Crypto Betting Sites: Sportsbooks that Accept Crypto

Crypto betting is changing the game in Canada, offering faster transactions, better privacy, and exclusive bonuses you won’t find with traditional banking. But with so many options, how do you know which crypto betting sites are legit and worth your time? That’s where I come in.

I’ve tested, compared, and analyzed the top crypto sportsbooks to bring you an honest, all-in-one guide.

Top Crypto Betting Sites

Ready to dive into the world of crypto betting? For starters, here’s a list of crypto-friendly Canadian sportsbooks:

While plenty of sportsbooks accept digital currencies, only a handful truly stand out when it comes to security, speed, bonuses, and overall betting experience.

After testing and comparing the top options, I’ve narrowed down the best crypto betting sites in Canada to find out which of these platforms is worth your time.

While cryptocurrencies are legal to buy, hold, and use in Canada, they are not considered legal tender. In Canada, each province has the authority to regulate gambling activities within its jurisdiction. For instance, Ontario has established its own iGaming authority to oversee online gambling, which currently does not accept cryptocurrencies as a deposit method.

In other provinces, the acceptance of cryptocurrencies is generally permitted, but it's essential to consult local regulations. It’s also worth noting that the Canada Revenue Agency considers cryptocurrencies to be commodities, meaning that any winnings from crypto betting are taxable and must be reported as income.

Given the evolving nature of cryptocurrency regulations, it's crucial to stay informed about the laws in your specific province and ensure compliance with both gambling and tax obligations when engaging in crypto betting activities. Here’s a general overview to give you a better idea of the legal situation of crypto in Canada:

Now that we’ve explored the best crypto betting sites in Canada and broken down the legal landscape a little bit, how do you actually choose the right sportsbook? Here are some key factors that can help guide your choice.

• Cryptocurrency support: First and foremost, make sure that the platform accepts your preferred cryptocurrencies. Not all betting sites support crypto payments and those that do might only accept certain cryptocurrencies, so it's essential to verify this beforehand. 
• Reputation and security: Research the platform's standing in the community. Look for sites with positive user reviews, proper licensing, and strong security measures like SSL encryption and two-factor authentication. This ensures your data and funds are safe.
• Variety of betting markets: A diverse range of sports and markets allows for a fun betting experience all year round. Look for platforms that offer a wide array of events and markets to bet on, ensuring you have ample choices regardless of your preferred sport.
• Customer Support: Responsive and knowledgeable customer service is vital, especially when dealing with crypto. Choose sites that offer 24/7 support through various channels like live chat, email, or phone to assist you promptly with any issues.
• User Experience and Interface: Ultimately, a well-designed site that is easy to use is more important than flashy graphics and innovative features. A user-friendly interface with smooth and intuitive navigation makes for a more enjoyable betting experience.
• Bonuses and Promotions: Many sports betting sites offer attractive bonuses and promotions tailored specifically to crypto bettors. Always read the terms and conditions to ensure they are fair and beneficial to you.

The cryptoverse is a dynamic playground with its own set of rules, and  understanding the ups and downs of crypto payments can guide you to make informed decisions.

Betting operators run a business, so if they are to bank with cryptocurrency, there has to be an upside for them. I’ve explained why a user would want to use crypto for their betting, now here’s a quick breakdown of why crypto gambling sites would use this digital means of transaction:

• No third parties involved: With crypto sports betting, it’s just the betting site and the user. There is no bank to go through, which makes the process much simpler for betting sites.
• Global currency: Crypto isn’t tied to any specific location, holding the same value wherever it is in the world. That has value to the betting sites, as they can use a universal, global currency wherever the bettor is located. 
• Quick transaction times: Bitcoin transaction times are extremely fast, with an average transaction time just above 10 minutes. While some altcoins take longer, most of these transactions are faster than banks. 

Cryptocurrencies, such as Bitcoin and Ethereum, operate on decentralized networks using distributed ledger technology, typically blockchain. This system records transactions across multiple computers, ensuring transparency and security without the need for a central authority.

To acquire cryptocurrency in Canada, you will want to begin by selecting a reputable exchange that operates legally within the country. I would personally recommend Bitbuy or Wealthsimple, which are both well-established platforms that allow Canadians to buy, sell and hold various cryptocurrencies (while cryptocurrencies are legal to purchase in Canada, they are not considered legal tender). Keep in mind that you will probably need to complete certain verification steps during the sign-up process, which generally include providing identification documents to comply with Canadian regulations.

After you’ve found and registered with a reputable crypto exchange, all you need to do is fund your account using Canadian dollars through secure online payment sites. This could include Interac e-Transfer, bank transfers, or credit/debit cards, depending on the exchange's supported options. Once your account is funded, navigate to the trading section, select your desired cryptocurrency, and execute the purchase.

How to Deposit Cryptocurrency on Betting Sites

1. Select a crypto-friendly betting site: Ensure the sportsbook accepts cryptocurrency deposits. Reputable platforms like Stake, Bodog, Pinnacle and PowerPlay support crypto transactions.
   
