When you think about online gaming, betting, and playing poker, what’s the first thing that comes to mind, aside from the wins? Are you thinking about a fee a casino might take from your win? Or are you thinking about the bigger picture: what if you get hacked, your assets get lost, and your details might be compromised?
With the resurgence of online casinos worldwide, the legalization of online gambling in many countries, and the number of online casinos increasing, the market is growing. And that inadvertently lures in scammers or hackers. This is why new payment methods that are secure and untraceable, like crypto payments, iDebit, and eCheck, are becoming the thing of the future.
In this article, our team of experts at CasinoOnlineCA analyze why security and safety in the online gaming and online transaction community are essential. If you are then prompted to try your hand at a casino with secure payment options, make sure to check out our expect selection of casinos that accept eСheck to get the ball rolling.
Now, without further ado, let’s dive right in!
Current State of the Online Gaming Market
Before we dive into the future of secure payment methods like eCheck, let’s focus on the present. What do online gamblers demand right now? Which areas need improvement, and what opportunities are emerging in the online gambling market for players in the US and Canada?
Our CasinoOnlineCA team suggested focusing on what’s real to predict what’s coming. So, we will focus on the key facts about the state of the online gambling market now.
Market Size and Growth
The global online gambling market, valued at $81 billion in 2022 and projected to reach nearly $133 billion by 2029, can be confirmed through a detailed report by Statista and Grandview Research. They offer so many insights into the rapid growth of the market, driven by the expansion of digital technologies and the rising popularity of mobile platforms.
In 2023, the US online gambling market was valued at over $8 billion, which was a significant leap thanks to the legalization of online sports betting and casino platforms in multiple states like New Jersey and Michigan.
Canada is the state that wins all battles when it comes to online casino penetration, with a rate of nearly 70% of new users!
The Canadian iGaming market is forecasted to grow from CAD 4.4 billion to 7.4 billion by 2026. This can also be attributed to the legalization of single-event sports betting across provinces, particularly Ontario, which has rapidly developed into a leading iGaming hub.
Player Preferences
Security and privacy are top concerns for US and Canadian players. A 2022 survey conducted by Statista found that 63% of US gamblers consider the safety of financial transactions a key factor when choosing an online casino.
In Canada, over 58% of online gamblers prefer platforms that offer secure, fast and anonymous transactions, with growing interest in e-wallets and cryptocurrencies.
Legal Landscape
In the US, the legal status of online gambling varies by state, but states like New Jersey, Pennsylvania and Michigan are seeing very rapid expansion in online gaming
Canada’s recent federal shift allowing provinces to regulate single-event sports betting has created new opportunities, particularly in Ontario, where the market has become a hotspot for operators in the online gaming business
Popular Games and Trends
Sports betting and online poker are among the fastest-growing segments in both countries. In the US, sports betting revenue reached nearly $5 billion in 2022, with online platforms driving most of the growth.
In Canada, online slots and live dealer games have become increasingly popular, with live casinos blending the thrill of real-life play with the convenience of online access.
Mobile Gaming
Mobile compatibility is essential because people can play games from their smartwatches! Over 50% of online gambling transactions are done through a smartphone, which is why players demand apps and platforms that offer secure mobile payment options. Read more about the pros and cons of mobile vs. desktop casinos in this article.
Why Safe Payment Methods Are Crucial for Online Gambling
The expansion of online gambling in the US and Canada has made secure payment methods a critical aspect of the player experience. With the rising demand for security, privacy, and convenience, payment solutions like eCheck, iDebit, AstroPay, Interac, Paysafecard, and cryptocurrencies have gained popularity. The expert team of CasinoOnlineCA has the answers to why they’re the future.
Protection Against Fraud and Hacking
As long as the online gambling market keeps evolving, threats such as cyberattacks and security breaches become a real concern.
Recent studies in the field predict that cybercrime damage costs will rise to $10.5 million annually in 2025, data that speaks highly of the necessity of making secure financial transactions.
