How Crypto Wallets Work On Sports Betting

Crypto Wallets on Sports Betting

For online sports bettors that are looking for the best way to make quick and easy online deposits to their accounts, we bring the guide of How crypto wallets work on sports betting, so they can avoid the hurdles that can sometimes be found with traditional methods by using cryptocurrency for their online transactions.

Players can take advantage of the benefits of a cashless, decentralized, and fast method of depositing and withdrawing funds by using one of the safest platforms to move their money when betting online. 

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Independent Peer-to-Peer Platform 

Cryptocurrencies operate on an independent peer-to-peer platform with low costs and no central authority or banks involved.

They have also revolutionized online betting and are more popular than ever before, offering many advantages over traditional methods of online wagering.

Using a crypto wallet for sports betting offers faster deposits and withdrawals, low or no transaction fees, a high level of privacy, and is available worldwide. 

For those who are unfamiliar with how crypto wallets work on sports betting?, there are several things players should know and do before they can make their first cryptocurrency deposit at their favorite online sportsbook.  

Finding a Crypto Wallet

A crypto wallet is software in which users can store their digital currency. Players must first buy crypto at a digital currency exchange where they can convert cash into digital currency and vice versa. 

These wallets are used to store and trade coins, with many types to choose from depending on the player’s personal preferences regarding privacy, security, and other features.

Crypto Wallets Are Here for Faster Trading Processes

Most online crypto exchanges provide their own wallet to make the trading process faster and easier. 

Most crypto wallets can be used for free, with each transaction incurring a fee based on the current conditions and the amount of data used for the transaction.

This network fee can cost anywhere from $0.03 to $6, depending on the transaction speed and level of priority set by the user. Customers should always pick a crypto wallet that has pros and cons to their advantage. 

World’s Most Popular Crypto Wallet

Blockchain is the world’s most popular crypto wallet. It’s a secure and trusted provider that’s easy to use and available on both mobile and desktop platforms. Players can create a wallet on Blockchain in a few simple steps. 

They can go to and register for a free account by filling out the brief information and entering their email address and password. Once their email is verified, they can log into their new account. 

However, before buying any cryptocurrency, players must complete the signup process on the Blockchain exchange.

The account can be verified on their mobile device, where players can then link a credit or debit card to send money in exchange for cryptocurrency.

Five Blockchain Wallet Steps

  1. They must first download the Blockchain Wallet app to their device. 

  • 2. After logging on, players should click on the “Buy” option and choose which cryptocurrency they want to purchase.

  • 3. Once they enter the amount of the crypto they want to buy, the exchange will show the amount in dollars. 

  • 4. Players must then select their preferred payment method and confirm their identity by providing the proper documentation.

  • 5. Once that’s done, players can use a credit or debit card to complete the purchase. Blockchain offers the conversion of crypto to traditional currencies, so the wallet can then be used to make transactions in dollars.

Making a Sportsbook Deposit Using Cryptocurrency

Although individual crypto deposit methods may differ in the online sportsbook market because of the interface of the different platforms, it’s generally the same process that’s used for each one. 

What to Do First & How crypto wallets work on sports betting?

Before choosing an online sportsbook that accepts cryptocurrency, players should make sure the site is reputable.

There are many online reviews available to help players decide which ones are the most popular and trusted by their players.

These are invaluable to any online player and can help narrow down their search to find the best providers available. 

Crypto-friendly Sportsbook

Bettors first need to log into their favorite crypto-friendly sportsbook and go to the cashier section, pick the crypto deposit option for the currency they’re using, then choose a deposit amount.

The payment is completed by the customer sending the desired amount to a specific deposit address provided by the sportsbook or by scanning a QR code on their mobile phone. 

Players then need to go to their crypto wallet, choose the “Send” option, and enter the address provided by the sportsbook to authorize the deposit. 

Coinbase Users

For bettors that use Coinbase to buy and exchange cryptocurrency, they should never send or receive crypto directly from their account to their sports betting account or risk having their Coinbase account shut down.

