In Manitoba, Gigadat Inc is a provider of payment solutions, and virtually all bank-related online transactions are processed through it. As well, Interac has partnered with it to provide online services.
The term Interac refers to the Interac Corporation. In the 1980s, the five largest Canadian banks formed Interac Association. The network evolved significantly over the years and merged with Acxsys in 2018 to form Interac Corporation.
With Gigadat and Interac joining forces, online payments have become easier for Canadians. For wagering on sports online, their most relevant products are Interac e-Transfer and Interac Online.
As a payment solution provider for Canadian customers, Gigadat has earned the trust of both its customers and the banks with whom it partners. Most financial institutions in Canada use Gigadat for online payments, withdrawals, and more. In addition, sportsbooks that want to welcome Canadian punters offer Gigadat solutions in its cashier section, reflecting this stellar availability.
How Gigadat Functions?
Interac and Gigadat are not the same things since you won’t find Gigadat among your sportsbook’s deposit and withdrawal options. However, you will want to look for Interac’s logo when browsing a bookmaker’s payment methods since Gigadat offers Interac e-Transfer and Interac Online.
Interac e-Transfer can be used for both deposits and withdrawals, whereas Interac Online can only be used for deposits. You are more likely to find the former at an online bookmaker, although some offer both.
Gigadat’s services are simply available to Canadian citizens with access to online banking through their financial institutions. You can take advantage of the payment solution provider’s services if both answers are yes.
The Difference Between Interac Online, Interac E-Transfer, and Express Connect
Two banking solutions provided by Gigadat Inc can be utilized at online sportsbooks. First, you can deposit funds directly into your sportsbook balance using Interac Online, which allows you to deposit funds from your bank account. Unlike e-transfers, Interac Online is more straightforward, but punters can only use it to deposit funds. There is another key difference between Interac Online and e-transfer: Interac Online is not used by as many bookies as e-transfer, so you will have a harder time finding it. Additionally, Interac Online is offered by a relatively small number of banks.
Interac e-Transfer, on the other hand, is used by most Canadian financial institutions. Aside from deposits, bettors can also conduct withdrawals through this service. The process of depositing is slightly more complicated and involves using your email, phone number, and security questions, but it’s pretty straightforward.
You might also have noticed an e-wallet solution named Express-Connect on Gigadat’s website. Although this is another excellent service offered by Gigadat, it is not widely available at bookmakers. Generally, Canadian bookmakers will only accept Interac e-Transfer or Interac Online. However, we are certain that Express-Connect will be an excellent addition to the payment options available at Canada-friendly sports betting sites if this changes in the future.
Opening an Account
It is extremely easy for Canadian sports betting fans to access what Gigadat Inc has to offer. Due to the fact that more than 250 banks partner with the payment solution provider, you will probably not need to take any additional steps. You certainly already have such an account, so you are ready to begin wagering online.
The process is not too complicated, even if you don’t have an online banking account. The first step is to visit the website of your bank. Next, find the online banking section of the website. Next, an account creation page will provide more information and clarify any intricacies involved. After reading this information, you can create an account. To use this, you must have a bank account, credit card, or debit card. From this point on, you only need to provide your existing account details, receive an activation code, and set a password at Royal Bank Canada.
Last but not least, if the whole process seems cumbersome, you can also opt to open an online account in person at a brick-and-mortar location. This route involves someone guiding you through the steps and doing much of the work for you.
Depositing to your Sportsbook Balance
The main advantage of using the services of Gigadat is how simple and smooth the entire process of depositing money into your bookmaker’s account is. It is not going to take too long, and it is, all in all, a pretty simple process.
To get started, you need to navigate to the cashier section of your sportsbook, where you will have the option of making a deposit. Some websites have a deposit link directly on their homepage for users’ convenience. Interac is one of the options you will have once you reach your destination. Next, you need to choose Gigadat’s service since it is Gigadat’s service. After specifying your deposit amount, you will be redirected to a Gigadat web page containing all financial institutions that work with the service. Then, find your bank or credit union using the drop-down menu or thumbnails.
In this step, you will be prompted to choose between Interac e-Transfer and Interac Online. When you choose the latter option, you will be directed to another page where you must provide your card number and password again. That will complete your transaction.
By selecting the former, you will be directed to a Gigadat page with financial information, a recipient email address, and a security question. Upon logging into your bank account, navigate to Interac e-Transfer, and enter the recipient’s phone number or email address along with the security question and answer; you will be ready to go. Alternatively, you can set up Interac Autodeposit, further simplifying the process.
Withdrawing from your Sportsbook Balance
Withdrawals are similar to deposits, but there are two key differences. To begin with, withdrawal on your end is much faster. All you need to do is request a withdrawal, select Interac, and provide the necessary information. So, technically, it is faster than depositing money. Withdrawals, however, typically take longer to process. Consequently, they need to be verified and approved by the bookmaker’s team, ensuring no issues arise and that the correct user will receive the money.
As well as the transaction speeds, the second thing you need to be aware of is that withdrawing your funds is an option exclusively available for Interac e-Transfers. Gigadat’s Interac Online service does not allow withdrawals.
