The real-world use of Bitcoin (BTC) and its underlying blockchain technology have been explored by various industries. Government and non-profit organizations and online businesses use blockchain networks of other cryptocurrencies, enabling better, efficient business models.
eSports crypto betting is one such application that provides the added benefits of everything digital distribution ledgers offer.
Cryptocurrencies like BTC are popularized owing to the blockchain. In turn, a blockchain system is popularized due to its secure and faster data-sharing ability.
Every cryptocurrency’s blockchain or ledger of transactions has unique characteristics that are efficiently made use of by the esports betting sites.
With the foray of the esports sector into the crypto world, players can bet on esports games like League of Legends, Counter-Strike: Global Offensive, Dota, and other electronic sports. It enables players to enjoy betting without having to worry about gambling laws and other legalities.
Unlike traditional sports, esports or electronic sports revolves around video games rather than sports games. Typically, these video games are organized multiplayer game competitions at either a professional, individual, or team level.
Some of the classic video games of esports include FPS games or first-person shooter, real-time strategy or RTS games, multiplayer online battle arena or MOBA games, like Counter-Strike: Global Offensive, League of Legends, and other esports titles.
Similar to traditional betting, gamblers can place bets on esports games. In betting, players place bets on the results or outcome by predicting the same before the game.
Owing to the growing popularity of esports, most of the top sportsbook platforms support betting. Such sites generally support transactions involving fiat.
What is eSports Crypto Betting?
In eSports crypto betting, the bettors use Bitcoin (BTC) or other cryptocurrencies instead of or along with traditional currencies. The significant difference lies in the transaction information, which is included in the blockchain network.
Apart from those as mentioned earlier, online esports crypto betting is similar to an esports betting platform. Cryptocurrencies offer a plethora of advantages over real-world currency. And, these advantages are one of the primary reasons for the rising popularity of cryptocurrency betting platforms.
Although a relatively new concept, esports crypto betting has witnessed a surge in players and bettors who want to make the most of cryptocurrencies. Owning Bitcoin is a huge investment opportunity and increasing its holdings via esports is one of the ways. Here, all one has to do is select an esport to bet on.
Most popular esports genres and games like League of Legends, DOTA, Counter-Strike: Global Offensive, among others, offer cryptocurrency bets.
Cryptocurrency eSports Industry
Sports betting is one of the popular forms of gambling. Traditionally, it involves placing bets with bookies or bookmakers. Sports betting is legal. However, it is illegal when the outcome of a game is fixed.
Seeking trusted bookmakers is thus of the utmost importance as it involves money. While this may be true, the same also applies to online sportsbook sites. In some instances, these sites act as a platform where gamblers interact with bookmakers.
eSports is a million-dollar industry where many skilled players make a fortune. Thus, attracting professional gamblers, esports enthusiasts, and independent players who enjoy wagering on the outcome of the electronic sporting event.
Owing to the popularity of the technology, many traditional sites are now involving other cryptos as a payment option. These other sites also offer regular sports betting options other than esports games.
So, why do a growing number of bettors and investors use BTC or other cryptocurrencies for placing bets?
Why Use Crypto for eSports Betting?
As stated at the beginning of the article, esports crypto betting is growing due to the mainstream applications of Bitcoin (BTC) and other cryptocurrencies. Many players consider esports games as a growing industry for making money via video games.
While the crypto esports betting industry is still in its infancy, many investors consider increasing their cryptocurrency holdings.
Using BTC or other cryptocurrencies for esports betting offers the following advantages.
The superfast transaction is a significant advantage of using cryptocurrencies like BTC, XRP, etc. The transaction speed varies according to the cryptocurrency and involves verification and confirmation of the transaction.
Typically, both verification and confirmation take approximately 10 minutes to a few seconds. Compared to fiat transactions, crypto transactions are pretty fast as the former takes upto a few hours to days.
Lightning-fast cross-border transactions from anywhere across the globe enable visitors to place bets on significant esports games worldwide. While Bitcoin is the most widely popular cryptocurrencies, others have much faster transactional speeds.
Based on the cryptocurrencies supported, players can thus choose an ideal site for super-fast transactions. Speed is an essential element to consider when selecting betting platforms.
