So, you have decided to pick an online sportsbook that accepts Bitcoin. First, you need to know what ones are safe and secure with a proven history. There are a growing number of places that accept Bitcoin, and as the number grows, it becomes harder to spot the legitimate options from the scams. We will help you know what to look for and what to avoid in an online sportsbook and explain why using a secure Bitcoin sportsbook is imperative.
Why Safety Matters More When Using Bitcoin
Security and safety are always important when picking an online sportsbook. It is one of the definable characteristics to consider when making your decision. Online sportsbooks hold large amounts of personal and financial information. If they cannot keep your money or information secure, they lose reputability, which leads to a loss of customers and profit. Because of the potential losses from lacklustre security, the best online sportsbook have dedicated security teams, who work diligently to keep your information safe.
When using Bitcoin, the safety of the online sportsbook matters even more. Bitcoin trading operates differently than banks and credit cards. Bitcoin operates freely and does not block transactions (although if you use a Bitcoin exchange you may find it blocks certain things). This also means it is more difficult to recover lost Bitcoin or reverse transactions. If your Bitcoin goes into an unsafe or unreliable sportsbook, you may not have any recourse in the event your Bitcoins are lost or hacked.
An excellent online sportsbook converts your Bitcoin into Canadian dollars. Turning your Bitcoins into Canadian funds helps keep the Bitcoins traded protected from hackers. Converting funds to dollars also protects customers from price swings when betting on sports. They should also process transactions quickly. Quicker transactions are a sign of better security measures.
Bitcoin Only Sportsbooks vs. Traditional Online Sportsbooks
When choosing where to bet on sports using Bitcoins, you will see two different options. The first is a Bitcoin only sportsbook, the second is standard online sportsbook that accepts Bitcoin. It is highly recommended to go with a traditional online sportsbook. They accept Bitcoin, convert them into Canadian funds and keep any Bitcoins they acquire in a secure wallet.
Bitcoin only sportsbooks are new and have a spotty track record. Some of them, entered the marketplace, only to fail within a matter of weeks. These new operations rarely have the funds to cover their outstanding debts to their customers. Others could delay payments when Bitcoin values are not favourable. Worst of all, some just defraud people.
Even ones with good intentions are not infallible. Only accepting Bitcoin means it makes more sense to operate with an online wallet. Online wallets are much less secure. Even if they offer faster transactions or lower fees, those benefits do not outweigh a higher chance of hacking.
What To Look When Choosing A Safe Bitcoin Sportsbook
The safety of Bitcoin is dependent on three things. The quality of the online sportsbook, how you use and store your Bitcoins and the continual advance of cryptocurrency and blockchain technology. We will focus on sportsbooks in this part of the guide.
An online sportsbook with a long history of operations is always a good sign. It proves they are reliable, secure and have the capital to honour winnings. New operations may not have enough resources to make consistent payouts and pay a dedicated security team.
In addition, Bitcoin only sportsbooks could face serious issues from Bitcoin price volatility. If Bitcoin prices make too many large swings in short periods, the website could defunct, close operations and run away. If you come across a Bitcoin only sportsbook that does not convert funds, be wary. Decreases in price hurt your winnings, while increases can cause too much financial strain on new sportsbook if they need to purchase more Bitcoins to cover winnings.
- Great Customer Service
A great customer service department is a strong sign an online sportsbook is confident in their product. They know how Bitcoin works and are happy to help new and current members use Bitcoins. Good customer service should reply with fast, clear and concise advice to make anyone nervous about using Bitcoin feel much better and confident.
- Ratings and Reviews
Our website offers comprehensive reviews and rating of the best online sportsbooks in Canada. All of the online sportsbooks in our top-rated list have been researched, tested and vetted to ensure they provide Canadians with a great and reliable service.
What To Avoid When Picking A Bitcoin Sportsbook
On the opposite side of the spectrum are some aspects to avoid when picking an online sportsbook. If you come across any of these factors when picking a place to bet using Bitcoin, you should hold off and gain more information before continuing.
