Updated: September 24, 2023
What Is the Best Bitcoin Wallet for Sports Betting in 2023?
Before you kick off your journey to becoming a big-league Bitcoin sports bettor, you will need a reliable and secure wallet to handle your crypto stash.
In this article, we’ve got the ultimate rundown of the best Bitcoin wallets for your sports betting and online gambling escapades.
So, strap in, and prepare to discover a seamless way to keep your digital chips safe and sound while you enjoy the high-stakes excitement of placing wagers on your favorite teams and athletes.
Ready, set, bet!
Overview of the Top Bitcoin Wallets
TL;DR?
Here’s a quick overview of our best hot and cold crypto wallets for gambling and sports betting:
| Wallet | Best for | Where to use? | Type |
|---|---|---|---|
| Blockstream | Best Bitcoin Wallet Overall | BC.Game | Hot |
| Electrum | Best for Stake Sportsbook Fans | Stake | Hot |
| Ledger | Best Security Features | BC.Game | Cold |
| Trust Wallet | Best for Binance Users | BC.Game Stake Cloudbet | Hot |
Now, let’s move on to wallets:
Blockstream Green – Best BTC Wallet Overall
Imagine having a convenient and secure way to manage your Bitcoin right at your fingertips. Well, that’s precisely what Blockstream Green offers you!
This hot wallet is perfect for everyday use and if you want to transfer and store BTC without any hassle.
Accessible through the app, web, and desktop, Blockstream Green ensures that you’ll never miss a beat when managing your cryptocurrencies.
Features:
- Fee control – transaction costs are kept low with SegWit and customizable fees.
- Multilingual – many languages are available, including English, French, German, Russian, Spanish, Chinese, Ukrainian, etc.
- Privacy – no personal information required and no KYC.
- Full API support – customizable and accessible for devs who want to merge the wallet with their apps.
- Singlesig support – you can use your keys with any app that supports common wallet standards.
- Multisig Shield – adds an extra layer of security to your wallet.
- Hardware wallet support – you can integrate Blockstream with Ledger and Trezor to benefit from hot and cold wallets.
Available coins:
- Bitcoin
- BTC Testnet
- Liquid
Pros:
✔️ UX-friendly design
✔️ Open source
✔️ Secure
Cons:
❌ Can’t buy or sell BTC
Where to Use for Sports Betting?
We recommend combining the Blockstream wallet with BC.Game (our #1 BTC sportsbook).
Electrum – Best for Stake Sportsbook Fans
Electrum is an open-source, non-custodial crypto wallet that has been around since 2011, earning its stripes as one of the most trustworthy Bitcoin wallets in the game.
Being non-custodial means having complete control over your private keys, adding an extra layer of security for your crypto assets.
Plus, it’s compatible with desktop and Android devices, offering an accessible and convenient way to manage your precious Bitcoin.
Simply put, Electrum offers the perfect blend of convenience, security, and accessibility for sports betting enthusiasts seeking a dependable wallet solution.
Features:
- Privacy and anonymity – your private keys are encrypted, you can run your servers, and you don’t need to reveal personal information. Plus, KYC is not required.
- Proof checking – your transactions are verified using SPV.
- Multisig – you can split the permission to spend BTC between several wallets.
- Cold storage – you can keep your private keys offline and choose to go online with a hot wallet.
- No downtimes – thanks to the decentralized and redundant servers, there’s minimal downtime.
- Recoverable – you can recover your funds from a secret phase.
- Super-fast – uses servers that index the Bitcoin blockchain.
- Compatible with hardware wallets – Electrum supports integration with Ledger and Trezor.
Available coins:
- Bitcoin
Pros:
✔️ Open source
✔️ Easy to install and use
✔️ Extra security measures
Cons:
❌ Not available for iOS users
❌ Outdated design
Where to Use for Sports Betting?
Electrum is compatible with many sportsbooks, but especially with Stake.
Why?
Because both Electrum and Stake accommodate Bitcoin Lighting Network, which makes the transactions super-fast and much cheaper.
