Online sports betting is growing rapidly, as is the popularity of cryptocurrency. Naturally, there has been a bit of crossover between the two in recent years.
Many online bookmakers are offering options for cryptocurrency in deposits, withdrawals, and bets. Depending on the bookmaker and the specific type of cryptocurrency the bettor is working with, there are different options available that get one started in esports betting.
There are many things to consider when it comes to both cryptocurrency and online betting, however, so it’s worth looking over the costs and benefits of esports betting using crypto.
Betting on esports using Bitcoin and other cryptocurrencies is possible. Many prominent esports betting sites are willing to accept Bitcoins for deposits, and some are willing to accept various other cryptocurrencies as well. Which cryptocurrencies are accepted and how they are handled varies from site to site, but Bitcoin is by far the most commonly accepted.
There are a few key benefits when it comes to betting on esports with cryptocurrency instead of with cash. The first is that the anonymity offered by cryptocurrency remains with some esports betting platforms. Though most betting sites demand that users offer up a great deal of personal information, there are betting sites centered around crypto that don’t have those requirements.
Another appealing feature of betting with cryptocurrency instead of with cash is that it can offer quicker withdrawals with some sites. Getting money out of betting sites can often be a drawn-out affair, some sites allow crypto bettors to cash out into their wallet with little trouble, almost instantly.
Betting on esports with cryptocurrency is essentially the same as betting with money, and this includes the ability to bet on esports titles such as Counter-Strike: Global Offensive, League of Legends, and Dota 2. The esports titles offered vary from site to site, but action can be found for other titles including StarCraft 2 and Rainbow 6.
Many esports-focused betting sites offer markets in traditional sports as well, such as football and basketball. The options for those betting with crypto are more limited than using actual cash, but many prominent esports betting sites such as GG.bet and 1xBet are willing to accept Bitcoin and other cryptocurrencies.
Betting on esports has its benefits, but there are some obvious drawbacks as well. These won’t necessarily be new to people already invested in cryptocurrency, though.Â
Online betting and cryptocurrency are two fast-rising industries that fall into a legal gray area. Governments around the world are making moves to either increase their regulation over these industries, or are loosening up on long-standing restrictions.Â
The legality of online esports betting varies from country to country, and even between states and provinces in some nations. Combine that with the rapidly changing rules when it comes to purchasing cryptocurrency, spending it, and reporting it on tax filings, and it can make for a serious headache.
And of course, betting with cryptocurrency is a double whammy of gambling. Cryptocurrencies have seen high peaks and low valleys when it comes to their exchange rate and a sudden dip cuts into the value of any winnings one might get from betting on esports.Â
It’s also worth remembering that not all cryptocurrencies are accepted by all sites and operators. Bitcoin is the standard and is accepted by a long list of popular esports bookmakers, but the usability of other cryptocurrencies varies on a site-by-site basis.
Cryptocurrency and online betting are two hotbeds for potentially shady activity, and there are a number of different issues that can pop up in this regard. Prospective punters need not worry too much, however. A little bit of caution goes a long way in terms of avoiding fraud and keeping one’s private information safe and secure.
First and most easily, punters can get a quick feel for whether the site is legitimate by simply looking at their browser. Commonly used internet browsers such as Microsoft Edge, Google Chrome, and Mozilla Firefox have a lock icon next to the URL for each website that can be used to determine how secure and credible the site is. A closed padlock suggests the site is secure, but anything else suggests there may be some sort of risk involved, either from a security or legitimacy perspective.
Second is to ensure that the betting provider is regulated by a legitimate gaming control board. Sites will typically state which commission licenses them, most often at the bottom of their home page. If a site isn’t regulated, that’s a serious red flag when it comes to their credibility.
Finally, it’s worth taking a look at betting platform review sites. After picking out a site that accepts cryptocurrency, check to see whether it has favorable reviews. This is also helpful for comparing and contrasting sites in other ways, such as finding the best deposit bonuses and scouting a bookie’s coverages.
Betting on esports with cryptocurrency isn’t inherently any more or less risky than betting with regular money. There are pitfalls when it comes to any sort of online gambling, including concerns over fraud or security, but these can be largely mitigated by taking some basic precautions and looking up reviews and testimonials on a prospective betting provider.
The key factor when it comes to online esports betting with cryptocurrency is whether the bettor is already investested. If they already own cryptocurrency, using it to start betting on esports isn’t really much different from making a deposit with cash. The only issue is that not all cryptocurrencies are accepted on all betting sites.
If someone already has an online wallet full of crypto and they have an itch to bet on esports, they should feel free to do so after doing a bit of research. Someone looking to get into esports betting shouldn’t necessarily feel the need to go out of their way and purchase some cryptocurrency in order to do so.
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