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Stake.com Canada Review 2024 - Is Stake.com legal in Ontario?
At the moment of writing, April 9, 2023, Stake-dot-com had stopped serving players located in Ontario because they do not yet have a license from the Alcohol and Gaming Commission of Ontario, and they want to pursue a license to serve the province in a legal capacity. Visitors to their site from Ontario are greeted with such a message. So no, Stake.com is not yet a legal Ontario sportsbook or casino.
Stake.com is a crypto sportsbook and casino site that has made waves in the world of online gambling through their relatively unique approach to marketing. Like many betting brands that want to reach an international audience, they've struck sponsorship deals with Watford FC and Everton FC within the Premier League of English Football fame and with Team Alfa Romeo within Formula 1. Perhaps more important for their impact in the Canada and Ontario marketplaces is their partnership with Toronto Hip Hop icon, Drake, which has given them a high level of visibility, especially among younger fans.
Does Stake.com serve the rest Canada?
Yes, while Stake.com is not yet legal in Ontario, it does however serve the "rest of Canada" from their Curaçao iGaming jurisdiction, as it is a "grey market" or "offshore" operator. To remove all doubt, when we say that Stake.com serves the "rest of Canada", we mean of course, people that live in Alberta, BC, Manitoba, Saskatchewan, Quebec, the Atlantic Provinces and the Territories.
But just because they can serve the "rest of Canada", outside Ontario, should you actually look to play at Stake.com? What are the pros and cons? If you are a typical Canadian sports fan and bettor, whether a recreational or a high stakes player, we cannot recommend Stake.com to you. The bottom line is that Stake.com is a crypto betting site & casino and this introduces a level of complication that is going to be unwelcome to a huge proportion of Canadian bettors, which we explain below.
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Stake.com is a true crypto betting site & casino, what does that mean?
As a true crypto betting site & casino, Stake.com players actually bet or play using various cryptocurrencies. They do not offer betting accounts in fiat currencies. You cannot simply deposit an amount of Canadian dollars, bet with that CAD balance, and then (hopefully) withdraw some CAD winnings back to your funding source, like your bank account. This is why Stake.com is not really a great option for most Canadians.
As of 2021, the Bank of Canada said that, only 13% of Canadians owned Bitcoin, the most-owned and used cryptocurrency. While this number is growing, the reality is that the vast majority of people in Canada do not own cryptocurrencies. If you do not own any cryptocurrencies, but you were curious about Stake.com as an online sportsbook, understand that you would need to either obtain some crypto and deposit it there yourself, or you could use a regular CAD payment method to buy some crypto directly from Stake.com at their current rate of exchange.
When you look to withdraw funds however, you won't be able to do so in CAD. You would have to withdraw the crypto directly to a wallet of your choosing. If you just want to be able deposit, play with, and withdraw CAD at a reputable betting site, Stake.com just isn't for you given this cryptocurrency complication. However, if you are in fact looking for direct betting and casino play in units of Bitcoin, Ethereum, Litecoin or Tether, Stake.com is not a brand that we recommend. We only recommend one crypto sportsbook for Canada, which has been online since 2003 and is operated from a proper gaming jurisdiction with a higher degree of regulatory requirements.
Does Stake.com support Canadian dollar accounts?
No. As we mentioned above, Stake.com is a true crypto casino and sportsbook, so while you might be able to buy crypto on their site at their current exchange rate using your Canadian dollar-based payment methods, your betting balance itself will be in your chosen cryptocurrency. This is one of the main reasons we would not recommend Stake.com for most Canadian bettors, that just want to play at a reputable online sportsbook with CAD accounts and payment methods like those that we recommend.
Is Stake.com reputable & who owns them?
Started in 2017, the group that owns Stake.com has apparently grown to become the 7th-largest gambling group in the world, according to the Financial Times. Just because they have grown to be large, that in and of itself does not denote a good reputation one way or the other. In the same FT article, scam betting operator group 1XBET is listed as the 3rd largest gamling group (an assessment we would not agree with). The Stake.com operating company registered in the Curaçao igaming jurisdiction is called "Medium Rare NV". However, in 2021, the Sydney Morning Herald revealed that Stake's parent company was Australian gaming firm, Easygo Gaming. In general, Stake.com appears to be a reputable operator that pays winners, and does not seem have a reputation for limiting winners. This in part is a positive, but this is not where the story ends if you are considering Stake.com, as they are not just a regular betting site - they're a crypto betting site.
How does Stake.com differ from other "crypto betting sites"?
Some "grey market" or "offshore" betting sites allow Canadians to deposit via Bitcoin or Ethereum for conversion to your Canadian dollar account, but that's not Stake.com. Don't confuse them with this other kind of "crypto betting site". With Stake.com, you actually wager in crypto itself - it is not merely a funding method for use toward a Canadian dollar account. So if you want your complete experience to exist through a particular cryptocurrency, Stake.com is an option for you, though not the brand we recommend for various reasons. In our opinion, there is a superior option in this regard. But even if you just want to deposit your BTC or ETH toward a CAD betting account, Stake.com is not for you. If this is actually what you want to do, you might want to look into the top Canadian sportsbooks that accept MuchBetter, as the MuchBetter e-wallet can convert crypto to CAD and then you may send your CAD as a deposit to their supporting operators.
What cryptocurrencies does Stake.com support for betting accounts?
