Features
How Elliot Rodin was inspired to create a website offering advice on when to take your Canada Pension
By BERNIE BELLAN In 2019 Elliot Rodin happened to read an article about an authoritative U.S. report that provided a detailed analysis showing that 94% of Americans pick the wrong time to begin taking Social Security benefits. Reading about that report led to a shift in Rodin’s life.
Two years after closing down the business (Central Grain) that had been in his family’s hands for over 60 years, Rodin says that he then had time to think about the implications of that US report – and how it could translate into the Canadian scene.
Now, some 15 months after reading about that U.S. report, Rodin has launched a website titled HelpYouRetire.ca.
Long an active member of the Jewish community, Rodin says his most recent involvement in the community was helping to build Oholei Torah Day School at the Jewish Learning Centre in Winnipeg. He says he’s also been on the board of the Shaarey Zedek Synagogue, the Board of Jewish Education, the Winnipeg Jewish Community Council, the Jewish Foundation of Manitoba, and had been a canvasser for the CJA for years, beginning under Ralph Hamovich. He was also a co-chairman of the Operation Exodus campaign.
Still, it’s a long way from running a cattle feed business and volunteering for different Jewish organizations to creating a website intended to help individuals plan their retirement dates.
Using very sophisticated analytical tools, HelpYouRetire.ca allows users to enter information about their age, the age at which they would like to retire, how much they would expect to receive in either CPP/QPP or OAS at a certain age, and how much more they could expect to receive if they were to postpone taking either CPP or OAS by just one year. This financial gain is also shown both as a percentage of future pension proceeds and as a percentage of the annual pension. For a small fee, all of this information can be shown in the “advanced analytics” for all years up to age 69. The information (which can be downloaded) is displayed in bar charts and a numeric chart together with the projected annual pensions.
This information is of great value for anyone thinking about their retirement planning. It can also be very helpful to those who have recently started taking either CPP/QPP or OAS pensions. A little publicized provision of these plans is that within six months of starting to receive one of these pensions, you can reverse your decision by paying back the monies received. In that event, you can take the related pension at a later date. The “advanced analytics” on HelpYouRetire.ca can give you information to assist in making that decision.
But, before we launch into a further exploration of how Elliot Rodin came to be involved in an endeavour that was far removed from selling cattle feed – which was the primary activity of Central Grain, we thought it might be interesting for readers to know something about Rodin’s life. During a long phone conversation we had Rodin told quite an interesting story how he ended up being involved with Central Grain for 60 years – when, had it not been for a fire there in 1966, he probably would have ended up doing something completely different.
While his recent foray into the world of retirement planning might be considered a radical departure for someone who spent so much time in the feed business, when you read about his educational background and his first entry into the business world, you’ll begin to understand how he developed the fine analytical skills that eventually lent themselves to creating HelpYouRetire.ca
Born in 1943, Rodin is the oldest of three children. His earliest years were spent living in his grandparents’ house on Bannerman Avenue, he says, along with his parents and, for a short while, his younger sister, Janis.
“My father (Maurice) was a fruit store proprietor,” Rodin says. “He would be up early in the morning to pick up the fruit. And because we were living at my grandparents’ house, he wasn’t paying any rent, so he was able to save some money. My mother (Lillian) was a university graduate who motivated all her children to work hard and succeed.”
In 1946, an opportunity arose for Rodin’s father to become, with $10,000, a one-third partner in Central Grain, in partnership with the Kanees and the Malchys. “The Malchy who was involved in the partnership died in 1951,” Rodin explains. “My dad and the Kanees bought out his interest and became half partners.
“In 1956, with the assistance of my grandfather, my dad bought out the Kanees and became the sole owner of Central Grain,” Rodin continues. “Soon after that time we moved to the south end – to 431 Queenston.” However, family connections were maintained as Sunday was the day when the whole family would go to the north end to visit relatives.
