How to Bet with Bitcoin? The Complete Guide
If you are looking for the best legal Bitcoin betting sites in Canada, then you are in the right place. On this page, the Betting Trends now experts will explain how to use the most famous cryptocurrency for your Bitcoin bets, without going through non-AGCO sites. So, let's take a look at the best Bitcoin betting sites:
Table of Contents
- Best Bitcoin Betting Sites
- The Best Bookmakers for Betting with Bitcoin
- What is Bitcoin?
- How to bet with Bitcoin
- How to deposit on Bitcoin betting sites
- Withdraw winnings on Bitcoin betting sites
- Bitcoin Bets and Bonuses
- Pros and cons of Bitcoin betting
- Deposit with Bitcoins safely
- The history of the most famous cryptocurrency in the world
- The alternatives to Bitcoin among payment systems
- Conclusions
- The Best Bitcoin Betting Site
- Frequently Asked Questions Bitcoin Betting Sites – FAQ
The Best Bitcoin Betting Sites
The Best Bookmakers for Betting with Bitcoin
The Bitcoin Betting sector is becoming extremely competitive thanks to the presence of dozens and dozens of internet gaming portals. As a response to increased competition, online Bitcoin Betting sites today offer more bonuses and benefits (including in terms of security) to attract more players and bettors, even in Canada. Sports Betting with Bitcoin and other cryptocurrencies have become increasingly in demand thanks to the speed of deposits and withdrawals, low commissions and a wider selection of games (casino side) that can be exploited using Bitcoin and altcoins.
| TOP BOOKMAKERS BITCOIN 2023 | ||
|---|---|---|
1.  LeoVegas |
✔️ BTC, EUR, 10+ Altcoins ✔️ Top Bitcoin Bonuses |
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2. 
|
✔️ BTC, ETH, EUR ✔️ High Odds |
|
3.  Bodog |
✔️ Variety Markets ✔️ BTC, EUR, 10+ |
|
4. 
|
✔️ BTC, XRP, EUR ✔️ Live Stream |
|
5.  %A_357 % |
✔️ Virtual Bets ✔️ BTC, EUR, 5+ |
|
As we have seen, one of the most promising trends in online gambling and betting is the growing attention of the best betting sites on Bitcoin. Until recently in Canada, this was reserved exclusively for non-AGCO sites, that is, all those unlicensed ADM portals operating in the Canadian market. On these sites, it was and is possible to top up your game account with Bitcoin, Litecoin, Ethereum and many other Altcoins (the alternative cryptocurrencies to Bitcoin). Today, it is also possible to bet with Bitcoin on legal AGCO sites and soon we will explain how to do it.
Top Bookmakers and Bitcoin
All the information you have acquired so far must be put to use and, as part of your betting strategy, you will eventually be able to choose the best Bitcoin betting sites. To be included in our ranking, each bookmaker has been scrutinized and evaluated in terms of market selection, bonuses and odds, and ease of deposit and withdrawal with Bitcoin.
What is Bitcoin?
We need to look back to 2009 to understand how it all began. This is the year when Satoshi Nakamoto (a pseudonym) programmed the software that gave birth to and gifted the first cryptocurrency. The potentially subversive nature of Bitcoin was first made public after a period of relative anonymity.
How does it work? This money is not guaranteed or issued by any central bank. It is based on the blockchain technology, which is peer-to-peer. Every cryptocurrency transaction is public and stored in a distributed database (that is, all wallets opened with cryptocurrency are accessible on all PCs).
