What is the Best Bitcoin Wallet for Sports Betting?
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Cryptocurrency has gained tremendous popularity in the past decade due to its ability to make money online fast. Of course, sports betting forms a considerable portion of online money making, and cryptocurrencies such as Bitcoin offer some of the best sportsbook services globally.
Unlike what most people believe, betting on sports using Bitcoin is very easy and you can get started within minutes. The learning curve is short and it can transform you into a professional crypto sports gambler in no time!
However, before getting straight into sports gambling using Bitcoin, it’s important to have an idea of what Bitcoin is, what wallets are, how Bitcoin wallets work, and whether it’s even legal to do sports betting with Bitcoin.
Well, no stress! In this post, we’re going to explore the best Bitcoin wallets for sports betting in a beginner-friendly way, so you know all you need before making money online with cryptocurrency. Let’s get started!
What is Bitcoin?
Let’s start with the basics. If you’re going to win Bitcoins betting on sports, you might as well know what Bitcoin is!
In a nutshell, Bitcoin is a digitized currency that isn’t affiliated to a single administrating party such as a bank or a government. Therefore, it’s decentralized. Millions of nodes all across the world keep a shared ledger of all Bitcoin transactions, so no single party maintains the register.
Bitcoin can be easily converted into fiat currency (regular currency such as US dollars) and vice-versa with most modern crypto wallets.
Bitcoin is backed by blockchain architecture. Here, every single transaction has its own block with all the details such as the amount of transaction, payer, payee, timestamp, etc. This content forms a unique hash (a long, random string of a fixed number of letters). This block will also contain the hash of the previous block.
Now, if a malicious party changes the content of a block, its hash changes. In that case, the next block (which has the hash of the previous block) will recognize the hash of the previous block has changed, and therefore the chain will be broken and the transaction rejected.
Blockchain makes Bitcoin a highly secure digital decentralized currency. This high level of security and easy conversion to and from fiat currency has made cryptocurrencies such as Bitcoin very popular for online money-making.
Is it Legal to do Bitcoin Sports Betting?
If you’re wondering whether it’s legal for you to use Bitcoin as a currency to fund your sports betting, you can relax! Yes, it is legal to do sports betting using Bitcoin.
The only requirement is your vendor, wallet, and/or any other service provider(s) should allow you to transact cryptocurrency to and from your wallet to the betting platforms.
As mentioned above, some wallets including Coinbase don’t permit you to transact with betting sites, so doing that can result in your wallet being suspended and you become vulnerable to a lawsuit.
Therefore, carefully review the terms, conditions, and requirements of all wallets, vendors, and other services you use to fund your online sports betting. Make sure they permit you to do this. The last thing you want is for money to be spent fighting a lawsuit!
Furthermore, some countries, such as the United States, don’t have special laws and regulations on gambling and betting. However, other countries such as India, have gambling laws that can make sports betting illegal or add restrictions.
It’s necessary that you go through your country’s laws and regulations concerning gambling and betting – especially sports betting – before going ahead!
Benefits of Bitcoin Sports Betting
If you want to make money online and have great chances of winning while betting on sports, Bitcoin sports betting has a lot of benefits for you!
- It takes just minutes to complete transfers, allowing you to bet on sports and players instantly and seamlessly.
- Bitcoin is an extremely safe and hack-resistant currency, making it one of the safest ways to bet on sports.
- Bitcoin and other cryptocurrencies allow you to maintain anonymity, ensuring your private information is never disclosed.
- There are no fees or transfers for deposits and withdrawals, reducing the costs you bear while betting!
- You don’t have to provide bank details or other sensitive information to the betting platform, reducing the risk associated with betting.
- Bitcoin has been appreciating in value for years, allowing your investment to be worth even more!
Is it Safe to do Sports Betting with Bitcoin?
A major reason most people stay away from Bitcoin and other cryptocurrencies while betting on sports is the notion that it’s unsafe or even illegal. On the contrary, sports betting with Bitcoin is by far the safest way to bet online!
When using fiat currency to bet on sports online, you’re providing valuable information such as your credit card details and bank account information. But when betting with Bitcoin, all you provide is your Bitcoin wallet address. No private information, nothing else!
Furthermore, Bitcoin is backed on Blockchain technology, which makes it extremely resistent to hacking and fraud. On the other hand, fraudulent bank transactions are some of the most common hacks in today’s world.
