Crypto Esports Betting
If we were to pick two things that made headlines towards the end of 2020 and into 2021, they would be esports and cryptocurrency. It seems that the two have been more and more prevalent in the mainstream media as the worldwide quarantine continues to change our lives.
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How do they two work together, and why have they become so popular?
Esports, Betting and Cryptocurrencies
Esports, Betting and Cryptocurrencies are all touching the same target demographics and the connecting between the three industries is strengthening year upon year. Only a few years back, we talked about cryptocurrencies and esports as a vague concept that is not moving forward. Nowadays, high prized Bitcoins, NFTs and Fan Engagement Tokens are slowly becoming the standard, while games like Lightnite and SatoshiQuestMC make novelty approaches to how Bitoin intersects with video games.
Esports are also pushing cryptocurrencies into the mainstream, blockchain technologies and platforms like Socios are helping teams launch Fan Tokens and generate engagement and revenue in the process.
Finally, betting markets and bookmakers are opening up to crypto betting daily as the value of currencies skyrockets. Some operators like Stake.com even work exclusively with cryptocurrencies as their deposit method. There is even a special Bitcoin betting section on our page to cover all the operators joining in on the trend.
Overall, these three industries are intertwining at an exponential rate, raising questions about legality, regulations and sustainability. The meteoric rise of altcoins like Dogecoin, Ethereum, Litecoin raises questions about valuation and how to manage an increasingly complex market.
Esports betting is the industry most concerned, with daily value shifts, legality and availability becoming the main issues.
How does cryptocurrency esports betting work?
The popularity of cryptocurrencies has grown side-by-side with that of esports, leading to several esports betting websites accepting cryptocurrencies like Bitcoin on their platforms.
One of the reasons for the symbiotic relationship between esports betting and crypto is the demographics they attract. According to Millenial Magazine, “over half of all Bitcoin owners are between 18 and 35.” This age group also coincides with the vast majority of esports fans and players. That age group also tends to be fond of gambling and betting, so combining two things they like can be a recipe for success.
Sportsbooks that offer both esports betting and the ability to use crypto in those bets have tapped into a whole new market that is very different from the traditional betting audience. The fact that crypto is decentralized can also be a factor that attracts esports bettors, since they can place wagers without their banks rejecting their bets.
According to The Sports Geek, “Americans especially have a tough time making esports bets, because they must deal with the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006,” which “prevents gambling businesses from accepting payments related to unlawful online betting.” With crypto, there is no way to trace payments opening an avenue bettors bettors and markets previously closed to them.
Crypto Esports Betting Websites
What will happen as cryptocurrency continues to grow in value?
Cryptocurrencies have grown exponentially over time, especially in 2020/21. Bitcoin hit a record high of $50,000, especially as Tesla invested $1.5 billion into it. As the value of Bitcoin and other cryptocurrencies grow, we could see a growth in their prevalence in esports betting. Early investors who also happen to be fans of esports could grow their investment by betting on esports matches.
The growth of esports and crypto could also attract bettors from outside the esports bubble, who are not as familiar with how the space works and are only looking to make money from it. This growth would be beneficial for sportsbooks that support esports and crypto, but fans might see it as an invasion by people who don’t belong in their tightly-knit group.
Crypto Sports Betting Exchanges
That said, the value of cryptocurrencies is very volatile, with sharp dips happening all the time. This uncertainty could turn some people off from using crypto in esports bets since there is no guarantee that they would get back as much money as expected.
Will we see new crypto betting regulations come into effect?
Much like Valve sought to regulate CS:GO betting after they caught fraudulent websites, esports crypto betting could see some regulations soon. These regulations would seek to protect the bettors, the sportsbooks, and the players themselves from fraudulent bets and crypto volatility.
This outcome is as unsure as to the currencies’ value from day-to-day. If the symbiotic relationship of the two continues to grow, however, it could become a reality. Seeing how unregulated CS:GO betting affected the community as a whole, these regulations should be welcome by those who want a fair playing space for all.
Here is the list of the best sites to wager on Sports with Cryptocurrencies including Bitcoin, Ethereum, Litecoin and more. All sites have been verified. Bet on Football, basketball, tennis and other matchups using Crypto!
Crypto Sports Betting
Crypto Sports Betting Sites are becoming more and more popular with each year, which makes the whole industry really competitive. It is great news for us, players, as we get more bonuses and benefits to choose from.
Most of the sites offer all good things that come with cryptocurrencies, including:
- Fast deposits and withdrawals
- Low fees
- High limits
- Anonymosity of players
These features make crypto sports betting appealing to bettors around the world. Many have switched completely from traditional betting sites to ones based on Bitcoin, Ethereum and other cryptocurrencies.
When it comes to offered markets, crypto sportbooks are equally good as their fiat competitors. You get to bet on various markets in football, basketball, tennis, soccer, ice hockey and all other sports that we love so much. Many whales (high rollers) will appreciate high limits that can be as big as 100 bitcoin per market.
If you're not a big punter and your wallet allows you to place only small wagers, then you will find crypto sports betting sites attractive as well, because most of them offer free bets or other no deposit bonuses. You can be sure to get your welcome bonus too if you decide to make a deposit.
Once you get bored with betting, you should check out our crypto gambling sites list for some quick action and adrenaline rush.
Crypto betting has become very popular, and with good reason. There are plenty of advantages to using the most popular cryptocurrency currently on the market. Check out the benefits of using cryptocurrencies to bet on sports and you will realize it is the best way to gamble on your favorite teams.
In addition to a massive reduction in payment processing costs – cryptocurrencies are also much faster than checks, bank wires, and other fiat methods. Some sportsbooks process Bitcoin payouts instantly while others take up to 48 hours. However, in almost all cases, from reputable betting sites, you’re not waiting much longer than 48 hours for your funds and typically – the wait is a lot shorter.
In comparison, other cashier methods, not only have fees, as mentioned above but take far longer to reach players. The fastest sportsbooks online get checks to players’ doorsteps in 3-4 days, but those speeds are rare. Most likely it’s taking about a week and even up to two weeks for checks. Many times, it’s longer. Bank wires have a similar timeframe.
Money transfers usually take 48 hours or less, but as mentioned above, the max amount is quite low compared to cryptocurrencies. Also, let’s not forget that the payouts are not only slower using fiat-methods, but that the extra fees versus no fees with crypto – make it a slower, but more costly option, as well
It’s a misconception that cryptocurrencies are anonymous, though, some do have features that make them near-anonymous. Bitcoin and other mainstream digital currencies are not anonymous but are a better option for bettors who don’t want to send their financial information to sportsbook operators and their payment processors.
Most sportsbooks will still ask you to prove your identity and go through a KYC process before you can receive a payout. However, some BTC-only or a sportsbook that solely operates using cryptocurrencies may not. Regardless, cryptocurrencies do keep your financial information off the web and preserve more anonymity compared to other cashier methods.
Crypto Esports Betting Rules
One branch of betting that is growing very fast among crypto bookmakers are bitoin esports betting sites. They tend to attract younger punters who are more familiar with cryptocurrencies and blockchain technology.