How to bet with Bitcoin
Now we will show you how to use the world's most popular cryptocurrency for your Bitcoin betting. There are no data or codes, unlike traditional currencies. It is important to set up and use a reliable and secure wallet (or cryptocurrency exchange platform). Then, you will need to obtain the necessary Bitcoin to fill your newly created wallet. To start betting with Bitcoin, you will need to follow these 3 steps:
- Find your trusted bookmaker that accepts Bitcoin
- Make sure you have Bitcoin on your cryptocurrency exchange platform
- Buy Bitcoin and recharge your game account on your trusted bookmaker
Some betting sites allow you to purchase Bitcoin and other cryptocurrencies directly from their platforms. Others, on the other hand, require – as we will see – a few more steps. But let's now see how to create an online wallet, a necessary step to be able to play on Bitcoin betting sites not before verifying all deposit possibilities on the top bookmakers 123bet, LeoVegas:
Create and manage a Bitcoin wallet
When it comes to Bitcoin, your first thought might be of a gold coin with a B-shaped design. Since cryptocurrency exists only in the virtual realm, this image is not uncommon. You need a digital wallet to manage, buy, and sell Bitcoin. You can set up your wallet with various free sites and software.
The Bitcoin wallet will serve you to:
- Store Bitcoin (BTC)
- transfer them to other users
- recharge the betting account
- receive payments (zero commissions)
- making payments on many websites
- Transfers anywhere in the world with no external checks and bureaucracy to comply with
- monitoring of all transactions
Types of Bitcoin wallets
There are three types of Bitcoin wallets:
- Desktop (software) – Download the file and install the client on your PC's hard drive and access the wallet through your desktop. The advantage of this type of wallet is that you have full control as a user. The disadvantage is that you have a wallet (containing your BTC savings) on your personal computer that could be stolen or damaged through cyber attacks.
- Web wallet – This is an online service, so you don't need to download or install anything on your PC. Through the official website of the chosen wallet, you register as a new user and create an account. Once validated, you can access it by authenticating your credentials. This type of wallet is especially suitable for beginners. Some of the most famous ones are Binance and Coinbase.
- Hardware wallet – These are small devices (similar to a USB drive) whose sole function is to be used as a wallet. You cannot install any programs on them. They are recommended for professionals who have large amounts of BTC or for those who want to engage in "mining" activities. An example is the Ledger Nano S (which costs around 90 euros) and provides greater security and privacy.
How to get Bitcoins
It is impossible to obtain Bitcoin at your local bank or ATM (even if there are Bitcoin ATMs available). However, there are many ways to get the most well-known cryptocurrencies. The easiest way is to buy them on one of the many online Bitcoin exchanges available. You can also use the sites mentioned in the previous box as cryptocurrency markets. One issue with these exchanges is that you will have to pay a fee every time a transaction is made.
How to deposit on Bitcoin betting sites
We have seen which, according to experts from Betting Trends now, are the best Bitcoin betting sites. Then, we learned how to understand all the useful tools to obtain BTC. Now, we just need to see how to deposit on Bitcoin betting sites and recharge our gaming account.
As mentioned, on non AGCO sites it is possible to transfer Bitcoins and load your betting account affordably, quickly and easily. This generally happens without transaction fees. After processing the deposit, your betting account will be updated with the new balance in just a few minutes. On the Bitcoin AGCO betting sites in our ranking, however, it is necessary to go through the NETELLER e-wallet to make the deposit.
Access the operator account and follow the steps to make a normal deposit. To start the process, click on the Bitcoin logo from the list of payment options. You will need to select the amount you wish to deposit. However, you must choose in euros, which is the traditional currency. NETELLER will then act as a mediator and convert the cryptocurrency into euros to complete the transaction.
To top up your game account with Bitcoin, simply:
- Access your game account by clicking on LOG IN (in the example image above with LeoVegas)
- On MY ACCOUNT click on DEPOSIT
- Choose NETELLER as the recharge method
- Select desired amount to load (min. 10CAD)
- Confirm the operation by clicking on RELOAD MY ACCOUNT
Withdraw winnings on Bitcoin betting sites
Sites that accept direct deposits of Bitcoin (i.e. non-AGCO sites) will also accept Bitcoin withdrawals quickly, for free and immediately (or within 24 hours). On all other betting portals, to withdraw winnings from a Bitcoin bet, we will have to rely on a platform that converts cryptocurrency into conventional or fiat currency. NETELLER is the only platform that can perform this transaction with bookmakers. Therefore, make sure you have a NETELLER e-wallet.
