Account Setup: Several days
Availability of Funds: Instant
What is Bitcoin?
Bitcoin is a digital currency that is created and held electronically. It’s best described as cash for the Internet, a way to send and receive money online without using a middleman like a bank.
How does Bitcoin work?
You can get bitcoin via Bitcoin ATMs, local bitcoin exchangers or online bitcoin exchangers. Once you’ve obtained bitcoin, you can send it from your bitcoin wallet to the bitcoin wallet of an online sportsbook or wherever else you’d like to deposit or send money.
We wrote an article (which includes a video) describing the entire process of acquiring bitcoin and using it to make a bitcoin deposit at Bodog.
Which Sports Betting Sites Accept Bitcoin?
Only a few of our recommended sportsbooks accept bitcoin deposits, but we expect most or all of them to become bitcoin deposit sportsbooks in the near future.
Is Bitcoin safe?
Yes, but there are a couple of things to keep in mind. You’ll want to keep an eye on the value of bitcoin as it fluctuates greatly (though if you acquire it and then send or convert it immediately, that shouldn’t be an issue) and you need to remember your bitcoin wallet login and password.
What are Bitcoin fees?
Besides anonymity, low fees are the biggest perk of using bitcoin. It doesn’t cost very much to acquire, and bitcoin wallets charge a minimal amount for when you make bitcoin deposits or payments.
How do I deposit using Bitcoin?
If you already have bitcoin, it’s a very simple process. All you need is a bitcoin wallet address from the sportsbook you want to deposit at (they’ll give you one when you click ‘Bitcoin Deposit’). Then log into your bitcoin ewallet and send the appropriate amount of bitcoin to that wallet address.
It’s a bit more challenging if you don’t have bitcoin yet, so be sure to read our article on how to acquire bitcoin and then send it to your sportsbook.
What are Bitcoin limits?
Any bitcoin deposit limits will be set by your sportsbook. Bodog sets its bitcoin deposit limit at $5,000 (minimum of $20). 5Dimes has its Bitcoin deposit limit at $10,000 (U.S.) and a minimum of $50.
To withdraw bitcoin from your sportsbook account, just reverse the process. Create a wallet address in your bitcoin wallet for the sportsbook to send the money to, then inform the sportsbook what that wallet address is.
They’ll send you the bitcoin equivalent of whatever amount of cash you want to withdraw (Bodog will allow you to withdraw up to $9,500 per 5 day period).
Bitcoin Account Currencies
Bitcoin is a universal currency, so once you acquire it, you’ll be able to use it at any sportsbook that accepts bitcoin.
When you’re buying your bitcoin, we have not seen a bitcoin ewallet that doesn’t accept Canadian currency deposits.
The Bottom Line…
It’s a bit of work to set up at first, but we think bitcoin might be the best sportsbook deposit method for Canadians. The fees are low and you’ll enjoy the anonymity of being able to send and receive bitcoin to and from whoever you want, not just sportsbooks.