As a teenager Elliot says that his involvement in the Toppers chapter of BBYO was very important to him. He and his friends learned to organize themselves for a wide range of social, athletic, cultural and fund raising activities.
But, early on he had a taste of the world of business – both in his father’s company and in his own small scale business.
“When I was 16-17 I would go into the office and help with the bookkeeping – and other odd jobs around the place in the summertime,” he explains.
At the same time though, “I had my own business,” he adds. “I had a grass cutting business.” (At that point Rodin tells a story about how one of his customers didn’t want to pay him. Rodin says that he and his friend, Michael Nozick, proceeded to serve a small claims summons against that individual. Apparently, that was Michael Nozick’s first foray into the legal world. By the way, the customer ended up paying Rodin what he was owed.)
In the early 1960s Elliot began a period in his life that saw him acquire a solid education in finance, starting with his obtaining a Bachelor of Commerce degree from the University of Manitoba in 1963.
Rodin continues his story: “I decided I wanted to go away for my MBA degree. I visited three different schools. I took a bus trip – about 43 hours, to Philadelphia, to the Wharton School of Finance, then to Boston, to the Harvard Business School, and then to Ann Arbor, Michigan, to the University of Michigan.
“I had also put my application into Stanford. I wasn’t accepted at Stanford, but I was accepted at Wharton and Michigan, while Harvard said basically ‘We won’t accept you this year because you’re a little young, but we’ll promise you a place in next year’s class.’
“So I decided to wait a year. I worked in the family business for a year, then I went to the Harvard Business School because that was what I thought was the top place to go. I spent two years there and while I was there I also spent one summer with the Skelly Oil Company in Tulsa, Oklahoma.
“I was working on special projects for the treasurer (of Skelly Oil). One of them was a computerized analysis of how to make oil drilling decisions, but it never got off the ground – even though the analysis was very sophisticated, because the exploration people would not accept it because they saw it as infringement on their turf.
“Still, I learned a lot from that particular project. It was my first serious analytical job that had some relationship to the work I was doing at Harvard (and, as Rodin explains later, proved to be of great value in his recent decision to create a website that emphasizes analytical tools.)
“As it turned out, the treasurer at Skelly wanted to hire me when I graduated, but at that time I couldn’t consider working in the States because I would have been drafted. The fact that I was a Canadian wouldn’t have made any difference.
“If I had been a student I wouldn’t get drafted. I also didn’t take any other opportunities that I had in the States. I limited myself to working in Canada.
“I ended up working for six months in Edmonton for a company called the Principal Group. While I worked there I had a lot of diverse responsibilities. I chose all their stocks for a new mutual fund they set up, and designed the text and written material for their first Annual Report. I also did all sorts of analysis for their mortgage operations.
“Then I got the news that the Central Grain plant had been hit by lightning and three-quarters of it had burned down.
“Central Grain was an animal feed processing plant. During the years that my dad was building it up we were basically selling pellet feed for export to the United Kingdom, to Japan, Taiwan. We would load railway cars with pellets, ship them to Thunder Bay, for destinations in the United Kingdom, or ship it to Vancouver for export.
“When this (the fire) happened in 1966, I had to come back to Winnipeg to help my dad settle all the insurance. There were a lot of issues and we rebuilt the plant, but all the key parts of the plant were burned down.
“I decided to settle down in Winnipeg. I took a job with Investors Group, which was similar to what I had in Edmonton. For the first year I was doing special projects, including a report on tax policy. We recommended how life insurance companies should be taxed. (This was before Investors bought Great West Life.) Most of our recommendations were adopted. We were competing with life insurance companies at that time and life insurance companies weren’t paying their fair share of taxes.
“After that year I did some product analyses. Then I started working for the securities department as an analyst. Over a period of time I became a portfolio manager. I ran the Investors international mutual fund. Then I ran the Investors pension accounts. We managed the Hudson’s Bay pension account.
“I was at Investors for 12 years (from 1968-80) and became a vice-president. I left to pursue some independent activities”, but joined Central Grain when it became clear that his dad needed Elliot’s help.