Cryptocurrency user accounts are usually protected using the most sophisticated encryption protocols like SSL encryption. Cryptocurrencies offer the utmost transparency due to blockchain networks. Enhanced security is yet another perk of using cryptocurrency for esports betting.
Sites that provide users to bet with cryptocurrency options also offer better security when compared to fiat currency betting platforms. Right from the secure registration process to account verification for withdrawals, the user information is secure and protected with enhanced encryption codes.
User anonymity is the primary reason for the rising popularity of cryptocurrencies and blockchain networks. While all the participants involved can access the transaction information, it isn’t easy to trace the transaction.
The gambling industry is still not widely accepted by many countries. eSports gambling enthusiasts from such countries can still place esports bets owing to the anonymity of crypto esports betting websites.
Gambling and other anti-money laundering laws differ and are often determined by the visitors’ country of residence. Thus, depending on the country, betting may either be legal or illegal.
Most cryptocurrencies are decentralized, meaning they are not governed or controlled by a central authority like financial institutions or countries. Placing bets using cryptos helps when one is unsure about the legality of sports betting in a particular country.
Legality and Regulation Behind eSports Crypto Betting
Legality and regulation are essential criteria to consider in esports crypto betting. It is imperative to understand that every sports betting platform is different, where some are regulated and licensed operators and some are not.
Cryptocurrencies are mostly not confined to the anti-money laundering laws; it is still necessary for bettors to choose export betting sites with a genuine license and are regulated operators.
Rules and regulations revolving around digital currency also differ and are determined by the local regulations. The same applies to gambling laws and online gaming restrictions, which also apply to esports legality and regulation.
Visitors must refer to the country restrictions FAQ page of the online sportsbook or esports betting sites before visiting the betting sites. Users are responsible for adhering to the online gaming and gambling laws of their respective jurisdictions.
eSports Crypto Betting Vs Traditional eSports Betting
eSports betting using cryptocurrencies differs from regular or traditional eSports betting. Both have their unique sets of advantages and disadvantages. Highlighted below are some of the perks of esports betting with cryptocurrencies.
Financial privacy or anonymous payments that are still secure is the significant benefit of using cryptocurrencies. Here, a visitor cannot be accountable to bank authorities or government authorities. However, the transactions are visible on the public ledger, making it safe while offering financial freedom to gamers. All payments are made to and from the visitor’s wallet using the wallet address.
Fiat money transfer typically includes additional deposit and withdrawal fees, which is not the case with cryptocurrencies.
Most of the sites also offer free deposits and provide an additional bonus for the first few deposits made.
The bonus amount can be used as a bankroll and if the site does not have any wagering requirement, the player can withdraw it into their wallet. Withdrawal fees may apply for some sites. However, this amount is relatively low.
Traditional betting websites charge a whooping fee for various payments like bank transfers, credit/debit card payments, etc. Also, banks charge high withdrawal and deposit fees for transferring funds into the player’s account. Low fees are thus one of the significant perks of payments made with cryptocurrencies.
Bet From (Almost) Anywhere
Traditional betting sites must comply with numerous regulations and license requirements. It is for this reason that they ban certain countries to avoid additional fees. This is not the case when the site uses cryptocurrencies, enabling these websites to accept players worldwide, with very few countries prohibited from visiting the site.
It is convenient for players to visit sites not confined to their jurisdictions, providing opportunities to place bets on cross-border esporting matches. While this may be true, visitors must comply with the regulations and norms about using cryptocurrencies in their respective jurisdictions.
Better Bonuses and Rewards
Compared to conventional sites, betting sites supporting cryptocurrencies provide better bonus offers on a wide range of bonus options. Players can make the most of these bonus offers that include and are not limited to a cashback bonus, reload bonus, among others.
Watch Out For No ChargeBacks
Fiat currency transactions are mostly reversible, which is a major benefit of traditional esports betting. Needless to say, transactions involving cryptocurrencies are irreversible. Meaning, once a transaction is made, it is final and one cannot opt for a chargeback.
Fiat or traditional sites for betting typically involve third-party payment gateways like banks. While this is one of the cons, the use of cryptocurrencies enables visitors to avoid third-party agencies.
Keep in Mind the Volatility of Cryptocurrencies
Cryptocurrencies are highly volatile in nature, which makes them hot commodities, which may either increase or decrease in value. While the former is favorable, it still poses a risk, when the value of the tokens drops down. High volatility is not a likely risk when using traditional betting websites.