Bitcoin and other cryptocurrencies also offer additional layers of anonymity while trading and betting online. Many Bitcoin sportsbooks don’t even ask you to create accounts or provide data such as your name and email.
Clearly, betting with Bitcoin is far safer than regular online sports betting using fiat currency!
What are Bitcoin Wallets?
Since Bitcoins are digital, you don’t get them in a physical format such as coins and notes. Therefore, Bitcoins are stored in digital wallets that come in the form of websites, phone apps, amongst others.
With Bitcoin wallets, you can easily send, store, and receive Bitcoins. Each Bitcoin wallet contains a unique private key leading to the address (ID) of that wallet. This makes Bitcoin transactions highly safe and secure.
When you’re going to bet on Bitcoin, you’ll be transferring Bitcoin to the betting platform from your wallet. When you win/lose money, the remaining sum will be transferred to this wallet from the same betting platform. This makes Bitcoin wallet an integral part of your sports betting experience.
Keep in mind that some Bitcoin wallets such as Coinbase don’t permit you to transact Bitcoins directly with betting platforms, and doing so can lead to your account being permanently banned.
Therefore, you have to be very careful when you open a Bitcoin wallet for betting on sports using cryptocurrency. Let’s explore the types of Bitcoin wallets and the best Bitcoin wallet for sports betting.
Types of Bitcoin Wallets
While there are many types of Bitcoin wallets, the top 5 types include:
- Mobile phone-based crypto wallets
- Desktop-based crypto wallets
- Website-based crypto wallets
- Hardware-based crypto wallets
- Paper-based crypto wallets
Mobile-phone based Bitcoin wallets run as a regular mobile app on your Android/iOS phone. Using a mobile-based crypto wallet has a very similar experience to using a regular digital wallet.
You can check your balance and quickly make transactions. If you’re looking for simplicity and wish to make quick, on-the-spot transactions, mobile-based wallets are ideal for you.
On the other hand, desktop-based wallets are downloaded as a software application on your Windows, macOS, or Linux computer.
Thanks to the bigger screen of a PC/laptop, you get better control over the wallet. Performing complicated, detailed actions become much easier in comparison to phone-based wallets.
Website-based crypto wallets are quite literally websites on which you can log in and check your balance or perform Bitcoin transactions.
The key advantage of website-based wallets is you can use them on any device, anytime, anywhere without any hassle. However, logging in to your crypto wallet on multiple devices can be a security threat.
Hardware-based crypto wallets are quite rare. These are small electronic devices that store your Bitcoin offline on the device itself. When this device is plugged into your phone or computer, you can store or transact Bitcoin.
This is a highly secure wallet as the private key and all the data is maintained offline on a mostly disconnected device, keeping it safe and sound from hackers. However, it can be highly inconvenient, especially if you’re betting on a regular basis and want a hassle-free experience.
Perhaps the least popular way to store and trade Bitcoin is with paper-based crypto wallets. While this is by far the cheapest type of crypto wallet, it runs counter to the entire point of lightning-fast digital transactions that Bitcoin offers.
A paper wallet works by the wallet provider generating a unique wallet address for you, along with two QR codes: a public address the user uses to receive Bitcoin and a private key that you can use to spend your Bitcoins.
In case you want an economical option, you might consider going with the paper wallet, but it’s supported by only a few sports betting platforms and can end up becoming time-consuming and complicated to work with.
Best Bitcoin Wallet for Sports Betting
Based on your choice and convenience, a phone-based wallet, desktop crypto wallet, or a website-based Bitcoin wallet can be the ideal type of crypto wallet you can use to bet on sports.
If you’re looking for free wallets that can be used as apps on your phone and/or desktop, Blockstream Green Wallet, BRD, and Electrum are great options.
However, free wallets come with trade-offs. For example, they support few cryptocurrencies and customer support can be horrible in case of frauds or other illicit activities.
On the contrary, some wallets charge a very small amount while providing outstanding services. A great example is ZebPay, which comes as a website, desktop, and phone-based wallet, so you can use it on any device, anytime, anywhere.
Other popular and secure wallets include Unocoin, Coinjar, Coinbase, and Xapo. They all make fiat to crypto transactions easy and simplify Bitcoin trading.
If you’re looking for paper-based Bitcoin wallets for sports betting, the BC Paper Wallet and Wallet Generator as the best options. On the other hand, if you want hardware-based wallets, the Trezor One and the Ledger Nano (coming in Nano S and Nano X variants) can be great choices.