When he joined Central Grain full time in 1980, Rodin began focusing on broadening the markets for the company’s feed pellets. Markets in Western Canada and the United States were cultivated, but he says that he always made sure that the needs of his regular customers were attended to.
“I never took advantage of the fact that there might be a drought in Southern California, for instance, and short my customers in Saskatchewan because I depended on my regular customers for the long haul,” Rodin says.
“I would work long hours if necessary. If a truck came in late and had to be loaded, I would load the truck myself.
Although Central Grain had become a very successful business, Rodin says that the “maximum number of employees we had at one time was no more than 15. We had one truck, but for the most part we hired other trucking companies. We had a machine shop, but the stuff we couldn’t do – we hired other machine shops to do.
“We bought basically the ‘clean-outs’ from grain – all the leftover product. It was all categorized and separated out and properly blended to make different qualities of feed pellets. There was no plant in North America that shipped product as far as we did. We used to ship up to 2,000 miles. Most feed companies ship up to 200 miles.
“The business ran until about three and a half years ago. We were gradually losing customers for reasons that I can’t quite figure out. I needed additional volumes because the company had substantial overhead – for repairs and maintenance.
“So we started to do fuel pellets. We became the second largest manufacturer of fuel pellets in Manitoba – as a substitute for coal, using the same screenings – but the lower quality screenings. The top quality screenings were turned into top quality feed for cattle and bison.
“I was reasonably successful at doing this, but at the end of the day the plant was an old plant. Remember, it was rebuilt in 1966. What was new in 1966 was not new 50 years later. The costs of maintaining the plant to the standards we had to maintain were going up and up.
“Finally, I made the decision that I’m going to have to close it down. I thought: ‘If I can’t make a living at this, then nobody can.’ I decided I’d have to tear the whole place down – and that’s what I did.
“I realized I was getting older and if I didn’t do it I didn’t want to have my children to have the burden of doing it. So, everything that I had built up over 50 years was torn down. I sold whatever equipment that I could, but the rest all went for scrap.
To return to the initial reason for doing this article, Rodin explains his motivation in wanting to create HelpYouRetire.ca. As we already noted, the catalyst was reading about that U.S. report about social security and “that 90% of people in the United States take their pensions at the wrong time.”
He adds though, that “an additional underlying factor in my motivation is that I missed the daily rewards (not the aggravation) that I got from my job running Central Grain. I loved selling and enjoyed my interactions with customers. At the end of the day when I had loaded four big trucks I came home with a feeling of accomplishment. So, I was primed for another challenge where I could get these feelings back. With this website, I am now focusing on marketing where I have to sell myself and the site.”
I asked Rodin whether there was anything in particular in his background that lent itself to the kind of analytical exercise upon which he was to embark.
He answers that “a course that I took at Harvard Business School and the work that I did at Skelly Oil were very relevant to this process.”
I said though “that it sounds like you would need the same background as an actuary” in order to undertake the project into which Rodin has entered.
Rodin agreed, saying “you’re hitting upon a very key point when you say that, but there are a lot actuaries around. Nobody thought of doing what I’m doing.
“I guess part of the answer is most actuaries are fully employed. There aren’t a lot sitting around thinking about what they can do to help Canadians.
“You have to remember that I spent 13 years as a securities analyst and a portfolio manager, so my mind works in a certain way. Nothing that I did at Central Grain though related to this project.”
I asked what were the first steps that Rodin took in developing his website.
He says: “The first steps were that I needed to see whether I could develop the necessary mathematical models to do what I had in mind. Once I had the mathematical models I began working on the structure of a website that would put these mathematical models into practice.
“I was told by various people that setting up a website is not all that difficult.” (Boy, were they ever wrong when it came to this website!)
After an initial contact with someone who was working on their PhD and thought they might be able to produce the kind of website Rodin was looking to create didn’t pan out, a company in Ottawa that had built a similar kind of website agreed to take on the project.
