Best Bitcoin Online Betting Sites for Canadians
The world of cryptocurrency may seem like a closed and confusing one for many consumers but those who are behind the phenomenon are working hard to make it more accessible. Of the many options that are available in this particular realm, Bitcoin is by far the most well known and, at the very least, potential users are likely to have heard of it.
More and more online sports betting sites and casinos are opening their doors to Bitcoin as a deposit and withdrawal method. In fact, some bitcoin sites have opened up with a mission to only accept cryptocurrency as a means of accessing your account. That may be a little too restrictive for most bettors but it can be a useful selling point for some dedicated crypto users.
In our reviews section, we will list the funding methods that are available at our recommended sportsbooks so, if Bitcoin is important to you or you would like to try it out, the details are there.
If, like many regular consumers, you feel that this is all a bit of a minefield, please read on and we will try to simplify the process as to how you can play with bitcoin gambling sites.
How Bitcoin Works
This has essentially been the tricky part of any guide to using Bitcoin. Explaining the exact process of sending funds from one account to another is tricky without the use of industry jargon but many are working to simplify things. Banks and other financial institutions are also stepping in to try to make the actual procedure far simpler for all of their users.
>A Bitcoin is, in fact, a computer file and it is stored in a digital wallet. This storage can either be carried out on a PC or it is contained within a smartphone app.
Any device that has an internet connection has the capacity to store Bitcoins in a digital wallet and pay for goods or services such as betting at bitcoin sites. Consumers will then send Bitcoins digitally and they can also receive it in this way. Every single transaction is recorded in a public list and this list is known as the Blockchain.
You’ll see in our review list which of our recommended top bitcoins sites actually take crypto in this manner and, the ones that do, will all follow this protocol. It may also be worth noting that you can send or receive fractions of Bitcoins rather than a whole Bitcoin. This particular Cryptocurrency has been immensely successful since its launch and, at the time of writing in July 2020, one Bitcoin was worth around $9,177 USD. Clearly, most people will transact in fractions of a whole Bitcoin.
Hopefully, that is a very simple explanation as to how things work when betting with bitcoin. It may sound confusing and it’s impossible not to use some of those industry terms but anyone with a basic grasp of computers should quickly be able to get a grip on the process.
Banks and eWallets such as Skrill are also working to simplify the process so it will be even easier to buy and sell Bitcoin before too long. Many consumers who use it feel that it is the future so, at the very least, we think that it’s important to understand it and you may even want to test out the system with small transactions with your favourite bitcoin gambling sites.
Advantages of Bitcoin for Canadian Players
One of the big advantages of using the best bitcoin betting sites lies in its level of security. Transactions to the Blockchain are carried out in complete anonymity and that means that no personal information is shared when the funds are transferred.
This is the big advantage as far as users of bitcoin sites are concerned and, once consumers have mastered the process, there are very few downsides. The only real issue with Bitcoin is the fact that the major brands have been fairly reluctant to use it. It’s been a slow process but, as you will see from our list of sportsbook reviews, there has been some progress made in this respect and there are many options for those who enjoy bitcoin betting.
So, if you are on board and want one of the safest and fastest ways to bet online, we suggest that you take a closer look at Bitcoin.
Playing at Online Gambling Sites Using Bitcoin
As mentioned above, the gambling industry is yet to fully embrace Bitcoin so, if it’s important that this particular cryptocurrency is in place, do check before going ahead. The usual way to do this is to scroll down to the bottom of the homepage where the full list of funding providers is normally kept.
If Bitcoin is present, you are good to go but you can always double-check by seeing if the sportsbook has a dedicated page for payments. Finally, if in any doubt at all, simply fire over a question to customer services and you will get a definitive answer. Remember, if the sportsbook you are intending to use is on our list of recommended providers, you can read the funding section to see what deposit and withdrawal methods are included on their roster.
Now that we have established that this is one of our recommended bitcoin sports betting sites, it’s time to open up by making a deposit. In many ways the procedure from this point is similar to any FIAT money method so, if you have ever carried out a transaction with a sportsbook then you shouldn’t have an issue.
To start with, look for the cashier’s area: Depending on which operator you are using this will either be marked as ‘deposit’ or ‘cashier’. The sportsbook will now list a number of options so we need to click on Bitcoin. The follow up is to link from the Blockchain and type in the number of Bitcoins that you wish to deposit. Click on any confirmation button that happens to be in place and, as long as those funds are available, your account should be updated immediately.
The process for withdrawing Bitcoin from your account is likely to be very similar but please note that you will need to place a deposit first. It’s common for sportsbooks to only send funds to methods that have already been used to make deposits so please keep this in mind.
The question of verification may also come up when you’re looking to make a withdrawal. If you have yet to provide any ID to the operator then this may be the time that they carry out a verification check. It’s not certain but it’s a point to remember to check to see what is likely to be required and that you can provide scans of those documents very quickly.
