Self-custody wallet
A wallet where you, and nobody else, hold the keys or recovery phrase. Not the same as money parked at an exchange or casino.
In a self-custody (non-custodial) wallet, the private keys are yours. Without them, nobody can lock up or touch your coins. When your money sits in a casino or on an exchange, that's custodial: they've got the keys, and your "balance" is really just an IOU.
Why bother
Coins left on a casino account are exactly as safe as the casino itself. Send them to your own wallet and you're off the hook. Bonus: you get a clear on-chain record showing when they arrived.
The downsides
- Backups are on you. Lose your recovery phrase, lose your coins. No "forgot password" button.
- Picking the right network and covering the fees is your job too.
- When you withdraw to your own address, some exchanges and casinos apply travel rule checks, so you might have to prove that wallet belongs to you.
Protect that phrase
Write it down by hand, on paper or a metal plate, and store it safely. No photos. Never paste it into a site. A legit casino or support agent will never, ever ask for it.