Interac Sports Betting Sites
Interac is one of the most recognizable names when it comes to online banking in Canada. As mentioned in our previously published article, Interac is a popular payment method utilized for playing at online casinos, but it should come to no surprise that it is also widely accepted amongst sports betting sites too. Ultimately, Interac takes on the role of a Canadian debit card payment system and because of its convenience in use, many Canadian sports bettors have opted to utilize Interac payments.
Sports Betting Sites that Accept Interac
- Cashout time Pending time: 24 hours; E-wallets: 24-48 hours; Credit/Debit Cards: 3-5 business days; Wire Transfer: 4-7 business days
- Cashout time 1 - 5 business days
- Cashout time Pending time: 1-5 business days; Processing time: up to 5 business days;
- Cashout time Pending Time: up to 48 hours; Credit Cards: 1-2 business days; Bank transfer: 3-5 business days;
- Cashout time Pending time: 24 hours; E-wallets: 24 hours; Credit/Debit Cards/Bank Transfer: 2-7 business days
Interac In a Nutshell
The differences between a regular sports betting site and an Interac sports betting site aren’t as large as you might think. The only distinction is that Interac sports betting sites offer Interac as one of their preferred methods of payment. Other features remain similar, like the choice of betting methods, betting markets, selection of sports, licensing, and more. Nevertheless, Interac sports betting sites are prominent for various reasons, one of them being the advantages that come with sports betting sites offering Interac as one of their main payment methods.
When it first appeared, in 1984, the network was part of the non-profit organization called Interac Association. In the beginning, it was only in business with five other financial institutions — Scotiabank, CIBC, RBC, TD, and Desjardins. Now, there are over 80 organizations that serve as cooperative members. In 1996, Interac founded another non-profit organization under its wing — Acxsys, which brought about additional Interac services like e-transfers.
Interac and Acxsys merged into a single non-profit organization called Interac Corporation at the beginning of 2018 with headquarters in Toronto, Canada.
When it comes to services, Interac doesn’t lag behind its competitors. Interac services cover a large range of payments all over Canada with over 59,000 automated teller machines available to users.
There are direct payments or debit cards, e-transfer services, online payments, and regular cash withdrawals. Each service has a different benefit depending on what you need. That way, most users that need quick cash withdrawals can withdraw funds from any ATM not connected to a specific cardholder.
When it comes to online payment options for Interac, you won’t be disappointed. With any of the available payment methods for online transactions, you will be able to make deposits and withdrawals on dedicated sports betting sites. The most popular Interac payment service for sports bettors is probably Interac Online.
Interac Online is directly connected to the user’s bank account making it easy to make online payments. This method of payment with Interac is the most widely used with sports bettors as no financial information is shared online and all personal data remains secure. Interac Online is one of the safest online payment methods for Canadian bettors with fast transactions and small fees.
Interac Online has seen immense growth in the last few years and it is now available all over Canada, at more than 300 merchants.
On the other hand, with e-transfers, avid sports bettors are able to send money to any organization with an email address and bank account in Canada. There aren’t too many international operators offering this service but those that do are loved by Canadian bettors. The transaction process is quick and secure, as with all other Interac payment services.
Similarly, Interac Direct Payments (IDP) is a debit card system widely used in Canada. Recently, the same payment method became available in the United States for purchasing goods and services. The direct payment system is more secure than traditional debit card payments as it is a PIN-based system where the information is stored on a PIN pad rather than on the card itself.
As Interac keeps up with the ever-changing technology, mobile payments are also available. Users can access Interac debit on their mobile phones and make deposits on betting sites that have compatible mobile platforms.
Advantages of Using Interac on Sports Betting Sites
There are plenty of advantages to using Interac as a payment option on sports betting sites, especially those where it is available for both deposits and withdrawals. However, let’s dive deeper into the advantages of this payment method.
Interac Deposits Are Not Time Consuming
We understand that most sports bettors are quick on their feet or enjoy in-play betting that demands fast payments, so we made sure to note the amount of time needed for processing an Interac deposit. Deposits made using Interac services are instantaneously processed by the betting site, meaning that your funds will be available to you within minutes of the transaction.
Most betting sites that target the Canadian market offer the possibility of making deposits via Interact services. Most Canadian bettors opt for Interac deposits as they’re convenient and not time-consuming.
Interac Payments Are Reliable and Secure
Although fast transactions are important, they do not mean anything without reliability and security. Regardless of the Interac service you opt for, you’re guaranteed a high level of security. That’s why Interac services rank high on Canadian bettors’ list of payment options.
For example, Interac Online has full anonymity when used for online transactions as no personal information is made available to anyone. Mobile Interac payments use biometrics and passcode verifications that ensure a completely safe online experience. The same applies to Interac debit payments for app and in-browser transactions.
Interac puts its consumers first, meaning that state-of-the-art technology is implied. It’s almost impossible for criminals to get access to any Interac services because of the top-level security protection systems used.
Possible Disadvantages of Using Interac
The disadvantages that we want to mention might not look like disadvantages to some users, but we would like to mention them nonetheless.
One of the biggest disadvantages is the fact that not all betting sites offer Interac as a method of withdrawal. To be completely fair, many have added Interac recently as a large number of users have asked for the service, but some prominent betting sites still lack this option. However, this is a relatively easy fix and we believe that the majority of betting sites will introduce this option sometime in the future.
The other possible disadvantage is that Interac charges transaction fees. These fees are not high but they do exist. It’s difficult to pinpoint the exact fee sum, but you can count on it to be between C$1.00 and C$1.50.
Setting up an Interac account could not be easier as it doesn’t differ from a regular bank account that much. For Canadian bettors, Interac is one of the most widely accepted and used online payment methods for numerous reasons, starting with safety and ending with convenience. Luckily, plenty of betting sites targeting the Canadian market offer the option of making Interac deposits and withdrawals.
The deposit limits are relatively high, so even high rollers can count on Interac as one of their preferred payment methods. Most Canadian banks, including four of the biggest names (RBC, BMO, Scotiabank, and TD Canada Trust) allow Interac Online to be processed for online payments, making the job easier and more secure for all Interac users.
Any Canadian-based bettor looking for a reliable, quick, and secure online payment method can rely on Interac.
Is betting with Interac sportsbooks safe?
Yes, it is. Sports betting sites that offer Interac as a deposit method are completely safe as they all have gambling licences. All transactions are protected, secure and 100% reliable.
Do all Canadian sports betting sites accept Interac?
Unfortunately, no. Not all sportsbooks accept Interac as a method of payment, but most of them do.
Can I withdraw my winnings using Interac?
It depends on the site. Not all sports betting sites offer this option, but more have added this possibility recently and we hope for even more in the future.
Will my deposit with Interac be instant?
Yes, it will. You can expect an instant deposit with Interac with some sites only needing a few minutes to process the transaction. Note that some betting sites will require a security check if it’s your first time depositing.
How do I make an Interac payment?
When selecting your preferred deposit method, opt for Interac, enter the amount you want to deposit and select the bank from the drop list. Then, you will be transferred to your banking account to confirm the transaction. It’s as easy as 1-2-3!