Pros & Cons of Betting with ETH in Canada

Now that Canadians can bet using Ethereum, it is tough for traditional betting sites to get anyone that will patronize them. However, the use of Ethereum in the digital market is fascinating, and many Canadian punters want to participate in this latest invention. 

However, all establishments in the world have both pros and cons. Therefore, this article gives a summary of Ethereum operations and explains the pros and cons of ETH Betting platforms in Canada.

About Ethereum

Only Bitcoin beats Ethereum in the digital world when it comes to market value. However, after its creation by Vitalik Buterin and Gavin Wood in July 2015, Ethereum comfortably gained its place in the market by showing off its many benefits.

These incredible benefits are the lightning-fast deposits and withdrawals, which happen in 12 seconds. Therefore, these advantages are solid points to back up arguments of ETH surpassing Bitcoin in the digital market.

The Legality of Ethereum Betting Sites in Canada 

The fact that Ethereum is popular should not get you thinking it is legal globally. On the contrary, some significant countries have restricted the use of ETH. However, other countries accept the use of Ethereum but are vehemently against betting platforms that promote them.

In such countries where citizens are not free to use Ethereum as they want, the governmental organizations have the right to seize any investment of the crypto bettors. Fortunately, Canada is not one of these strict countries, as the use of Ethereum and gambling is allowed when in line with the due authorities.

Residents of Canada who desire to bet on Ethereum sites do not face any legal punishment for this action. Moreover, bettors must note that Ethereum is not a legal tender in the country. Therefore, they can not use it to settle governmental bills such as taxes as the Canadian Revenue Agency (CRA) does not acknowledge the asset. 

Moreover, the agency considers it necessary for ETH betting professionals to pay tax on their profits. Additionally, Digital assets and their exchanges can operate to full Canada. Unfortunately, many organizations do not accept them as a means of payment except they have the central authority protection. 

Is it legal for a Canadian to Bet with Ethereum?

Canada does not prohibit ETH betting.Moreover, before you can be allowed to bet, you must be at least 19 years of age. However, some provinces allow 18 years old to stake on ETH platforms.

Pros of Betting with Ethereum 

Ethereum and betting are a good fit for a good number of reasons. The significant benefits of using Ethereum for betting are:

• More Freedom & Stable Odds

When conventional betting platforms discover you are winning a lot, they place some limitations on your bets and later restrict you from playing totally. However, there is no agency to regulate the activities of these websites, and you might end up losing a lot. 

Thankfully, the introduction of Ethereum in the betting industry has eliminated such restrictions and limitations. As a result, ETH sites have a good reputation for paying their customers on time and every time. 

Additionally, the platforms also offer you the best odds, and they do not slash your odds like the regular betting platforms. The stable state of these odds gives you better chances of winning bets with sports like Hockey and Football.

• Fees are Low or Non-Existent

Unlike fiat currency betting platforms and most other crypto platforms, ETH platforms do not place enormous fees on their transactions. Some Ethereum casinos or bookmakers do not charge any fees for deposits and withdrawals. Therefore, bettors can process transactions without worrying about transaction fees which keeps them in a better betting state.

• Transactions are Fast

One of the significant reasons bettors switch to the Ethereum betting sites is its transaction speed. ETH transactions are arguably the best in the crypto market. In addition, they do not have any third-party platforms to verify their procedures, and their operations are straightforward.

In most cases, Ethereum transactions happen within five minutes, and deposits reflect in your account within seconds. Therefore, if there is any slow process while making your transactions, it might be an extra review process of the Bookmaker.

• As Private as Possible

There is no better place to get betting anonymity than the Ethereum sites. All crypto transactions offer extreme privacy, and they do not require a lot of personal information. However, some Ethereum casinos need personal data to comply with the betting regulations in Canada. 

Cons of Betting with Cryptocurrency

Most establishments in the world that have advantages also have disadvantages. However, Ethereum betting platforms are no different. Therefore, before selecting any ETH betting platform in Canada, you must be aware of what you are getting into:

• Ethereum Transactions are Irreversible

Like every other cryptocurrency in the world, Ethereum transactions are irreversible. Therefore, you won’t get back your assets when you make the wrong transactions. 

Moreover, Canadians who do not pick a legal betting platform may not get their Ethereum back when they deposit on the sites. Consequently, it is essential to research and read reviews on avoiding a shady ETH betting platform. Additionally, verify the wallet you are using is legal, and there is no mistake with the transactions.

• Ethereum is Volatile

The Fiat currencies have existed for a long time before crypto. Therefore, they are a lot more stable than digital currencies. However, ETH prices fluctuate from time to time, affecting how you bet with them. As a result, some bettors may experience a reduction in profits or increased deposits limits.

• There are Lots of Shady Ethereum Websites 

The popularity of Ethereum platforms has created opportunities for many fraudsters to exploit Canadians using betting sites. As discussed above, Ethereum transactions are irreversible; therefore, scam sites can get away with your deposits or profits.

Conclusion 

Now that you know the advantages and disadvantages of the Ethereum betting sites in Canada, the decision to play on them is up to you. All in all, Ethereum betting sites are exciting and a good source of profit, but you need to make sure that you are ready to accept its cons.