Esports Betting with Bitcoin
Sports betting has truly evolved over the years as you are no longer required to head into the town and use your local bookmaker to bet. Instead, you can go log into phone applications or websites and use the services of many bookmakers.
It is no surprise that Esports betting has become particularly popular within this market, and with the rise of bitcoin becoming more popular, there are many options arising that allow you to use your bitcoin to place bets.
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How to purchase Bitcoin
To be able to keep hold of your bitcoin, you will need to find a suitable “wallet” that can receive bitcoin in exchange for your relevant currency. You will stumble across a wide variety of wallets on the internet these days, I recommend you head over to Bitcoin.org, where you will be able to find out which wallets are the most reliable.
Once you’ve picked your wallet, make sure you back up your private keys and take as many security measures as possible to ensure your Bitcoin is safe, especially if you plan on working with larger amounts.
Users will now be able to purchase Bitcoin from any Bitcoin exchange. For those in the US I would recommend using Coinbase.com, and from users in Europe Bitstamp.net seems to be the best option.
How to deposit Bitcoin
After signing up to an Esports betting site that accepts Bitcoin (you can find our recommended bookmakers below), you’ll be provided with a Bitcoin address that you can use to deposit funds to. It’s important to keep in mind that the time to receive the funds can range between a matter of minutes to a few hours depending on the size of the transaction.
Using Bitcoin to bet on matches
Following the deposit, you are now ready to bet on Esports through your selected bookmaker. The Bitcoin you deposited will normally be converted into chips or whichever form of currency that the bookmaker operates with.
This conversion from Bitcoin to the selected currency format helps to make betting friendlier for the users as using Bitcoin when looking at odds would make things incredibly confusing for majority of users.
Types of bets and odds
For those in Esports already that watch and/or play on a regular basis, if you’re new to Esports betting you should be able to pick it up and gain and understanding relatively quickly.
Users will be able to place bets across a wide range of Esports titles. Different bookmakers will offer the option to bet on different titles however they all tend to offer the most popular titles. Some bookmakers even go all out and offer betting options for every competitive Esports title available.
All major events and leagues that are happening will typically be covered, although different bookmakers will offer a different scope of betting options, some being wider than others.
How to withdraw Bitcoin
It all seems pretty simple so far, right? Well, it doesn’t get any harder when it comes to withdrawing. With most of these sites transferring Bitcoin in and out is effectively seamless, with the same experience you would get with traditional betting.
Often when a user withdraws, the payment with be processed instantly and will occasionally require confirmation via email or a 2-factor authentication. This is a great addition as it provides users with an added level of security when betting with Bitcoin.
Best Esports betting sites that accept Bitcoin
In most cases, those betting on Esports will be gamers themselves, who tend to have an above average knowledge with a lot of new technology and new digital trends. Several Esports betting sites now accept Bitcoin and other cryptocurrencies on their platforms. My top 5 bookmakers that accept Bitcoin are:
- Nitrogen Sports (nitrogensports.eu)
- BetOnBit (betonbit.com)
- io (sportsbet.io)
- OneHash (onehash.com)
- 1XBIT (1xbit.com)
Legality and Regulation with Bitcoin Esports betting
Esports betting sites that accept Bitcoin fall under the same responsibilities as regular betting sites, meaning they all need to be licensed and regulated as per the legal requirements. There are multiple operator licensing bodies across a magnitude of jurisdictions, some countries will allow those licensed in other countries to offer their services.
A betting site that has a license guarantees the users that the bookmaker will operate in accordance with the laws of the country it is operating in. This allows ensures that your rights as a customer and user are protected.
A good rule of thumb is to use Bitcoin betting sites as you would use traditional betting sites. If traditional betting happens to be banned in your particular jurisdiction, then so to will bitcoin betting. It’s recommended to seek professional legal advice if you are unsure of anything.
With the ever-growing industry that is Esports and betting, this being combined with the upcoming cryptocurrencies, and in particularly Bitcoin is a match made in heaven. The link between Esports and Bitcoin is quite natural, and a lot of PC gamers and fanatics have been working with the cryptocurrency for a few years now.