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Bitcoin sports betting sites in Canada

How to use Bitcoin on betting sites

Bitcoin is a cryptocurrency that has massively grown in popularity during the last decade, to the extent that it is now offered as a payment option by some sportsbooks in Canada. It’s been widely used in Canada since 2016 and it is estimated that 105 million people worldwide own Bitcoin as of 2023.

Bitcoin has been praised for its anonymity and speed, although the fact that its value can fluctuate wildly means that using it has been compared to a form of gambling itself. It’s still a recently established and fairly niche payment method, and as such, it’s not yet offered by many sportsbooks.

Pros and cons of using Bitcoin

Pros

✅ Additional anonymity: One of the reasons Bitcoin is so popular is that it’s virtually anonymous to use, meaning it may appeal if you prefer not to make large deposits and withdrawals with a credit or debit card.

✅ High level security: Bitcoin’s use of blockchain technology makes it extremely difficult to alter or hack transactions associated with networks that use it, offering extra reassurance that your money is safe.

✅ Quick processing times: Since Bitcoin transfers are entirely electronic, deposits and withdrawals using it are generally processed very quickly, and sometimes even immediately. The only thing slowing them down is a sportsbook’s verification processes.

✅ High deposit limits: Bitcoin remains an in-demand cryptocurrency, in part because more than 90% of the Bitcoin in existence has already been mined. Unsurprisingly, sportsbooks are eager to join the action and accrue some of the currency for themselves, meaning that those that offer Bitcoin tend to so with high deposit limits.

✅ Separate wallets: If you prefer to keep your gambling activity separate from other types of spending, you can use as Bitcoin as a dedicated wallet for sports betting. This also makes it easier to track exactly how much you’re depositing and withdrawing.

Cons

❌ Fluctuating value: Even though it’s one of the more stable forms of cryptocurrency, the value of Bitcoin can still fluctuate wildly. As a result, its value can vary considerably from month to month, and even day to day.

❌ Limited availability: Using Bitcoin and other forms of cryptocurrency for sports betting is relatively new. As a result, many sportsbooks – including many of the major betting sites available in Canada – don’t yet offer it as a banking option.

Using Bitcoin on mobile devices

Using Bitcoin on mobile devices is a little different to using a payment method like PayPal or a credit or debit card. This is because you need a wallet where you can store your Bitcoin before you send or receive it. To set up a Bitcoin wallet, you need to do the following:

  1. Research the different Bitcoin wallets available and choose your preferred option

  2. Download the wallet app from your mobile device’s app store

  3. Follow the steps listed in the app to sign up for an account and add Bitcoin funds to it

  4. Choose a sportsbook that offers Bitcoin as a deposit/withdrawal option and set up an account with them, if necessary

Depositing with Bitcoin on mobile

Once you’re ready to deposit Bitcoin at your chosen sportsbook, these are the steps to take:

  1. Access the account management area of the sportsbook you’re betting with

  2. Select Bitcoin from their list of available payment options

  3. Enter the amount that you want to deposit

  4. Complete any verification checks that are required

  5. Wait for your money to come through and enjoy betting with your newly deposited funds!

Why should you use Bitcoin for betting?

There are those who believe that Bitcoin is the future of spending money online, and it’s not hard to see why. It offers a quick, anonymous, and highly secure method for depositing and withdrawing money, as well as the ability to set up a dedicated wallet for your sports betting.

Historically, it was difficult to acquire and spend Bitcoin, but that’s just not true anymore. Various desktop and mobile wallet options are now available that cater to Bitcoin newbies, making the process easier than ever before. While some patience may be required until more sportsbooks offer it as a banking option, the high deposit limits and fast processing times are among the various reasons to use it with those that do.

Bitcoin FAQs

What is Bitcoin?
Do you have to pay any fees for using Bitcoin?
Can Bitcoin be used to claim signup deposit bonuses?

All of the payment method guides at BET.CA are written by our in-house team, who have over 40 years’ experience in the sports betting and gaming industries. This means that we understand the wants and needs of bettors, as well as what is important to them, and can therefore help you to find the best payment method to keep your betting experience as easy and enjoyable as possible.

BET.CA staff
BET.CA staff