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Online Sports Betting in Canada
Canada the land of hockey and maple syrup does not make one immediately think of online sports betting. Canada does, however, have an emerging online gaming market and is home to the Kahnawake Gaming Commission, an Indian tribe lead gaming regulator that was one of the first to license and regulate interactive internet gaming. Canadians are new but exciting players in the multi-billion dollar industry of internet sportsbooks.
What Sportsbook Deposit Options are There for Canadians?
Most Canadian sportsbooks will take a variety of deposit options, the best of which are probably Moneybookers (Skrill) and InstaDebit. Moneybookers is a well known e-wallet used by millions across the world. Canadian customers can fund their Moneybookers account through credit card or bank wire. As with most other e-wallets, you will also be able to cash out to your Moneybookers account if you deposited with it.
InstaDebit is another e-wallet but unlike Moneybookers which accepts international clients, InstaDebit can only be used by Canadian citizens. It is tied to the Canadian banking system, and will permit Canadians to fund the e-wallet using their bank accounts and credit cards. InstaDebit will then allow users to deposit and withdraw from internet sportsbooks.
Other deposit options include using credit cards, bank transfers, and person to person transfers. Credit Cards have a decent success rate and can be used at many Canadian sportsbooks. Bank transfers will deposit money from your personal bank account and normally take 1-2 business days. This is a fine alternative if you don’t want to use Moneybookers or InstaDebit, though in most cases it will cost considerably more. Person to person transfers using Money gram or another money transferring service will cost the most and be somewhat of a hassle, but is still another alternative.
Neteller the leading e-wallet in the world is no longer available to Canadian citizens as it decided to stop serving Americans, and then shortly after Canadians as well. This was brought on by the US government’s crackdown on online gambling in 2006.
Which Canadian Sportsbook Should I Choose?
Canadian licensed and regulated sportsbooks will have odds on most all sporting events including of course NHL hockey and the Canadian Football League. American sports and foreign leagues are offered at most Canadian online bookmakers, such as the National Football League and English Premier League.
Deposit bonuses are offered at most Canadian sportsbooks and can range from anywhere from $100 to $1000 CAD, depending on the amount deposited. Canadian sportsbooks may also offer promos such as reduced juice on some bets and free plays that may or may not require a deposit. Be sure to check out the offers at each book to maximize your bankroll.
An important aspect to consider for some Canadian bettors will be the prevalence of NHL puck lines at their online sportsbook. Puck lines are combo odds that offer a spread and moneyline wager in the same bet. These odds have become a huge hit with hockey bettors over recent years, offering bettors a new way to wager on a century old game.
Do Canadians Have to Pay Taxes on Online Sports Betting Winnings?
Canadians must only pay taxes on gambling winnings, including online sports betting if they file as a professional gambler. Those who do no file as a professional are classified as hobbyists and are not held liable for taxes on gambling winnings.
Canadians have a lot of options in the online sports betting world, with a promising legal climate and some provinces already regulating internet gaming bodies, the future looks bright for Canadian sports bettors and online bookmakers.
Legality of Betting on Sports Online in Canada
The legality of online sports betting in Canada is complicated, while some provinces have first nations tribes that regulate internet gaming bodies there is no formal law allowing online sports betting, nor is there one criminalizing it.
Most online sportsbooks and other online gaming sites for the most part do accept Canadian citizens as customers. The Canadian government also allows provinces to accept advertisements promoting online poker rooms and online sportsbooks. Furthermore, no Canadian citizens have been charged for betting sports online or for any other form of online gaming. In conclusion, online sports betting in Canada is a grey area of legality but is not actively policed by the government, so it is perfectly safe for Canadians to bet sports on line.
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