Updated: September 24, 2023
Can I Use Coinbase for Sports Betting?
For avid sports bettors who like to use cryptocurrency, Coinbase’s popularity as a trustworthy wallet service may be a tempting option.
However, it’s important to keep in mind the company’s Terms of Service explicitly forbid any gambling transactions, including sports betting.
In this article, we’ll dive deeper into the world of Coinbase and learn about its potential as a payment method. Additionally, we’ll explore alternative crypto wallets and recommended bookies where you can use them for even more convenience.
Ready? Let’s start.
What is Coinbase?
Coinbase is a popular cryptocurrency exchange site* that was established in June 2012.
The platform allows users to easily buy, sell, and trade various digital assets such as Bitcoin, Ethereum, Litecoin, Tether, and also NFTs.
One of the reasons Coinbase has gained a large following is thanks to its user-friendly interface and high level of security measures. Both beginners and experienced cryptocurrency traders and investors widely use the site.
In addition to its main exchange features, Coinbase offers a wide range of other services, such as a wallet to store digital assets and various educational tools to help users navigate the world of cryptocurrencies.
What Can I Use Coinbase For?
Coinbase is a versatile platform that allows you to enter the cryptocurrency world easily.
Here’s a breakdown of things you can use Coinbase for:
- Buy and sell popular cryptos like BTC, ETH, and DOGE, but you have access to around 50 other crypto choices.
- Convert one coin to another and send and receive digital currency to and from other users.
- Coinbase doubles as a hot crypto wallet for you to store your digital coins.
- Finally, Coinbase lets you create, collect, and connect NFTs.
With so many options and resources available on the platform, Coinbase is an excellent tool for anyone curious about cryptocurrency.
But what about gambling?
This takes us to our next point.
Can I Use Coinbase for Sports Betting?
For those wondering whether they can use the Coinbase crypto wallet for sports betting, the answer is no.
Coinbase’s Terms of Service state that:
Accounts cannot be used for unlawful gambling, including sports forecasting, fantasy sports leagues with cash prizes, internet gaming, contests, and games of chance not sanctioned by a regulatory authority.
Coinbase.
As always, reading and understanding a platform’s Terms of Service is essential before using it for any purpose.
3 Reasons Why You Should Avoid Coinbase for Online Crypto Sports Betting
Earlier, we mentioned that the usage of Coinbase for gambling activities doesn’t align with the company’s Terms of Conditions. That’s only part of the reason why it may not be the best fit for you on your sports betting adventures.
As such, there are a few more things to keep in mind when it comes to considering Coinbase as a platform for sports betting.
1. Coinbase is Tracking How You’re Spending Your Coins
As one of the largest cryptocurrency exchange platforms, Coinbase is scrutinized by regulators to ensure compliance with anti-money laundering regulations and drug laws.
To stay in compliance with AML regulations, Coinbase is tracking how you spend your cryptos.
In an effort to stay in line with these regulations, Coinbase has begun tracking not only the coins purchased through their platform but also how you choose to spend Bitcoins after withdrawing them from your Coinbase wallet.
While the company emphasizes the importance of regulatory compliance, some have raised concerns about user privacy and the potential for using this data against them.
2. Your Account Will Be Suspended
While it’s tempting to try and make a quick profit by wagering on your favorite teams or players, the consequences of doing so can be severe.
If Coinbase detects that you are using your account for sports betting, they will likely suspend it immediately to protect you and their business.
In fact, there have been several complaints already from 2014 from various Redditors and BitcoinTalk users that Coinbase has suspended their accounts due to participating in gambling activities.
3. Your Funds Might Get Frozen
If Coinbase detects any suspicious activity in your account, they reserve the right to freeze your funds until further investigation is complete.
It’s also worth noting that this freeze can happen without any notice, so be sure to avoid using your Coinbase account for sports betting if you want to keep your funds available for other uses.
Coinbase Alternatives
Are you an avid sports bettor looking for a reliable cryptocurrency wallet that supports gambling activities?
As you already found out, Coinbase may not be the platform for you, as they prohibit using their platform for any kind of betting or gambling.
However, fear not, as numerous alternatives provide a safe and secure way to gamble with cryptocurrencies.
In this entry, we will explore some of the best Coinbase alternatives that cater to sports bettors and find the perfect sportsbook match for each wallet.
Let’s dive in.
Blockstream Green – Best Wallet for BTC
Blockstream Green offers a user-friendly interface, making it easy for beginners to navigate, and it is a popular wallet among many crypto and sports betting enthusiasts.
This wallet stands out because it emphasizes security features like two-factor authentication and multi-signature support.
Another great feature of Blockstream Green is purchasing cryptocurrencies directly within the wallet using a credit card or bank transfer.
