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Stake.com Canada Review 2024 - Is Stake.com legal in Ontario?
At the moment of first writing, April 9, 2023, Stake-dot-com had stopped serving players located in Ontario because they did 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, but they appear to be targeting 2024 to go live, with a license.
Stake.com is a crypto-focused 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 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. We're not sure how that relationship will be allowed to proceed if they want AGCO approval, which now has clear rules about marketing with personalities that are appealing to those 25 and under.
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?
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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 can actually bet or play using various cryptocurrencies. However, they do now offer betting accounts in fiat currencies, including Canadian Dollars. Stake.com has designs on the regulated Ontario market, where crypto is not available, so they've added this CAD account capability to their site, seemingly in anticipation of regulations-to-come.
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, so this development to offer Canadian Dollar accounts will help grow their player base in Canada.
Does Stake.com support Canadian dollar accounts?
Yes. Although they started as a true crypto casino and sportsbook, in order to enter various regulated markets and expand their customer base, Stake.com now offers CAD accounts.
Since Stake.com is crypto-focused, can I play anonymously?
Nope. Stake.com takes their AML standards seriously. They need to, as they want to enter several regulated markets where Anti-money laundering scrutiny levels are high. From Canada, once signed up and you look to set up your wallet to make a deposit, especially with CAD capabilities, you'll need to upload your identity documents and confirm your ID before being able to continue.
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 gambling 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.
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 can 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. If you would like to use crypto toward a sportsbook with a CAD account balance, 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.
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Why we do not recommend crypto betting sites 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 crypto betting 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, which is now available at Stake.com. On the other hand, if crypto is your jam, then Stake.com could be one of the coolest online sportsbook options around.
Does Stake.com accept Interac?
Yes. Stake.com supports Interac so that you may purchase your chosen balance of crypto via Interac e-transfers, or simply fund your CAD account balance. Thus Stake.com can be considered one of many Interac betting sites for Canada, that offer Canadian dollar betting account balances.
What other payment methods does Stake.com support for Canada?
The MuchBetter e-wallet app is also available at Stake.com.
Can you withdraw crypto as Canadian Dollars at Stake.com?
Yes. At last check, you will need a high level of KYC status (identity checks) before you may proceed with this option. They 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, vs market conditions.
Stake.com odds value & betting market coverage
Odds value at Stake.com is less competitive than our recommended CAD sportsbooks for key markets within the leagues that are most popular in Canada, often around 6% or higher. Compare this to 5% or better at our recommended CAD brands, which is a big difference. (Remember, 6% margin means Stake keeps 20% more as compared to an operator using 5% margins - not 1% more.) See this for yourself in typical NFL or NBA point spread markets. They don't have one main line to view, but if you look at the full list of lines and find the line where the two odds prices are closest to each other, you will note that both numbers tend to be below 1.90. Not great value on these key markets, though soccer margins tend to be more competitive, which is a positive.
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 ways to bet on your games of choice 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?
Yes, Stake seems to have a fairly good crypto casino offering (and CAD), 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.
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 the kind of crypto sportsbook and casino that is up your alley, as they actually offer betting accounts in cryptocurrencies themselves. Furthermore, they have now added CAD accounts. While they have a fairly compelling platform, bettors that appreciate competitive odds values on typically popular betting markets within the NFL, NBA among others, may be disappointed by odds that are lower than average as compared to brands that we'd recommend.