- Suspiciously Large Bonuses
While it is common to see increased bonuses for customers using Bitcoin, there is a “too good to be true” factor everyone should consider. Red flags are not raised if an online sportsbook is offering $50 higher matches on initial deposits when using Bitcoin.
However, a 200% or 300% matching bonus on initial deposits using Bitcoins is a little too high. Remember online sportsbook are businesses. Yes, they use bonuses to attract new customers and reward current ones. However, substantially large bonuses can signal a fraudulent operation. Even if it is not a scam, the rollover rate or minimum odds requirements could be so extreme you may never see any of your winnings.
- Outdated Odds and Home Page
If a sportsbook is more focused on making a quick buck than providing a lasting service, you should run to the hills. One sign of this is a home page with old odds and events. If the website is advertising past events on the homepage, you should leave.
- Advertisements in Strange Locations
Most legitimate online sportsbooks use strategic advertising through partners, affiliates and targeted ads. They do not use obnoxious advertises or place their ads on strange websites. If you see an ad for an online sportsbook, check out our reviews first.
- Low-Quality English or French
Another way to quickly spot a scam is through the quality of their English or French. Be on the lookout for unclear replies from customer service, incorrect spelling of team names or any mention of another online sportsbook. If you notice any of these signs when using an online sportsbook, it is smart to move on and take your business elsewhere.
The Safest Bitcoin Sportsbooks
Bitcoin continues to grow in popularity, but not every online sportsbook has yet to adapt and accept the cryptocurrency as a form of payment. Of the few currently accepting Bitcoins, the ones below are the best options available in Canada.
Tips and Additional Information
Before heading over to your Bitcoin sportsbook, here are some useful tips to remember. The information below is always relevant and helps anyone using Bitcoin have a better experience.
Using an Offline Bitcoin Wallet
The safest way to keep your Bitcoins secure is in an offline wallet. These wallets are usually a USB device that you only plug into your computer when you want to make a Bitcoin transaction. Make sure it is unplugged when done and store it in a secure location where it cannot be damaged.
Pay Higher Mining Fees
When completing a Bitcoin transaction, the party sending the Bitcoins is responsible for the mining fees. The mining fees determine how quick (or long) it takes to process a transaction. Paying a higher mining fee helps keep your Bitcoins more secure. It also means funds are added to your online sportsbook account much quicker.
Monitoring Bitcoin Prices
Anyone using Bitcoin knows the price of a single Bitcoin experiences large swings on a regular basis. While speculating the price of a Bitcoin is difficult, monitoring the price and making deposits and withdrawals at favourable times is a good strategy.
Frequently Asked Questions
As Bitcoin remains an elusive subject, many Canadians have questions before they begin using Bitcoins on an online sportsbook. Here are some common questions Canadians have about online sportsbooks and using Bitcoins.
Is it Legal to use an Online Sportsbook in Canada?
Will my Bitcoin Transaction Every get Rejected?
What is the Different Between Bitcoin and Other Cryptocurrencies?
To put this in another perspective, Bitcoin is the US dollar of cryptocurrencies. It is the largest and most powerful cryptocurrency in the world. Other currencies have some sway in the conversion but do not have the same global impact.
Can I Deposit using Bitcoin and Withdraw Through a Different Method?
Can I buy Bitcoin Through an Online Sportsbook?
What is the Different Between a Bitcoin Sportsbook and a Bitcoin Casino?
If you are on a website which has both (which is very common), you may be able to use your Bitcoins in both sections of the website. Be aware if you accept a bonus, you cannot transfer funds from one part of the website to another.
What can I do If I am not Receiving my Bitcoin Winnings?
Should I Accept a Bitcoin Bonus?
Canadian Sportsbooks Guide
- Lesson 2: How to sign-up for a sportsbook
- Lesson 4: Best sportsbook sign-up bonuses
- Lesson 5: 100% deposit bonuses explained
- Lesson 7: Using Bitcoin at an online sportsbook
- Lesson 8: Safest Bitcoin sportsbooks