Among the top bookmakers of Betting Trends now who use NETELLER services, we also want to highlight William Hill:
Details on how the withdrawal works
The withdrawal process is easy if you follow the steps step by step. Go to the withdrawals section of your gaming account. Just like for a deposit request, click on the icon that corresponds to the Bitcoin transaction.
The ball is now transferred to NETELLER. As mentioned earlier, withdrawals from Bitcoin betting sites require an intermediary as they are unusual. You can convert your cryptocurrency amount into traditional currency using the electronic wallet, which we use to convert it into euros.
Although a NETELLER transaction may take up to one business day, it usually occurs in just a few minutes. There is no commission fee. Now we can withdraw money. We can send a withdrawal request from Neteller to our bank account or use the NETELLER MasterCard prepaid card to withdraw cash from any affiliated ATM.
Bitcoin Bets and Bonuses
You may have noticed that Bitcoin betting sites are very popular in online betting. This is because cryptocurrency is still a new frontier and something that bookmakers, as well as others offering online financial services, need to explore. It's not easy to find bonuses or promotions for betting if you use this payment method. Nevertheless, to understand if a bonuses is available for Bitcoin depositors, make sure to read the terms and conditions.
Pros and cons of Bitcoin betting
Today, online sports betting have surpassed and far exceeded traditional betting. No longer is it necessary to go to the betting center near home to bet on the team of your heart. All you need is a smartphone and the game is done. The revolution is also underway in payments with the arrival of Bitcoin. An online Bitcoin bookmaker has much more to offer than a traditional online bookmaker. But there are also some drawbacks that we will see in our Pros and Cons:
What we like:
- financial privacy
- low commissions
- fast payments
- complete anonymity
- special bonuses
What's wrong:
- Lack of regulation and rules
- cryptocurrency price volatility
- no refund or return possible
Having said that, now all that's left is to try the betting site recharge service through one of our top bookmakers, Bodog:
Specifically, we want to focus on some drawbacks related to using Bitcoin for betting. First of all, there is a lack of regulation. The most popular online bookmakers in Canada are licensed by AGCO, which ensures safety of information, personal data, and especially financial transactions.
Operating exclusively with cryptocurrencies, on the other hand, makes it easier for Bitcoin betting sites to operate without a license. Unlicensed bookmakers not regulated by AGCO do not report to third parties or governments. Therefore, the risks of them acting unfairly or conducting a scam also increase. That's why we advise you to follow our recommendations and choose one of the authorized betting sites that accept cryptocurrencies and Bitcoin.
Deposit with Bitcoins safely
Bitcoin is more than just a currency. It is an experiment that has never been attempted before. However, it remains in an experimental phase. Before using them, it is important to inform yourself and take all necessary precautions. Your Bitcoin wallet is the first thing to be aware of. It should be protected and kept away from prying eyes, much like a real wallet. Online wallets, for example, can be convenient but are more vulnerable to external attacks.
It is important to frequently update your software. You may also consider it a smart idea to only keep the money you plan to spend online. You can keep your backup offline on a USB memory stick or paper via QR code. Make sure to keep your wallet and backup encrypted. It is nearly impossible to recover the password for a Bitcoin wallet, unlike a normal bank account.
Keep a copy of your password on paper and keep it safe. To avoid losing your money forever, you should be willing to ensure that your assets can be traced in case of emergency. Remember that these transactions can be irreversible and immediate, so think carefully before authorizing a payment.
The history of the most famous cryptocurrency in the world
Most people are familiar with the story of the most well-known cryptocurrency. Satoshi Nakamoto published the Bitcoin protocol on The Cryptography Mailing List on the internet in 2008. He later distributed the first version of the software the following year and worked with other developers to move the project forward. However, he decided to leave the Bitcoin community in 2010 and hand over management of the program to Gavin Andersen.
There is still much debate about who the true creator of Bitcoin is. None of the theories have been proven true. Although the value of Bitcoin has increased over the years, it has not grown consistently. One Bitcoin was traded for $13 at the beginning of 2012 and was worth $850 by the end of 2016. The Chicago Board of Trade (CBOT), the stock exchange of the city of Illinois, allowed the trading of futures contracts for most cryptocurrencies in December 2017. A contract that allows traders to bet on the future value of assets, contributing to the increase in the value of the virtual currency.
