Best Crypto Wallets for Online Gambling

Digital wallets are an indispensable part of cryptocurrencies and a tool you use to interact with the blockchain. Once you decide to deal with crypto gambling, choosing the most convenient among the various crypto wallets is crucial. This ensures a smooth experience with your deposits and withdrawals from a crypto-friendly sportsbook. But what is a wallet in cryptocurrency? The short answer is that it is a device that can be in a digital or physical form and serves as a place to store, send and receive your coins. There is one fundamental difference between crypto exchange and wallet.

An exchange is where you purchase and trade your crypto, whereas a wallet is a device or software where you can keep your coins. The reason is safety and access. Your coins are safer in your wallet because you are the only one accessing them. Exchanges have access to your wallet, which is not always a good idea. There are different types of crypto wallets; each category has its most popular options. You can use hot wallets like Exodus and Metamask or cold wallets like Trezor and Ledger. This article will analyze the best crypto wallets, their beginner-friendly features, and their distinct use cases.

Why Do You Need a Crypto Wallet for Gambling

Simply put, there are two major reasons why you need a crypto wallet for gambling. Firstly, a wallet executes and stores your transactions. Secondly, you should never send crypto directly from an exchange to a bookmaker and vice versa. The latter is because major and trusted exchanges have very strict policies towards gambling. The scenarios range from getting locked out of your account to losing the funds.

Coinbase, for example, is notoriously strict, having a zero-tolerance for gambling-related activities. It would help if you read more about crypto exchanges and gambling in our guide. Wallets function the same way a physical wallet does, except that crypto wallets can be hacked or lock you out in case of a mistake. Still, a crypto wallet is much safer than keeping it in a bookmaker or exchange. You will still need to successfully receive and send your coins to an exchange to convert them to fiat currency. Underneath, you can also see the top bookmakers for crypto gambling.

What is the best cryptocurrency wallet for online betting

No candidate can boast about having the best cryptocurrency wallet, as several types exist. Before getting into more technical details, here is a crypto wallet overview of our hand-picked selection for each category.

• Desktop and Mobile Wallet—Exodus: If you want to play in Bitcoin Sportsbooks, you could go for a cryptocurrency desktop wallet, such as Exodus, which also offers a mobile version. Exodus is arguably the best option for beginners. Its simplicity, intuitive interface, and support for multiple cryptos make it ideal for gambling with different crypto bookmakers. It is also lightweight, meaning your device will not suffer from loads of additional data to download.
  
  
• Web Wallet—Metamask: For Bookmakers that primarily focus on Ethereum, USDC and USDT, you can simply add the Metamask wallet, a free extension to your browser. Like most web wallets, Metamask is light, and its ease of use is second to none. The only drawback is that it does not support Bitcoin and coins like Cardano or Tron.
  
  
• Hardware Wallet—Trezor Model T: Perhaps our personal favourite, Trezor Model T is possibly the best hardware wallet, along with Ledger Nano X. These cold wallets feature undisputed safety. Meaning you can enjoy all the benefits of the Best Crypto Bookmakers and use almost any crypto available for gambling. They also support over three hundred coins, so you will definitely find your selection there. If you are a fan of mobile gambling, opt for Ledger Nano X, the only wallet with Bluetooth for wireless connectivity. Does this sound Greek to you? No worries, let’s go through all the crypto wallet types. 

What are the Different Types of Cryptocurrency Wallets

All the different types of wallets have their strengths and weaknesses. The two main types are hot and cold wallets. The primary difference between them is whether they require a constant internet connection. Also, as a rule of thumb, hot wallets tend to be more practical but are more prone to security risks, whereas cold wallets are less practical but provide more security.

How does a Cryptocurrency Hot Wallet work

 A wallet is considered hot when it requires a constant connection to the internet. Hot wallets are ideal if you wish to execute many transactions. They are more practical for everyday use. However, the fact that they access the internet all the time works both ways, meaning hackers can also access them. The funny thing is that the security of hot wallets depends entirely on user behaviour, so think twice before you arbitrarily visit a suspicious website or open links in spam emails.

In short, you should only keep a small portion of your crypto in a hot wallet to avoid unwanted attention. Remember, everything is on the blockchain. So, if you habitually leave large amounts of cryptocurrencies in the address associated with your wallet, you essentially become a target for hackers. Best keep small amounts you aim to use in due time and place the rest of your crypto in cold storage. Also, remember that most hot wallets are available for free.

There are many different variations of a cryptocurrency hot wallet. Let’s look at the most popular digital wallets in this class. Remember, hot wallets are more convenient to use, but you must be extra vigilant about your internet activity, and it is best not to keep large amounts of crypto in them.