“The idea was that it was going to take a few months” to create the website, Rodin explains.
“But from the time we started up toward the end of February (just before the pandemic hit Canada in full force) it took until the end of August” to finalize the site.
“Every aspect along the way had to be just right – from the mathematics to the functionality. It had to be there so that even people who don’t know much about computers or websites would be able to use this website. Finally, we reached the point where I’m extremely happy with the site.”
So, having read this far, you might ask yourself: “Why should I go to HelpYouRetire.ca?”
It’s quite an easy site to navigate. As has already been explained, simply enter some basic information and the site will provide you with some quick results about how postponing your decision to begin taking either CPP/QPP or OAS by one year will benefit you – or might have benefitted you if you’re already taking your pension.
Then, as Rodin explained, if you’re wanting to know more about how much more your pension would be affected if you decide to wait even longer to begin taking your pension, for a fee you can obtain access to even more comprehensive analytical tools that will show that. The results might surprise you – and it may end up being one of the most important decisions you might ever make with regard to retirement planning.
Features
Sheldon Adelson’s Campaign Against Online Gambling Regulation
Sheldon Adelson, the late billionaire casino magnate and founder of Las Vegas Sands Corporation, was a towering figure in the gambling industry and a polarizing force in the debate over online gambling regulation in the United States.
While many casino operators saw the internet as a new frontier for profit, Adelson waged a relentless campaign to block its legalization, citing moral, social, and business concerns.
His efforts, primarily channeled through the Coalition to Stop Internet Gambling, left a lasting impact on the regulatory landscape.
Let’s explore Adelson’s motivations, strategies, and the role of initiatives like Jackpot Sounds, a platform aggregating big online casino wins, in the broader context of the online gambling debate.
Jackpot Sounds: Celebrating Big Wins Amid the Debate
A 2023 report estimated that online gambling generated $5.7 billion in revenue in the U.S., a figure amplified by spotlighting success stories. It caused the rise of gamblers’ desire to address the big win replays. Platforms like Jackpot Sounds emerged, highlighting and aggregating big win replays as the enticement of online gambling.
The platform showcases real-time highlights of significant payouts, from slot machine jackpots to poker tournament victories, fostering community among online gamblers.
Jackpot Sounds captures the excitement of virtual jackpots, offering players a way to relive thrilling moments.
By curating content that celebrates high-stakes wins, Jackpot Sounds underscores the appeal that Adelson sought to suppress.
But what preceded this success of online gambling in the USA? How is Sheldon Adelson’s name related? While Adelson argued that such accessibility endangered society, Jackpot Sounds reflects the industry’s resilience and the public’s enthusiasm for digital gaming.
The Rise of Sheldon Adelson and His Casino Empire
Born on August 4, 1933, in Boston, Massachusetts, Sheldon Adelson grew up in modest circumstances.
By 12, he sold newspapers, showcasing an entrepreneurial spirit that defined his career. By 1995, Adelson had amassed wealth through ventures like the Comdex trade show, which he sold for $860 million.
He then focused on the casino industry, founding Las Vegas Sands Corporation. By 2019, his net worth was estimated at $35 billion, making him one of the world’s wealthiest individuals. His flagship properties, including The Venetian Las Vegas and Marina Bay Sands in Singapore, solidified his status as a global casino titan.
Adelson’s influence extended beyond business. A major Republican Party donor, he contributed over $90 million to political campaigns in 2012 alone, earning the moniker “kingmaker.”
His financial clout gave him significant leverage in Washington, D.C., which he later wielded in his fight against online gambling.
Adelson’s Stance on Online Gambling
Adelson’s opposition to online gambling emerged publicly in 2013, when he declared his intent to block its legalization in the U.S. Unlike competitors like Caesars Entertainment and MGM Resorts, who embraced online platforms, Adelson argued that internet gambling posed unique risks. In a June 2013 Forbes article, he claimed it could lead to financial ruin for vulnerable individuals, including those with student debt.
