Crypto Betting 101: A Beginner’s Guide to Cryptocurrency Esports Betting

Crypto Betting 101: A Beginner's Guide to Cryptocurrency Esports Betting
Crypto Betting 101: A Beginner's Guide to Cryptocurrency Esports Betting

Cryptocurrency esports betting is quickly gaining popularity worldwide with many players and fans. This article provides a beginner’s guide to cryptocurrency esports betting.

 

Cryptocurrencies are growing more prevalent in today’s culture, with hundreds of different ones available worldwide. 

 

Betting on esports competitions has undoubtedly become more straightforward due to the support of numerous esports betting operators for cryptocurrency.

 

Let us start with understanding what esports is.

 

What is Esports?

Esports is an organized competitive video game called eSports, e-Sports, egames, or electronic sports. It primarily consists of teams playing against one another in tournaments for financial prizes. 

 

Functionally, it is identical to traditional sports. Athletes at the highest levels continuously compete for the top ranks in their sport or game of choice.

 

Esports betting is rapidly growing in popularity as one of the most popular types of online gambling. 

 

With millions of people worldwide tuning in to watch their favorite esports teams and players participate, it’s only natural that more and more people are interested in betting on these competitions for various reasons. 

 

How Esports Betting Differs from Traditional Sports Betting

In a few ways, esports betting differs from regular sports betting. Traditional sports include physical activities such as football, basketball, and baseball, whereas esports are digital games played competitively online. 

 

Esports betting options are frequently more diverse than those offered for regular sports. Some esports betting sites, for example, enable you to bet on individual matches or tournaments. 

 

Still, others allow you to bet on the outcome of an entire season or even a specific game mode inside a game. 

 

That aside, let us see what crypto betting is.

 

What is Crypto Betting?

Crypto betting refers to wagering using cryptocurrency. Cryptocurrency has recently emerged as a viable alternative to traditional banking services, quickly rising in popularity.

 

Crypto betting stands out from more conventional forms of payment due to a few key characteristics. While esports betting remains unchanged primarily, incorporating cryptocurrency adds a new layer to the process.

 

Most bookmaker websites still need to support many cryptocurrencies. Because of their high volatility, most people avoid cryptocurrencies until they become widely used in the financial sector. 

 

The majority of crypto betting bookmakers mainly accept Bitcoin as payment and not any other cryptocurrency.

 

Although some sites, like Thunderpick, have begun accepting cryptocurrency as payment, the industry needs to adopt esports betting technology faster. 

Whatever the case may be, understanding how it works is crucial, as most forecasts indicate that crypto will begin to gain widespread acceptance shortly.

 

How Does Crypto Betting Work?

Crypto betting is a sort of gambling activity. 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 connected to cryptocurrencies themselves.

 

The value of fiat currency rarely changes; when it does, it is relatively small. On the other side, the value of cryptocurrencies can fluctuate dramatically; the value of each coin varies daily.

 

This makes betting methods and careful planning critical when using cryptocurrency for betting.

 

What is Cryptocurrency Esports Betting?

Cryptocurrency esports betting is simply the use of cryptocurrency as a payment method in esports betting. The same way fiat currencies are used to place bets in esports. 

 

That is the same way cryptocurrency esports betting works; the only difference is that it is done using cryptocurrency instead of your traditional payment system.   

 

While traditional payments require authorization from the government or banks, crypto prices do not, allowing gaming companies and players to compete worldwide without going through those loopholes and having a safe mechanism to finish their transactions. 

 

They do not need to reveal their name, and they can withdraw their funds from anywhere in the world using cryptocurrency.

 

Esports Betting With Cryptocurrency

One recent most significant crypto advancement is making esports betting easier and safer. 

 

Organizing any type of betting in different nations is a difficult task, and many people do not have the option of betting in their local currency or simply do not want to do it since they must confirm their identification, making them feel nervous if they win big.

 

Crypto for esports betting is highly beneficial in this regard, as anyone can set up a secure betting platform using a crypto wallet, and anyone can engage in crypto esports betting if they have some kind of cryptocurrency. 

