Bitcoin is the world’s leading cryptocurrency. It’s no wonder that with its spread into the mainstream that some of the top Canadian sport betting sites now utilize Bitcoin for financial transactions. Now you can, too. We’ll detail what you need to know to engage in Bitcoin betting today.
Bitcoin sports betting sites in Canada
It is a decentralized digital currency which requires no intermediaries to conduct transactions. It works and is powered by what’s known as blockchain technology which is basically a digital ledger system. Other cryptocurrencies such as Etherum, Litecoin, and Ripple soon followed in Bitcoin’s path.
Though its market remains quite volatile, Bitcoin has become widely accepted at businesses across the globe. It’s no surprise then that the gambling industry has grown to accept it as a payment method as well. Now, several of Canada’s top sports betting sites accept Bitcoin for deposits and withdrawals, including:
- Shangri La
We expect more and more sports books to accept Bitcoin as time progresses. Those betting sites that already accept Bitcoin also usually accept other cryptocurrencies as well.
Advantages and Disadvantages
- Bitcoin deposits and withdrawals are fast.
- All Bitcoin transactions are highly secured.
- Bitcoin doesn’t require any exchange rates.
- No extra fees for using Bitcoin.
- Limited acceptance at sports books.
- Requires you to create a Bitcoin wallet.
- Value of Bitcoin is volatile.
How to deposit Bitcoin
Bitcoin does require some getting used to for new users. Though it is currency, you’ll need to first obtain Bitcoin via one of many cryptocurrency exchanges now available, such as Coinbase. You’ll need to create a Bitcoin wallet as well which can be also be accomplished via crypto exchanges. But once you go through these basic steps, you’ll be all set to use your Bitcoin worldwide, including at some of Canada’s best sports betting sites.
To deposit Bitcoin at a sports book, you’ll just need to follow a few simple steps:
- Log into your account
- Choose “make a deposit”
- Choose Bitcoin as your deposit method
- Connect your Bitcoin wallet to the sports betting site
- Select your deposit amount
- Click “confirm”
Your transaction should be completed instantaneously and your account should immediately show your deposit. Then, you will be all set to place bets using your Bitcoin.
How to withdraw Bitcoin
The betting sites that accept Bitcoin deposits typically allow withdrawals back to Bitcoin as well. And unlike withdrawing cash back to your bank via a transfer or waiting for a check to be mailed, Bitcoin withdrawals are immediate as there is no third party to slow the process. That’s the beauty of using this cryptocurrency.
The withdrawal steps are essentially the same as making a deposit:
- Log into your account
- Choose “make a withdrawal”
- Choose Bitcoin as your withdrawal method
- Determine your withdrawal amount
- Click “confirm"
Assuming you have already connected your Bitcoin wallet to your sports book account when you made your Bitcoin deposit, the withdrawal should be completed in a few seconds.
Recommended betting sites for Bitcoin
Bitcoin isn’t for everyone. But if you are one of its enthusiasts, you can certainly find sports betting sites which accept Bitcoin and allow Bitcoin betting. These are our top Bitcoin gambling sites available in Canada.
Shangri La: Shangri La is a forward-thinking sports betting site. As such, it offers its players a wide variety of payment methods, including cryptocurrencies like Bitcoin, Ethereum, Litecoin and Ripple. Its site is loaded with sports and betting markets, and offers great features including a bet builder, live betting and early cash out. It’s easy to create an account here, and they welcome new players with a 100% welcome bonus up to $500 plus 20 free spins in the casino.
Bodog: Bodog is one of the world leaders in sports betting, so it’s no surprise that they welcome Bitcoin betting for Canadian players. They also reward Bitcoin depositors with a 100% match bonus up to $300 over and above their traditional welcome bonus worth up to $400 as well as giving you 50 free spins in the casino. Bodog delivers all the sports and betting markets you could ask for, and offers unique features not found at other sports books.
Fezbet: One of the newest sports betting sites in Canada, Fezbet is helping lead the charge into the future of online gambling. The crypto-friendly site welcomes Bitcoin users along with several other payment methods, and delivers a 100% match bonus up to $150 for all new players. With a great VIP rewards program coupled with all of the features and markets demanded by today’s sports bettors, Fezbet creates an excellent atmosphere for all of its players.
Bitcoin Bonuses and Promotions
Occasionally, a sports betting site will offer players a special bonus for using a certain payment method. Bitcoin depositors can find such a promo at Bodog. Here, using the promo code BOSBITCOIN100, you all receive a 100% match bonus up to $300. You can also claim another Bitcoin bonus in their casino which a 150% match up to $900 using the code BOCBITCOIN150. Terms and conditions apply to both bonuses.
Non-Bitcoin players can find several other bonuses and promos available throughout all of our recommended sports betting sites. Each will welcome new players with a specific welcome bonus which may take the form of a deposit match or free bets. These can often come with free spins in the operator’s casino. Other promos will be available with certain bets or in certain sports. Make sure to check your favorite sports book to see what’s available.
Using Bitcoin on your mobile device
Bitcoin is completely electronic. There are no physical coins in Bitcoin. Everything is stored and transferred via digital wallets. This is why cryptocurrencies like Bitcoin feel like the future. So, the Canadian sports betting sites that accept Bitcoin certainly accept transactions completed using only your smartphone. It’s just a matter of connecting your Bitcoin wallet to your account on your favorite sports betting site to make you deposits and withdrawals.
Am I betting with dollars when I deposit my Bitcoin?
No. If you deposit Bitcoin, it is not changed into a dollar amount. You are then betting strictly in Bitcoin which can be slightly confusing at first. Make sure you understand how much you are betting via Bitcoin before placing any wager.
Are their extra fees for using Bitcoin?
No. There shouldn’t be any fees for transferring Bitcoin to and from you account unless the betting site charges one. Check with your favorite operator to ensure your transactions are free from fees.
How secure is using Bitcoin?
Very secure. One of the advantages to using Bitcoin is the security attached to each transaction.
Are Bitcoin and other cryptocurrencies interchangeable?
No. You cannot deposit in Bitcoin and then withdraw into Ethereum or vice versa.
What are other suggested deposit methods besides Bitcoin?
If you don’t feel comfortable using Bitcoin, you can certainly make your financial transactions using Visa, Mastercard, Interac, Skrill, Neteller, ecoPayz and other methods. Check to see which your favorite bookmaker accepts.
- MyBetting Canada
- Bitcoin sports betting sites in Canada