Ledger – Best Security Features
Ledger is known for being a pioneer and a crowd favorite among hardware crypto wallet providers. They offer three wallet options: Ledger Nano S Plus, Ledger Nano X, and Ledger Stax.
The best part is that these nifty and secure gadgets are compatible with iOS and Android devices, ensuring optimal accessibility and convenience at your fingertips.
Simply connect to Ledger’s desktop and mobile apps, and you can buy, stake, and swap from a collection of over 5000 tokens and coins, including the coveted Bitcoin.
Features:
- Industry-leading security – the only certified hardware wallet by ANSSI, contains Secure Element (SE), and they have their own custom OS (BOLOS) to protect against malicious attacks.
- Strong community – trusted by 5+ million users.
- Compatible with 50+ wallets – you can use external wallets to manage your coins.
- Ledger Live App – the wallet has a Live app where you can buy, sell and trade 5500+ coins and tokens.
- Own your private key – nobody can access your private keys but you.
- Support – customer service is available in multiple languages.
Available coins:
- 5500+ tokens and coins, including Bitcoin, Ethereum, Dogecoin, and even NFTs.
Pros:
✔️ One of the most popular and reputable hardware wallets
✔️ Extremely secure
✔️ 5500+ available cryptos
Cons:
❌ Pricey, starting from 100 USD
❌ Has a learning curve
Where to Use for Sports Betting?
Our recommendation goes to BC.Game, as they have promoted Ledger for their casino and sportsbook.
Trust Wallet – Best for Binance Users
Trust Wallet is a hot, non-custodial multi-cryptocurrency wallet that has been making waves in the crypto world.
As Binance’s official wallet, it supports an impressive 70 blockchains and access to over 4.5 million crypto assets.
But Trust Wallet isn’t just about storage – it also includes access to decentralized applications (DApps), letting you do everything from gaming to trading.
Additionally, this wallet lets you store stablecoins, making it an all-in-one solution for cryptocurrency storage and management.
And if you’re into NFTs, Trust Wallet has got you covered – you can easily manage all your non-fungible tokens right there.
Features:
- NFT wallet – you can buy, sell, and store your collectibles in one place.
- Multi-crypto support – besides BTC, you can use multiple coins.
- Private and secure – Trust Wallet doesn’t collect any personal information.
- Binance connection – since it’s the official wallet of Binance, you can easily carry out transactions through them and connect to any digital assets you’re holding
- UX friendly – app’s design is intuitive and easy to use.
Available coins:
- Thousands of supported coins, including all the popular altcoins for betting.
Pros:
✔️ Official crypto wallet of Binance
✔️ Supports multiple cryptocurrencies
✔️ Secure
✔️ Anonymous
Cons:
❌ No cold storage
Where to Use for Sports Betting?
As Trust Wallet is the official Binance crypto wallet, we recommend going with the bookies that, besides Bitcoin, also support Binance (BNB) coin:
What’s Happening With Binance?
Binance is one of the largest cryptocurrency exchanges globally, offering a platform for trading various cryptocurrencies.
Recently, it has faced regulatory scrutiny and legal challenges in different jurisdictions due to concerns about compliance, licensing, and user protection.
Now, you’re probably wondering if the current situation with Binance will affect using wallets for betting purposes?
Well, it’s hard to tell since the situation depends on several factors, including the specific regulations and restrictions imposed in your country, as well as the extent to which Binance is involved in the crypto-gambling industry.
So, if you are using a crypto betting platform that relies on Binance for deposits, withdrawals, or trading activities, there could be some indirect impact if Binance faces regulatory or operational challenges.
We want to provide an update on the current battle https://t.co/AZwoBOh0gq finds itself in with the SEC. We are pleased to inform you that the Court did not grant the SEC’s request for a TRO and freeze of assets on our platform which was clearly unjustified by both the facts and…
— Binance.US 🇺🇸 (@BinanceUS) June 17, 2023
Although, at the moment, it seems that Binance will continue to operate in the US as it battles SEC fraud charges.
What Are the Different Types of Bitcoin Wallets?