With Stake.com, you can deposit, play with and withdraw Bitcoin, Ethereum, Litecoin, Tron, Ripple, Dogecoin, Bitcoin Cash and Tether respectively. You may also view the approximate current FIAT value of your balance while in Stake.com, but remember that these cryptocurrencies have values that are changing in real-time every second. If you don't have these cryptocurrencies, you may buy a balance amount in any of them through Stake.com's available Canadian dollar purchase methods. Remember, they don't send CAD back to you via withdrawals. You'll need to withdraw the given cryptocurrency amount as-is.
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Why we do not recommend crypto betting sites like Stake.com for most Canadians
The value of cryptocurrencies can be incredibly volatile - in both directions. If you were to buy $1,000 in crypto on a given day for your Stake.com account, the CAD value of that crypto amount could go up or down by double-digit percentages based on the given crypto market, without you ever having placed a bet. Imagine depositing your $1,000, converted to Dogecoin, and then watching the value of your Doge drop 10% in a day because a celebrity tweeted something about Doge.
For most people, this value volatility and the mere cost of exchanging CAD to crypto is simply a level of complication that will be unwelcome. Depositing, playing in and withdrawing Canadian dollars is by far the simplest, and most desirable option for most bettors in Canada. It's why our recommended sportsbooks are more appropriate for the vast majority of interested Canadian players. On the other hand, if crypto is your jam, then Stake.com could be the coolest online sportsbook around.
Does Stake.com accept Interac?
Yes, with a "but". Stake.com supports Interac so that you may purchase your chosen balance of crypto via Interac e-transfers. Don't misunderstand this however. Stake.com cannot be considered one of many Interac betting sites for Canada, that offer Canadian dollar betting account balances. When you use Interac at Stake.com, you will use it to purchase a balance in your chosen cryptocurrency, as that particular cryptocurrency is actually what you will use for betting, as well as for your account withdrawals.
At Stake.com, your Interac payment will not go toward a CAD betting account. Betting sites that avoid the complication of crypto exchange also avoid the value volatility of crypto, plus any value lost as an exchange fee. If you just want to deposit, bet in, and withdraw Canadian dollars, again, Stake.com is not for you.
What other payment methods does Stake.com support for Canada?
To buy crypto at Stake.com with your Canadian Dollars, you can use the MuchBetter e-wallet app.
Can you withdraw crypto as Canadian Dollars at Stake.com?
Yes. You will need a very high level of KYC status (identity checks) before you may proceed with this option. Stake.com does not hold CAD on your behalf. They do however provide direct access to a 3rd-party service that will exchange your crypto amount for withdrawal towards a CAD payment via Interac e-transfer. There will obviously be a fee and an exchange rate integrated into this manner of transaction. You may want to compare the exchange rate on offer to market rates before proceeding, just to see how much value is remaining with Stake.com and their conversion provider for this convenience.
Stake.com odds value & betting market coverage
Odds value at Stake.com is less competitive than our recommended CAD sportsbooks. We find with margins for main betting markets usually near 6% to 8% for the main markets on the most popular sports and leagues. Compare this to 5% or better at our recommended CAD brands, which is a big difference. (Remember 7% margin means they keep 40% more as compared to an operator using 5% margins - not 2% more.) Also, Stake's betting market coverage for essentially all sports does not compare favourably to our recommended CAD operators for Canada and Ontario. In other words, there are more markets available at our recommended sportsbooks.
Does Stake.com have sportsbook bonuses for new Canadian players?
At the time of review and writing, Stake.com did not have any new customer offers on site in the way of a deposit bonus or bet credits. They have other promotions that might accelerate a given wager toward being seen as a result, like if you bet on a given team in a given competition, and your team is winning at half-time, they might payout your bet early at the full rate. Find the latest Canadian betting bonuses from our recommended online sportsbooks.
Stake.com operates a crypto casino, but is it any good?
As long as you are totally onboard with dealing completely in crypto, not in Canadian dollars, yes, Stake seems to have a fairly good crypto casino offering, though it is not our recommended crypto operator. Stake.com has live casino games from Pragmatic Play, which is a great live dealer gaming studio. They also have RNG slots and games from studio's like Play'n Go, Relax Gaming, NetEnt and many, many others. You can even play some of these non-live dealer games completely for free without having to register. Simply click to play for fun if you see the option available on your game of choice. However, if you are in Canada (outside Ontario) and you want to play at top Interac online casinos that actually allow for direct play in Canadian dollars, rather than crypto, Stake.com is not an option you should be looking at, given that they are a true cryptocurrency casino.
Stake.com Canada bottom line
Though they are not a crypto gambling brand that we recommend, if you are well-versed in cryptocurrencies; you know how to buy and sell them, where to keep them securely, and have no worries at all about the volatility of their value, Stake.com may be is the kind of crypto sportsbook and casino that is up your alley as they actually offer betting accounts, only in cryptocurrencies themselves. Crypto is not merely used as a funding method. So if you want to deposit, play in and then ultimately withdraw crypto, Stake.com is an option for you in Canada, outside Ontario. You can buy your desired crypto balance from Stake with CAD if you like.
But remember, Stake.com does not offer Canadian Dollar betting accounts or accounts in any other fiat currency. If you are just looking for a regular reputable "betting site for Canadians" that allows for CAD deposits and withdrawals, Stake.com is not that kind of proposition. See our recommended CAD betting sites.