Unpacking the complexities of betting with Bitcoin in Canada

Is Bitcoin payment of the Future

There are many reasons why people like to use Bitcoin when betting online. Anonymity is incredibly important, and the quickness of transactions makes everything more convenient.

Now, if you’re a Canadian resident or a visitor to Canada, you’re probably wondering whether this option is available. After all, online gambling is illegal in Canada (except in Ontario), while cryptocurrencies are still not as regulated as they could be.

So, is this even possible?

The short answer is yes.

Here’s a brief rundown of the complexities of how all of this is supposed to work.

How can you legally bet in Canada?

So, we’ve already mentioned that, in Canada, legal online betting is only allowed in Ontario, but what if you’re in Quebec?

As it happens, as long as the platform is not from Canada (offshore betting) and it has obtained a license to operate within its jurisdiction, it can circumnavigate state/territory betting laws.

While this may sound counterintuitive, getting a betting license in Ontario is the hardest because AGCO and iGO would have to regulate all the legal sportsbooks. In the rest of the country, things are less regulated, which makes them somewhat simpler.

So, all you would have to do is find a site available in your state/territory (in this case, it would be Quebec), find the right online casino, and ensure it accepts crypto payments. Since Bitcoin is the flagship crypto token, any site that accepts crypto must accept Bitcoin.

Remember that the site you choose will affect your ability to gamble responsibly with Bitcoin. Some of them have better spending limits than others and others may offer promotions that are too good to be true. As far as the habits that will help you develop a healthier approach to crypto betting, we’ll address this in a minute.

Tips for betting more responsibly with Bitcoin

Because fewer betting sites accept Bitcoin than fiat currencies, you might feel the site has more leverage. After all, finding another site to go to is not as easy. This, however, is an illusion. Almost every reputable online betting site accepts Bitcoin, meaning you have many options. Even more importantly, this is probably a red flag if they don’t accept Bitcoin.

As mentioned earlier, crypto is still not regulated in Canada, which means it comes with a certain regulatory uncertainty.

Another thing to understand is that while you enjoy numerous benefits (fastest transactions, greater anonymity, easier across-border transfers), the risk is also slightly higher. This has nothing to do with Bitcoin betting but the Bitcoin itself. Crypto is volatile, meaning the risk is higher for the bettor and the casino.

Lastly, there are a few technical challenges that you have to overcome before you can even get started. You need to use digital wallets and blockchain technology. You may not be familiar with them, but using an asset you don’t understand is irresponsible. This tip is viable for all Canadians trying to manage their finances better in 2023.

Future crypto regulation

Canada is one of the world’s leading economies, and while its regulation may not be as impactful as laws passed in the US, China, or the EU, it still makes a difference in this field.

Even more importantly, cryptocurrencies are becoming big in Canada, which is why lawmakers are proposing formation of a national blockchain and crypto strategy.

This is more important than ever since, in May, the world’s largest crypto exchange, Binance, pulled out of the Canadian market due to the tightening of regulations. This was an expected blowback after the FTX fiasco and subsequent meltdown.

Now, Canadian lawmakers understand that cryptocurrencies may significantly impact the long-term economic and job market opportunities from crypto. It’s clear to everyone that crypto needs to be regulated sooner rather than later, and with incoming MiCA regulation in the EU, Canada may soon follow suit.

The future Canadian regulation may affect stablecoins, crypto taxation, crypto mining, and custody platforms. Soon, even online Bitcoin casinos may find themselves on this list.

Final words

While Bitcoin betting is not regulated in Canada, it’s far from illegal. Betting has been legal in Canada since the 1980s, and online casinos are already legal in Ontario. The tremendous financial success of this legislation is spearheading the wave of change across the country, and more and more states and territories may follow suit. Still, you don’t have to wait too long. Even today, you have more than enough available options.

Other articles from mtltimes.ca – totimes.ca – otttimes.ca

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