There has been a mad rush of people signing up for the Bitcoin service, including Bitcoin betting! If you are sitting there blissfully unaware of what Bitcoin is, it is quite simply a digital type of new currency, which unlike all others is not backed by a Government nor is it backed by any kind of assets such as Gold or Silver!
Bitcoin has been changing the world of finance ever since it appeared more than a decade ago. Slowly but surely, Bitcoin and other digital currencies that followed its path entered various industries and markets, and eventually reached the industry of online gambling.
Today, there are hundreds of betting sites that accept Bitcoin deposits and withdrawals. Of course, not all of them are worthwhile, and that’s why we decided to make a list of the best ones.
Since our website focuses on the Canadian market, all of the betting operators that you will read about in this article are sites that accept Canadians, although players from other countries are welcome to join as well.
However, the article below will not only consist of the best Bitcoin betting sites but will also serve as a guide to all of those who are still unfamiliar with how Bitcoin betting works.
So, if you want to learn how to bet using Bitcoin and take advantage of some rewarding Bitcoin bonuses in 2022, this is the only page you’ll ever need. Read on!
Recommended Canadian Bitcoin Sports Betting Sites
Our team of experts has a wide swath of experience when it comes to reviewing gambling platforms of all kinds stretching over a decade. That’s why you can rest assured that these are truly the best Bitcoin betting sites on the web right now, as they have gone through the hands of our knowledgeable team that has a keen eye for spotting quality betting operators.
Look carefully through our list, and feel free to pick any website on it. We promise that you won’t regret your choice. We also wrote individual reviews for each of the listed sites, so you can learn about their offers in more detail. Good luck!
How We Selected the Top Bitcoin Betting Sites for Canadians
The number of Canadian-friendly Bitcoin sites has risen in the past several years. Betting operators realized the popularity and effectiveness of Bitcoin transactions and rushed to add this cryptocurrency to their list of payment methods.
This increase in the number of Bitcoin betting sites has made our job of selecting the best ones a little more difficult. First, we had to find all of the websites that accept both Canadian players and Bitcoin payments. Then, we browsed each site to make sure they were properly licensed and 100% secure.
Just the fact that a betting site accepts Bitcoin as a payment method, doesn’t mean that it will be included on our list. Before we give any website a top-rated status, we check to see what else it has to offer to players.
- Betting markets — We look for sites that have a wide range of betting options that stretch from popular sports like football, soccer, basketball and ice hockey to less popular ones like cycling, darts, table tennis, and lacrosse.
- Features — A quality betting site must have plenty of features, including in-play betting, live streaming, early cashout, and more.
- Bonuses and promotions — All of our listed sites have rewarding bonuses for both first-time players and regular bettors. Some even have exclusive Bitcoin bonuses.
- Mobile sites and apps — A worthwhile betting site must allow its players to use their platform on the go through a mobile-friendly website or app.
- Customer support — Players who have questions about the use of a betting site should be able to count on the site’s professional and responsive customer support.
Once we compiled all that information, we rated the websites and made a list of our top selections.
What Is Bitcoin and How Does It Work for Betting?
Even though Bitcoin is not exactly a brand new thing anymore, we understand that many of you don’t exactly know what it is and how it works. Don’t worry, as you’re not alone in this. A lot of people were confused when they encountered Bitcoin for the first time, including ourselves.
Whilst many people have difficulty understanding why anyone would start to use a virtual currency such as Bitcoin it does have some major advantages, such as you are never going to be held hostage by a Government in regards to how you can spend your Bitcoins nor will you suffer from interest rate fluctuations which can cause a currency to become deflated in value.
That’s why we will start from the beginning and try to simplify our explanation as much as possible.
Bitcoin is the first digital currency that was created in 2009 by an unknown individual or group going by the pseudonym Satoshi Nakamoto. Bitcoin can be described as digital coins that you can use online for e-commerce, paying for services, and of course, betting.
Digital currencies such as Bitcoin work differently than other online payment systems as they are decentralized, meaning that no bank stands as an intermediary between the person sending and the person receiving the money.
Therefore, transaction fees are much lower, you can use Bitcoin almost anywhere in the world, you can enjoy almost full anonymity, your account can’t be frozen or disabled, and there are no limits as to how much money you can send or receive.
Bitcoins can be bought using fiat money through several cryptocurrency exchanges (we will talk about this a little later). You can purchase bitcoins by using multiple currencies, including the Canadian dollar (CAD).
The bitcoins you buy are kept safely in your digital wallet, through which you can use them to buy products and services quickly and easily. The Bitcoin network is maintained by verifiers called miners, who are rewarded with a percentage of every transaction they verify. All transactions are recorded in a transparent public ledger.
