Best Crypto Sports Betting Sites in Canada

Review of the Top Crypto Sports Betting Canada Sites

I advise you to stay and read the short reviews of the 8 best crypto sports betting Canada sites before going any further.

A Quick Guide to Sports Betting

Numerous popular sports are available on crypto sports betting platforms in Canada. Below, I investigate the different sports and betting markets. I also provide a brief overview of odds.

What sports are available on cryptocurrency sports betting sites?

Some of the most popular sports to bet on are listed below.

Formula 1

Bettors that use cryptocurrency are often devotees of Formula 1 racing. The high-octane pursuit ensures you have many options. For instance, you can predict race winners, podium finishes, and fastest laps.

Virtual Sports

Virtual sports provide a unique and captivating betting experience. These games simulate actual sporting events, which means you can wager even when there are no live matches. Virtual soccer betting with crypto, horse racing, and tennis are some of the options available, catering to every sports fan.

American football

Betting on American Football, including NFL and CFL games, is common on sports betting crypto sites. Many gamblers are drawn to the Super Bowl and the Grey Cup.

Basketball

The NBA plays a big role in North American sports betting. Crypto sports betting sites provide a variety of choices, including wagering on player performance and match predictions.

Ice hockey

NHL games are available on Bitcoin sports betting platforms, which also provide a variety of betting possibilities. Markets include player props and the number of goals scored in a period.

Baseball

Stats lovers can’t get enough of baseball, especially MLB games. The intricacy of the sport’s strategy and wealth of data provide several betting opportunities.

Tennis

Tennis is a popular sport on Canadian cryptocurrency betting sites. Exciting betting markets are available in prestigious competitions like Wimbledon and the US Open. You can wager on match outcomes, the number of sets, or the precise score.

eSports

eSports has surged in popularity, and it’s increasingly featured on crypto sports betting sites. Games like Dota 2 and League of Legends offer bettors lots of choices. The dynamic nature of eSports creates engaging betting markets.

Horse racing

Horse racing is the sport of kings and punters! It remains popular on crypto sports betting sites. It is a much-loved pursuit because of the sport’s intensity and suspense. Also, people love that they can select winners at huge odds.

Cricket

Cricket is hugely popular in Asia, South Africa, Australia, and parts of Europe. It also has a small but dedicated following in North America. You can bet on events such as the English County Championship to the World Cup.

Soccer

Soccer is a popular sport for betting and is growing in popularity in Canada. Major competitions like the World Cup and Champions League are often featured on sports betting sites.

It’s also worth noting that these platforms also act as crypto casinos in Canada. Therefore, you can play a variety of great games such as slots and roulette.

What sports and markets are available?

It’s not enough to have many sports to choose from; you also need an array of markets. Otherwise, you’ll get bored and frustrated with the lack of choice. Here are the most popular sports betting markets on crypto sites.

The Moneyline

This is the simplest form of sports betting, where you wager on which team or player will win a particular game or match.

Exchange betting

You can compete against other players rather than the bookmaker in exchange betting. This allows for more flexibility in setting odds and potentially getting better value.

Over/Under

In this market, you predict whether an event will have a higher or lower total number of points (or goals) than the line set by the bookmaker.

In play

Live or in-play betting allows you to place wagers on a game or match while it is in progress. The odds and available bets may change dramatically based on the unfolding events.

Parlays

Parlay bets involve combining multiple individual selections into a single wager. To win the parlay, all the respective bets must be successful. The potential payout is higher, but the risk is also greater.

You can reduce the risk by trying a teaser bet. You can adjust the spread line to make it easier to win. The payout is lower, but you have a better chance of winning.

Futures

This involves betting on the outcome of an event that will happen in the future, such as the winner of a tournament or league. Futures bets are typically placed well in advance and offer long-term speculation opportunities.

Props

Also called proposition bets, these are wagers on specific events or outcomes in a game. Moreover, these events don’t always impact the overall result. Examples of prop bets include the number of points scored by a basketball player or the individual to score the first goal in a soccer game.

