Bitcoin: (“BTC”) the digital currency that has taken the Internet by storm is also beginning to take over the gambling world, as we see more and more people accept bitcoin gambling methods as the norm. Many sportsbooks are now operating as Bitcoin betting sites due to soaring values on the stock market and a lack of regulation from authorities, with numerous prominent sites having already adapted to the crypto-craze.
Readers from Ontario should note, however, that cryptocurrencies are not an accepted deposit method within the legal and regulated Ontario sports betting regime.
Betting on Bitcoin in Canada
Our Canadian online sports betting guide provides an extensive list of books that accept the currency. Betting on Bitcoin is fast and easy and may even more reliable than traditional methods like credit card or bank transfer.
At CSB, we make it easier for you to find all the information you need when it comes to Bitcoin gambling. Whether it’s Bitcoin sports betting, finding the right Bitcoin gambling sites, or making sense of Bitcoin sports betting, we have it covered.
Choosing the best bitcoin betting site
You can start by choosing the best bitcoin betting site by using the table we provided above. Find all the sportsbooks that accept Bitcoin, then read our reviews followed by going to the actual sites. Bitcoin bets are fast and easy.
Peruse each site and find the markets they offer for the sport you are betting on. How many do they offer? What are their betting lines? How often do they update and how early do they release lines?
These are just some of the basic questions you need to use when deciding how productive a sportsbook is with your relative sport.
It will be wise to open accounts on multiple books as they may offer different markets. Your main betting site will be the one that offers the most markets while your alternative sites may offer some exotic bets that only they have.
Lastly, find the different promos and offers a sportsbook has and if they apply for Bitcoin. Even better, do these books offer better promos if you use bitcoin?
Bitcoin BTC FAQ
Bitcoin is a form of cryptocurrency, which is a digital currency without a central bank or financial institution supporting it. It functions simply like a computer program or a mobile app to a user, providing them with a Bitcoin wallet that works like any other e-wallet.
This is the face of Bitcoin for the majority of users. But delving a little deeper, it functions using something known as “blockchain”. This allows bettors to track the progress of the transaction from start to finish using digital signatures. It ensures transactions are completed safely and swiftly, which is one of the reasons it’s becoming increasingly popular as a deposit method among major sportsbooks providers.
Bitcoin had registered 42 million wallets as of the end of 2019, with the numbers increasing into 2020. It’s extremely popular in North America, with 7.1 million accounts. Bitcoin has been especially influential in the gambling industry, allowing users to complete withdrawals and make deposits without any fees attached.
What’s more, the functionality of Bitcoin is something that’s being noticed by major banking institutions as a legitimate currency. Though it’s unlikely Bitcoin would be the currency, there is scope for it being the future of how everyday people make transactions.
There is always speculation about the currency due to its complex functionality, but it’s not important once you see how simple it is to use the Bitcoin wallet.
Bitcoin is widely accepted as a currency with online sportsbooks. There are some acceptions to the rule of course, but even some of the younger sites offer free withdrawals and deposits using Bitcoin.
Regarding the broader legality of Bitcoin, it’s illegal in most jurisdictions. Although it’s not something many people have been prosecuted for many countries have laws restricting access to Bitcoin exchanges. However, it is entirely legal in the U.S. but is largely unregulated.
The vast majority of major sites offer Bitcoin as a payment method, major NBA betting sites, MLS and MLB sites all offer Bitcoin betting. For major sports fans, Bitcoin is an ideal payment method, as it allows users to access great bonuses. It’s always worth looking through the various deposit bonuses and checking fees to find the right sportsbook.
Bitcoin mining relates to the blockchain we mentioned before. It’s the process of adding transaction records to the blockchain, which contains all past transactions which are adding to the never-ending chain of blocks. The primary purpose of the blockchain is to record transactions and confirm their completion with everybody in the Bitcoin network.
Bitcoin offers a great level of security to users and doesn’t require them to reveal a large amount of personal information. Although, it must be said that users would have to reveal standard information, as you’d expect using any other mainstream e-wallet or e-bank.
While it doesn’t offer the level of privacy as using cash! The whole purpose of Bitcoin is designed to track and make a record of all transactions made, so it’s legitimacy is undoubted. Though this may be true, it’s still mostly unregulated which means it often leaves a certain level of doubt about its validity.