When you begin your foray into Bitcoin sports betting, learning the different types of wallets is a great place to start.
You can choose between hot wallets like desktop, web, and mobile, as well as cold wallets like paper and hardware wallets – each with advantages and disadvantages.
Let’s have a look:
Hot Wallet
A hot wallet is a type of digital purse that stores your Bitcoin private key in an active, online environment.
This makes accessing and using your cryptocurrency easier for everyday purchases, trading, and betting.
Hot wallets can be on:
- Desktop
- Mobile
- Web
Hot wallets are also faster and easier to set up than cold wallets, making them an attractive option for those just starting with cryptocurrency.
Pros:
✔️ Easy to use
✔️ Free
✔️ Instantly accessible
Cons:
❌ Increased risk of security breaches
❌ You can lose your funds if the wallet closes unexpectedly
All in all, hot wallets provide those new to crypto and sports betting with a great entry point into the ever-growing world of digital currency.
cryptobet.guru
Hot wallet is the best option for online sports betting
Cold Wallet
A cold bitcoin wallet, simply put, is like your secret, super secure vault for keeping your Bitcoins.
Unlike the hot wallet used for everyday transactions, a cold wallet isn’t connected to the internet.
This means it is less susceptible to hacks, giving you a sense of relief as your Bitcoins rest snugly in the virtual vault.
Cold wallets can be in the form of:
- Paper – a physical piece of paper containing all the essential information you need to access and manage your digital currency, such as your private key and QR code.
- Hardware – USB-like hardware designed for storing your crypto.
Pros:
✔️ Super secure
✔️ You manage the private keys
✔️ Anonymous
✔️ Can be recovered if lost or stolen
Cons:
❌ Comes with a price tag
❌ Has a learning curve
Overall, if you want to store larger amounts of Bitcoin, then a cold wallet is your go-to because of its high security. Plus, you can always trans
Tips for Choosing the Best Bitcoin Wallet for Sports Betting
With countless wallets available for both mobile and desktop, narrowing down your options can feel like an overwhelming task. But fret not because we are here to help!
In this entry, we will guide you through a list of tips to help narrow down the process of selecting the right Bitcoin wallet for your needs.
Reputation
A wallet’s reputation can often determine its reliability, ease of use, and security – all of which are essential in selecting the perfect one to suit your needs.
Reach out to fellow crypto enthusiasts (r/BitcoinBeginners is an excellent option for that), read reviews, and stay informed about the latest news to ensure you’re not falling for a sketchy wallet that could jeopardize your hard-earned coins.
Security
Security should be a top priority in your decision-making process, as it’s the key to protecting your investment from hacks and thefts.
As you evaluate different wallets, pay close attention to features like two-factor authentication, encryption standards, wallet backup option, and multi-signature (multisig).
Multisig serves as an added layer of security for your wallet by requiring the signatures of multiple people before any Bitcoin transaction can be authorized.
Pro tip: If, besides sports betting, you’re also looking for long-term Bitcoin storage, then opt for cold wallets, as these are much more secure.
Ease of Use
A user-friendly wallet enables you to manage your digital assets without hassle, ensuring smooth and efficient transactions.
cryptobet.guru
The more straightforward the wallet’s interface and functionality, the faster and more convenient it is to access your funds and complete transactions.
Plus, an easy-to-use wallet will allow you to familiarize yourself with its features quickly, making it less likely for you to encounter issues when dealing with cryptocurrencies.
Custodial vs. Non-Custodial
Among the several factors to weigh are custodial vs. non-custodial wallets.
A custodial wallet entrusts a third-party service (like an exchange or financial institution) with the safekeeping of your private keys, which govern your access to your digital assets.
While it offers convenience and ease of use, there’s the inevitable risk of losing control over your funds due to hacking, service interruptions, or the failure of the third-party service itself.
cryptobet.guru
By carefully evaluating your risk tolerance, technical skills, and storage preferences, you can take a confident leap into Bitcoin sports betting
On the other hand, non-custodial wallets grant you full control over your private keys, ensuring your direct responsibility for your assets’ safety.