Cost and Fees
The good news is that Canadians who enjoy gambling will be glad to know that any transaction conducted using Gigadat’s services will not incur any fees from the payment provider. In other words, when it comes to remote sports betting through Interac e-Transfer and Interac Online, Gigadat does not charge its users fees.
As a point of clarification, this doesn’t mean that there won’t be any expenses associated with customers’ transactions. Keep a close eye on your bank’s fees so that you don’t incur any unexpected charges. Furthermore, punters might encounter the second type of fee. Also, conversion fees need to be considered. While not all bettors will encounter them, those who wager at bookies that do not accept CAD will most likely have to pay currency conversion fees.
Regarding sportsbooks, keep an eye out for any additional fees a bookmaker might impose. Although this sort of thing is quite rare, it is always best to be on the safe side just in case. You might want to consider registering at another sports betting site if any fees do not sit well with you.
Security and Privacy
Gigadat is an extremely regulated institution, which is appropriate when it comes to companies that offer these types of financial services to customers. The Financial Transactions and Reports Analysis Center of Canada is under the microscope in relation to Gigadat. In addition, the Canadian Financial Intelligence Agency (FINTRAC) investigates and prevents money-laundering schemes and terrorist financing. Gigadat is regulated by the Ministry of Finance, meaning it is a high-level organization. Gigadat thus follows all laws and regulations set by Canadian authorities to the letter.
Additionally, Gigadat uses encryption technology for transactions. As a result, all of your information is encrypted and therefore unavailable to third parties.
In order to ensure the security of all transactions, multiple layers of confirmation and security checks must be performed. With security questions and a unique pin, you can be sure that no one but you can make deposits or withdrawals. In addition, you will be notified in real-time when you deposit or withdraw money.
Furthermore, payments are technically processed by the banks themselves. As a result, banks typically have the most robust security, yet another advantage.
Lastly, the payment solution provider only works with credible, licensed bookmakers, which deserves to be highlighted.
Advantages of Gigadat Inc
Gigadat has a great deal to offer in terms of good things. It is practically unrivaled in Canada in terms of availability. Gigadat’s online banking and e-transfer services are used by over 250 banks in the country. As a result, almost everyone with a banking account can access Gigadat’s services. It is worth noting that this is a large portion of the adult population of Canada, and naturally, it includes gambling enthusiasts as well.
Almost all Canadian-friendly bookies will offer Interac e-Transfer as a payment method within their cashier whenever possible. Additionally, it is almost a certainty that sports bettors will not only be able to deposit money into their account via Interac, but the banking solution will also be available for withdrawals from their accounts. This is quite an advantage compared to payment methods that can only be used for deposits or withdrawals.
As a bonus, Gigadat Inc Solutions’ options will almost always be eligible for promotions and bonuses available at Canadian bookmakers. Unfortunately, certain banking methods cannot be used for promotional offers, so this is definitely something to consider.
In addition to this, Gigadat Inc is incredibly secure as well. The highest level of encryption and security precautions make Gigadat’s payment solutions some of the safest in the industry. Furthermore, neither Interac e-Transfer nor Interac Online provides any unnecessary information to third parties.
All this makes managing one’s bankroll and general finances on the internet extremely straightforward and streamlined. In addition, you can devote more time to having fun and betting on your favorite matches if you have fewer headaches when wagering online.
Disadvantages of Gigadat Inc
When it comes to Gigadat, a few things need to be criticized. Nevertheless, its payment solution provider has managed to make online banking an effortless option for an entire nation’s online payment needs by ensuring that its service is reliable, secure, and easy to use. Nevertheless, there are a few setbacks worth mentioning.
The fact that Gigadat is only available to Canadian gambling enthusiasts is one of its disadvantages. It would be helpful if companies like Gigadat and Interac opened up internationally, as people residing in different countries will have to use their own, presumably inferior, options.
Additionally, it is unfortunate that pending or incomplete e-transfers have a 30-day eligibility period. Therefore, the transaction will be considered void after 30 days.
The final thing bettors should be aware of is that they will receive transaction notifications, reports, and the like by email. It can be said that this presents a double-edged sword, in a sense, since said notifications offer both convenience as well as potential vulnerability concerns. As a result, they introduce the risk of phishing, i.e., scammers tricking users into providing their passwords and other details when they pretend to be sending emails from Interac or Gigadat.
However, even a single negligence case can be extremely costly for a user, even if they are diligent enough to check every email they receive.
Conclusion
Even though remote gambling remains largely unregulated in Canada, international bookies can freely offer their sportsbooks to Canadian punters without restrictions. As a result, the country is one of the few places in the world where sports bettors can choose from a virtually endless variety of sports betting websites to play on.
Despite the wide range of bookies, you would still have difficulty finding a sportsbook that caters to Canadian bettors without offering Gigadat Inc solutions to its customers. Gigadat has revolutionized sports gambling in Canada, and it is not hard to understand why. In addition, since the payment solution provider works directly with banks to facilitate transfers, it offers the most straightforward method of depositing and withdrawing in Canada.
Undoubtedly, this convenience is further appreciated if you wish to place wagers on sports over the internet. Additionally, Gigadat’s close relationship with national banking institutions enhances the service’s credibility and assures bettors of its security.