It’s rumored that Coinbase monitors known gambling sites and customers caught sending money to or receiving a payout from one of them could have their account blocked.

Types of Crypto Wallets

The security of crypto funds and the degree of privacy provided by a crypto wallet depends on the type of wallet the player desires.

Some wallets are easier to hack than others, with each coming with private keys. These are what allow players to access their crypto.

The security of the wallet’s private keys is how players can safeguard their wallet funds.

Mobile Wallet

These are apps that run on mobile platforms for Android and iOS. These are more secure than traditional online wallets because the chances of a phone being hacked are much less than using a cloud-based app or website.

These wallets are designed for the user’s convenience and have fewer security features than hardware or desktop wallets. 

Cloud-Based Wallet

These are applications or websites which manage the customer’s private keys for them, making them responsible for protecting the crypto in their wallets.

They are also among the most convenient wallets because players can access funds through any device as long as they have an internet connection. 

Desktop Wallet

This wallet is used on a laptop or desktop computer and is downloaded and installed on the device. They offer better security because the keys are stored on the device rather than in the cloud. 

However, the downside is that it’s not practical for most people because they have to be in front of the computer to transfer funds to their sports betting account.

The other negative is that computers are more vulnerable to viruses if the user doesn’t take protective measures like running antivirus software. 

Hardware Wallet

This type of wallet isn’t cloud-based or installed on a device using an application. They are handheld electronic devices and offer the best security for storing crypto.

They are impossible to hack because everything is kept offline, as the private keys are on the device itself

To transfer funds to an online sportsbook, the customer must first connect the wallet to another device with internet access.

The wallet is protected with a pin, and users can set up a backup security method to restore the wallet on another device if the current one is ever stolen. 

Paper Wallet

Paper wallets were the most popular way to store crypto offline before hardware wallets were in use. They can still be used today and have a crypto address, private and public keys, and QR codes to make transactions.

Because the keys are stored on paper, the wallet can’t be hacked.  However, if the paper is ever destroyed, the wallet can’t be restored like with a hardware wallet. These aren’t used much today, as a hardware wallet is now the most practical option. 

Pros And Cons of Every Method

There are pros and cons for every method of depositing and withdrawing funds when betting online. Here are some of the pros and cons of using crypto wallets for making online wagers:


For bettors that don’t like to give credit card or banking information to an online betting site, using cryptocurrency is a great option.

Using a crypto wallet acts as a mediator that allows bettors to remain anonymous without exposing any of their personal information.

This is true for anyone that likes to shop and conduct a lot of online transactions, protecting them everywhere they go online. 

Transaction Speed and Flexibility

Crypto transactions are also much faster than traditional methods, with processing typically taking a few minutes.

There are also higher transaction limits using crypto for deposits and withdrawals that high rollers will find useful. 

Fluctuating Rate

All types of currency are expected to fluctuate. However, cryptocurrency tends to fluctuate more than traditional currencies.

No one can say what direction the trend will go in the future, but some cryptos have a more positive outlook than others.

Bitcoin is the most popular crypto used for online sports betting and is expected to continue gaining momentum. 

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How crypto wallets work on sports betting? FAQs

Which crypto wallet is the best?

The best crypto wallet is dependent on the needs of the user. Bettors are recommended to use a wallet that’s reputable and well-established in the industry.

Is using crypto safer than other deposit methods?

Yes. Using crypto to make online deposits is the safest method available because transactions are anonymous, with no banking information ever being provided to the online sportsbook.

Can I make a profit if the crypto value goes up?

Yes. Most players forget that they can make money if the crypto goes up in value from the time they deposit until they cash out their winnings, adding to their overall profits.

What are public and private keys?

A public key that supports crypto transactions is for identification and is visible publicly. The private keys are secret and help with authenticating the account and encryption.

Can someone steal my crypto with my wallet address?

No. Cryptocurrency cannot be stolen from a wallet with only the address. They would also need access to the online wallet and your private key information. Crypto addresses cannot be deleted from a wallet account.