Again, remember that some wallets such as Coinbase don’t permit users to transact directly with betting sites. You can either choose another wallet provider or, if you already are on Coinbase, consider routing your money through another wallet.
The Best Bitcoin Sportsbooks
Now that you know the best crypto wallets for online sports betting, let’s explore the best Bitcoin sportsbooks that’ll allow you to bet faster and safer!
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When picking the best Bitcoin sportsbook for you, make sure that the platform has the sports you wish to bet in, it has a reasonable betting fee, has enough betting events each day, and is credible (to avoid fraudulent activities).
Let’s see some sportsbooks that’ll get you started in no time:
- Bovada Sportsbook: Bovada is one of the best Bitcoin sportsbooks out there. Not only does Bovada offer large bonuses on Bitcoin betting (50% up to $250), but its minimum deposit is as low as $20! With over 9 years in the industry, it has become quite popular and is an extremely reliable sportsbook that’ll satisfy all your sports betting needs!
- MyBookie: If you’re looking for huge bonuses on Bitcoin sports betting, MyBookie is a great sportsbook. It offers a 50% bonus up to a shocking $1000, which makes it an alluring choice for many online sports betters. Furthermore, MyBookie offers a rush payout option if you’re getting too anxious while betting!
- BetOnline: Similar to MyBookie, BetOnline offers a 50% bonus of up to $1000 and requires a minimum of just $50 Bitcoin deposit. With a wide range of deposit options and the most impressive reload bonuses in comparison with other sportsbooks, BetOnline is a reliable and rewarding platform for sports betting.
- Cloudbet: Cloudbet is a Bitcoin-only betting platform, which makes it one of the most secure online sportsbooks. With instant buy-outs and a great UI on mobile and PC, Cloudbet is easy to get started with, and its bonuses of up to a whopping 5 Bitcoins make it an enticing choice!
How Do You Use Bitcoin for Sports Betting?
Sports betting with Bitcoin can seem complicated initially, but it’s become quite simple. Here are a few simple steps that’ll get you betting on your sports of choice within minutes!
- To start with, you need a crypto wallet that supports Bitcoin and allows you to trade with sports betting platforms.
- Once you’ve picked a wallet suitable for your needs, you need to find the best Bitcoin sportsbooks. These are basically online betting platforms that allow betting via Bitcoin. This is a super important step.
Picking a good sportsbook can significantly reduce the chances of fraud, reduce the intermediate costs, put you in the best betting crowd, and provide a better, safer betting experience.
- Once you’ve signed up with a Bitcoin sportsbook and have a cryptocurrency wallet set up, you’ll need cryptocurrency!
For this, you need to use crypto exchanges. These are like stock markets but for cryptocurrencies. They show the conversion rate from fiat currencies, such as US dollars, to cryptocurrencies such as Bitcoin.
The crypto wallets we recommended above, such as ZebPay and Coinbase, come with their own exchanges as well, so you can conveniently buy Bitcoin which will then get stored into your crypto wallet right away!
However, you might want to use other exchanges that provide a cheaper exchange fee.
If you’re using an exchange other than the one provided in your wallet, it’s easy to transfer your Bitcoin from the exchange to the wallet. Your exchange will ask you where to send the cryptocurrency.
Your Bitcoin wallet has a unique address which is a large string of random alphabets and numbers. Copy this address from your wallet and paste it on the exchange website. Now, hit the send button, and the exchange should transfer your Bitcoins to your wallet!
Now that you have a wallet, a sportsbook, and money, it’s time to start betting! Transfer money from your wallet to the betting portal, make bets on your favorite sports and players, and make money online!
And there you have it! All you need to know to get started with sports betting using Bitcoin!
In this post, we’ve covered everything including what Bitcoin is, whether Bitcoin betting is safe, whether it’s even legal, what are Bitcoin wallets to the best crypto sportsbooks, and how to get started with Bitcoin sports betting in four easy steps!
With the best wallet and sportsbook services, you’re sure to have a wonderful experience betting on your sport of choice.
Not only is sports betting with Bitcoin safe, but it has multiple advantages over regular online sports betting services. With faster transactions, lower fees, improved anonymity, and enhanced security, Bitcoin sports betting is the best way to bet on sports online!
We hope this post helps you get started with Bitcoin sports betting in no time. If you liked this post, let us know in the comments section, and… best of luck!
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