There are numerous options for making deposits at online casinos in Canada, but few have experienced the kind of growth Loonio has enjoyed in recent years. The fintech firm, which works hand-in-hand with Interac and online banking services, has become one of the most popular deposit methods amongst Canadian iGaming players.
What has sparked this growth? The Canadian iGaming market draws players from across the country, from the many regulated provincial markets to grey market jurisdictions. Regardless of where they play from, Canadian players are looking for fast, secure, and convenient payment methods – and Loonio casinos certainly deliver in all three of those regards.
Best Loonio Casinos for Secure iGaming
1) Ruby Fortune (best for loyalty points)
2) Spin Casino (best for slot machines)
3) Jackpot City (best for live dealers)
4) Gaming Club (best for niche games)
What is Loonio.ca ?
Loonio is an online payment platform that doesn’t require the user to register an account or provide any financial data. Instead, merchants – including many iGaming sites – sign up for Loonio and allow users to choose it as a payment option.
When an online casino player chooses Loonio, they’ll be asked to choose their bank from a list of more than 100 participating Canadian financial institutions. Once they’ve done so, they simply need to input their online banking login information, after which the user is shown their accounts and available funds. The individual chooses which account they’d like to pay with, and then can complete the transfer instantly.
Loonio uses the same level of encryption and security standards found at banks across Canada to ensure your data is always safe – and the fact that you never have to share that data with online casinos (or even with Loonio, which does not store any personal information) is an added plus. The ability to access accounts at all of Canada’s major banks and credit unions, as well as Interac, makes Loonio casinos versatile, simple to use, and highly convenient for users and merchants alike.
Why Loonio is Gaining Popularity Across Canadian iGaming Markets (Including Durham)
That all sounds great, of course, but other payment processors make similar claims. So what has allowed Loonio to grab an increasing share of the online gambling payment market?
For one, users aren’t required to pay any fees in order to use this service. Obviously, that includes upfront fees at the time a deposit is made, but the benefits go further. There are no potential interest payments, such as with credit cards, and no subscription costs or concerns about transfer fees from individual banks.
Just as importantly, all of this happens virtually instantly. There’s no waiting for payments to clear or be processed before you can get money into your iGaming account. And with processing your payment being as easy as logging into your online banking account, Loonio offers a simple, user-friendly process even for those who have little experience with iGaming payments.
Loonio Withdrawals Are Supported Too
It’s worth noting that Loonio is also accessible as a withdrawal option for players as well. While these transactions aren’t typically instant from the user’s perspective – iGaming sites might take hours or days to process the payments before releasing them – they are just as simple for players to use. In general, withdrawals via Loonio take 24 hours or less.
In some cases, brands like Betway may require you to cash out using Gigadat, even if you made your deposit with Loonio. However, the functionality to process cashouts via Loonio is certainly implemented and available. And it is quite competitive in terms of cashout speed.
Casinos see clear benefits from Loonio as well. The streamlined deposit experience is attractive to players, allowing sites to retain customers who might be turned away by more invasive or confusing methods at other sites. By reducing the amount of steps in the payment processing journey, sites are more likely to both attract and retain customers in a cost-effective manner.
Examples of Adoption by Canadian iGaming Casinos
One of the more interesting aspects of Loonio is how exactly online casinos have adapted it into their suites of payment methods. Major casino brands like Betway and Ruby Fortune – among many others – now offer Loonio to players as a deposit option.
But if you look at the cashier section of either of these sites, you won’t see the Loonio name or branding no matter how long you look. Instead, you’ll see Interac near or at the top of the list – and that’s the option that many Canadian players will instinctively choose.
Loonio Listed as “Best Deposit Option for Canada”
It’s not until a player makes that choice that Loonio comes into play. While Interac is a great service and the default online payment method for nearly all Canadians, there are some disadvantages to using the original service as a casino deposit option. It doesn’t offer the simple access to bank accounts that a service like Loonio can, and for some jurisdictions and websites – namely, those in grey markets – it’s possible that Interac payments may get rejected.
