If you want to bet on sports from Canada, it makes sense to register a betting account
in Canadian Dollars so you may deposit and withdraw your native national currency
without having to exchange funds. This way you’ll be able to avoid paying hidden
currency exchange fees that would otherwise occur for every deposit and withdrawal
to and from your betting account. These fees usually amount to 3% to 5% of every
transaction. Why pay these fees? Save your money for your bets at the best Canadian
betting sites, along with bonus offers.
You might think this is an obvious thing to watch out for. However, many sportsbook
review sites promote several non-CAD online sportsbooks to Canadians. Canadians
often get tricked because of bonuses quoted in dollars - but those are US dollars.
While many of those sites accept Canadian customers, they only offer accounts in
other currencies. All those listed below are indeed direct CAD betting sites. Of
course, from April 2022, the province of Ontario has opened their own regulated market
for online betting and casino play. Operators must achieve licensure and share revenue
with the province. The revenue share rate is very competitive at 20%, which has
created huge choice for consumers among legal Ontario betting sites that number over
20. All these licensed online sportsbooks in Ontario provide CAD accounts. It’s
mandatory.
Canadian Dollar Bookmaker Banking Methods
Note that the most popular e-wallet of them all, PayPal, does not serve Canadians
with regard to betting sites. If another betting review site tells you otherwise,
they are lying to you (and there are several that lie about this). You cannot use
PayPal from Canada for online sports betting at a site that is not fully regulated
and legal in Canada. Until the various provinces open regulated markets, all betting
sites for Canada are operating from the so-called ‘grey-market’ so PayPal is not
an option. Ontario will be the first province that opens its own locally regulated
market for sports betting providers and PayPal will surely be a payment option at
some fully legal Ontario sportsbooks. If you are in Alberta, British Columbia, Manitoba,
Quebec, Saskatchewan or the Atlantic provinces, you will have to wait and see if
your province looks to join the market of legal Ontario betting sites, or if they
will try to create their own system after watching how Ontario opened their market
with licensed providers.
Also, note that neither Neteller nor Skrill are available to Canadians for use with
betting sites. Similar services that will work for Canadians at online sportsbooks
in CAD include EcoPayz, MuchBetter, Instadebit and iDebit. The latter two methods
facilitate debits and credits with your Canadian bank account. Many sites now also
support Interac e-transfers. Most betting sites also accept bank transfers and/or
e-cheques. Canadian Dollar paysafecards may also be available. These are prepaid
cards that can be purchased at thousands of retail locations across Canada. You
simply buy the card, then enter the card’s PIN at the betting site cashier page and
your funds are granted. Withdrawing funds must generally be done via cheque or bank
transfer as paysafecard is for deposits only.
About the Canadian Dollar
The Canadian dollar, with symbol '$' and three-letter code 'CAD' is the currency
of Canada. Sometimes 'C$' is used to distinguish it from other dollar-denominated
currencies, such as the US Dollar. It is divided into 100 cents.
Canadian Dollar History
French colonists were the first to introduce currency to Canada in the 1660s. In
1821 the Montreal Bank introduced the first banknotes within Canada and these became
the primary for of payment at the time. In 1841, as a British colony, the Province
of Canada began to issue a currency called the Canadian Pound; but in 1858, the Canadian
Dollar replaced the Pound and aligned with the US Dollar. During this time, both
US Dollars and British Gold Sovereigns were legal tender within Canada's borders.
The Bank of Canada was established in 1934 with the first issue of banknotes a year
later. The first Loonie coin was introduced in 1987 (it depicts a Loon). In 2011,
the Central Bank of Canada issued a new series of bank notes printed on a polymer
material. Older styles of notes have been removed from circulation.
Comparing Odds at Canadian Dollar Betting sites
Odds and potential payouts can differ significantly between betting sites. Thus,
as a prospective online sports bettor from Canada, to get the maximum potential payout
for your wagers, be they single bets, parlay bets or round robin bets, you might
want to find the best odds. While this is an important idea, it is further helpful
to do this with an odds comparison service that takes your native currency into consideration
so you need not look at odds from betting sites that are irrelevant for your purposes.
That’s why oddsjet.com is probably the best odds comparison site for sports bettors
in Canada, as it only displays odds from top Canada online betting sites that offer
CAD accounts and payment methods.
Canadian Dollar in World Currency Markets
Due to the country's strong legal system, economic strength and stability as a nation,
the Canadian dollar is one of the most-held currencies in the world behind only the
US Dollar, the Euro, The Pound Sterling and the Yen. The USD is the currency that
the Canadian Dollar is most traded against. View CAD to USD rate now.