Cryptocurrencies are based around the Bitcoin as it was the first functioning version online. There is a lot of speculation about who actually created it, though it seems to be Satoshi Nakamoto. Satoshi left the project around 2010 in an incognito fashion. The community continues to grow and the work os Satoshi will likely continue to grow as the world comes to terms with this new technology.
With the vast majority of sportsbooks, the fees are covered. As always, this isn’t the case with all sportsbooks as some will charge small commissions fees to users. But most sportsbooks offer great bonuses on deposits and withdrawals, making Bitcoin a preferential option to the user.
When sending Bitcoins between users, there’s usually a very small fee (no more than a few cents) attached to the transaction. Equally, if a user doesn’t want to pay a fee they can do the translation for free. But the transaction takes longer than the instantaneous transactions it would otherwise have if the fee had been paid.
For regular sportsbook users, they will have noticed “mBTC” anywhere they hold a balance; in their Bitcoin wallets for example. The letters mBTC simply represent the metric system used with Bitcoin. The M represents milli, which represents one-thousandth of the base unit. Basically, if you’re on your favourite NFL betting site and go to your funds, it just shows next to the balance of your Bitcoins!
It’s an odd question, as it’s an unnatural thing to do. However, it would be advisable to use a different address for each transaction for ultimate security. It’s commonplace among Bitcoin users exchanging money via their wallets, and it’s also an option to users when using bitcoins to make transactions anywhere online.
Bigger bonuses with Bitcoin
Betting on Bitcoin is just like betting with any currency although it also depends how much you value your Bitcoin relative to other currency. But first, there are some bitcoin-exclusive tips to consider, if you want to get the most out of your Bitcoin bonus.
For the most part, a Bitcoin sports welcome bonus is just like every welcome online gambling bonus – except you can get bonus Bitcoins rather than dollars, or funds on your account. Provided you follow the terms and conditions of the Bitcoin sports betting sites of your choosing, you will qualify for the bonus. The bonuses can range from the book matching every dollar you deposit up until a certain amount.
This is usually contingent on a few factors such as meeting the minimum deposit requirements. You have to be a new customer to meet the welcome bonus. Other factors may include:
- A minimum bet
- A bet on a qualifying sport/event
- Cash balance is used first before the bonus
- Bonus winnings go into bonus balance
- Only bonus stakes contribute towards wagering requirements
It differs per sportsbook, which is why it’s advisable to sign up for as many. The good news is you will qualify for each new sportsbook you sign up for providing you meet their requirements.
To find the best bitcoin sign up bonus, you can check the best sportsbook bonuses online. Make sure to review the book to ensure they cater to the betting markets you are looking for.
Catch the action from big sports and major sporting events from the Super Bowl to the FIFA World Cup to hot new sports like esports and UFC and even non-sports events like politics and award shows in entertainment.
With literally hundreds of sports and events to choose from and countless markets, you are limited only by how much you can keep up with. So, take a look around CanadaSportsBetting.ca to find the deals offering bonus Bitcoin on signup.
Can you deposit and withdraw with Bitcoin?
Similar to many other deposit methods, Bitcoin allows users to deposit and withdraw from their favourite sportsbooks. An increasing number of sportsbooks are offering a no deposit bonus, which is a special bonus a sportsbook may offer customers, deposit free, so they can try the sportsbook out. Often this will require users to create a new account, enter a competition, or sign up through third-party sites.
Some sportsbooks treat bitcoin differently than any other deposit. You may get a better deposit bonus by using Bitcoin. And for most of the books that process Bitcoin, depositing and withdrawing Bitcoin is a lot faster than regular currency.
Are there any fees when using Bitcoin?
One of the noteworthy features of Bitcoin is the fact bookmakers often prefer to deal with Bitcoin than other payment methods. As such, a number of companies don’t even charge fees when making withdrawals.
However, this isn’t the case for all sportsbooks. Quite often, bookmakers will have flat fees on withdrawals, and on the very rare occasion deposits too, so in this case, it’s irrelevant what method you are using.
There are some bookmakers that offer basic withdrawals. While some others have fees of up to 5%, which will max out at a certain monetary value.
A number of companies are real cryptocurrency bulls and have developed software online and for mobile apps complete with well-designed user interfaces, allowing users to manage their money more comfortably and efficiently.
How long do transfers take and do Bitcoin fluctuate?