However, Loonio essentially works as an Interac-branded product via the soon to be named Real-Time Rail system from Payments Canada. Loonio and other fintech companies can use Interac’s outstanding payment infrastructure to offer their own services, and that’s exactly what’s happening in this case. Customers get the brand recognition of Interac combined with the ease and simplicity of Loonio.
So how can players find out if Loonio is available in an online casino’s banking options? Some sites, including Betway, are highlighting a “best deposit option for Canada” with the Interac logo, while having other Interac options that don’t carry that messaging. Notes like these have become ubiquitous as a way to identify “enhanced” versions of Interac that are running via Loonio or similar processors.
How Loonio Stacks Up Against Competitors
Loonio is clearly a better option for online casino users – and thus, the casinos themselves – than the default version of Interac. It allows for a faster experience with less account maintenance, less sharing of financial information, and a more familiar interface for online banking users.
But Loonio isn’t the only fintech company that offers services in concert with Interac. So how does Loonio stack up against the competition?
Loonio vs Gigadat
One of the biggest names in this space is Interac by Gigadat, which has been around since 2013. At the moment, Gigadat has a larger market share than Loonio, which has only been in business since 2022. You’re more likely to run into Gigadat, and that alone may make it feel more versatile to many users who play across the gaming industry.
However, Gigadat is showing its age a bit, as it can be a bit clunkier than Loonio, requiring more movement between various windows than the newer fintech solution. There are also many threads of delayed payments in Reddit.com and CasinoMeister, however this is most likely due to the very high volume of use. Still, this can make Gigadat slightly more intimidating for new users, as Loonio has more or less perfected the simplified interaction between client, online banking, and iGaming sites.
Loonio vs The Rest
That hasn’t yet allowed Loonio to catch up to Gigadat, and other e-transfer products like Payper and Wyzia also still hold a larger share of the Canadian online gambling market when it comes to deposits. But as the new kid of on the block, Loonio has already been cutting into the market share of these larger, more established fintech options, and definitely has space to grow thanks to its ease of use.
How Loonio is Changing Canadian iGaming Payments
Those same accessibility features could help Loonio shape the future of payment processing in Canada’s iGaming industry.
For one, there’s little denying that in a vacuum, Loonio has the most attractive processing system on the market right now. And not just iGaming, but eCommerce and even insurance now. As Loonio continues to grow, competitors are likely to notice and implement some of these features as well. Competition is always good for the consumer – both on the player and iGaming site side of the equation – and Loonio’s ascendance should help make payment processing better overall.
That’s not to say that there won’t be challenges as Loonio attempts to become a major player in this space. As I’ve already mentioned, there are a variety of more established products in iGaming payment processing, even if they all leverage the same Interac system. There’s also the potential that as the online gambling market matures, regulatory and legislative chances could have unforeseen consequences for Loonio or its competitors. However here in Durham, and in the wider Ontario region, iGaming is legal and regulated, and so there should be minimum volatility.
A Bright Future for Loonio in Canada’s Regulated iGaming Market
And Loonio is well positioned to withstand such challenges. In jurisdictions worldwide that have clamped down on payment processors, it is typically those dealing with debt – namely, credit cards and their processors – that have been limited or shut down by regulators. Loonio works completely within the Canadian banking system and can’t be used without existing funds, avoiding that pitfall. This goes for most Interac online casinos as well. Chargebacks are minimal in general. And as more provinces and territories regulate iGaming, legitimate, established fintech companies like Loonio will be first in line as banking solutions in those regions. You can expect to see Loonio featured at the best online casinos in your province soon.
Conclusion
With a streamlined payment journey and state-of-the-art bank security backing it, Loonio is one of the easiest, simplest, and most trustworthy payment options available to players in the online casinos industry today. That’s not only made it a favorite amongst players, but has encouraged a growing number of iGaming sites to add it to their suite of payment options. There are now dozens of casino sites offering Loonio, including most brands from Baytree, Bayton, and Cadtree Limited in Durham and across Ontario.
