The first cryptocurrency, Bitcoin, came into existence in 2009. At first, there was a lot of skepticism surrounding this decentralized digital currency. There is even a certain amount of skepticism surrounding cryptocurrency today. Volatility has certainly been an issue. However, Bitcoin and other popular cryptocurrencies like Ethereum, Ripple, and Dash are still going strong with more and more people using them to purchase goods and services. Of course, it’s no secret that plenty of people use cryptocurrency to gamble with.
That brings us to eSports which have exploded in popularity over the past few years. For those of you who have been living in a cave for the past decade, eSports is essentially competitive video gaming. We’re not talking about two slackers sitting in a dark basement playing Pong for a nickel a point. ESports is a big business which is on par with many mainstream professional sports. One of the most popular eSports is League of Legends. In 2018, the League of Legends World Championship match drew a whopping 100 million viewers. To put that into perspective, Super Bowl LIII had an audience of around 98 million viewers.
What You Need To Know About Betting With Bitcoin
As mentioned, a lot of people use Bitcoin to bet with. Online gambling sites took a few years to warm up to the idea of accepting Bitcoin but they eventually did. Now, many reputable online gambling sites allow bettors to make deposits and withdrawals using Bitcoin and other cryptocurrencies. Some sites immediately convert Bitcoin deposits into fiat betting currency using real time exchange rates and they process withdrawals in the same way. By doing this, the online betting sites don’t actually hold Bitcoin and are therefore immune from risk. Some sites take a different approach by offering Bitcoin as a betting currency.
Moving On To Bitcoin eSports Betting
So, what do people use Bitcoin to bet on? Well, pretty much anything. Let’s start with sports. Bitcoin bookmakers offer wagering opportunities on a wide variety of popular sports like cricket, soccer, rugby, baseball, and basketball. There is also plenty of betting action offered on tennis, golf, motor sports, cycling, and sailing among others. You can use your desktop computer or real money gambling app to place bets on beach volleyball, darts, ping pong, and pool. If there is a sports event scheduled, there is a very good chance your Bitcoin bookmaker offers wagering opportunities on it. Many online Bitcoin sportsbooks even offer betting odds on such things as entertainment, elections, and whether humans will reach Mars by 2025.
With most sporting events, betting opportunities far exceed the typical sides, spreads, and total bets. Seeing 100 different wagering options on a single game is not uncommon. Dozens of team and player props along with winning margins, exact scores, and total penalties are just some of things that you can use Bitcoin to bet on. Don’t forget about all the live in-play betting options.
Finding Legit Bitcoin Betting Sites
Then we have the many online casinos that accept Bitcoin, Ethereum, Ripple, and other cryptocurrencies. The top online Bitcoin casinos typically feature hundreds of slots along with video poker, a full slate of table games, and other games like Bingo , Keno, scratchcards, and dice games. Experienced Bitcoin bettors who play at recommended online casinos know the games are fair and the Bitcoin betting action never stops. Naturally, the trendiest of online Bitcoin casino buffs play their favorite games on the go using their mobile devices.
Like secure deposits made using fiat currencies, Bitcoin deposits are usually eligible for some great bonuses. Bitcasino’s welcome bonus is a perfect example. Those who open a new account will have their first Bitcoin deposit 100% matched up to mɃ 1,000. In fact, quite a few online casinos have exclusive bonuses and promotions for Bitcoin users. Bitcoin deposits sometimes get bigger bonuses than deposits made with fiat currencies. If you have cryptocurrency but aren’t a fan of sports betting or online casino games, perhaps you’re interested in using Bitcoin at an online poker site?
Top eSports Games For Bitcoin Betting
With the massive global appeal and the competitive nature of eSports, it only makes sense for bookmakers to include them on their betting menus. Just as online casinos were initially hesitant to accept Bitcoin and other cryptocurrencies, it took time for bookies to embrace eSports betting. It was only a few years ago that many viewed eSports as little more than a passing trend. The past few years have proven that eSports is much more.
At about the same time the first online gambling sites started accepting Bitcoin, some bookmakers began to offer odds on eSports. Then, something quite unexpected happened. The popularity of eSports increased at a phenomenal rate. Major eSports events were attracting enormous audiences and tremendously large prize pools. Players and teams developed sponsorship deals while modern eSports arenas cropped up all over the world. This led to an exponential growth in eSports betting and bookmakers loved that development.
League of Legends has been the most widely followed and wagered on eSport for many years although Counter Strike: Global Offensive and Dota 2 aren’t very far behind. Bookies are increasing their bottom lines by offering other eSports such as PUBG, Overwatch, StarCraft 2, StarCraft Broodwar, Warcraft 3, Rainbow Six, and Call of Duty. Each individual eSport boasts several leagues and major events which gives fans a seemingly endless number of betting opportunities.
As with betting on traditional sports, eSports bettors can wager on a variety of things including straight up winners, over/under, correct score, and loads of team and map propositions. Furthermore, eSports fans can build their own teams and compete in fantasy eSports. Take a trip over to 888sports and check out the eSports betting menu and live betting options. Don’t get so excited that you forget to claim your bonus when you make your first deposit.
