Which bitcoin wallet is best for online gambling?

Discussion in 'Android Sports Betting' started by Rosemary, Nov 11, 2015.

  1. Rosemary

    Rosemary Member

    Since a growing number of online sportsbooks, poker rooms and casinos now accept bitcoin, I've decided to give the crypto currency a try myself. Seems like it is becoming more and more popular in regions where online gambling is prohibited like the United States. There appears to be a wide variety of wallets available for Android and iOS devices so I'm a little unsure which one I should choose. Can any experienced bitcoin gamblers give me a little guidance on this? Coinbase, Blockchain, Circle, Xapo?
     
  2. Sebastian

    Sebastian Administrator Staff Member

    Hi Rosemary

    For any form of online or mobile gambling we would recommend that you use a wallet that connects directly with the bitcoin network. If you're using an Android you would use Mycelium or you could use Bread Wallet on iOS devices. A wider range of bitcoin wallets are available for PC's and Mac.

    Bitcoin exchanges/wallets like Coinbase, Circle and Xapo are heavily regulated and explicitly state in their terms and conditions that they cannot accept payments from wallets related in anyway to sports betting, casinos, lotteries, poker or any other form of gambling. Since they are based in the United States it is unlikely that they will ever be able to facilitate gambling payments.
     
  3. The Don

    The Don Member

    why do some bitcoin wallets not allow you to participate in online gambling? i thought governments couldn't regulate bitcoin.
     
  4. Sebastian

    Sebastian Administrator Staff Member

    There are two distinct types of bitcoin wallet. Online wallets like Circle and Coinbase that act like conventional banks in that they control your bitcoins. Since these bitcoin companions have control over your assets they have to follow financial regulations like any other bank. The second main type of bitcoin wallet allow you to control your own private keys and act as your own bank. Most of the major web wallets are based in the United States where online gambling is illegal in some states so these companions are forced to block transactions to online bookmakers, casinos and poker rooms.

    TLDR: If you're planning to gamble using bitcoin then you should use a wallet where you control the bitcoin like Blockchain, Bread or Mycelium.
     
  5. Stevo

    Stevo Member

    do any UK high-street bookies like ladbrokes, william hill or paddy power accept bitcoin?
     
  6. The Don

    The Don Member

    No. Bitcoin still have kind of a bad reputation following all that Silk Road nonsense so most of the major European internet sportsbooks have embraced the crypto-currency. However, U.S. friendly betting site Bovada have recently added bitcoin and BetOnline have been accepting bitcoin for almost a year.

    It's quiet possible that FanDuel and DraftKings will also add support for bitcoin.
     
  7. Kicking King

    Kicking King New Member

  8. Sebastian

    Sebastian Administrator Staff Member

    Following the hack of Bitfinex I think it's important to remind everyone that they should never keep their bitcoin in an exchange wallet.
     
  9. Stevo

    Stevo Member

    i recently bought one of the new ledger nano s hardware wallets and i love it.
     
  10. Sebastian

    Sebastian Administrator Staff Member

    Whichever bitcoin wallet you choose for gambling, just be sure that it is not a fake wallet. Recently 10's of thousands of dollars worth of bitcoin were stolen from unsuspecting bitcoin users who accidentally download fake bitcoin wallets from the iTunes App Store. Since most btc wallets are open source, the thieves were able to create replica wallets that looked like the real thing. The only difference was deposits were directly into their own wallets.
     
  11. NBA

    NBA Member

    has anyone used the blockchain.info wallet? i like it because you can use it on both your desktop and phone. you also have control over your own coins and there isn't any problems sending to US friendly online sportsbooks.
     
  12. JohnPerdu

    JohnPerdu New Member

    I have been working with Bitcoin since its appearance, and I have been using the wallet for over a year apibtc, it's better not to find it. There is a simple API integration, free for personal use and the lowest commission for a robot with online stores.
     
    Last edited by a moderator: Jun 1, 2017
  13. Donoghue

    Donoghue New Member

    I know, it's strange. What will they do if they know you're betting?
     
    Last edited: Dec 7, 2017
  14. Sebastian

    Sebastian Administrator Staff Member

    They will simply close your account. Coinbase have closed many gamblers accounts. Providing you use a middle man wallet there shouldn't be a problem though.
     

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