He also expressed concerns about underage access and the potential for money laundering, calling online gambling “a danger to society.”
Critics, however, pointed to a potential conflict of interest. Adelson’s brick-and-mortar casinos thrived on in-person gambling, and online platforms threatened to divert revenue.
A 2001 Las Vegas Sun article revealed that Adelson had once supported online poker, suggesting his later opposition might have been strategic. By 2014, he was unequivocal, stating, “I am willing to spend whatever it takes” to stop online gambling.
The Coalition to Stop Internet Gambling
In January 2014, Adelson launched the Coalition to Stop Internet Gambling (CSIG), a lobbying group designed to rally support for a federal ban on online gambling.
Headed by prominent figures like former New York Governor George Pataki, former Arkansas Senator Blanche Lincoln, and former Denver Mayor Wellington Webb, CSIG aimed to influence lawmakers and the public.
The coalition’s website warned that online gambling “crosses the line of responsible gaming” by bringing casinos into “living rooms and smartphones.”
CSIG employed aggressive tactics, including:
- Media Campaigns: In February 2014, CSIG released an ad titled “Don’t Let the Games Begin,” claiming online gambling could fund terrorism and harm families.
- Lobbying Efforts: By 2015, CSIG had enlisted dozens of lobbyists, including former Mississippi Governor Haley Barbour, to push for legislation.
- Political Alliances: Adelson secured support from governors like Rick Scott of Florida, who received $750,000 in campaign contributions from Adelson between 2010 and 2014.
The coalition’s efforts gained traction. In March 2014, 16 state attorneys general co-signed a letter to Congress urging a ban on online gaming. CSIG also influenced the American Gaming Association, which dropped its support for online gambling in 2014 after pressure from Adelson.
Legislative Push: The Restoration of America’s Wire Act
Adelson’s campaign focused on reinstating a broad interpretation of the 1961 Wire Act, which prohibited interstate wagering.
In 2011, the Department of Justice (DOJ) had issued an opinion stating the Wire Act applied only to sports betting, opening the door for states like New Jersey, Delaware, and Nevada to legalize online gambling. Adelson sought to reverse this.
On March 26, 2014, Senator Lindsey Graham and Representative Jason Chaffetz introduced the Restoration of America’s Wire Act (RAWA), a bill backed by Adelson to ban most forms of online gambling.
The legislation gained co-sponsors, including Senators Dianne Feinstein and Marco Rubio, and was reintroduced in February 2015. Adelson met House Speaker John Boehner in January 2015 to push RAWA, leveraging his $13.2 million in donations to Republican causes in 2014.
Despite these efforts, RAWA faced opposition from a coalition of casino operators, poker players, and states’ rights advocates.
By 2016, the bill had stalled in Congress, unable to overcome resistance from figures like New Jersey Governor Chris Christie, who legalized online gambling in his state in 2013.
Adelson’s Influence on the Department of Justice
Adelson’s campaign reached a high point in 2018, when the DOJ revisited its 2011 Wire Act opinion.
On November 2, 2018, the DOJ’s Office of Legal Counsel issued a new memo, released publicly on January 14, 2019, declaring that the Wire Act applied to all forms of online gambling, not just sports betting.
This reversal threatened the legal frameworks in states like New Jersey and Pennsylvania, which had generated $200 million in tax revenue from online gambling by 2017.
The timing raised suspicions. Adelson and his wife, Miriam, donated $113 million to Republican causes in 2016, including $20 million to Donald Trump’s campaign. In January 2017, then-Attorney General Jeff Sessions, who received campaign support from Adelson, expressed shock at the 2011 opinion and vowed to review it.
A February 2017 memo from former CSIG lobbyist Charles Cooper mirrored the DOJ’s 2018 arguments, prompting speculation of Adelson’s influence. In 2019, New Jersey and Pennsylvania attorneys general filed Freedom of Information Act requests seeking evidence of lobbying by CSIG and Adelson.