Pros and Cons
|It supports a wide range of cryptocurrencies.||High volatility and price fluctuations.|
|Sites are not limited to regulations and other rules.||Transactions are irreversible.|
|Players can place bets on a wide range of eSports matches.||Lack of regulations.|
|Most sites support lightning-fast transactions and cross-border payments.|
|Low transaction charges|
Points to Consider When Choosing Your Site
Choosing the best eSports crypto betting sites can be quite overwhelming. While there are many factors to consider when narrowing down the top eSports crypto betting site, certain pointers can never be ignored. These considerations will play a major role in delivering the best results enabling a good win rate.
The pointers outlined below will ensure the utmost safety and best betting experience. It will also help players determine whether the site will suit their specific requirements or not. So, here are a few crucial pointers that will come in handy in choosing the best sites.
The ability to access esports betting sites is of primary importance. It is a fact that every site has a list of restricted countries where players of these countries cannot access the website.
If the players from these restricted countries can still access the site, they can do so at their own responsibility. In such instances, any disputes or concerns that may arise cannot be presented to the operating bodies. Thus, it is vital to visit only those esports betting sites that support the players’ jurisdiction.
The list of countries that are restricted varies from site to site. For complete information, players can refer to the terms and conditions section of the betting site.
Needless to say, during registration, there is the countries option in the application form. Only the countries supported by the betting site reflect in the dropdown options.
Reputation and Trust
Reputation may not be a significant decider as esports cryptocurrency betting is a relatively new concept. However, the trust element cannot be overlooked as it showcases the authenticity of the betting site. There are a few esports sites that have garnered quite a name in a brief span. These popular sites are known for fairness and reliability. New players can select the esports betting sites based on other user reviews.
Reputation often breeds trust. As stated earlier, the blockchain or distributed ledger technology that backs these esports betting websites is a trustworthy feature as the information is readily accessible by all players. Simply put, a new player can choose a site based on reputation, which is the product of better customer service.
The eSports industry is gradually growing with popular titles and leagues like DOTA, Counter-Strike: Global Offensive, League of Legends, etc. While this may be true, customers must understand that not all esports crypto betting websites provide esports leagues or titles. Thus, before choosing the esports betting platforms, it is essential to determine whether the platform features the games the customers wish to bet on or not.
Some of the must-have game types include and are not limited to Counter-Strike: Global Offensive, DOTA, League of Legends, Rainbow Six, Rocket League, among others.
An ideal betting site must allow customers to bet on esports games like League of Legends, Dota, Counter-Strike: Global Offensive, etc. using cryptocurrency.
VIP Programs and Bonuses
Determining the type of player one is, for instance, whether the player is a casual bettor or a frequent bettor will help to choose sites with better VIP programs. Opting platforms offering better VIP programs will certainly help in the long run irrespective of the frequency of bets placed.
It is important to also analyze whether the player can elevate to special VIP levels with popular game types like DOTA, League of Legends, etc.
Another important pointer to consider is the bonuses on offer. Whether the platform enables the player to wager using the bonus acquired or the freedom to place a bet on esports like DOTA games, for instance, is an important consideration.
The bonus offered also varies and is different for various esports betting platforms. Some sites offer a welcome bonus and others offer only a deposit bonus. While shortlisting betting platforms, make sure to opt for one that offers both types of bonuses like deposit bonus, welcome bonus, etc.
Payout and Withdraw Speeds & Terms
Some platforms offer same-day payouts while others offer scheduled payouts. Needless to say, the withdrawal speed and terms also vary and are related to the type of currency used.
Compared to real-world money, cryptocurrency is processed rather quickly. However, based on the type of crypto coin, whether BTC or XRP or other Altcoins (ALT), the withdrawals’ speed varies.
Withdrawing some select tokens takes up to a few seconds, however, others may take even a few working days. In the case of esports betting platforms that also offer cold storage of crypto funds, the withdrawal process may take a longer time.
While storing funds offline or in cold storage enhances safety, it makes it difficult to withdraw funds immediately.