How To Use Bitcoin For eSports Betting
With the rise of cryptocurrency closely coinciding with the proliferation of eSports betting, it was just a matter of time before the two crossed paths. Now, they go hand in hand. With millennials being instrumental in the rise of cryptocurrency and eSports, it won’t come as a shock to learn they are a driving force behind the surge in Bitcoin eSport betting. It’s worth mentioning that Bitcoin is the most commonly used cryptocurrency for betting on eSports but it isn’t the only one. Many eSports betting sites accept Ethereum, Ripple, Dash, Litecoin, and Dogecoin to name a few. Betting on CS:GO has never been so easy, convenient, and fun.
- Choose a Bitcoin Wallet
It’s quite simple to experience the thrill of wagering on eSports using Bitcoin. Obviously, the first step is purchasing Bitcoin, and this begins with selecting a Bitcoin wallet. Many Bitcoin exchanges offer free Bitcoin wallets that keep your Bitcoin safe and allow you to make deposits and withdrawals at eSports betting sites. There are also other reliable wallets out there like Trezor and Mycelium. Coinbase is one of the most reputable and widely used Bitcoin exchanges although Bitstamp and Kraken are great options too.
- Purchase Bitcoin
Once you have selected a wallet and signed up at your preferred Bitcoin exchange, you can now purchase your Bitcoin by following the exchange’s instructions. This is usually performed using your bank account or credit card. Be reminded that some credit cards might charge a cash advance fee for purchasing cryptocurrency so be sure to find out ahead of time. Some exchanges also let you buy Bitcoin using eWallets or prepaid cards. Those with cash on hand can pay for cryptocurrency through Western Union or similar money transfer services.
- Deposit Bitcoin at Your eSports Betting Site
After purchasing your Bitcoin, it is placed in your Bitcoin wallet. Where it goes from there is entirely up to you. However, let’s assume you are going to use it for betting on eSports. In that case, open an account at a recommended Bitcoin eSports betting site like Betway. They present you with a plethora of eSports betting options, a fantastic welcome bonus offer, and ongoing promotions that will help you build your bankroll.
Making an instant Bitcoin deposit into your eSports betting account is straightforward and takes mere seconds. Log in, go to the banking section, and click on the “Deposit” option. Select Bitcoin when prompted to choose a payment method and then enter the amount you are going to deposit. Make sure to claim any bonuses you are interested in. Your betting account is credited as soon as you confirm your Bitcoin deposit. Now you can place your eSports wagers and enjoy the ride. If you sign up and make a deposit at Ladbrokes, you can spice things up by watching your favorite eSport on their live stream feed while you make some in-play eSports wagers.
- Withdraw Bitcoin from Your eSports Betting Site
One of the most thrilling experiences for eSports bettors is withdrawing their winnings. Unlike other withdrawal methods like eWallets, credit cards, and bank transfers, Bitcoin users enjoy the fastest withdrawal times. Many sites instantly process Bitcoin withdrawals and make your funds available to you within minutes. This is unheard of among those who withdraw using other methods.
To make your Bitcoin withdrawal, log into your eSports betting account and go to the banking section where you select the “Withdraw” option. Choose Bitcoin when asked to pick a withdrawal method and then enter the amount you want to cash out. Follow the instructions and confirm the transaction. The entire process takes less than a minute. All you need to do now is kick back and wait for your winnings to reach your Bitcoin wallet.
Pros And Cons Of Betting on eSports with Bitcoin
Aside from being able to make instant deposits and the fastest withdrawals, those who use Bitcoin for eSports betting enjoy several other benefits. For starters, Bitcoin transactions often involve either small fees or no fees at all. That can’t be said of other payment methods. Many Bitcoin bettors appreciate the high level of privacy and anonymity that Bitcoin offers. Users never have to divulge personal details when conducting transactions. You need only provide your Bitcoin wallet address and you’re off to the races. You are virtually immune to identity theft when you use Bitcoin at secure eSports bookmakers.
As wonderful as Bitcoin is, it isn’t without its drawbacks. The biggest downside to using Bitcoin is its volatility. This has been illustrated on a few different occasions including the Great Crypto Crash in early 2018. While it stabilized in the months leading up to July 2019, it’s nearly impossible to know where it’s going next. The other problem with using Bitcoin for gambling lies in the fact that it is not accepted at all betting sites. This isn’t a huge issue as there are more than enough highly rated cryptocurrency eSports betting sites to choose from.
Other Popular Cryptos At eSports Betting Sites
We have focused on Bitcoin and other mainstream cryptocurrencies but there are also a few other virtual currencies such as GameCredits which are proving popular in the eSports community. Unikoin Gold, which recently received backing from Mark Cuban, is a cryptocurrency used for betting on eSports matches. It is particularly popular among those who play Dota 2, League of Legends, and CS:GO. Enjin, Skincoin, and Firstblood are also being used for a number of purposes including betting. Australians who are into fantasy eSports are most likely familiar with Skrilla.
Even though many people thought eSports and Bitcoin would be flashes in the pan, both continue to flourish and appear set to remain as integral parts of the online gambling industry. This isn’t just good new for the growing number of Bitcoin eSports bettors, it’s splendid news for the eSports betting sites that are enjoying the current boom and the resulting increased profits, so we can expect a continuous expansion of this market for the incoming years.