Resistance and Industry Pushback
Adelson’s efforts faced significant opposition. Caesars, MGM, and the American Gaming Association formed the Coalition for Consumer and Online Protection (C4COP) in February 2014 to counter CSIG’s narrative.
Led by former Representative Mary Bono and former Financial Services Committee Chairman Mike Oxley, C4COP argued that regulation, not prohibition, ensured consumer safety. A January 2014 poll by North Star Opinion Research, commissioned by C4COP, found that 74% of voters favored state-by-state legalization over a federal ban.
The Poker Players Alliance also mobilized, urging members to flood lawmakers’ social media with pro-gambling messages.
By 2015, states like Nevada, New Jersey, and Delaware had generated $2 billion in online gambling revenue, bolstering arguments for regulation. Critics like Jan Jones Blackhurst of Caesars called Adelson’s approach “counterproductive,” accusing him of fostering an unregulated black market.
Adelson’s Legacy and Ongoing Impact
Sheldon Adelson passed away on January 11, 2021, at the age of 87, but his campaign against online gambling left a complex legacy. While RAWA never passed, the 2018 DOJ memo slowed the expansion of online gambling, creating uncertainty for operators.
By 2023, only seven states had fully legalized online casino gaming, compared to 38 for sports betting, partly due to Adelson’s influence.
However, the industry continued to grow. A 2024 report projected U.S. online gambling revenue to reach $7.6 billion by 2026.
Adelson’s moral arguments resonated with some lawmakers, but critics viewed his campaign as defending his land-based empire. As Mary Bono noted in 2014, “It’s impossible to stand in the way of the internet.”
Conclusion
Sheldon Adelson’s battle against online gambling, spearheaded by the Coalition to Stop Internet Gambling, was a high-stakes effort to shape the industry’s future. From launching CSIG in 2014 to influencing the DOJ in 2018, Adelson used his wealth and political connections to advocate for a federal ban.
Yet, platforms like Jackpot Sounds highlight the enduring appeal of online gambling, celebrating wins that Adelson sought to curtail. While he delayed regulation in some areas, the momentum for legalization persisted, reflecting the challenges of containing a digital revolution.
Adelson’s story is a testament to the power—and limits—of influence in a rapidly changing world.
Features
How To Earn Money with Cryptocurrency From Home
If you’re looking for new ways to make money from home, there’s a modern way to do it. Cryptocurrency has opened up new opportunities for making money online. With the right approach, you can generate income without leaving your house. Whether you want to invest, trade, or earn through other methods, there are various ways to profit from digital currencies. For instance, Canadian poker players take advantage of crypto-friendly platforms to play from home and cash out in Bitcoin or other digital currencies. These platforms provide customers various benefits and attractions that make online gambling a great way to earn money from home, while also having fun.
Understanding Cryptocurrency
Before diving into ways to make money, it is important to understand what cryptocurrency is. It is a digital form of money that operates on blockchain technology.
Unlike traditional currencies, it is decentralized and not controlled by any government or central bank. The most well-known cryptocurrency is Bitcoin, but there are thousands of others, including Ethereum, Litecoin, and Solana, and even plenty of meme coins to choose from.
Trading Cryptocurrency
One of the most popular ways to earn money with cryptocurrency is through trading. This involves buying and selling digital coins to take advantage of price changes.
Day Trading
Day trading is for those who want to make quick profits by buying and selling cryptocurrencies within the same day. It requires monitoring price charts and market trends. Since prices can be volatile, traders must act quickly to capitalize on short-term price movements.
Swing Trading
Unlike day trading, swing trading focuses on medium-term price trends. Traders hold onto their assets for days or even weeks, waiting for a better price before selling. This method requires patience and a good understanding of market trends.
Holding
HODLing is a long-term investment strategy. Investors buy cryptocurrencies and keep them for an extended period, expecting the value to rise over time. This method is ideal for those who believe in the long-term potential of digital currencies and prefer a hands-off approach.