Wondering which sportsbook to use for the Blockstream wallet? Why not combine it with our #1 BTC sports betting site – BC.Game for a seamless experience.
MetaMask – Best for ETH Fans
MetaMask crypto wallet is an incredibly useful tool for anyone who regularly uses digital currencies.
Its seamless integration into web browsers offers an efficient and user-friendly way to interact with the blockchain.
Beyond just serving as a wallet for storing and sending cryptocurrency, MetaMask allows access to decentralized applications (dApps) directly from your browser.
This means you can interact with blockchain-based games, marketplaces, and other services without navigating to a separate application.
Additionally, the wallet’s built-in security features provide peace of mind that your assets are protected from potential theft or loss.
Best sportsbook for MetaMask wallet? Go with Stake, as they’re one of the top sportsbooks that offer ETH betting, and you bet directly from your MetaMask wallet.
Ledger – Best for Security
This digital wallet ensures the security of your cryptocurrencies by providing an offline storage solution that protects your private keys. It’s an excellent option for those who value the safety of their crypto assets.
Plus, using the Ledger crypto wallet for sports betting ensures there’s no need to share personal or financial information with a sportsbook or third-party payment provider, allowing you to enjoy convenient and secure transactions.
What are the best crypto bookies for a Ledger wallet? Go with our top three licensed and fair sportsbooks – BC.Game, Stake, and Cloudbet – for even more added security.
Psst! Want to learn more about different crypto wallets? Read our Best Bitcoin Wallet for Sports Betting article.
Is There a Way You Can Still Use Coinbase for Sports Betting?
While Coinbase does not allow users to send or receive payments to or from any gaming platform, there is a way to still use your Coinbase account.
The solution is to transfer your crypto to another wallet before making any transactions related to sports betting.
This way, you can ensure that your transactions are safe and you’re not violating Coinbase’s TOC.
Here’s a step-by-step guide on how to use Coinbase for sports betting:
1. Create a Coinbase Account
If you don’t have a Coinbase account, the first step is creating one.
This is a straightforward process for what you need the following:
- First, sign up using your full name and email address.
- Next, verify your email.
- Once done, verify your identity (here, a government-issued photo ID is needed as they don’t accept passport cards).
- Finally, link your payment info. The options depend on your country, but PayPal and Google Pay are mostly available everywhere.
And that’s all! Now let’s move on to the next step.
2. Buy Crypto
Once your account is up and running, navigate to the ‘Buy/Sell’ tab and select the cryptocurrency of your choice.
Coinbase has over 50 cryptos to choose from, so whether you opt for the popular BTC or another altcoin, there’s something for every taste.
Once you have selected your preferred coin, enter the amount you wish to purchase and confirm the transaction.
Voila! You are now the proud owner of a digital asset.
3. Transfer Cryptos from Coinbase to an Alternative Wallet
Now it’s time to transfer the coins to an alternative crypto wallet.
How?
Enter the recipient’s wallet address (or scan the QR code) and choose the amount you wish to transfer.
Pro tip: the wallets we covered in our previous entry are all suitable for Bitcoin sports betting and gambling, but if you want to transfer altcoins like ETH or SOL, we recommend using MetaMask or Phantom.
It’s important to double-check the wallet address before proceeding to ensure that the funds end up in the correct location.
Once you’re ready to initiate the transfer, you’ll be prompted to confirm the transaction and pay any associated fees.
After that, it’s simply a matter of waiting for the transfer to be completed, which can take a few minutes to several hours, depending on network congestion.
4. Send the Coins to a Preferred Sportsbook
Firstly, make sure that the sportsbook you’re using supports crypto payments. All our reviewed bookies offer this option, but here are our top 3 choices for sports betting:
Now, it’s time to make the transfer.
Start by navigating to your crypto wallet and selecting the coin you’d like to send.
Then, enter the sportsbook’s wallet address (typically found in their deposit section). Once you’ve confirmed all the details, hit send and wait for the transaction to be approved.
And there you have it – a solution to use Coinbase for sports betting.
To Sum Up – Coinbase for Sports Betting – Yes or No?
In conclusion, while Coinbase may not be a suitable platform for sports betting, it’s undeniably a great crypto wallet for any other purpose.
Whether you’re looking to buy, store, or transact with cryptocurrencies, it has a user-friendly interface and offers top-notch security measures.
However, if you’re determined to use your Coinbase funds for gambling, there is still a solution.
You can transfer your coins to a gambling-friendly wallet while keeping your funds on Coinbase. Doing so can ensure that your transactions remain secure while participating in recreational betting.
Overall, Coinbase is a valuable tool for anyone looking to enter the world of cryptocurrencies, and its versatility makes it a go-to option for many users.
