Updated: September 24, 2023
Is Bitcoin Betting Legal in Canada? Let’s Find Out!
Since you’re reading this article, you’re probably eager to know: Is Bitcoin betting legal in Canada?
Well, here’s the good news: crypto betting in Canada is considered legal. But it does come with some caveats.
In this article, we’ll explore the legal landscape surrounding crypto, and its uses in Canada, examining the regulations, restrictions, and potential gray areas that impact this emerging form of online gambling.
So, let’s dive in!
If you’re short on time and looking for the best crypto sportsbooks that are accessible in Canada, then here’s a full list of our bookies:
P.S. Interested in knowing how we evaluate our sportsbooks? Check out our review process.
Are Cryptocurrencies Legal in Canada?
Before diving into the specific realm of Bitcoin sports betting, let’s address the broader question of cryptocurrency legality in Canada.
The Canadian government views cryptocurrencies as a legal means of payment.
In 2014, the Canadian Revenue Agency (CRA) announced that Bitcoin and other cryptocurrencies are considered commodities and subject to tax regulations.
Using cryptocurrencies as payments in different gambling activities, including sports betting, is legal in Canada.
That means you can buy, sell, and own cryptocurrencies without worrying about the law knocking on your door.
However, not all crypto exchanges are legal in Canada (especially in Ontario).
For example, Binance left the Canadian market as it didn’t agree with the new rules put in place by the country’s regulators. The same goes for OKX.
So what exchanges are considered legal in Ontario and the rest of Canada?
Well, Bitbuy and Coinberry are a few examples of legal platforms. Also, Coinbase has entered into a pre-registration to continue operations in Canada.
Crypto Betting in Canada: All You Need to Know
Regarding using cryptocurrencies for gambling purposes, including sports betting, the legality becomes a bit more nuanced.
The Canadian government does not explicitly regulate or prohibit Bitcoin sports betting. Instead, it relies on existing laws and regulations that generally govern gambling activities.
What does it mean?
Well, basically, in Canada, gambling regulations fall under the jurisdiction of each province and territory.
Are Crypto Casinos and Sportsbooks Legal in Canada?
In Canada, the legality of crypto sportsbooks and casinos is tied to the distinction between Ontario (more on that later on, so stay tuned) and the rest of the country, often referred to as the ROC (Rest of Canada).
In the ROC, the landscape for online betting is quite specific. Only government-led websites like Play Alberta, Sport Select, PlayNow, Loto-Quebec, and Western Canada Lottery Corporation are entirely legal and regulated.
International crypto sportsbooks fall into a gray area – they’re not considered exactly legal, but the government doesn’t have a way to stop them from accepting Canadian bettors.
As for the rest of the crypto bookies, they fall into a gray area. Technically, they are not considered legal, but the government hasn’t implemented a mechanism to prevent them from accepting Canadian players.
Side note: Our favorite bookmakers that accept Canadian bettors are BC.Game, Stake, Cloudbet:
So, these sites operate in a sort of regulatory limbo. While they may not be officially sanctioned, they continue to cater to Canadian bettors without direct interference from the government.
Is Crypto Betting Legal in Ontario?
Alright, let’s now unpack the crypto sports betting regulations in Ontario.
Here’s the scoop: Ontario is the only province in the Great White North that’s got its act together in terms of regulations.
That means only sportsbooks with an iGaming Ontario license have the legal right to operate in Ontario, while those without it don’t.
So basically, what happens, is that when you try to access an unlicensed bookie from Ontario, you’ll not be authorized to continue:
What Are the Best Bitcoin Sportsbooks in Canada?
Luckily, Canadian players are welcome at many international Bitcoin bookies, and the options for sports betting are plentiful.
From classic favorites like Cloudbet to newer up-and-comers like BC.Game, there are plenty of choices if you want to put your tokens to good use on the next big game.
Without further ado, here’s a complete list of crypto sportsbooks that are accessible for Canadian bettors:
How Is Crypto Gambling Taxed in Canada?
Picture this: you’ve just won a bet and are riding high on the thrill of victory.
But before you start counting your winnings, you might wonder about the dreaded T-word.
Yes, we’re talking about taxes.
Well, we’ve got some good news for you- if you’re gambling for fun and not as a profession, there’s no need to worry about paying taxes on your crypto betting earnings in Canada.
Canada does not tax your crypto winnings.
That’s right. The Great White North is a tax-free zone for the casual bettor.
Only professional gamblers are required to pay taxes, which applies to both regular betting and crypto.
So, unless you’re a full-time high-stakes bettor, you can breathe a sigh of relief knowing that your digital chips are safe from the tax collector.
Why Bet With Crypto? Pros and Cons
Now that we’ve established the legal landscape of Bitcoin betting in Canada let’s explore why you should (or not) choose to use cryptocurrencies for wagering.
✔️ Enhanced Privacy and Security
One of the major perks of Bitcoin betting is the privacy and security it brings to the table.
Traditional betting platforms often require users to provide personal information and financial details, which can raise concerns about data breaches and identity theft.
But cryptos provide a level of anonymity, as transactions are pseudonymous and do not require sharing sensitive personal information.
P.S. Depending on the sportsbook, you still might go through a KYC check.
✔️ Faster Transactions and Lower Fees
Using crypto for betting can offer faster transactions and lower fees than traditional banking methods.
Why?
Cryptocurrencies operate on decentralized networks, eliminating the need for intermediaries such as banks. This streamlined process allows quicker deposits, withdrawals, and overall transaction processing.
Crypto betting often offers quicker and more affordable transactions than traditional wagering.
Plus, the fees are lower than that overpriced cup of coffee you had this morning.
However, like any thrilling adventure, there are downsides to consider.
❌ Volatility
Cryptos are notorious for their wild swings in value. One moment, you’re dancing with joy as your Bitcoin soars to new heights, and the next, you’re sobbing into your pillow as it plummets into the abyss.
Case in point:
So, while there’s potential for big wins, there’s also the risk of losing your digital fortune.
❌ Lack of Regulation
While the freedom and anonymity of digital currencies may seem enticing, the lack of regulation is like navigating a chaotic marketplace without security guards.
Without oversight and guidelines, you may be exposed to a myriad of risks. Potential issues include scams, fraudulent activities, market manipulation, and inadequate security measures.
Conclusion
So, there you have it, folks! Bitcoin betting in Canada is legit.
You can bet your digital coins with confidence and excitement. Just keep in mind that the specific regulations and restrictions can vary from province to province.
Here’s once again a complete list of crypto books that are accessible from Canada:
