As Cryptocurrency takes over every financial sphere, the world of betting is not left out. This article provides a guide on Crypto Esports betting.
There are already hundreds of different cryptocurrencies available to people worldwide, and they are quickly becoming mainstream.
The use of Cryptocurrency by a growing number of esports betting services has undoubtedly simplified the process of placing wagers on competitive video game events.
Before we delve deeper into this concept of Crypto Esports betting, let us get an understanding of what this concept means.
What is Crypto Esports Betting?
Simply explained, crypto betting is the process of betting using Cryptocurrency.
Cryptocurrency has emerged as a new payment mechanism that is quickly becoming one of the most popular methods for depositing and withdrawing funds.
A few distinct characteristics of crypto betting set it apart from regular betting methods.
Overall, the betting method remains unchanged, but the introduction of Cryptocurrency adds a new dimension to esports betting.
Esports betting is a business that is growing quickly and enables fans to bet on their preferred players and teams in competitive video games.
With the rise of professional esports leagues and events, betting on esports has become a popular hobby for both gamers and sports bettors.
Gambling on esports is all about the fun factor. Viewers who have anything at stake pay closer attention to an online match.
eSports is one of the most competitive sports, with events and leagues that are fun and full of action.
Because of how famous esports is worldwide, more and more websites let people bet on matches from games like Overwatch and Dota 2.
The majority of bookmaker websites currently support few cryptocurrencies.
Due to the rate of volatility of cryptocurrencies, they are typically avoided until they get more integrated into the financial sector.
As a result, most bookmakers who offer cryptocurrency betting support only the usage of Bitcoin.
The best way to understand how to bet on electronic sports is to place some bets. The different kinds of wagers are clearly labeled.
When making a deposit or placing a bet, there are a few basic guidelines.
How to bet using Cryptocurrency
Betting with Cryptocurrency is done just like other betting activities.
However, the process for placing bets is the same as for any other payment method, such as PayPal, Trustly, Skrill, or Neteller.
The most significant distinction, however, is in connection to the payment system, that is, to cryptocurrencies themselves.
The value of fiat or standard currencies is majorly static (i.e., they do not change much). On the other hand, cryptocurrencies are very dynamic; they change in value quite often.
The value of a particular coin today will likely not be the same tomorrow. This makes betting with Crypto more technical than the traditional betting system.
Hence, it’s crucial to have a well-thought-out strategy and plan before placing a wager utilizing Cryptocurrency.
To be able to bet using Cryptocurrency, there are two things you need to know:
- How to deposit at Crypto Esports sites
- How to withdraw from Crypto Esports sites
How to deposit at crypto Esports sites
You’ll need a cryptocurrency wallet, some cryptocurrency, and a lot of patience to deposit Cryptocurrency at an esports betting site.
You may not immediately see the funds you deposited in your account, so don’t freak out.
Before signing up with a bookmaker, you should check their website to determine which cryptocurrencies are accepted (both for deposits and withdrawals).
Once you’ve picked which Cryptocurrency to buy, you’ll need to set up a crypto wallet. There are different kinds of cryptocurrency wallets; the one you need depends on the Cryptocurrency you want to use.
Security is among the most important things to consider when choosing a crypto wallet. Some are great, and some are bad, so don’t be in a hurry.
You must now locate the deposit address. The deposit address is a unique string of letters and digits for each website user.
In most situations, you’ll find it on your ‘Account’ page, but if otherwise, you can explore around or contact customer service for assistance.
Make sure you copy the correct deposit address. If you make even a tiny mistake, you could lose money and not be able to add coins to your esports betting account.
After double-checking the deposit address, copy it into your favorite cryptocurrency exchange or wallet to send the money to the bookie.
After doing that, it may take a couple of hours before your funds will become visible in your account, after which you can use it for Crypto betting.
Note, however, that if your funds do not appear on your account after a maximum of Eight hours, you should contact a customer care representative.
How to withdraw from Crypto Esports sites
Unless you’re solely interested in holding and profiting from Cryptocurrency, your best chance would be to use an alternative withdrawal method.
If not, you can only withdraw into your crypto wallet.
That being said, there isn’t no “wrong” option based on personal preference. You must withdraw to your cryptocurrency wallet address to increase the size of your cryptocurrency holdings.
So, you can withdraw fiat dollars to your credit card, Klarna account, Paysafecard, or Entropay account.
Esports betting with Crypto
There are many ways to bet on esports, including social betting, betting with real money, challenge betting, fantasy esports, and betting on skins and items.
The most popular type of esports betting is social betting. But it is also the most dangerous.
People make secret bets with other people when they do social betting. Most of the time, strangers make the bets.
You could get ripped off since you don’t know the people you’re betting with.If it’s your first time, it’s a good idea to bet with a few friends.
The problem with this choice is that even when there isn’t much money at stake, people can fight over the most minor things if they don’t understand each other. For a few bucks, it’s not worth losing a friend.
Challenge gaming, on the other hand, is for skilled gamers. Bets are made by two players who are competing against each other. This won’t work if you’ve never bet on esports before and don’t play games.
On the other hand, the best way to bet is with real money. It is a fixed-odds bet. It is enjoyable, straightforward, and simple to understand, and it can provide the greatest results.
Fixed odds betting on traditional sports is the same as real money betting. On the other hand, real money betting on esports entails betting on the event’s outcome rather than the sport.
You can make more money with fantasy esports and skin/item betting, both viable choices.
Those who are just getting started in esports betting will benefit from taking the time to learn about both of these factors.
If you’re just starting, it’s best to stick with one particular form of wager. Once you’ve mastered this one, you can move on to the others.
As a beginner, remember that improving your talents is the only way to earn money from esports betting.
It requires persistence, practice, patience, and time. Avoiding what could seem like simple mistakes involves intelligence.
Esports sites that support Cryptocurrency
Here are some sites that support the use of Cryptocurrency in Esports betting;
- Thunderpick
- 1XBet
- GGBet
- Galaxy. bet
- Pinnacle etc
Do’s of Esports betting
You have to be intelligent and careful to place a bet; otherwise, you will end up losing funds when you should be making them.
Here are some tips on things you can do to make your crypto sporting betting a success;
- Learn as much as possible about the teams and the industry standing before placing a bet.
- Be sure to pick the right bookmaker. You need someone who will handle your bets in a fair and unbiased way. You will have better chances if you bet with a bookie whose margins are low and who pays out on winning bets.
- Consider the method you will use to stake. This will tell you how much you should bet. Remember that a good better needs money to be able to bet.
- It’s in your best interest to stick to what you know about the teams, the market, and the game after conducting extensive research. The result of this will be increased earnings.
- Trends change, so talk to your bookmaker about the good and bad results.
Don’ts of Esports betting.
Now that you know what you should do to increase your earnings on esports betting, there are several things you should avoid to minimize losses.
- Learn not to spread yourself too thin. Betting on too many games makes it more challenging to turn a profit.
- You shouldn’t place wagers based on emotions. You may have a favorite team, but you should not place bets based only on your love for them.
- New esports players often bet on games with high odds. But that doesn’t mean they always make money.
- The logic that if Team 1 wins against Team 2 and Team 2 has previously won against Team 3, then Team 1 should win against Team 3, and so those people should bet on Team 1, is not always true.
- You must learn not to give up easily. There will be times when the odds will be in your favor and otherwise, but patience is a virtue in this space.
Final Thoughts
Using Crypto to place a bet on the esports market is not a big deal, as you have seen.
With a lot of money from gamers, friends, sponsors, and other people who like video games, this is your chance to play smart and earn big!