What Is the Best Crypto Wallet for Sports Betting? A Closer Look
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Originally Posted On: https://www.underdogchance.com/what-is-the-best-crypto-wallet-for-sports-betting/
Sports betting is surging in popularity in the US. Nearly 45 million Americans placed a wager on the NFL in 2021. While the NFL is the most popular American sport to bet on, the NBA and MLB aren’t far behind.
With more and more people placing a wager on a weekly, basis, there are more and more websites offering online sports betting. And many new betting websites are accepting cryptocurrency as a method of payment.
There are many benefits to using crypto rather than cash for your bets. But to place crypto bets, you’ll need the best crypto wallet to store and send your funds.
So what is the crypto wallet of choice for sports bettors who use crypto? Read on below to find out the top choice.
How to Bet With Crypto
There are a number of reputable sports betting websites that allow players to use cryptocurrency to make a bet. This includes websites like Cloudbet, Nitrogensports, Sportsbet, and many others.
There are also completely decentralized sportsbooks emerging these days. Wagerr is a solid option.
Most often, sites will accept bitcoin, the world’s first and most popular cryptocurrency, to place a wager. But some sites will also accept Bitcoin Cash, LiteCoin, and Ethereum.
Contrary to popular belief, however, is that these websites do not store your crypto. It’s not like a crypto exchange, such as Coinbase, where you send and store your funds, using them at any time.
That would pose a huge threat, as storing massive amounts of crypto on the website could lead to increased cyberattacks.
Rather, when using cryptocurrency like bitcoin to make bets, you store your crypto in your own bitcoin wallet. Crypto wallets can either be software wallets, downloaded to your phone or computer, or hardware wallets, that work as a hard drive.
This ensures that you always retain control over your crypto, and you don’t trust a third party to hold custody over it on your behalf.
When you are ready to make a sports bet through an online sportsbook, you transfer the amount you are looking to wager to the website. That crypto is then automatically converted into digital chips, usually denoted in $USD. You then use these chips to make your wager.
Withdrawing Your Winnings
If you make a winning bet, you’ll receive your winnings in the same $USD denoted chips. If you want to withdraw those funds, they will be converted back into bitcoin, or another supported cryptocurrency, and then sent back to your personal crypto-wallet.
All you have to do is copy and paste your crypto wallet address into the withdrawal box on the website. Depending on the cryptocurrency you send, it can take a few seconds, or up to 30 minutes, depending on how congested the network is at the moment.
Types of Crypto Wallets
So if you want to place bets on some of the more popular online sportsbooks, you’re going to need a cryptocurrency wallet. There are two main types of wallets available.
Software wallets are applications you can download either to your smartphone or computer. These are usually free to download and use.
In just a few minutes, you’ll have a crypto wallet set up. Just make sure to write down and save your seed phrase during the setup process, as this is your wallet security. Never share it with anyone.
While software wallets are easy to start using, they aren’t the most secure option. Because software wallets live on your devices, they are considered”hot” since they are always connected to the internet.
Hackers create many elaborate scams to get you to click on malicious links, where they can then siphon funds out of your software wallet. If you practice good internet hygiene, however, software wallets can be a good option for storing your crypto.
A better option, though, is a hardware wallet. These are physical hard drives, about the size of an old thumb drive. While they do cost money, they provide maximum security for your crypto.
The Best Crypto Wallet for Sports Betting; Ledger
There are a few crypto hardware wallets on the market today. But one stands out head and shoulders above the rest when it comes to ease of use, reputation, and security. The best bitcoin wallet for sports betting is the Ledger.
Ledger hardware wallets are the industry standard both for long-term crypto investors, and those looking to use their crypto exclusively for sports betting. Of course, you can use it for both purposes, as well.
Ledger currently offers two versions of its crypto wallet; the Ledger Nano S, and the Ledger Nano X.
Ledger Wallets Compared
The Ledger Nano S is the more affordable version, retailing for about $60. It offers a simple user interface. This is the most popular version, having sold millions of units.
The Ledger Nano X retails for about $150. It’s a bit bigger, with a larger screen that displays more information.