Mobile Crypto Wallets

Pretty self-explanatory, mobile wallets are hot wallets you basically download and install on your mobile phone or tablet. They are available as applications and can be handy in Live Betting escapades. You can load the application on your phone and send crypto to a bookie in no time and for minimal fees. Mycelium is a perfect mobile wallet option, with many loyal users and an excellent reputation.

Desktop Crypto Wallets

Desktop wallets are software you download on your computer. In a way, mobile wallets are desktop ones as well. You install the software on your device and tidily manage your transactions there. Exodus is a top-notch desktop wallet and a fantastic option for beginners due to its simplicity and popularity.

Web Crypto Wallets

Web wallets are extensions you install to your browser that allow you to send and receive crypto effortlessly. Metamask is arguably the most popular option in this category. Blockchain.com is also one of the largest and oldest web wallets around. Beware of imposters of the app, which will drain your wallet if you make the mistake of installing them instead of the official one.

Cold Storage Crypto Wallet: Hardware and Paper Wallets

Cold storage options are wallets that do not require a continuous connection to the internet. These are physical devices that you can use to store your coins. They stay offline; therefore, the private keys used in your transactions become invisible to the prying eyes of a hacker. There are also offline software wallets that do the same job. This way, your funds stay safe and always offline. In fact, out of all the crypto wallet types, cold wallets are as secure as it gets.

Again, the risks of cold wallets depend on the user. The most important thing to do is guard your cold wallet’s private keys as best as possible. If you lose them, you will never be able to re-access them. Another relatively negative aspect of cold wallets is that executing many transactions with them is significantly more tedious.

Hardware Wallets

Hardware wallets are physical devices that do not require a constant internet connection. To their majority, hardware wallets are not free, and you must purchase one. It's not a coincidence that if you ask any crypto enthusiast about the best crypto wallet, they will immediately answer either Ledger or Trezor. These two giants of hardware wallet brands offer the most secure and popular options as far as cold wallets are concerned.

Paper Wallets

Paper wallets are perhaps the most traditional option for cold storage. Practically, they are printed documents from an offline printer, which contain the public and private keys in the form of a QR code. They have become obsolete due to the high risk of loss and damage. Still, they will always be the original wallet in the Bitcoin world.

Choosing the Best Gambling Crypto Wallet

You must be asking yourself whether you need different wallets for cryptocurrencies. Luckily, nowadays, the answer is mostly no. Apart from the obvious coins like Bitcoin, Ethereum, Litecoin, and the like, contemporary crypto wallets support many different coins.

If your ventures in crypto are primarily for gambling, then you will be covered with any of the contemporary wallets. Remember that, apart from being the safest option, hardware wallets are ideal for you, given they support multiple currencies popular in gambling, such as XRP, Tron, Dash, Dogecoin, and Monero. The above examples will find support more easily in cold wallets than mobile or desktop wallets.

Only use trusted options

You should always purchase or download a wallet from its source, link, or online shop. Countless scammers place Google ads with links to the supposed online shop or software download. If you make the mistake of installing or getting your wallet from there, you will almost certainly lose your coins the moment you transfer them into these compromised wallets.

Look for Fee-Free wallets

So far, we have not mentioned the factor of fees when it comes to wallets. You should know that fees are associated with any crypto transaction you make. This does not exclude wallet transactions. Still, developers always strive to keep the fees to the minimum as an extra incentive to use their product. This means that unless you deal with very small amounts for your gambling, fees will not be an issue. Most of the time, they are equal to the network's cost. Sometimes, they offer custom fees you can set for yourself.

Good UI goes a long way

A good user experience can not be underestimated when it comes to crypto. Sure, complex processes are executed under the hood when you initiate a transaction. Still, having a simple, responsive, and informative interface is best for understanding and seeing what you are doing. The most popular crypto wallets have fantastic UIs for beginners and advanced features for experienced users.

As we discussed, a big difference between a crypto wallet and a crypto exchange exists. Even though an exchange technically has a wallet, it is not entirely the same as your own private wallet. When you deposit anything, whether crypto or fiat money, into your exchange account, this goes into a wallet the service owns and manages. This is the equivalent of your account in a bookmaker. Your account in the exchange is topped up with whatever currency you deposit. Read more in our guide about the best crypto exchanges for online gambling.

Let’s focus on depositing crypto there. One could argue that keeping your coins in an exchange is the same as transferring them to a personal wallet. The main catch here is the private key to your cryptocurrency wallet and the distinction between custodial and non-custodial wallets in crypto. Exchanges and bookmakers are custodial options, whereas your wallet belongs to you and only you.

