Bitcoin Betting Sites: Sportsbooks that Accept Bitcoin

Cryptocurrency betting is becoming increasingly popular. Bitcoin is the most famous form of crypto, with the highest market cap and widespread use. Bitcoin sports betting is growing in popularity, so let’s talk about what it is, how to do it, and where to do it.

Betting with Bitcoin has taken off, so bettors need to be aware of what it is and how to do it. There are a number of major sportsbooks across the country that are leaning into the crypto hype and take Bitcoin wagers. These Bitcoin sportsbooks are becoming all the rage, and millions of dollars’ worth of the cryptocurrency are wagered online regularly.

In this guide, we’re going to give you the full rundown on Bitcoin betting sites, with a look at the names to know how it is done, and so much more.

There are a vast number of operators across the country that pride themselves as Bitcoin betting sites. These sportsbooks allow for sports betting with Bitcoin, and also provide an array of other top-notch features for gamblers to enjoy. Below, we’ll provide a look at some of the best Bitcoin sports betting sites that are available to Canadian users.

We’ve given you a brief look at the premier Bitcoin sports betting sites. But what are the absolute top ones? Below, we’ll take a quick look at the best betting sites that accept Bitcoin.

It is important that bettors take steps to monitor the legality of everything they do online so they don’t run afoul of authorities. That is why many bettors express concern over the legality of Bitcoin wagering in Canada. However, we are here to assure you that, as of right now, there is nothing to worry about. Bitcoin betting is very much legal in Canada, or more accurately, it is not explicitly illegal. 

There are no laws prohibiting Bitcoin betting in the country. If a website allows bettors to use cryptocurrency to wager, then you can trust that it is enabled. Bitcoin largely falls into the same category of any other form of currency for wagering. 

However, it is worth noting that the provincially regulated operators, such as iGaming Ontario and the provincial lottery betting sites, will not accept crypto transactions. These more highly-regulated sportsbooks do not allow gamblers to wager with any form of cryptocurrency. But that doesn’t make Bitcoin betting illegal, that just means those websites don’t take it. And as we’ve demonstrated, there are plenty of other sportsbooks available to Canadians that do.

Crypto sports betting sites are out there, and they allow you to use cryptocurrency like Bitcoin to place bets. You can deposit with Bitcoin, and withdraw with Bitcoin. This saves you money on transaction fees from banking, as Bitcoin is decentralized so doesn’t go through a bank.

Here’s a breakdown of how you can use Bitcoin for crypto gambling.

1. Make an account with an online sports betting site that accepts Bitcoin deposits and withdrawals
2. Set up a Crypto Wallet. Crypto wallets are applications that allow you to securely store, send, and receive cryptocurrency. There are many great ones available that can be downloaded as apps or used online, such as Coinbase Wallet or Guarda Wallet. Bettors only have to visit these websites or apps, follow sign-up processes, and they will be good to go.
3. Establish an Exchange Account. An exchange is a business that allows customers to trade cryptocurrency for other currencies according to the current price of both. There are many exchanges out there, including Coinbase, Wealthsimple, Crypto.com, and more. These enable bettors to acquire the Bitcoin they want to use for their sports betting.
4. Buy Bitcoin from the exchange you signed up for in step three and send it into your wallet that you created in step two.
5. Deposit the Bitcoin into your betting account

Bitcoin Betting vs Regular Betting

We gave you a breakdown of what Bitcoin is, and how to bet with it, now let’s compare Bitcoin betting and betting with more typical banking methods.

Longer Set-Up Process: If you’re using traditional banking methods, there’s no need for something like a crypto wallet or a crypto exchange. That means it can take less time for the setup process to happen. However, if you already are an experienced crypto user with all these things already in place, then this doesn’t make any substantial difference.

Quicker Transactions: Bitcoin transactions, for both deposits and withdrawals, are processed within minutes. If you’re using a traditional banking method, this won’t be the case. Because banks are set up to avoid fraud, it can take days to verify transactions. Bitcoin cuts the third party out of the picture, making transactions significantly faster.

Quantifying Stakes: When you’re betting with traditional banking methods, it is easier to understand how much you are betting. Using fiat currency, the amount you wager is very clear. With Bitcoin, you are gambling in Bitcoin. The price of Bitcoin rises and falls based on the whims of investors, so actually knowing how much you are betting is harder to quantify.

Limited Sites to Use: With regular banking methods, every gambling site that is operating in your region is available to you. With crypto sports betting, your options are more limited. There is not the same number of sites that offer Bitcoin betting, so you may find yourself using a site you don’t care for as much just because it offers crypto gambling.

Cryptocurrency has become a lot safer and more reliable in recent years, and along with it, Bitcoin betting has to. But there are still risks and scams that bettors should keep their eyes on. Below, we’ll provide some security tips for staying safe and avoiding scams when you are using Bitcoin betting sites. 

• Choose a Trustworthy Sportsbook: This is crucial. There are many sportsbooks out there that are safe, secure, and reliable. Only select those with pristine reputations, like the ones we have recommended.
• Stay Vigilant: Security is always a concern, so stay aware and vigilant. Phishing and other tactics can be used online to try and manipulate, so keep your eye on the ball.
• Use a Secure Wallet: A secure wallet that can’t be hacked is a must. There are plenty of reliable, highly secure Bitcoin wallets bettors can find online. But remember, keep your private keys offline.
• Consider Two-Factor Authentication: Implementing two-factor authentication for your sportsbook and Bitcoin wallet will add an additional wrinkle of security to the betting experience. This ensures less risk of hacks.
• Bankroll Carefully: Be cautious with how you utilize your Bitcoin betting. Bankroll carefully, and don’t get carried away.

Bitcoin betting may remain novel to a lot of people, so it is likely that there are many bettors who have questions about the process. We are here to help with answers to the most frequently asked questions about Bitcoin betting.