For sports fans, the introduction of online sportsbooks has opened up a new world of opportunities to place bets on their favourite sports. With cryptocurrencies now accepted for deposits, which kind of wallet is right for each sort of fan?
Mobile Wallets for Live Betting at the Venue
If you like the idea of going to a stadium and placing live bets, you’ll find that it’s easy to do. The Ozoon Canada platform offers live odds on a wide range of sports, from ice hockey to basketball, soccer, and more. This means that it’s possible to enter at any time of day and find the latest odds for the game you’re watching live, as well as many others across the planet.
This sportsbook accepts tokens like Bitcoin, Tether, and Litecoin, all of which can be used with the leading mobile wallets, giving you instant access wherever you go. If you want to fund your sports betting account speedily and safely, a mobile crypto wallet is a solid choice. Trust, Metamask, and Atomic are among the names you might wish to consider.
This type of wallet is added to your smartphone, giving you the fastest and most flexible way of moving funds between your account and sportsbook. Let’s say you’re at an NHL game and think you know who is going to win the game or who will score the next goal. You can get your funds into the account and place that bet before it’s too late.
Mobile wallets are hugely convenient and accessible, with many of them having Web3 browsers that let you buy tokens directly from decentralised exchanges. They’re ideal if on-the-go access is your top priority. However, someone whose main concern is safety may want to consider another type of wallet.
Cold Wallets for Long-Term Users
If you’re planning to use cryptocurrencies over a long period, you might decide to use a cold wallet to store them. While those mobile wallets we looked at are always connected to the internet, a cold wallet is offline until you want to use it. This makes it the safest approach for long-term holding, but how does it affect your sportsbook use?
This approach requires you to carry out a degree of forward planning. If you’re going to watch a game and make live bets, you’ll need to move funds into your betting account in advance. It’s not a huge issue, but it’s worth bearing in mind.
Some cold wallets are physical devices that require you to push a button or enter a code, while this list of the best options includes the likes of D’CENT with biometric access. This massively bumps up the security of your digital funds.
In terms of your sports bets, you’re probably going to need to be more organised than you would be with a mobile wallet. For example, if you want to place wagers on the Super Bowl or the NBA Finals, you can plan ahead and move your funds in advance. This could suit someone who wants to bet on the futures market, where you place a bet on the outcome of the season or other events in the future.
This look at the NHL playoffs reveals how crazy they can be. If you’re looking to bet on high-profile events like this based on breaking news, you might consider leaving some funds in your sportsbook account, rather than having to rush home to carry out a transfer.
How to Use Exchange Accounts
First-time crypto bettors often believe that using a centralised exchange account to fund their sportsbook account is the simplest method. Platforms such as Coinbase and Binance have certainly gained a huge reputation for making it easy to start buying and selling tokens without needing to use a self-custody wallet.
However, sending digital assets directly from a centralised exchange to an iGaming platform is generally prohibited. This is why the safest approach is to send the tokens from the exchange to a self-custody wallet, like those mentioned earlier. You could also use a classic desktop wallet, as the key is to keep control of your tokens.
The exchange account can then simply be used as a way of buying and selling crypto. Once you make a purchase, you send it to the self-custody wallet of your choice. The next step is to send the amount you want to gamble with to the sportsbook, bearing in mind the points covered earlier.
It’s clear that the emergence of online sportsbooks and a variety of different crypto wallet methods have changed the way we bet on sports. Since there are different approaches possible, it’s a good idea to consider how you want to bet and then choose your wallet on that basis.