Read the TOC
Read the fine print of the provider’s Terms and Conditions.
Why?
Some BTC wallets don’t allow gambling or sports betting, so your payments won’t get through.
One example is Coinbase, a popular crypto exchange site and wallet that prohibits gambling of any kind.
P.S. All BTC wallets on this list allow sports betting, but we recommend checking their TOC occasionally.
How to Set Up a Bitcoin Wallet for Online Gambling?
The next step is to set up a wallet for sports betting.
For that, follow our step-by-step instructions:
- Open an account at your chosen crypto wallet.
- Buy BTC. Remember, some Bitcoin wallets (Ledger and Trust Wallet) have an on-site exchange, and you can quickly get the coins there. Otherwise, go to a third-party provider and exchange cash for BTC there.
- Transfer Bitcoin to your wallet. Once you have the BTC, you need to transfer it to your wallet. How? Simply copy the address of your crypto wallet and paste it into the “Send” field of the exchange.
If you bought BTC directly from the wallet provider, the funds will be on your account after the purchase. - Find a BTC sports betting site. Our top recommendations are BC.Game, Stake, and Cloudbet.
- Deposit BTC and start betting. The last step would be to deposit coins to your sportsbook account using your wallet. Once done, find your favorite game and team, and start betting.
Good luck!
Can I Bet on Sports with BTC Without Having a Wallet?
The short answer is yes – you can bet on sports without having a dedicated Bitcoin wallet.
How?
The reason is that some crypto bookies have on-site crypto exchanges. This means you can deposit fiat and buy BTC directly from the sportsbook’s site without needing a third-party BTC wallet.
Some bookies with an on-site exchange include:
What Are the Best Practices for BTC Wallet Security?
As you venture deeper into crypto sports betting, it’s time to familiarize yourself with some recommended security measures for your Bitcoin wallet.
From the choice of wallet type to implementing critical backup and encryption practices, let’s explore the crucial steps you need to take to protect your digital fortune.
Select a Reputable Wallet
Similarly to our previous entry, one of the first steps you’ll need to take is choosing a reputable wallet to store your digital assets safely.
With the numerous wallets available, each boasting unique features and benefits, it’s all about finding the one that guarantees the utmost protection for your hard-earned Bitcoins.
cryptobet.guru
Taking the time and effort to select the right Bitcoin wallet will save you many potential headaches down the road
Be Cautious When Using Public WiFi
One often-overlooked security measure is being cautious when using public WiFi networks.
These networks can be a hotbed for hacking attempts and might expose you to different security threats – especially when using a hot wallet.
So, instead, stick to more secure connections, like your private home network, or use a trusted virtual private network (VPN) to encrypt your data and keep your Bitcoin safe and secure.
Use Strong Passwords and Keep Your Private Keys Safe
Imagine the horror of checking your Bitcoin wallet one day and finding all your precious coins gone! Absolutely devastating, right?
That’s why using strong passwords and keeping your private keys safe are crucial security measures to prioritize.
So what should you do?
Simply combining symbols, mixed-case letters, and numerals to create complex but memorable passwords, and protecting your private keys like they are the crown jewels, will do the trick.
Keep Your Bitcoin Wallet Updated
One crucial security measure you should always pay attention to is keeping your software current with the latest updates. You might ask why?
cryptobet.guru
Just as you ensure not to miss those software updates for your phone, neglecting to keep your Bitcoin wallet updated is like leaving the door open for hackers
Well, by consistently maintaining the most recent version of your Bitcoin wallet, you are efficiently applying patches to potential security vulnerabilities, ensuring that your digital currency remains safe and sound.
Remember to Backup
Regularly backing up your wallet ensures you can quickly recover your digital assets in unforeseen incidents like device theft, malfunction, or even accidental damage without breaking a sweat.
To Sum Up
In conclusion, having the right Bitcoin wallet can significantly enhance your sports betting experience by providing secure, easy, and lightning-fast transactions.
By selecting one of the four best Bitcoin wallets for sports betting, you’ll protect your funds and enable seamless betting on your favorite sports.
