Sports betting in CAD has been legal since 1985, which gave Canada enough time to launch plenty of CAD dollar sports betting sites for the local bettors to use. While it's nowadays easy to start betting in Canada, there are a few things about betting sites in CAD and the online betting scene you should know, and this article will touch on 4 key points:
- Where to find the best betting sites in CAD?
- How does online sports betting in CAD work?
- Which are legal CAD betting sites?
- What are interesting facts about sports betting in Canada?
Full List of the Best CAD Betting Sites
Sports betting in Canada has been legal since 1985, but it wasn't until 2021 that the single-event sports betting ban was lifted. Although bettors only got a chance to experience good sports betting a few months before 2022, many Canadian sports betting websites were already operating in the country, so the selection was there.
Still, while finding Canadian dollar sportsbooks is not tricky, differentiating between good and wrong bookies is an art. Yet even that is relatively simple if you know what to look for.
The first thing you need to do before you sign up for an account with a Canadian sports betting platform is to check whether the bookmaker is safe, legal, and has a solid reputation. It helps to check online reviews to see what other users say about it, but you must also ensure that the Canadian dollar betting site you intend to sue has a valid gambling license.
Beyond ensuring that the CAD bookmakers you intend to register with are legal and safe, they must also offer competitive betting odds and enough betting markets. It will take longer, but you must prioritize CAD betting sites with solid odds.
All good betting sites in CAD will also offer promotions and bonuses. That includes the welcome bonus offers and other proposals such as free bets, enhanced odds, reload bonuses, and special promotions.
Lastly, it helps to check whether the sportsbook has a solid banking department with high limits, low fees, and decent exchange rates. Likewise, it helps if the sportsbook has other features, such as live betting, live streaming, and the availability of a mobile betting app.
Although there are many things good online betting sites in CAD have to offer, plenty of bookies do, so it's not difficult to set up an account with a good Canada sports betting website.
Betting Bonuses in CAD
Like all bookmakers, betting sites offer their customers bonuses and promotions. The most common promotion, typically available on any Canadian dollars betting site, is the welcome bonus, known only to new customers.
The welcome bonus commonly comes as a matched deposit reward, where the sportsbook gives you free wagering cash after you make your first deposit. Most bookies have a 100% matched deposit bonus, meaning it will double your first deposit, but some sportsbooks have higher percentages.
Besides the welcome bonus, websites that offer sports betting in CAD also have other promotions, including enhanced odds, insurance, Acca boosts, reload bonuses, and special promotions during significant sporting events. The variety of offers will vary depending on the bookmaker you choose, but as of 2023, most betting sites in CAD have a solid selection of promotions.
How to Use Canadian Dollars Betting Sites
Betting on CAD sportsbooks is straightforward and different from using other sportsbooks in other countries.
- First, you need to find a legit, safe, and trusted CAD sportsbook and set up an account, which shouldn't take longer than a few minutes. But ensure you have the documents needed to complete the KYC request so you don't have to do it when you transfer your funds.
- Deposit money into your betting account by visiting the cashier tab and selecting “deposit”. Make sure you pick the right deposit method, preferably one you use most commonly and one with low fee rates and quick deposit time.
- Remember to collect the welcome bonus. Some CAD betting sites will automatically enable the welcome bonus, but most require opting in. It's also important to read the terms and conditions of the welcome offers, mainly the minimum qualifying deposit.
With an account set up and money in the sportsbook, you can start betting on whatever sport or event you like. Although most CAD betting sites have a generous selection of sports and events, if you intend to bet on niche sports or tournaments, you should first check if the CAD sportsbook has betting markets.
Making Deposits in CAD
Depositing CAD bookmakers is simple and quick, but the fees and deposit times will vary depending on the bookie and your chosen method. Nowadays, most bookies have a wide range of deposit methods, so your options are rarely limited. Still, it never hurts to double-check if your preferred payment method is available.
To deposit money in CAD bookmakers, you must follow three simple steps.
- Login to the CAD sportsbook you have an account with.
- Navigate to the cashier tab and select “deposit.”
- Pick your preferred payment method.
- Input the desired amount of money you wish to deposit
- Complete the transfer.
Usually, all deposits are processed within minutes, but some payment methods (bank transfers) can take days.
Requesting Withdrawals in CAD
Requesting withdrawals at CAD bookmakers is just as simple as making a deposit, and you have to follow mostly the same steps.
- Login to your CAD sportsbook.
- Navigate to the cashier tab and select “withdrawals.”
- Pick the desired withdrawal method
- Input the amount of money you wish to cash out
- Complete the transaction
Withdrawals typically take longer than deposits, depending on your Canadian dollar betting site and chosen method. Once again, bank transfers are the slowest, whereas e-wallet withdrawals are generally processed and completed within minutes.