Bitcoin was at $20,000 at the end of 2017 before crashing to $12,000 and closing the year at $14,600. In the last 24 months, Bitcoin has been the subject of attention by the giants of the global finance industry, to the point that the cryptocurrency reached its highest historical value in February 2023, after Tesla's purchase of Bitcoin for one and a half billion dollars, surpassing $64,800.
Volatility and fluctuations in cryptocurrencies
You are probably aware of the volatility of Bitcoin. What does this term actually mean? We will not go into economic details, so let's focus only on some definitions. Volatility refers to the variation in currency prices over a period of time. This is important because Bitcoin's volatility can cause sudden price changes. Let's just say that Bitcoin has a volatility index of 4.60%, while the volatility index for major currencies (dollar and euro) ranges from 0.5% to 1%.
The future of betting and Bitcoin
Bitcoin works well for online betting. All bettors love the speed of withdrawals and deposits, which is particularly important for live betting. The ability to keep financial and personal information safe and not subject to taxes or fees are also excellent features.
Curacao, Isle of Man and other authorities like El Salvador (where Bitcoin is legal tender) were the first to legalize Bitcoin for online gambling. The English Gambling Commission, one of the most regulated dealers in the world, has begun to associate cryptocurrencies with traditional payment methods such as bank transfers and credit cards.
This has been closely followed by the Spanish Dirección General de Ordenación del Juego. The Malta Gaming Authority is currently studying the possibility of virtual currencies. However, in Canada the situation is different. The Agency of Customs and Monopolies has not commented due to strict anti-money laundering regulations currently in force. The use of cryptocurrency for betting in Canada is therefore limited at this time.
The alternatives to Bitcoin among payment systems
Bitcoin is therefore not only a secure method for making payments and online transactions on betting sites, but it is among the most used by users on new bookmakers, like the giant PayPal or other e-wallets widely used especially among bettors such as paysafecard.
The payment option offered by Poste Canadiane is very widespread among the various bettors, namely the rechargeable PostePay, which opportunity to load an amount on your card without having a real account. This favors online purchases or on betting sites, as only the amount to be used can be easily inserted into the prepaid card, by making a simple top-up online or at the post office counter.
Conclusions
This long review reveals more about sports betting with Bitcoin. We're talking about a payment method that is still in its early stages. Bitcoin is able to assert itself in the betting world thanks to its unique characteristics, such as fast withdrawal and deposit times, low management costs, and practically nonexistent commissions.
2009 was the year in which cryptocurrencies were created. They are now widely used. Therefore, we expect regulation in this sector to happen soon. We also anticipate that other operators will follow in the footsteps of the best bookmakers. Visit our homepage to learn more about Bitcoin betting.
The Best Bitcoin Betting Site
Frequently Asked Questions Bitcoin Betting Sites – FAQ
What are the best Bitcoin betting sites in Canada?
Although it is not a long list, this list includes the best Bitcoin betting sites in our country. Currently, there are only a few operators that accept the cryptocurrency at the moment (LeoVegas and Bodog among them), although they use NETELLER to facilitate payments and deposits.
Is there a betting site that accepts Bitcoin?
Currently there are no licensed betting sites that accept Bitcoin for payment. However, you can recharge your betting account using Bitcoin through the electronic wallet, Neteller.
Is it possible to use Bitcoin for free on betting sites?
You cannot use Bitcoin to pay for sports betting. For all withdrawals, a conversion to normal currency is required.
How can you make a Bitcoin deposit on a betting site?
There are three methods that can be used to deposit Bitcoin on a betting site: one is a legal deposit, the other is a peer-to-peer transfer, and the third is purchasing currency from a bookmaker who offers this service.
Is Bitcoin subject to taxation?
It is not clear if there is a regulation in Canada to regulate cryptocurrency earnings. However, the Revenue Agency identifies Bitcoin as a foreign currency. It is possible to declare capital gains through the Unico PF form.
