Esports betting with crypto

Esports betting is now widely available online with sites like Unikrn, LOOT.BET, GG.BET, Luckbox, etc.

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Bettors usually bet through sportsbooks, online casinos, and the sites mentioned above. There are different payment methods for online betting, including cash, e-wallets, and online banking. However, if you are an experienced punter, you probably know the pros and cons of placing bets using US dollars and other currencies.

Fortunately, most esports betting operators now accept virtual monetary coins or cryptocurrency as a payment method for gambling. Bitcoin is a widely accepted cryptocurrency. It is also the most famous cryptocurrency that is valued at $9,313 per coin.

More people are getting into cryptocurrencies and using them on esports betting mainly because these allow people to bet with greater anonymity, convenience, and encryption. Shifting to cryptocurrencies, especially Bitcoin, as a payment method is easy.

This article will guide you on using Bitcoin or other cryptocurrencies in esports betting, the pros and cons, and good esports betting sites that allow Bitcoin as a payment method.

How to deposit and withdraw Bitcoin

As mentioned earlier, cryptocurrency is already a payment option in online casinos, esports betting sites, and other gambling sites. Bitcoin is commonly used because it is leading in the market, and its a high value per coin. Purchasing Bitcoin is easy and fast. To start, you must be familiarized with the process of buying, depositing, and withdrawing Bitcoin or other cryptocurrencies.

First, download and set up a cryptocurrency wallet. A virtual wallet is where your Bitcoin will be stashed. There are in-sites or in-app instructions in setting up the wallet. It is crucial to secure your login details and authorization codes. After having your wallet set up, you can now choose your preferred cryptocurrency exchange. Create an account on it and store your coins in the crypto wallet you made earlier.

To buy, withdraw, or deposit your crypto coins, you have to prove your identity and provide authorization credentials in different forms—wallet hash code, a long string of digits and letters, etc. Some of the most used wallets for storing virtual coins are Exodus, Coinbase, and Ledger.

Advantages of using crypto in esports betting

There are several advantages to using cryptocurrencies to bet on esports:

  • Privacy and anonymity. By using Bitcoin, your identity is not exposed because their transactions will not be reflected on bank statements.
  • Crypto’s encryption, which is a major factor in why betting sites accept it as payment. Cryptocurrency platforms offer advanced layers of security. Hackers will find it difficult to tamper with algorithms that make up various cryptocurrencies.
  • The transparency of blockchain, a series of encrypted nodes that store individual transactional data, makes it easy for admins and users to investigate frauds, scams, or hacking that may occur when bets are already placed.
  • You can save a little by using Bitcoin and other cryptos, for there are little to no fees at all in transactions. Thus, you are free from bank and card transfer charges and spend more on bets. Transacting using cryptos is swift and worldwide, unlike in bank transactions that usually take 1-3 days.

Presence of Cryptos in Esports

Coinbase, a leading cryptocurrency exchange, signed a sponsorship deal with BLAST Premier, a Counter-Strike: Global Offensive esports tournament organizer. The company also sponsors Evil Geniuses, which is a popular esports and gaming lifestyle company. In addition, some esports teams like OG, along with Team Heretics and Natus Vincere, have started offering crypto-based fan tokens.

They are currently in partnership with Chiliz and its platform. These events prove that cryptocurrency has already found its place in the esports betting scene. Hence, more reason to consider using crypto coins in esports betting.

Using bitcoin in placing a bet on esports betting is convenient, fast, and secure. Even esports betting operators prefer it for its security and ease of access. Learning it is easy even for people with zero knowledge of cryptocurrencies. The future of crypto and esports is promising as some cryptocurrency exchange platforms began signing deals with esports operators and teams.