Bitcoin is on the stock market, which means the value of the currency fluctuates due to investors betting on Bitcoin. Though significant shifts in the market are unlikely to happen during withdrawal or deposit, the difference would largely be insignificant.
Generally speaking, withdrawals and deposits should take anything less than 30 minutes. Although, on occasion, they can take up to two days.
As the currency has gained momentum over the years, it has meant the majority of sportsbooks are now accepting Bitcoin. The endorsement of Bitcoin as an investment tool has led to an increasing number of users choosing the crypto-currency.
It’s recommended purchasing only the amount in Bitcoin you wish to deposit. Then, withdraw the amount that you will immediately convert back into government issues currency (e.g. CAN$). If this method is used it will drastically lower the chance that a drop in value could affect you.
Minimum and maximum deposits/withdrawals
With so many different sportsbooks now offering an option to fund your account with the digital currency, it’s much easier to get access to the action. The vast majority of sites convert Bitcoin to USD on deposit. This is also done at the point of withdrawal, protecting users from fluctuations in Bitcoin’s price.
Though it varies slightly between each sportsbook, you can review each individually, for the vast majority of sportsbooks, the maximums and minimums on deposits and withdrawals are around the same amount.
How does Bitcoin work?
Each Bitcoin transaction uses a unique address, which only the sender and receiver have access to, making the whole process rather personal and very secure. Bitcoin features “exchange wallets”, which you use to buy, sell and transfer Bitcoin. There are various layers of security (Username, password and 2-factor authentication) that come into play to ensure only the account owner has access.
To ensure security, Bitcoin is backed up and encrypted on a blockchain. The Bitcoin community is very close-knit and they are constantly monitoring the blockchain, so a hack is extremely unlikely.
In order to use bitcoin, you will need to be a verified user. Ensure you have this sorted out immediately.
Have a budget in mind when betting. This means allotting only an exact percentage of your bankroll when making a bet. Most professionals use a “unit” system when betting. A unit represents a percentage of your bankroll. E.g. If you have $1,000 in total, then a unit is $10.
Stay disciplined and measure the value of each bet before making the commitment.
Where is Bitcoin accepted?
Like betting with fiat currencies, bitcoin betting is safe and legal in Canada. Online betting can seem intimidating especially for beginners, but since the sportsbooks are not officially within Canadian territory, the Canadian gambling laws do not apply towards them.
Bitcoin gambling legality is not explicitly controlled or sanctioned by the Canadian federal government or by any Canadian bank. Unlike some credit cards and debit cards, which your bank accounts can block from activities from online sportsbooks, you can dispense your Bitcoin without issues.
Go ahead and start using Bitcoin to bet. It isn’t only a faster and smoother transaction, but one that is absolutely legal.
Bitcoin is swift, secure and anonymous
Bitcoin is one of the safest and fastest ways to deposit and make withdrawals. When used correctly, it is now arguably the most efficient way of moving money in and out of sportsbooks. Regardless of whether you are depositing or withdrawing at your sportsbook, Bitcoin is the fastest method out there.
It’s understandable that some people are hesitant to try new payment methods, especially ones that are relatively difficult to understand. Cryptocurrencies have had mixed reviews over the years and at times some bad press, which has led to this feeling of it being unsafe or risky. This is simply not the case.
Often people want to deposit money anonymously, and since personal information is left out of transactions. This results in users being less exposed to a number of threats, such as identity theft or hijacking accounts. If you deposit funds using another method, let’s say using a credit card; your bank will be able to see exactly where your funds are coming from. Whereas, when using Bitcoin, your bank sees only a peer-to-peer transaction with no personal details included.
Bitcoin Super Bowl Betting Sites
As the popularity of Bitcoin betting continues to soar, many cryptocurrency users wonder where is the best place to start betting. Placing a Bitcoin Super Bowl bet is simple; but where does one find the best sites for Super Bowl betting?
As the NFL’s biggest game of the year each year, the Super Bowl attracts millions of North American bettors, as well as many more millions across the globe. While that may seem easy enough, it’s common that credit and debit cards get declined – which is really the last thing anyone wants on the big day.
Bitcoin offers bettors a guaranteed alternative to traditional payment methods, ensuring bettors get to place the wagers they desire on the day. Check out our full list of Bitcoin betting sites, for the very best ways to place a Bitcoin Super Bowl bet this year!