You will then be provided with the info and need to sign into your online bank account to complete the transaction.
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