The main difference, however, is that the Nano X supports up to 100 apps, while the Nano S supports up to 3 apps.
Apps on the Ledger wallet are free to use and are correlated with different cryptocurrencies. So if you want to store bitcoin on your Ledger wallet, you’ll need the bitcoin app.
If you also want to store Ethereum (ETH), and Ethereum-based tokens (ERC-20) like Tether (USDT) or Shiba Inu (SHIB), you’ll want to download the Ethereum application as well.
The cheaper Nano S works perfectly for those who will be storing only a handful of crypto assets. Most of the time, that means using the bitcoin app, Ethereum app, and an alternative blockchain like Polkadot, Solana, or Cardano.
If you plan to use your ledger wallet for both sports betting and building a crypto portfolio with many different coins, then paying for the Nano X right off the bet is a better option.
Benefits of the Ledger Wallet
What are the main reasons you should consider a Ledger hardware wallet for sports betting? Here’s why it’s worth the investment.
Ledger Wallets Offer Maximum Security
Hardware wallets are considered “cold storage” for crypto assets. Cold storage means that your assets are not connected to the internet. That means there is no way for these funds to be stolen.
Hackers cannot gain access to your assets, which is a huge threat to software wallets.
Likewise, you have to confirm every single crypto transaction by pressing a button on your ledger wallet. So only you can authorize crypto to leave your wallet.
Ledger Wallets Support Many Cryptocurrencies
Ledger wallets also support nearly every cryptocurrency and token that you would want to buy and hold. While you can only store a certain amount of different cryptocurrencies at one time, the variety in what you store is huge.
So you can hold popular coins like bitcoin, Ethereum, and Polygon, as well as up-and-coming altcoins.
Drawbacks of the Ledger Walle
The biggest complaint that crypto enthusiasts have of the Ledger is the price. The Nano S is affordable but only supports three different apps at one time. That severely limits the number of cryptocurrencies you can invest in at any one time.
To get more cryptocurrency support, you need to spend more than 2x to get the Nano X.
Also, using the wallet for individual transactions does take time. You have to physically type in your passcode on your Ledger wallet to send crypto.
While this is the reason that the Ledger is so secure, it’s also a bit of a hassle if you are making multiple transactions in quick succession.
The more expensive Nano X is a bit easier to use for multiple transactions, however. So if you will be an active sports bettor, the Nano X may be a better option.
How to Use the Ledger Wallet
Ready to start using bitcoin for sports betting? The setup process takes a bit longer than software wallets, but the effort is worth it, to ensure you don’t lose all of your betting money in a cyber attack.
Order from the Official Ledger Website
Only order a Ledger hardware wallet directly from the Ledger website. You don’t want to risk purchasing a wallet that was tampered with. Never buy secondhand.
Luckily, Ledger can confirm that your new wallet is safe to start using and that no one else has the seed phrase for your wallet.
Download the Ledger Live App
When you plug your Ledger into your computer, you’ll want to download the Ledger Live app, which is the interface you will use to manage your crypto assets.
When you launch the app, you’ll create a passcode for your wallet. Then, it will display your 24-word seed phrase. Write this down on paper, keep it safe, and never share it with anyone.
Install Crypto Apps on Ledger
Once your Ledger crypto wallet is set up, you can download individual apps onto your ledger. Start with the basics, like bitcoin and Ethereum. For each cryptocurrency you use, you’ll have a different wallet address, which is important to note when sending crypto to your wallet.
You cannot send bitcoin to an Ethereum address, for example, as they exist on two different blockchains (networks).
A Secure Wallet for Your Winnings
If you want to start betting on your favorite sports using cryptocurrency, it makes sense to invest a small amount into the best crypto wallet on the market.
Ledger wallets are the best option for long-term crypto investors as well as sports bettors looking to use crypto to fund their wagers. Ledger wallets offer maximum security, impeccable support, and an easy-to-use device that will keep your money safe.
Once you’ve got that taken care of, you can start focusing on your sports betting strategies, to ensure you are filling your new crypto wallet with winnings. Check out our free betting course to help you start winning today.