Bitcoin works for betting in the same way it does for everything else. Once you create a digital wallet and buy bitcoins, you can use them on any betting site that accepts Bitcoin as a form of payment. Of course, you can use bitcoins for both deposits and withdrawals.
How to Start Using Bitcoin for Online Betting — Step-By-Step Guide
This is the main problem beginner players face when they run into Bitcoin betting sites. Setting up and starting to use Bitcoin for online betting can be a bit complex if you’ve never done it before. It’s undeniably easier to deposit using a credit card or e-wallet, or even a bank cheque.
On the bright side, once you set everything up, you won’t have to do it ever again, and you’ll finally be able to enjoy all the benefits of using Bitcoin for online betting.
As we said in our intro, this is the ultimate guide to Bitcoin betting sites, so we will gladly walk you through this process. Just follow these steps carefully, and you’ll start betting with Bitcoin in no time.
Find a Quality Bitcoin Betting SiteThe first step is easy because we’ve already done it for you. Instead of browsing the internet for hours on end looking through all of the Bitcoin betting sites, you can simply take a quick peek at our list and select one of the available operators.
All of the listed sites accept Bitcoin payments, allow Canadians to make an account, and have some of the best betting offers in the industry.
Select a Crypto Exchange PlatformIn order to use bitcoins for betting, you first must purchase them. This can be done through one of the many cryptocurrency exchange sites. The most popular crypto exchanges include Binance, Coinbase, FTX, CEX, LocalBitcoins, Uphold, and others.
These exchanges differ in fees and features, but they all basically let you do the same thing — buy digital money for fiat money. Moreover, most of them are legal for Canadians to use.
Once you find a crypto exchange that satisfies your requirements, you need to register on its website. During the registration process, you will be asked to fill in some personal details such as your full name, email address, country of residence, and other information.
In order to verify your identity, the exchange might ask you to provide a valid personal document, like an ID card, a driver’s licence, or a passport.
Buy BitcoinsOnce your online crypto exchange account is set up, you can move on to buying bitcoins. First, you must deposit some fiat money into your newly-created account. You can do this with a credit card or through a direct bank transfer. Some exchanges will allow other options too.
After the deposit has gone through, you can use the fiat money to buy bitcoins. Check the exchange rates and follow the instructions on the site on how to complete a purchase. Depending on the platform and the number of bitcoins you’re buying, the transactions will usually take a few minutes.
Set Up a Bitcoin WalletUnfortunately, you won’t be able to transfer money directly from your crypto exchange account to your online betting account. Instead, you will have to use a Bitcoin wallet.
This is a digital wallet where you can store your bitcoins and use them for online purchases and online betting deposits and withdrawals. Crypto exchanges are basically stores for buying bitcoins, while your Bitcoin wallet is used to complete regular Bitcoin payments, so it’s important that you understand the difference between the two.
In any case, you can find many trusted Bitcoin wallets on the web, but the most popular ones include Coinbase (serves as an exchange too), Ledger, Trezon, SoFi (great for beginners), Exodus, Edge (very mobile-friendly), Electrum, Bitpay, and many others.
Of course, each Bitcoin wallet has its pros and cons, so it’s important that you do your own research and select the wallet that best suits your needs.
Transfer Bitcoins to Your Bitcoin WalletOnce you set up your wallet, you will just need to transfer the bitcoins from your crypto exchange account. To do this, you first need to copy the receiving address of your wallet and go back to your exchange account.
Paste the address into the appropriate field and type in the number of bitcoins you want to be transferred. Some wallets and exchanges use a QR code that you can scan and save time.
In order for everything to go safely and smoothly, this process will include a two-step verification protocol. The transaction shouldn’t take more than a few minutes, and in most cases, it’s instantaneous.
Create Your Online Betting AccountIf you followed the previous steps, you should now be able to use your bitcoins for online betting. However, you must first create a betting account. Go to a betting site that you previously chose and start the registration process.
This process is similar to that of creating a crypto exchange account. The operator will ask you for some personal details to verify your identity. Remember that in Canada, the online gambling age varies between 18 and 19, depending on the province or territory.
During the registration, the operator might ask you to choose your preferred currency. In this case, you should select Bitcoin (BTC).
Deposit Bitcoins Into Your Betting AccountThis is the final step that you need to take in order to start betting with Bitcoin. Now that your betting account has been created, you need to put some money into it. Go to the website’s cashier page and select Bitcoin from the list of available deposit methods.
Type in the number of bitcoins that you want to transfer. Copy the betting site’s Bitcoin address, and go back to your Bitcoin wallet. Copy the address into the designated field and make your deposit. In most cases, the transaction will be completed immediately, but you will sometimes have to wait for a little while, a maximum of 15 minutes.
Once the deposit has gone through, you can start betting. Have fun!
