Using bitcoin in online esports gambling

William Davis Published 01/12/2020

Over the past decade the esports and cryptocurrency industries have both exploded, and they’ve come together in the realm of online betting. Because of its competitive nature, betting on esports is a very hot trend right now. Dota 2, League of Legends, and Counter Strike: Global Offensive are some of the most popular esports in the world, and all of them have a large betting market. 

Almost everything has been digitized. Even money is now digitized with cryptocurrency, moving away from the centralized, fiat currencies of today. With the rise of cryptos, people are now able to enjoy more things through instantaneous, efficient transactions. 

Bitcoin, the first cryptocurrency to be invented, sparked the rise of the industry and the birth of other cryptos. A pioneer, Bitcoin remains to be the most popular crypto in the world. Aside from a form of investment, Bitcoin is also a great tool for online remittance. 

Naturally, Bitcoin and crypto in general have made their way into online betting as well. This carries some unique benefits relative to betting with cash.

How Bitcoin is used in online gaming and esports 

Punters can usually bet on esports matches and tournaments through sportsbooks, online casinos, and some betting sites focused solely on esports. Through these online platforms, players make virtual payments through e-wallets and online banking. This is also where cryptocurrency comes in. 

Cryptocurrency has been added as a payment option in online casinos and esports betting sites, with Bitcoin getting special treatment as a leading cryptocurrency in the market. Shifting to Bitcoin in esports betting is quite an easy thing to do and even learn, even to people who are not familiar with crypto. 

Aside from serving as currency online, Bitcoin is also being used as a core component in some online casinos. With these casinos, Crypto branches out from being a payment method to becoming an actual source of entertainment through bitcoin and crypto slots. 

By using digital wallets in online casinos, players can use their Bitcoins to place wagers. Punters can do the same when it comes to betting on esports competitions, which has some other built-in benefits. 

Perks of using Bitcoin 

With the basics of gaming with Bitcoin covered, it’s worth taking a look at some of the perks that can be enjoyed by using Bitcoin to bet on esports. 

It is convenient 

The thing about this method of payment is that it is very convenient for both online casino players and people who regularly bet on esports. It’s very easy to use and is highly accessible as well. 

Moreover, if a player is using BTC as a method of payment, they will have more options for settling their payments. Some online casinos are even starting to favor cryptocurrency as their main mode of transaction instead of the traditional fiat. The esports industry has been a bit slower on this part, however. 

It is more private 

With Bitcoin, players’ transactions will not be reflected on their bank statement and their identity won’t be revealed. Although every transaction is recorded on a public ledger, users’ identities are not revealed.

Little or no fees 

The thing about using Bitcoin and other cryptos in general is that there are little to no fees at all. With that, players can enjoy freedom from the nickel-and-diming that comes from bank and card transfers. 

Aside from that, the transactions are also borderless, meaning they can be made in different countries. All of the transactions take place instantly, unlike bank transactions which may take a few days. 

Overview 

Bitcoin and crypto slots work very well together, and the same goes for the combination of Bitcoin and esports betting. There are already several online casinos that accept this mode of payment, and the esports betting industry is expected to expand its support of cryptocurrency in the near future.

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