The wagering requirement also may vary, thus, it is important to consider the withdrawal speed in terms of the cryptocurrency one is interested in before choosing a betting platform. A lot of the betting platforms also require the user to raise a request for higher withdrawal amounts by contacting customer care.
For more information about instant deposits and withdrawals, users can refer to the FAQ section of the respective websites.
Some of the popular eSports cryptocurrency betting sites offer state-of-the-art customer service. In fact, the trustworthiness and reliability of a site can be gauged by the quality of the customer support team. Right from the time taken to respond and solutions offered are clear indicators of the site’s authenticity.
Most of the eSports betting sites provide 24/7 live chat support. Some also have phone support along with email support. The trick lies in analyzing the response time. Every player will have to interact with the customer support team at one or another phase.
Whether visitors have questions related to the deposit bonus or withdrawal limits, not all answers are available in the FAQ sections. During such instances, the customer service teams provide the right guidelines. Choosing a popular betting platform based on quality customer care will certainly help in the long term.
Guide to Kickstart eSports Betting Using Crypto
eSports betting with crypto is soon turning out to be as popular or even more so compared to traditional betting. And, adding the element of crypto for placing a bet on well-known games like DOTA also helps in diversifying one’s financial portfolio.
Cryptocurrencies are known for their volatility, which is a double-edged sword where one can double both profits and losses. Needless to say, the pros outweigh the cons where volatility is concerned as it enables visitors to make quick money.
In this guide, we offer tips to maximize winnings while minimizing losses with effective risk management. The end-to-end guide will not only allow visitors to understand how to establish their accounts but will also enable them to make the most of esports betting using cryptocurrencies.
Are You New to eSports Crypto Betting? Here’s How to Get Started
To place a bet on esports, one must first register on the website. Most of the genuine platforms enable players to register with just an email address. Sometimes visitors must verify their registered email address for creating a betting account.
Account verification is also important when making deposits and withdrawals. Once registered with the website, the account holders must fund their accounts. The process is outlined below;
Funding User Account
Every eSports crypto betting site offers a user dashboard in the account section where the user makes deposits and withdrawals. The first step after creating a user account is to fund the account using digital currencies.
Choosing the type of digital currencies whether BTC or ALT is important where one can consider speeds of deposits and withdrawals along with the minimum and maximum limits.
Place Your Bets and Enjoy the Games
Once the account is sufficiently funded, including the welcome bonus or deposit bonus, the player can place a bet on any eSporting events of their choice.
To withdraw the welcome bonus offered by a site, the player must first wager it a required number of times that qualify for withdrawals. This is the wagering requirement, which differs from one platform to another.
Withdraw Your Winnings Back to Your Exchange or Wallet
Some of the platforms offer wallets for storing funds. However, players can link their exchange or wallets to their user account for easy transfer of funds. Users can generate new addresses for transferring withdrawals to their e-wallet.
Wallets for storing cryptocurrencies are of different types like a hardware wallet, paper wallet, etc. Certain best crypto wallets also allow users to purchase BTC or other cryptocurrencies, which will be discussed in the next section.
Follow the Steps for Every time You Place a Wager
Every site has streamlined the process of funding accounts, placing bets, and making withdrawals. Once the user is accustomed to it, they may either place a bet casually or frequently.
Funding one’s account requires one to purchase cryptocurrencies. And, here’s how to bet using cryptocurrencies like BTC.
How to Bet on eSports Matches Using Crypto?
For using cryptocurrencies to gamble on esports matches, the primary requirement is to buy cryptocurrencies like BTC. Typically, it supports a lot of cryptocurrencies as payment methods.
Exchanges are the safest means of purchasing or exchanging cryptocurrencies via fiat money. Some of the exchanges also have an inbuilt wallet enabling users to store the purchased cryptocurrencies. All deposits and withdrawals can be made to the user’s wallet.
Once there are sufficient funds in the wallet, players can transfer the required amount into their user account for playing or placing bets.
Betting Using Crypto on eSports Matches
The general rule of gambling whether it is playing poker is that one must only invest what one is ready to lose. Thus, it is essential to have a bankroll that one is prepared to lose rather than overfunding one’s account.
Readers are advised to note that some of the esports betting platforms also allow users to directly make deposits by purchasing cryptocurrencies using various payment methods like a credit card, debit card, bank transfers, etc.