“Interac, Canada’s popular payment solution, ensures utmost security during online casino deposits and withdrawals thanks to the incorporated 2FA and real-time fraud detection system that successfully shields Canadian players from phishing attacks and data theft,” James Segrest, a CasinoOnlineCA expert in the field of online gambling and online casino transaction features explains.
Anonymity and Privacy
For those prioritizing privacy, Paysafecard (primarily for Canadian players) and cryptocurrencies offer the highest anonymous ways to securely involve yourself in online casino deposits and withdrawals.
The Paysafecard allows players to deposit using prepaid vouchers purchased at retail outlets, avoiding any direct link to personal banking information.
Lower Transaction Fees
For frequent online casino players, high transaction fees can accumulate significantly over time. Options like eCheck and iDebit offer some of the lowest fees compared to traditional bank transfers and credit card payments.
Similarly, crypto transactions, though volatile, are generally low-cost, especially when making withdrawals, as they bypass traditional banking systems.
Another splendid example is Interac, one of Canada’s favourite payment methods. It provides cost-efficient services with fixed low fees for domestic transactions.
Here’s a closer breakdown of typical costs for some popular payment methods available for Canadian players and US players too:
eCheck
- Deposit fees: free or under $1 per transaction
- Withdrawal fees: $1 to $3
- Processing time: 24–48 hours for deposits, 2–3 days for withdrawals
Cryptocurrency (e.g. Bitcoin)
- Deposit fees: low or no fees, though network fees may apply ($1–$3)
- Withdrawal fees: usually under $5, depending on the network
- Processing time: near-instant
Interac (Canada only)
- Deposit fees: CAD 1 to 1.50 per transaction
- Withdrawal fees: CAD 2.00 per transaction
- Processing time: deposits are instant, while withdrawals may take 24–48 hours
Paysafecard
- Deposit fees: none
- Withdrawal fees: withdrawals are usually not available for this payment method
- Processing time: Instant deposits
Credit Cards (Visa, MasterCard)
- Deposit fees: 2%–5% of the transaction amount (plus potential cash advance fees)
- Withdrawal fees: Generally not allowed by credit card for gambling in many regions
- Processing time: Instant for deposits
Mobile Friendly Options
Let’s face it: Mobile gaming and mobile online casinos are the future, and numerous studies and stats support this fact. Thus, online casinos continue to focus on mobile-first strategies, implementing payment options like the ones we already covered, as well as PayPal, Payoneer, Google Pay, Apple Pay, and many more.
With easy integration, 2FA, and even face scan and fingerprint scan options, these payment methods remain among the most unbreakable so far.
Compliance with Local Regulations
In an industry heavily regulated by regional laws, choosing a payment method that complies with local regulations is more than necessary. PayPal, for instance, operates only in regulated markets and follows strict compliance with US and Canadian gaming laws, marking it “safe and secure” for players from these regions.
Interac is a Canada-specific payment service with national low fees, while eCheck is trusted by US and Canadian players for adhering to national banking standards. “In a way, you know not only that your transaction is safe from being hacked, but also that it is legal, making it safe in the long run,” Segrest adds.
Player Control and Responsible Gaming
Some payment methods help players maintain better control over their spending habits online. Prepaid options like the Paysafecard are particularly useful in this regard, as they allow users to spend only what’s loaded onto the card, preventing overspending or spending resources users don’t have!
Similarly, e-wallets like Neteller and Skrill allow players to set limits and control how much they deposit at a time, which is ideal for those who don’t want to break the bank while enjoying some casual online gambling.
Takeaways
The future of online gambling isn’t only in new games and platform development. Safe and reliable payment methods are the sole basis for keeping the expansion going and penetration among new users, as new generations are highly concerned about their online privacy.
From eCheck and Interac to PayPal, cryptocurrencies, and e-wallets, the new payment methods tend to keep up with the growing online gambling market and newly developed emergencies. These methods will not only shape the landscape but are expected to completely replace outdated banking methods that are not as safe and cost-friendly.