   
   
   
2. Obtain the deposit address: Log into your betting account, go to the Deposit section, and select your preferred cryptocurrency. The site will provide a unique wallet address for the transaction.
   
   
   
   
3. Transfer funds: From your personal crypto wallet or exchange account, send the desired amount to the provided wallet address. doublecheck, as crypto transactions are irreversible, then confirm.
   
   

After depositing, your account balance will reflect the cryptocurrency funds, allowing you to place bets as you would with traditional currencies. To withdraw, navigate to the withdrawal section, enter your personal wallet address, specify the amount, and confirm the transaction. The funds will be transferred to your wallet after the site's processing period.

If you’ve ever placed a bet using a debit card or e-wallet, you know the drill—long processing times, banking restrictions, and fees that eat into your winnings. Now, imagine a system where deposits are nearly instant, withdrawals don’t require approval from a financial institution, and your bets are placed with a currency that isn’t tied to a bank. Sound good? That’s the appeal of crypto betting.

But is it really better than traditional betting, or does the volatility of digital currency and lack of regulation make it too risky? Let’s break it down and compare the key differences between crypto betting and regular betting so you can decide which option suits you best.

There are a huge variety of cryptocurrencies, with new ones popping up and entering the mainstream every day. However, that doesn’t mean there isn’t a hierarchy, with some cryptocurrencies being much more well-known and commonly used than others. Here’s a quick breakdown of the cryptocurrencies that have become common in gambling:

• Bitcoin: Bitcoin is the original decentralized cryptocurrency, coming into existence in 2009, and inventing Blockchain in the process. It is the cryptocurrency with the highest market cap, and each Bitcoin is worth thousands of dollars. The identity of Bitcoin’s creator remains a mystery.
• Ethereum: Ethereum was crowdfunded into development and went live in 2015. Since then, it has seen its value skyrocket as it became the second highest market cap after Bitcoin.
• Tether: Tether launched in 2014 as a stablecoin pegged to the U.S. dollar, now facilitating over $190 billion in daily transactions. Tether currently ranks as the third-largest cryptocurrency in the industry with a a market cap exceeding $120 billion.
• Litecoin: Litecoin, introduced in 2011 by Charlie Lee, is a cryptocurrency designed for faster transactions and lower fees compared to bigger competitors like Bitcoin. Common amongst many online sportsbooks, Litecoin has a market cap of over $10 billion.
• Binance Coin: Binance Coin was launched in 2017 and has quickly risen to have the 4th highest market cap of any cryptocurrency. It is used to buy and pay fees on the Binance Exchange, the largest cryptocurrency exchange in the world.
• Ripple: Released in 2012, Ripple is a currency exchange that is operated by Ripple Labs. Their actual currency is called XRP and has the 6^th highest market cap of any cryptocurrency.
• Dogecoin: Starting as a meme, Dogecoin became a favourite of investors to quickly rise to a legitimate form of currency, with the 7^th highest market cap of any coin. Championed by investors like Elon Musk and Mark Cuban, this crypto coin is one to keep an eye on.

Cryptocurrency has a lot of terminologies that come with it, so here is a guide to some of the commonly used words you might hear when learning about crypto.

Altcoins: An altcoin is a cryptocurrency that is not Bitcoin.

Blockchain: Blockchain is a type of distributed ledger technology that Bitcoin uses as a transaction database. It collects information and gets its name from the way it stores it.

Crypto wallet: A Crypto Wallet is a device or program that allows you to store the public or private keys to a crypto transaction. It allows users to store and access their crypto assets.

Crypto exchange: Crypto exchanges are businesses or websites that allow users to trade their cryptocurrency for other assets, such as regular currency.

Like many sports bettors, I’ve tried both traditional betting and crypto betting over the years and have learned a lot of valuable lessons. While betting with crypto is relatively straightforward, there are certain aspects you need to consider before placing any crypto sports bets.

• Choose reputable and licensed platforms: Opt for betting sites that are licensed and regulated by recognized authorities. This ensures they adhere to strict standards, offering fair play and protecting your funds. For instance, platforms licensed by the Malta Gaming Authority or Curacao eGaming are known for their credibility. 
• Secure your cryptocurrency wallet: Your wallet is the gateway to your crypto assets. Use wallets with robust security features, such as two-factor authentication and strong encryption. Consider hardware wallets for added protection against online threats. 
• Be wary of scams: The crypto world is rife with scams. Avoid unsolicited offers and always verify the legitimacy of platforms before depositing funds. Stick to well-known sites with positive user reviews and transparent operations. 
• Understand cryptocurrency volatility: Cryptocurrencies are known for their price volatility. Be prepared for fluctuations in your betting funds and manage your bankroll accordingly. Consider using stablecoins like Tether to mitigate this risk. 
• Practice responsible gambling: Set clear budgets and stick to them. Avoid chasing losses and take regular breaks to maintain a healthy balance between entertainment and responsibility. 
• Keep software updated: Ensure your devices are equipped with the latest security updates and antivirus software to protect against malware and phishing attacks.