The concept of cryptocurrency may be confusing to some but, as we have just seen, it’s a standard process for both deposits and withdrawals and there’s really nothing to be afraid of.
Play in Complete Security Using Bitcoin
To summarise everything that we have put in this review so far, the process behind Bitcoin may seem daunting but it really is relatively easy to carry out. Anyone with reasonable skill in regular computer tasks can conquer it and it will soon become as simple as sending an email.
The bitcoin sites that offer this as a form of payment also want to keep things as simple as possible. The process mustn’t be complex as that would just deter players from using Bitcoin or any other form of cryptocurrency. The operator just wants any funds to clear immediately so that you can keep on betting on their markets.
In terms of finding out whether or not the sportsbook in question actually accepts Bitcoin in the first place, this should be straightforward and there are a number of ways in which you can do this. Firstly, just head on down to the bottom of the operator’s homepage and there should be a series of logos shown. There will be a number of other deposit methods listed but, if Bitcoin is available then it should be included. If not, have a look to see if the bookmaker has a separate section of its site marked ‘payments’, ‘banking’ or ‘deposits’. A more comprehensive list of options is likely to be shown here.
Of course, you can always check our comprehensive list of sportsbook reviews for details of Bitcoin and other deposit methods but, to be completely clear, a message to customer services will sort everything out. If there is a live chat operator on hand, it should all become clear in just a matter of seconds.
In terms of the benefits of using Bitcoin, it’s all about those enhanced security levels. The way that Bitcoin operates harnesses high levels of security and that’s one of the reasons why this Cryptocurrency has built up a loyal following. It is recommended that each individual user keeps backups of their files, but encryption levels are high and while there will always be an element of risk with any financial transaction, players are happy with the security levels provided here.
There are never any cast-iron guarantees with any form of payment but high security is one reason why Bitcoin stands out in the marketplace and our top bitcoin sites match those levels.
Bitcoin Betting FAQ
What’s the best sportsbook for Bitcoin betting?
It’s a hard question to answer as there isn’t really a best sportsbook for Bitcoin, but there are a variety of great online providers that facilitate Bitcoin deposits for major sites. Ultimately, once you’ve found a sportsbook that offers Bitcoin as a payment option, then try to see which one has the best odds and markets.
Do sportsbooks keep their Bitcoins in “Cold Storage”?
“Cold storage” is a common term used to describe it when users reserve Bitcoins offline. Storage of Bitcoins ensures the security of them and this is the kind of measures most sportsbooks go to in order to protect their Bitcoin funds on the server.
Do Bitcoin deposits get bonuses?
This is a question that really depends on the sportsbook. However, from the reviews of major sportsbooks, we carried out we’d say that the vast majority of major providers offer “Welcome Bonuses” as well as other promotional bonuses relating to Bitcoin.
What sports allow betting with Bitcoin?
It should be noted that Bitcoin is a payment method and if the sportsbook in question accepts Bitcoin as a payment method, then the bettor will be able to play whatever betting markets are on offer through the said sportsbook. As such, bettors are able to play on all kinds of sports through Bitcoin betting.
Is Bitcoin becoming a popular method of payment?
Absolutely. The past few years have been huge for cryptocurrencies, with Bitcoin being the biggest of them all they’ve really seen the biggest changes. Bitcoin is appearing as a payment method for all kinds of transactions online, notably in the gambling world where many sportsbooks are supporting the payment method.
Does Bitcoin guarantee anonymity?
While anonymity is one of the most appealing things about using Bitcoin, it doesn’t offer total and complete anonymity. Customers will always have to have the account registered in their name and some basic details, but for the most part, they’ll be anonymous.
Is Bitcoin legal and safe?
Bitcoin is entirely legal and is supported by many online services, which further adds to the legitimacy of the service. Its safety is unquestionable, as there have rarely been cases of transactions going awry and money disappearing. The legality of cryptocurrencies is something that needs to be ironed out, but for now, it’s legal to use.
Is Bitcoin accepted in all sportsbooks?
It’s difficult for us to speak on behalf of all sportsbooks. However, for the ones we recognize and have reviewed, we can say that all sportsbooks do not accept Bitcoin. Although, an increasing number of them are offering Bitcoin, as well as other cryptocurrencies, as a payment method.
What is BTC?
BTC is simply the acronym used for Bitcoins, so that when it shows as a payment option it is easily recognizable alongside CAD and USD for example. While “mBTC” refers to something a little different. The “m” refers to milli, which represents the unit one-thousandth of the base unit.
Do sportsbooks charge additional fees for deposits?
This really depends on the sportsbook in question, as some may charge absolutely nothing, while others may attach whatever fees they see fit. However, as a general rule, sportsbooks don’t charge for cryptocurrency deposits, as they are convenient for both the provider and the customer.