Withdraw Your Bitcoin WinningsIf you’ve won some money while betting with Bitcoin, first of all, we want to say congratulations! You’re now probably wondering how to withdraw your winnings. Don’t worry, as it’s nothing complicated.
First, go to the betting site’s cashier page and select Bitcoin from the list of available withdrawal methods. Input the number of bitcoins you want to cash out. Copy the betting site’s crypto address and paste it into your wallet, just like you did when depositing. Confirm the payment and wait for the funds to get transferred.
Bitcoin transfers are almost instantaneous, but the online betting operator might impose a 24-hour pending period before accepting your withdrawal request.
Now, if you want to keep your bitcoins stored in your wallet for future payments, your job is done. But if you wish to convert your bitcoins back into fiat currency, you will need to copy your wallet’s address and paste it into your Bitcoin exchange account. Once the funds are converted, you can send them to your credit card or bank account.
Advantages of Using Bitcoin Betting Sites
All of the advantages that Bitcoin gives you for e-commerce can be translated into online betting. Not only is using Bitcoin advantageous for players, but it’s also very useful for online betting operators, as they can attract more tech-savvy customers to their websites.
Transaction SpeedWhen it comes to deposits, almost all online betting payment methods come through almost instantly. This applies to credit and debit cards, prepaid cards, e-wallets, and other online payment services. The only exceptions are bank wire transfers and cheques.
However, withdrawals are where using Bitcoin makes all the difference. Namely, to receive your winnings, you will usually have to wait a few days for the money to reach your account. This is the case with almost all payment methods, including some of the ones that are generally considered quick, like e-wallets.
When it comes to Bitcoin though, both deposits and withdrawals are almost instantaneous. On rare occasions, you will have to wait a few minutes and up to an hour for the payment to be cleared, but that’s still quicker than any other option.
Of course, the betting sites themselves will usually put a 24-hour pending period on all withdrawal requests, but those pending times are imposed on all methods.
FeesAs we explained earlier, Bitcoin fees are rather insignificant, especially when you compare them to credit card and e-wallet withdrawals. Service charges may be imposed by betting sites, but these are rare for Bitcoin, and we made sure not to include any of those sites on our list.
Deposit and Withdrawal LimitsIt often happens that Bitcoin and other cryptocurrencies have the highest deposit and withdrawal limits on betting sites. While Bitcoin itself doesn’t have any limits, they are set by the betting site you’re playing on and can vary from operator to operator.
In any case, if you’re a high-roller and you like betting big, Bitcoin should be your top choice.
AnonymitySince Bitcoin works as a decentralized system, you can enjoy a much higher level of anonymity compared to any other online betting payment method. On the other hand, using credit cards and bank transfers will leave traces of your financial information on the betting site.
Moreover, you won’t have to justify your earnings to your bank, since Bitcoin is not tied to your bank in any way.
SafetyEveryone who uses Bitcoin can vouch that it’s the safest way of completing payments over the internet. Due to their high-level cryptography, Bitcoin transactions are virtually unhackable, so you can rest assured that your money is always secure.
Bitcoin BonusesIn order to stimulate the use of Bitcoin on their platforms, certain betting sites have started to offer exclusive Bitcoin bonuses to their players. These bonuses are usually higher than regular deposit bonuses.
So, for example, if a regular deposit bonus grants you C$10 in free bets, you might get double that amount by depositing via Bitcoin.
Disadvantages of Using Bitcoin for Online Betting
Bitcoin is advantageous in many ways, but it’s not exactly perfect. The major drawback of Bitcoin and other cryptocurrencies is that they are prone to huge fluctuations. Bitcoin is a rather unstable currency, and its value can rise or drop significantly in just a few days.
This won’t be a big problem if you’re just a casual player, but high-rollers might think twice about using Bitcoin for betting as they can lose a lot of money when the exchange rates drop.
Moreover, Bitcoin betting sites are still few and far between. While many online operators have started to include Bitcoin and other cryptos in their list of payment methods, they are still rare. That means that the best Bitcoin betting sites are not necessarily the best betting sites in general.
Alternatives to Bitcoin
While Bitcoin may be the first and still is the most popular cryptocurrency, there are many alternatives to it that can also be found on a lot of betting sites. Here are some of the most notable ones:
- Bitcoin Cash
Conclusion about Bitcoin Betting
We hope that you find this article to be useful and that you are now ready to start using Bitcoin for online betting. Setting up a Bitcoin exchange and wallet might seem complicated at first, but we’re sure that you’ll figure it out by looking at our step-by-step guide.
Once you set everything up, you will love betting with Bitcoin, as many players describe it as the best payment method for online gambling.
Remember to once again look at our list of recommended Bitcoin betting sites, as these are some of the best and most trusted online betting brands in 2022.