Earning Through Staking
Staking allows cryptocurrency holders to earn passive income by participating in the network of a blockchain. By holding certain cryptocurrencies in digital wallets, users help validate transactions and secure the network. In return, they receive rewards in the form of additional coins. Some popular staking coins include Ethereum, Cardano, and Polkadot.
Mining Cryptocurrency
Mining is another way to generate income from home. It involves using computer power to validate transactions and add new blocks to the blockchain. Miners are rewarded with cryptocurrency for their efforts.
While Bitcoin mining requires expensive equipment and high electricity costs, other cryptocurrencies like Litecoin and Monero can still be mined using regular computers. Some mining pools allow individuals to combine their computing power with others to increase their chances of earning rewards.
Earning Through Airdrops and Forks
Airdrops occur when cryptocurrency projects distribute free tokens to wallet holders as part of a promotion. These giveaways help new projects attract attention. To receive airdrops, users often need to hold a specific cryptocurrency or complete simple tasks like signing up for a newsletter or following a project on social media.
Forks happen when a blockchain splits into two. If you hold a cryptocurrency that undergoes a fork, you may receive new coins based on the amount you already own. This provides an opportunity to make money without additional investment.
Participating in Play-to-Earn Games
The rise of blockchain gaming has created new opportunities for earning cryptocurrency from home, while also having a little fun. Some online games reward players with digital assets for completing tasks, winning battles, or progressing through levels. These assets can be sold or traded for real money.
Many play-to-earn games operate using NFTs, which allow players to own and trade in-game items. Popular games in this space include Axie Infinity, The Sandbox, and Gods Unchained.
Creating and Selling NFTs
Non-fungible tokens have created new earning possibilities for digital artists, musicians, and content creators. NFTs are unique digital assets stored on the blockchain, representing ownership of artwork, music, videos, and virtual collectibles.
Artists can create NFTs and sell them on marketplaces making them a great way to raise your income from home. Some NFTs have sold for thousands or even millions of dollars, making this a profitable option for those with creative skills.
Earning Crypto Through Affiliate Programs
Affiliate programs allow individuals to earn cryptocurrency by promoting products and services. Many crypto exchanges, wallets, and investment platforms offer referral programs where users receive rewards for bringing in new customers.
By sharing referral links on social media, blogs, or YouTube channels, users can generate a steady income stream. The more people who sign up using their link, the more they earn.
Crypto Lending and Yield Farming
Crypto lending allows investors to earn interest by lending their digital assets to others, of course, you will need to have a crypto to lend in the first place to make money through this method.
Yield farming is another way to earn passive income. It involves providing liquidity to decentralized finance platforms and earning rewards in return. This method can be profitable but carries risks, including market fluctuations and smart contract vulnerabilities.
Freelancing for Crypto Payments
Many online platforms and businesses pay freelancers in cryptocurrency for their work. Writers, developers, graphic designers, and marketers can find gigs that offer digital currency as payment.
There are plenty of websites out there that can help connect freelancers with clients who prefer paying in Bitcoin or other cryptocurrencies.
By offering services in exchange for cryptocurrency, freelancers can avoid traditional banking fees and receive payments faster.
Features
Understanding different payment methods in online casinos
Payment methods have been a hot topic of conversation in the casino gaming world since the inception of online casinos. Before the internet changed the entire fabric of this industry, there were a relatively small number of ways to deposit money in a casino. Many land-based casinos have ATMs, others accept cheque payments as withdrawals and deposits, and others pay out larger amounts in cash or bank transfers.
Of course, Visa and Mastercard have been widely accepted in land-based and digital casinos for decades. But compared to the way the market is now, with a whole range of e-wallets and digital payment options, the number of possibilities has soared.
Today, we’ll review the popular payment methods, some of which experts believe could disrupt the industry, and other options that have started to connect with casino gaming audiences in Canada and further afield.