That’s a trend that’s likely to continue over the coming months and years. The association with Interac and Canada’s most trusted banking institutions has Loonio in a strong position to continue gaining adoption at online casinos, either alongside or in place of competing options. While there’s a long way to go for this fintech innovator, Loonio has the potential to become a dominant player in the iGaming payments field – especially if competitors don’t adapt to the areas in which it is already superior to them.
FAQ: Loonio & Canadian Online Casinos
1. What are Loonio casinos?
Loonio casinos are online casinos in Canada that accept Loonio as a payment method. Players can use their own online banking data from Canadian banks or credit unions to deposit funds (close to) instantly via Loonio’s Interac-integrated system.
2. How does Loonio work for online gambling transactions?
Loonio connects directly to your bank account through your online banking log in, requiring no registration or sharing of banking details. Select your financial institution, confirm the transaction, and funds transfer instantly to your casino account – all within a secure bank environment.
3. Why do Canadian gamblers prefer Loonio?
- No transaction fees for deposits or withdrawals.
- Instant deposits with bank-grade encryption.
- Supported by Canadian banks and credit unions, including Interac.
- Avoids storing customer data (unlike credit cards).
4. Is Loonio available at all online casino sites in Canada?
Most top online casinos, including JackpotCity Casino and Ruby Fortune, now accept Loonio. Check the cashier page for “Interac” or “Loonio” options. Some sites label it as the “best deposit option for Canada” under Interac branding.
5. Can I withdraw funds using Loonio?
Yes, many Canadian casinos allow withdrawals via Loonio. While withdrawals aren’t instant (casino processing takes 1–3 days), transactions are secure and use the same bank-level security as deposits.
6. How does Loonio compare to Interac e-Transfer or Gigadat?
- Loonio vs. Interac e-Transfer: Loonio offers a simplified interface and avoids payment rejections in grey-market casinos.
- Loonio vs. Gigadat: Loonio’s newer system requires fewer steps and integrates seamlessly with online banking logins.
7. Are there deposit bonuses for using Loonio?
Yes! However, being in Ontario, we cannot display bonus offers. Promotions are only viewable on the iGaming sites themselves.
8. Is Loonio safe for online transactions?
Absolutely. Loonio uses bank-grade encryption and never stores customer data. It operates under the same electronic pad agreement standards as major Canadian financial institutions.
9. Which banks support Loonio?
Loonio works with 100+ Canadian banks and credit unions, including all Big Five commercial banks. Check if your local bank or credit union is listed during the deposit process.
10. Can I use Loonio for responsible gambling?
Yes. Since Loonio only accesses existing funds in your bank account (no credit), it aligns with responsible gambling practices by preventing overspending.
11. What casino games can I play using Loonio?
Loonio supports deposits for all games at Canadian online casinos, including slot machines, table games, and free games in demo mode.
12. Will Loonio replace other payment methods?
While Loonio is gaining traction as a preferred payment method, casinos still offer alternatives like credit cards and e-wallets. However, its secure, fee-free transactions make it a top choice for Canadian players.
13. What is the Loonio Minimum Deposit?
Gaming club’s minimum deposit via Loonio is only $5. However the max deposit at one time at Jackpot City casino, via Loonio, is a whopping $10,000.
Important Notice:. Gambling involves inherent risks—please gamble responsibly and stay within your financial means. Avoid gambling to recover losses or if it ceases to be enjoyable.
Gaming regulations vary by jurisdiction. Ensure you verify the legality of gambling activities in your area. In Ontario, players must be 19+ and are encouraged to access support resources such as ConnexOntario.ca or BeGambleAware.org if needed. ROC is mostly 18+ although it depends on each province.
Additional support is available through organizations like Gamblers Anonymous, the National Council on Problem Gambling, and Gambling Therapy:
- https://www.gamblersanonymous.org/
- https://www.cprg.ca/
- https://www.responsiblegambling.org/
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