All withdrawals can be made by creating a new wallet address for the safekeeping of funds. As stated earlier, many crypto betting sites support cold storage of user funds. The inbuilt wallet enables quicker deposits and withdrawals.
It is important to note that, most often for withdrawing funds visitors must opt for the original payment method used for making deposits. For instance, if the visitor used a wallet for deposits, they can withdraw the earnings to the same wallet.
How to Choose eSports and Market?
Whether a professional bettor or casual eSports enthusiast, what truly matters is choosing the right platform for placing bets. Most of the platforms support anonymous transactions where the visitor can log in to their account using their username only.
Look for Reputable eSports Bookies
The type of game that one can bet on and the legalities involved in placing a bet are subject to controversy. While this is true, using cryptocurrencies for anonymous transactions that are yet secure has made crypto popular among bettors. Needless to say, with many online bookies available, choosing a genuine provider is very vital for user safety.
Be Patient When Doing Research
Earlier, we had listed the pointers for choosing the top-rated esports sportsbooks. Consider the odds and bonus on offer. Understanding the different modes of payments supported also helps.
The bottom line is before narrowing down one’s choice, it is important to do thorough research as the visitor’s money is at stake.
Exploit eSports Bonuses
Choosing the ideal site based on the type of bonus offered is quite simple. The bonus earned is one of the means of increasing bankroll and risking money especially for new gamblers.
Types of Crypto eSports Bets
Bets placed using cryptocurrencies are more often similar to traditional currency bets. They are broadly divided into the following;
In this type of bet, bettors wager on the likely tournament winner. It is one of the most common types of bet.
The other type of bet involves predicting the match-winner. Most online bookies offer this type of bet.
Accumulator bets are considered to be safer, however, with lesser value. It involves making four or more selections or predictions.
Prop bets or proposition betting involves wagering on the occurrence or non-occurrence of events.
Apart from the above-mentioned, there are other types of bets like over/under bet and special bets like overall team score, the first team to lead the scoreboard, etc.
What Is the Future of eSports Crypto Betting?
A lot of speculation was made where many claimed that cryptocurrencies like BTC will fail to create huge losses. Contrary to popular beliefs, these virtual coins have grown in value.
The anonymous use backed by privacy, which makes them secure, has made cryptocurrencies like Bitcoin and Ether viable options for legalizing gambling online, including sportsbooks.
Cryptocurrencies are widely used as a preferred currency for both gaming and gambling. Anonymous transactions and instant deposits and withdrawals have furthered this cause.
Online gambling and its various vertices like esports gambling have evolved over the years with technological advancements including esports crypto betting. Advanced crypto betting websites enable crypto transactions that are recorded on a digital public ledger.
Some of the online crypto betting websites are end-to-end crypto. Meaning, every transaction on the sportsbook site or online bookmakers is documented on the public ledger. Thus, enabling gamblers placing bets to access all the transaction data related to esports betting. Crypto sportsbook platforms also are one of the means of increasing one’s crypto holdings.
Are eSports Crypto Betting Sites Legal?
eSports crypto betting sites are legal in any jurisdiction or country where gambling in general or online gambling, in particular, is legal. Professional gamblers and independent players from such countries can visit a highly regulated and esports platform for gambling on various esports games. eSports players can refer to the terms and conditions for country restrictions which may vary as per the betting platform. eSports players from a gambling-restricted country can still access esports crypto betting websites if the country supports cryptocurrency transactions.
What’s the Best Crypto eSports Betting Site in Your Opinion?
Best esports cryptocurrency betting sites are the ones with a vast provably fair esports games library; with esports titles including League of Legends, Rocket League, and esports events and fighting games like MOBA games, FPS games, Leagues, etc. Such best sites also enable live betting and support fiat currencies as well. In fact, the top platforms offer attractive deposit bonuses as well.
Are eSports Cryptocurrency Betting Winnings Taxable?
Winnings from esports cryptocurrency betting or any other online games are either taxable or non-taxable and are determined by the player’s country of residence. In the case it is taxable, it comes under the ‘income from the other sources’ category. The taxable amount is also determined by the players’ jurisdiction. Taxable limitations sometimes also apply based on the sportsbook site as well. Most often, the licensed and regulated sites include all information related to betting taxes in their terms and conditions pages.