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The era of crypto gambling is officially underway. Next.io reports that the crypto gambling market is currently valued at $250m — a small but significant part of the $93bn iGaming industry. What’s exciting is that crypto gambling is rising in popularity each year that goes by, so there’s no telling how big it will be by the time 2030 arrives. With new crypto casinos and sportsbooks hitting the internet every year, such as Lucky Block and 7Bit Casino, it’s fair to say the sky’s the limit when it comes to crypto gambling, so there’s no better time than now to get started with it.
Before you take part in any kind of crypto gambling, though, you first need to have a safe crypto wallet that’s encrypted. Without this, you’ll put your cryptocurrency and personal security at risk, which nobody wants to happen. Over the years, crypto has become one of the more popular deposit options, alongside Google Pay, PayPal, and Apple Pay, as highlighted on gamblingpromocodes.com, an industry review site familiar with all things crypto-related.
The purpose of any crypto wallet is to store cryptocurrency keys, provide you with access to your cryptocurrencies, and authorize transactions. For example, you might store all of your Bitcoin or Ethereum in a crypto wallet. You can then deposit chosen amounts of these cryptocurrencies into any betting sites you like, such as online casinos. Normally, this works by transferring the crypto from your crypto wallet to the address provided by the gambling site. Simply initiate a transfer from your crypto wallet, copy the online casino’s deposit address, and enter the amount of crypto you wish to deposit — simple.
1. Coinbase
Coinbase is widely regarded by many crypto experts to be the safest crypto wallet for everything — not just iGaming. But when it comes to gambling withdrawals and deposits, Coinbase is about as secure as it comes. You can expect ultra-fast transactions as well as maximum security, as Coinbase (smartly) stores its user data, app information, and individual wallet addresses in ‘offline wallets’, which makes life incredibly difficult for hackers who are looking to steal important information.
2. Crypto.com DeFi Wallet
With the Crypyo.com DeFi wallet, you have full control of your assets, from cryptocurrencies to NFTs. And whenever you want to bet some Bitcoin or another type of cryptocurrency that you own, you can deposit it into your chosen gambling site at your desired confirmation speed, no matter which part of the world the gambling site is hosted.
The only downside is that you have to pay a small transaction fee, but this is becoming increasingly common in the crypto world. So, if you do decide to use the DeFi wallet, don’t forget to write down the recovery phrase that you choose, as this will help you to restore any funds if the worst was to happen.
3. Trezor
Trezor is the perfect crypto wallet for beginner crypto investors. From a technical standpoint, it’s arguably the easiest crypto wallet to use and won’t take you long to get used to. It’s also important to highlight that Trezor is a ‘cold’ crypto wallet, meaning it operates offline. Because your sensitive data and funds are stored offline, it keeps them safe from malware at all times, meaning nobody can get their hands on them. For example, if you have some Bitcoin that you plan to use for sports gambling later in the year, Trezor is a great option for offline storage so that you can keep it 100% safe until the time comes to deposit it into your chosen sportsbook site.
4. Electrum
Electrum is one of the biggest names in the crypto industry. Created by Thomas Voegtlin in 2011, this particular crypto wallet has been around for a very long time and still adopts a “no-thrills” approach to this day. Set-up is easy, transactions are speedy, and you get solid security, too.
This is because Electrum is open-source, meaning anyone can check the source code for potential faults. The only slight downside is that Electrum is Bitcoin-only, so you’ll have to use a different crypto wallet if you’ve invested in another type of crypto.
5. Zengo
The fifth and final crypto wallet you might want to consider for iGaming purposes is Zengo. It’s one of the only wallets that doesn’t use a traditional ‘seed phrase’ and instead opts to use two ‘secret shares’, providing you with excellent protection. Therefore, if you’re a more of a security-conscious gambler, Zengo will be right up your street. There’s also reportedly over 1 million people using the Zengo platform, so you’d become a member of a wider crypto community.
Choosing a Crypto Wallet for iGaming
If you’ve yet to invest in any cryptocurrency, start by creating a wallet with any of the above-mentioned platforms. From there, you can then buy cryptocurrency (e.g. Coinbase is also a crypto exchange meaning you can buy cryptocurrencies through it as well as use your wallet for storage). Alternatively, there’s the option to buy cryptocurrency from a completely different exchange, such as Bybit, and then transfer your chosen funds to your personal crypto wallet from there. Remember to write down any passwords and seed phrases so that you don’t forget them. In addition to this, only join crypto casinos and sportsbooks that are officially licensed, as this will help to maximize your safety.