Prepayment vouchers
In the modern casino market, digital wallets and internet-based payment services have become dominant forces in casino gaming. Prepayment services have exploded in popularity over the last 25 years, and services and platforms such as Neosurf have been able to carve out a slice of this market for themselves.
As the Canadian market expands, prepayment options such as Skrill and Paysafecard have emerged as deposit options for gamers looking to deposit first and pay later. Neosurf is widely used in casino gaming, offering e-wallet and account functionality. Knowing where you can find the best Neosurf casinos is a good move, as dozens of highly reputable providers provide a facility for Neosurf customers to play casino games.
However, in a vast and competitive casino gaming market, casinos that simply focus on one type of payment method face an uphill challenge in an industry where scope of choice is becoming more of a selling point.
E-wallet payment options
While PayPal and Neteller might have been the first companies to highlight the potential for e-wallets to exist as payment methods in the online casino business, they have morphed into an entirely different market to that of 20 years ago.
Options such as Apple Pay and Google Pay have surged in popularity. While they work similarly to PayPal and Neteller, for the tens of millions of people who have added their debit card to their phone wallet, it’s a simple case of selecting either Apple Pay, Android or Google Pay, depending on the type of mobile device you use. Your card information syncs immediately to the site, and you can deposit within seconds.
It’s faster than entering your card details. It integrates the biometric face ID or your passcode, depending on which one you use on your mobile device. If you experience any issues, you can immediately freeze your Apple Pay card, meaning nobody can withdraw any funds.
Traditional methods
Millions of online casino gamers opt for traditional payment options. We’ve touched on some of these, including PayPal and Visa. However, despite the rise of e-wallet payment options and more contemporary types of payments such as cryptocurrency, there’s still a vast, dominant market for Visa and Mastercard – which are two of the oldest and most traditional payment methods still available in the casino gaming industry, both online and land-based.
Of all the key tips to use the internet safely, several high-profile anti-fraud campaigns focus on traditional payment options. While entering your card details, CVV number and expiry date into the wrong site can be disastrous, many stopgaps are in place, including suspicious transaction flagging from both Visa and your bank, which can stop criminals dead in their tracks.
That said, handing out such information is still not a good idea. This is why you should always research a casino before you use it. Once you ensure they have a watertight security system and have not been subjected to a data breach, you can deposit your funds with greater confidence. It also pays to keep updated with the latest cybersecurity news, including sophisticated phish-free phishing attacks, one of the latest emerging threats.
The future of payment methods in online casino gaming
Cryptocurrency and blockchain systems are the latest methods that have become popular in the online casino world, although they might not have the visibility or the same level of mass adoption that we have seen with other payment options over the last few years.
It does feel like there’s room for Bitcoin and altcoins to become players in the future. Not only do they have the appeal to branch into a broader market, but by utilizing and leveraging the power of the blockchain, users can deposit and withdraw their funds directly to their crypto wallet without having to enter their card details.
In the event of a cyberattack, a cryptocurrency casino’s main wallet is often targeted for funds, but criminals rarely try to extract databases of information.
The added convenience and potential security could be the two main pillars that bring cryptocurrency alongside some payment systems that have been present in the casino gaming world for decades. There are still other variables to consider here – most crucially, regulation. However, if these obstacles can be overcome, crypto could spearhead the growth of online casinos into the 2030s.
Final thoughts
You could find platforms with two dozen payment options, depending on the casino site you use. Many of the large providers offer as many payment options as possible. Other sites, such as niche casinos that don’t have the same market share, will only focus on cryptocurrencies such as Bitcoin, Ethereum and XRP.
However, regardless of the payment options you encounter in an online casino, they will often fall into three categories: e-wallets, traditional payment systems or niche digital-specific payment options, such as cryptocurrency. We wouldn’t recommend seeking the niche options if you do not understand how they work.
Understand the mechanics of these payment systems and what drives the market. Once you know the payment option, whether cryptocurrency or Apple Pay, you can test the waters and experience how it works in the broader online casino gaming industry.
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