 

Even if a person does not have the correct cryptocurrency, the system will automatically alter it, which is the beauty of crypto.

 

If you are familiar with the esports industry, betting on esports with crypto can be a simple method to make money, primarily if you conduct some 

 

Crypto esports betting when the stakes are large. Of course, you won’t find esports betting groups for every game out there, but in time, having a choice for crypto esports betting will become the norm.

 

How to Make Deposits at Cryptocurrency Esports Betting Sites 

You’ll need a crypto wallet, a specific amount of cryptocurrency, and a lot of time to deposit crypto at an esports betting site. 

 

Depositing cryptocurrency takes time, so don’t be concerned if you don’t immediately see the funds in your account.

 

In any case, you must first acquire some cryptocurrency. Check the website of your preferred bookmaker to discover which cryptocurrencies they accept (for both depositing and withdrawing).

 

You must create a cryptocurrency wallet once you’ve picked which cryptocurrency to buy. The type of cryptocurrency wallet you require is determined by the coin you intend to utilize. 

 

Regarding choosing a crypto wallet, security is crucial; some are fantastic, while others are dreadful, so don’t rush.

 

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; if you need help, you can explore or contact customer service.

 

Copy the deposit address and double-check that it’s correct; a minor mistake means losing money and failing to put cryptocurrencies into your esports betting account. 

 

After double-checking the deposit address, copy and paste it into your preferred cryptocurrency exchange or wallet, and send the funds to the bookie.

 

The cash will take a few hours to show in your account before you can use it for crypto betting! If it has yet to appear after 8 hours, call customer service to figure out what’s wrong.

 

How To Withdraw From Cryptocurrency Esports Betting Sites 

Unless you’re solely interested in holding and profiting from cryptocurrency, your best chance would be to use an alternative withdrawal method. You’d only be able to withdraw into your crypto wallet otherwise.

 

With that said, there is no incorrect decision here, only preference. You must withdraw to your crypto wallet address to increase your crypto wallet. 

 

If you want to withdraw fiat currency, you can do so by payment options such as Klarna, Paysafecard, Entropay, or your credit card.

 

Top Cryptocurrency Esports Betting Sites 

Some leading esports betting sites that accept cryptocurrency as a means of payment are;

 

  • Thunderpick
  • 1xBet
  • GGBet
  • Galaxy.Bet
  • Pinnacle
  • RollBit
  • Rivalry
  • ArcaneBet

 

Factors to Consider When Going into Cryptocurrency Esports Betting 

Before deciding on a betting operator that accepts cryptocurrencies, you should consider the following:

  1. Availablilty
  2. Accessibility
  3. Withdrawal limits
  4. Withdrawal speed

 

Availability

Regarding availability, the focus is on selecting cryptocurrencies on betting websites. 

 

While some esports betting companies accept solely cryptocurrencies, they are few and few between (with the exception of Thunderpick, which has established itself over the years). 

 

Most bookmakers only take the most popular cryptocurrencies, such as Bitcoin and, in some instances, Ethereum.

 

Accessibility

This refers to the ease with which the website can be accessed and the simplicity (or complexity) of the depositing and withdrawal processes. 

 

You want to prevent instances in which you must wait days to receive or deposit funds. 

 

Furthermore, while most cryptocurrency owners are adept at handling their crypto wallets, it’s still preferable when the overall betting procedure is simple.

 

Withdrawal Limits 

Almost all bookmakers have a strict withdrawal limit, usually about 10,000 euros. However, some people have higher or lower restrictions than that, and you should learn about this. 

 

If it needs to be indicated on their websites, contact customer service, and you should get a response immediately.

 

Withdrawal Speed 

Most people who earn money by betting on esports want to withdraw it (or at least a portion) as soon as feasible. While fiat currencies are unaffected, crypto takes longer to process and transfer. 

 

You want the bookie who can do this faster than the others since time is money in the crypto world.

 

Final Thoughts 

Cryptocurrency esports betting is growing in popularity among numerous organizations and companies, particularly with the introduction of NFTs.

 

Take advantage of any crypto esports betting sites we mentioned and start placing your bets now.