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How Much Does It Cost to Gamble for Real Money?

Canada has one of the highest concentrations of gamblers in the world. The legalization of gambling in 2009 increased the number of operators offering online casino and sports betting services and the number of payment methods available to deposit and withdraw funds to and from gambling platforms.

This brings us to an important question about the best online casino Canada real money opportunities. Our gambling guru, Kevin N. Cockran, writes about how much it costs to gamble with real money! So first, let’s break it down to how much you should be spending! 

How Much Should You Bet?

Regardless of the game, you choose to play, the odds of the casino winning your money are greater than the odds of you winning the casino’s money. Because all casino games are designed to give the house an edge, the chances and size of potential winnings are minimized.

Professional gamblers utilize the Kelly Criterion to calculate the best bet and bankroll size. When a player arbitrarily chooses either a bankroll amount or a bet size, the Kelly formula gives the optimal size of the other variable. The resulting bet-to-bankroll ratio increases the player’s odds of winning while decreasing the chances of losing everything.

Unfortunately, Kelly urges us not to bet when the casino has an advantage. That doesn’t help much while we’re playing slots. 

The betting range of a slots game can vary depending on three factors:

  •       Size of a coin (stake size)
  •       Paylines
  •       Lines of coins 

You can adjust your stake per pay line by changing the coin size. You’ll be risking $1.25 per spin if you utilize a $0.05 coin on 25 lines, for example.

You can swap your coin in almost every slot. As a result, you should get to know this choice thoroughly. 

Some games allow you to utilize multiple coins on each pay line. For example, you might be able to put anything from one to ten cents on each line. Fixed pay lines are available on the majority of slot machines. For example, if you’re playing a 30-line game, you’ll be forced to use all 30 lines. 

Some slots, however, allow you to change this setting. For example, you might be able to modify the number of lines from 1 to 20. Modern games increasingly just provide a stake range. Fixed pay lines, or changeable Megaways, are included in this arrangement, as is a bet slider that moves left (lower) or right (higher). 

Due to various factors, the average betting range for an online slot can change significantly from one situation to the next. However, the average slot machine allows you to wager $0.20 and $100 per spin. 

A small bet would represent a risk of $0.20 to $1 per round in these situations. On the other hand, high rollers might bet anything from $10 and $100 per round. 

Payment Options

Payment options are an important thing to consider while choosing an online casino.

Each online casino offers unique deposit and withdrawal options. Withdrawal times, fees, and security vary by payment method. Choose an online casino that offers your preferred payment method.

Instabanking Methods

Instabanking is the most popular banking service in Canada. They allow third-party intermediaries to link a bank account to an online gambling site and send money quickly and securely. 

Cards

No Canadian is without a Visa or MasterCard. These widely accepted cards are still a popular payment method at online casinos. Prepaid, debit, and credit cards are all options for casino deposits. MasterCard does not allow withdrawals from casinos. 

Bank Wire Transfers

Despite its age, many consumers still prefer to phone bank employees and execute wire transfers with their help. One of the reasons it’s still popular is that you don’t have to divulge your banking information, but you must accept that your funds may take several business days to reach their destination.

Prepaid Cards

Players who do not want their bank account or e-wallet tied to gaming should use prepaid cards from well-known retailers. This deposit option allows you to keep a close eye on your bankroll and requires no personal information. 

E-Wallets and Mobile Payments

Many Canadian gamblers prefer the speed, low cost, and simplicity of online financial payments. E-wallets and mobile payment options operate as a conduit between a bank account and a merchant, allowing you to send money to the casino anonymously. 

Cryptocurrency

Many Canadian online casinos accept Bitcoin as the most creative payment method. Due to the novelty and volatility of crypto assets, not all casinos accept digital money. However, this payment option has several undeniable advantages over others. Its transactions are secure, fast, and cost-effective. 

Value Comparison

Comparing the value of gambling for real money online with other forms of entertainment is futile. Entertainment choices are subjective, and if more Canadians want to gamble online for a little adrenaline rush, why should anyone tell them otherwise! As long as gamblers can manage their finances and know when to take a break, online casinos are among the best in terms of providing safe entertainment. 

About the author

Carly Blair

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