Point spread

In this type of betting, a point spread is assigned to each team to even out the odds. You bet on whether a team will win by a certain number of points or keep the game within that range.

Betting odds: Know when the price is right

The most common forms of sports betting odds formats are as follows.

American odds

Also known as ‘Moneyline’ odds, American odds are mainly used in North America. They appear as positive (a + in front) or negative (a – in front) numbers.

Odds with a positive sign, such as +200, indicate the possible profit on a $100 wager. Odds with a negative sign, such as -150, represent how much you must bet to win $100.

Decimal odds

This format is widely used in many parts of the world, including Europe, Australia, and Canada. Decimal odds show the possible payout for each unit wagered, including your initial stake.

For example, if the odds are 4.50, a $30 bet would result in a total payout of $135 ($30 stake + $105 profit).

Fractional odds

Fractional odds are commonly used in the United Kingdom and Ireland. They are displayed as fractions, such as 4/1 or 11/2, where the first number represents the potential profit and the second represents the stake.

For instance, at 4/1 odds, a $1 bet would result in a $4 profit plus the original $1 stake.

Hong Kong, Indonesia, and Malaysia are widely used in Asia.

What Do Canada’s Crypto Betting Laws Say?

The law surrounding gambling with crypto depends on the jurisdiction. In general, digital coins are legal in more places than sports betting. Yet, if one or the other is illegal in a nation, wagering on sports is prohibited.

For instance, you can theoretically use BTC betting sites in the Netherlands, Philippines, Germany, Bulgaria, and certain states in India. Sports betting is okay in Brazil and France, but online casinos are illegal.

If you live in Malaysia and Thailand, you’re out of luck as betting remains illegal. Incidentally, crypto and wagering are legal in Argentina, but the South American nation has a digital currency banking ban.

In any case, Canadian residents are fortunate as they have easy access to Bitcoin sports betting sites. But things aren’t necessarily that straightforward, as you’re about to find out.

Canada and crypto

According to the official Canadian government website, crypto assets are legal. Yet, they are not legal tender, so there is no regulatory oversight like with fiat currencies.

Instead, the Canada Revenue Agency (CRA) views crypto coins as commodities. Therefore, digital currency holders may be subjected to different agencies and rules. Learning more about these regulations when buying BTC in Canada is important.

The government has left no doubt as to its opinion on crypto. It views it as a risky investment and advises people not to buy it. In essence, Canadians are left to their own devices.

Canada and sports betting

Canada welcomed iGaming, a new online gaming market, in April 2022. It allows providers to receive a license from the Alcohol and Gaming Commission to provide services in Ontario only.

Technically, sports betting remains illegal in Canada unless a province regulates it. However, the rules surrounding online wagering remain less clear.

At present, Canadians can use overseas platforms. However, it is illegal for any online sports betting site to operate on Canadian soil. Fortunately, many of the best providers operate outside the country.

C-218, passed into law in August 2021, finally allowing Canadians to enjoy single-game staking. Until that point, punters could only place parlay bets.

The Cons of Crypto Sports Betting in Canada

While there are advantages to Bitcoin gambling in Canada, it’s vital to consider everything, including the disadvantages. Let’s discuss them in plainer language.

The value of digital currency can fall quickly

Individuals with sports betting accounts may find that their balance can fall as well as rise. There are many reasons, such as politics, why the value of digital coins drops. Sadly, users have little control over most of them.

Therefore, you must have a state of mind aware of the possibility of losing money.

If you make a mistake, there’s nowhere to turn

Crypto sports betting sites exist without oversight. Consequently, questions must be asked about the security measures used by your chosen platform. Without rules, there is a chance of unethical behavior or even fraud.

It is potentially difficult to remedy issues with a crypto sportsbook. Depending on the site, you might find it hard to find proper assistance in your chosen language. Without good customer service, you may feel lost.

Also, you must use common sense and check everything before sending money. When transferring money from crypto exchanges, remember that transactions are irreversible.