Who Can Use Canadian Dollars When Making Sports Bets
The Canadian dollar is the official currency of Canada; hence, it's the most used currency among Canadian sports bettors. But it is possible to deposit Canadian dollars on bookmakers outside of Canada.
Exceptionally, USA betting sites will accept Canadian dollar deposits since some Canadian bettors use USA betting companies who want to welcome new customers. The same holds for most betting companies and bookmakers who accept Canadian bettors.
It's worth noting that the only way to ensure the bookmaker will accept CAD is to use one of many CAD betting sites. Granted, some payment providers allow you to exchange your CAD for other currencies for a small fee, so you're not limited to which bookmakers you use for sports betting.
Payment Methods That Accept CAD
The Canadian dollar is used only in Canada, but that doesn't mean Canadian bettors can't use various payment methods to fund their betting accounts. On the contrary, many payment providers will accept CAD.
- Neteller – one of Canada's most popular payment methods that accept CAD. Besides being welcoming to Canadian bettors, Neteller also offers a high level of security, fast money transfers, and a high acceptance rate on most betting sites
- Skrill – like Neteller, Skrill offers high security and fast transfers and is typically accepted by most bookmakers. It offers withdrawals and deposits and is one of the most used payment methods among bettors.
- Interac – Canadian interbank network, which has been in business since 1984, is used on most betting sites in Canada and is very popular among CAD bettors. The only downside is that there are fees for specific betting platforms.
Advantages & Disadvantages of Using CAD for Online Betting
Not everyone needs to use CAD to bet on sports, but those that do enjoy some advantages. Likewise, there are downsides to using CAD on betting sites, granted the pros heavily outweigh those. Here are some of the critical points of using CAD for online betting:
Canadian Dollar Sports Betting Sites: How to Avoid Scams
Nowadays, there aren't as many scam sites as there once were due to the government's involvement in the online betting scene. Yet despite all the laws and preventive measures, you can easily stumble upon a shady site if you're not careful.
Here are some essential tips to keep information and money safe.
- Never register with a bookmaker that doesn't own a betting license. A sportsbook must be licensed to operate, as only this way will you have the legal tools to get your money back if you get scammed.
- Consider checking the bookmaker's reputation among bettors and what they say about their experience with the bookie.
- Avoid betting sites that portray themselves as CAD providers but are not. Using a bookmaker that is not allowed in Canada will put you in a challenging situation as you'll have issues resolving any issues you might encounter since its betting license does not protect you.
We've covered everything you need to know about Canada and its online betting world. But before we end our article, here are some interesting facts about CAD betting sites and the country you might not know.
- The Canadian dollar is the official currency in Canada and an unofficial currency in Saint Pierre and Miquelon.
- Some of the most popular payment methods that accept CAD include Skrill, Neteller, PaySafeCard, and Interac
- The most popular and legal online bookmakers that accept CAD include IVIbet, HotBet, PariMatch, and Rabona.
- The Canadian dollar is the fifth-most held reserve currency in the world, behind the yen, US dollars, Sterling, and Euro.
- The currency for one Canadian dollar is named Loonie.
- Canadian two-dollar coins are called Twonies or toonies.
That concludes our article on the best betting sites in CAD. Now you know everything there is to know about sports betting, so you’re ready to find the best CAD sportsbooks and start wagering!
Frequently Asked Questions
Which betting sites allow CAD deposits?CAD deposits are accepted by all Canadian betting sites, including PariMatch, Rabona, Bet365, 22Bet, and Betway.
Are betting sites that accept the Canadian dollar common?Betting sites that accept CAD aren't as common as bookies that accept USD and Euro. However, many bookmakers will take your CAD deposits, including Bet365, Rabona, and Betway.
Do all betting sites available for Canadians also support CAD currency?Yes. By law, all bookmakers licensed to operate in Canada have to accept CAD as a payment method and have the option to withdraw winnings in CAD. All bookmakers that operate in Canada accept CAD as a valid deposit option.
Is there a benefit to using Canadian Dollars for sports betting compared with US Dollars?If you're from Canada and use CAD regularly, there is a massive advantage to using CAD over the US dollar for online sports betting. That is mainly because you can avoid additional fees for converting the currency.
What is the benefit of a betting account in Canadian dollars compared to US Dollars?The benefits of betting in Canadian dollars over US dollars and other currencies apply mainly to Canadian bettors. By using your native money, you'll avoid conversion fees and have an easier time tracking your winnings and losses, which is more complicated when using a foreign currency.
Are the bonuses listed and paid in CAD?Canadian betting sites that offer promotions and bonuses to Canadian bettors will pay out the rewards in CAD. For example, a matched deposit bonus will always pay you in the same currency you used to make your first deposit.