There is an old saying in crypto: “Not your keys, not your coins”. This is one of the most important statements in the crypto world, both practically and philosophically. Possessing a wallet’s public and private keys constitutes the core of how a crypto wallet works. A public key is like your bank account number. When you want others to send you money, you share a hashed version of the public key and your public address on the blockchain. Contrary to the traditional banking system, you only have access to it. This is when the crypto wallet's private key comes into play.

Private Keys in crypto

Private keys are the only way to access the public address and the key behind it. So when you leave your crypto in your wallet, you are the only person who can access it. On the contrary, when you keep your coins in a crypto exchange or a bookmaker’s wallet, you are not the one with the private keys, but they are.

It is only through mutual courtesy, so to speak, that they allow you to access your funds within their wallet. This means that in case of a catastrophic event, such as hacking, a bug in the exchange, or malicious intent on their behalf, you get locked out of your funds forever. The same reasoning applies to what the exchanges or bookies do with your funds whenever you are away from your account. They could be profiting or gambling with them.

Custodial and non-custodial options

In short, whoever holds the keys controls the coins. This is called a custodian wallet because you surrender custody of your keys to them. We recommend you only use non-custodial options so you control whatever happens to your coins all the time.

Let’s dive into how you can create and set up your crypto wallets. The process is straightforward, but you need to be meticulous and follow every instruction to the letter. Always remember to keep your seed phrase stored somewhere safe.

• Decide on your wallet: First, you need to decide on the wallet you will use. Determine whether it will be a web, mobile or desktop wallet or if you need to purchase a hard wallet online.
  
  
• Buy or download it: Once you decide, go ahead and download or purchase the wallet. Always use official links or websites from trusted sources. Don’t click on a link you found on Google. Do your due diligence.
  
  
• Install the software: After downloading from a trusted source, install the relevant software. Keep in mind that even hardware wallets come with software you need to install.
  
  
• Set up your account: This is perhaps the most crucial step. As soon as you install and run the software, you will be asked whether to create or import a wallet. Assuming this is your first time, select Create a New Wallet. The system will generate your 12- or 24-word seed phrase that gives access to your public key. Copy it on paper more than once and store it separately and safely. This is the only way to access your wallets if you lose your laptop and damage your hardware wallet device.
  
  
• Deposit your crypto: Once you set up your wallet, you have access to your public address. Use it to send and receive crypto from your exchange, bookie, or friend.
  
  
• Important Note: Never send crypto directly to a bookie from your exchange account. Most cryptocurrency exchanges have very strict anti-gambling policies. This means that, at best, you will be kicked out of your account. In the worst case, you will also lose your funds within that account because the exchange will never let you back in again.

 You have successfully set up your wallet and have sent it to your favorite bookmaker. As far as moving crypto from an exchange to a wallet, you now wish to transfer your gains entirely back to your possession. You want your funds to be safe with you and not in a custodial wallet. Let’s see the steps below:

• In your crypto bookmaker, go to the withdrawal option and choose the coin you want to withdraw. Then, enter the amount you wish to transfer.
  
  
• Select the receive option and copy the generated address to your wallet.
  
  
• Return to the bookmaker and paste the address.
  
  
• Double-check the pasted information. Recheck it. Better be safe than sorry.
  
  
• Confirm the transaction.

We want to add some tips on how to secure your crypto wallet. The number one rule is never to share your seed phrase with anyone. It would be best to never store your seed phrase on your computer, phone or tablet, either in the cloud or as a photo or document on your device.

⏩ Always triple-check the link and website from which you download software, especially when installing a web or mobile wallet app.

⏩ Do not disclose your seed to scammers, who promise they will send you back double the number of the crypto they ask you to send them. That, by the way, is the “Nigerian prince” scam version of crypto.

⏩ Some wallets provide the option to set custom fees. Don’t be tempted by lower costs because this increases the chances your transaction gets stuck unprocessed by the network, especially on busy days.

⏩ Many wallets provide the option to generate new addresses for each transaction. Use that feature. It makes tracking your steps on the blockchain by hackers more difficult.

⏩ Make a habit of bookmarking every wallet website URL or online shop you use to avoid getting phished and scammed by imposters the next time you log in.

Crypto wallets are an essential part of any crypto process. You should implement all the steps to ensure their safety and not compromise with your coins. If you're about to start Crypto Gambling, we strongly recommend you go the extra mile and purchase a hardware wallet. Then, link it to a web or mobile wallet and transfer your crypto to your bookie from there.

Remember to never send crypto directly from a bookie to an exchange to avoid losing your funds. Last but not least, cryptocurrency wallets are not regulated. The success of your transactions depends on you and the services you choose to send funds to. Overall, you must have fun but stay vigilant. For a list of all the crypto betting sites, check the table below.