I’ve watched the gambling industry adapt to new financial trends, from supporting debit and credit cards to accepting electronic wallets. Then digital currencies made waves, and now we have several sportsbooks supporting crypto esports betting.
The popularity of virtual currencies is not unfounded. I’ve tested multiple cryptocurrencies and quickly became a fan because of their advantages. Are there drawbacks? Yes, there are, and you’ll learn about them in this guide. Stay with me so that we can explore cryptocurrencies and their impact on the esports betting industry.
Bitcoin launched in 2009, introducing a novel concept in the financial terrain. Interestingly, while Bitcoin was the first modern cryptocurrency, digital currencies existed before its launch. In fact, I found B-Money and Bit Gold to be two options that were gaining traction. However, Satoshi Nakamoto combined cryptography and blockchain technology to make Bitcoin unique and secure.
In 2011, Litecoin, the first altcoin, entered the digital payment space. This spurred the development of other altcoins, which are virtual currencies that are built on Bitcoin’s concept but differ significantly from the coin. Today, we have Dogecoin, Tether, Tron, and Solana, among many other virtual currencies.
I’ve presented an overview of the most popular cryptocurrencies you’ll find on esports betting sites. Afterward, I’ll further detail each one, giving you an idea of what makes them stand out from the sea of coins.
| Cryptocurrency | Special feature |
|---|---|
| Bitcoin | High level of anonymity |
| Litecoin | Faster transactions |
| Dogecoin | Meme coin appeal |
| Tether | Pegged to the US dollar |
| Ethereum | Smart contracts |
As I mentioned, Bitcoin is the first cryptocurrency. It operates on a decentralized platform, so no central authority controls its transactions. Instead, payments are recorded on a public ledger called the blockchain. Although the blockchain records transactions publicly, they’re not linked to the users’ identities, making it possible to transact without revealing who you are.
Although Bitcoin introduced a new system of making payments, it had limitations. Charlie Lee created Litecoin to address these limitations. As such, Litecoin boasts faster transactions, allowing you to deposit and withdraw within a few minutes.
In 2013, Billy Markus and Jackson Palmer set out to create a joke about the hype and speculation of cryptocurrencies. Interestingly, their meme coin became the talk of the town and gained massive traction within its first month. Today, it’s one of the most-used cryptocurrencies in the esports betting world.
Tether is my go-to cryptocurrency because it’s a stable coin. This means it’s not subject to the wide price fluctuations that virtual currencies are known for. The reason for this is simple — it’s pegged to the US dollar. As such, its value is comparable to that of the US dollar.
Ethereum is like most cryptocurrencies, but it uses smart contracts, which are self-executing computer programs. It causes all transactions to be automatically processed, making it possible to send and receive payments quickly.
If you use cryptocurrencies for Rainbow 6 betting or wagering on any other esports, you’ll enjoy the same advantages I did. In fact, I tend to rank sites better when they support these virtual assets, and here are the reasons why:
I prioritize security when making transactions, which is why cryptocurrencies satisfy my payment needs. For starters, they work on a decentralized ledger that encrypts and records every transaction on an immutable ledger. As such, a third party or unauthorized party can’t alter payment details. And that’s just the tip of the iceberg in terms of security. With cryptocurrencies, you don’t have to reveal sensitive financial details as you would when depositing or withdrawing with debit and credit cards. You only need to provide a crypto wallet address to facilitate payments.
The best part about using cryptocurrencies is the fast processing times. If I were using a bank transfer, for instance, I would have to wait a while for my deposits to be processed. Withdrawals are much slower, taking up to seven days in some cases. E-wallets are faster, with some withdrawals taking a day to complete. But with cryptocurrencies, I don’t have to wait for 24 hours. In fact, deposits are processed at lightning speed. Withdrawals are a little slower, but I generally receive my winnings within a few minutes after the operator approves the payment.
If you’re like me, who’s always skeptical about revealing my personal and financial details, then you will like this aspect of esports crypto betting. Remember how I mentioned that you don’t provide financial details when using Bitcoin and other altcoins? That not only ensures security but also protects your identity. It makes it possible to enjoy gambling activities without providing additional important information.
The decentralization of cryptocurrencies eliminates the need for intermediaries. This means that you enjoy peer-to-peer transactions, which reduces costs for both you and the operator. So, as long as your preferred platform doesn’t charge you for payments, you only have to worry about mining fees, which are usually minimal.
I’ve noticed that the largest esports betting promos are usually on cryptocurrency sportsbooks. These platforms often include other innovative reward systems like rakeback and cashback. Some promotions might have higher wagering requirements and stricter conditions. But I’ve also encountered generous offers on crypto betting sites that I easily claimed and met the terms and conditions.
I can go on and on about the benefits of cryptocurrencies, but my opinion would be one-sided if I didn’t tell you that using these assets has drawbacks. Below are the risks you should note before choosing to use cryptocurrencies for your betting sessions:
The first on my list of drawbacks is price volatility. These virtual assets are subject to extreme price fluctuations. One minute, they are peaking at a high value; the next, they’ve plummeted to a price below what you bought them for. Price volatility is a two-edged sword. If there’s an increase, the value of your holdings improves. Likewise, the value of your assets drops when the cryptocurrency’s price drops.
No central body regulates crypto transactions. So, if there is a dispute regarding these payments, there’s no one authority to report to. This doesn’t really bother me because the blockchain has held its forte since it became widespread. As long as your crypto assets are in safe storage and you use reliable esports betting websites, you’re less susceptible to hackers.
Despite cryptocurrencies’ popularity, they are not as widespread as traditional payment methods like debit and credit cards and bank transfers. This doesn’t mean you won’t find several esports betting sites supporting crypto transactions, but more operators stick to fiat options and combine them with a few cryptocurrencies.
You now know the popular virtual assets you can use for esports betting alongside their perks and drawbacks. Now, let me explain how to use these coins for betting sessions.
It’s impossible to engage in crypto esports betting when you don’t have cryptocurrencies. So, the first step to wagering with these assets is to get some. You can purchase them from crypto exchanges. These platforms facilitate direct exchange between a buyer and a seller. You only have to find the seller and pay the fiat equivalent of the asset you want to purchase.
Most exchanges allow you to store your holdings on their platform. They have custodial or online wallets that hold these assets till you’re ready to use or sell them. Then there’s cold storage, which entails storing your cryptocurrencies offline. You can use a USB drive or any other method you deem fit. Just ensure you protect your passkeys to prevent third parties from accessing your assets.
Once you have cryptocurrencies, you can then find and register at a crypto esports betting website. Later in this guide, I’ll cover a few factors I consider when selecting the best platforms. For now, let’s discuss the registration process. The exact steps vary from one sportsbook to another but usually look like this:
Many crypto esports betting sites provide alternative registration options. They allow you to sign up by linking your Facebook or Google account. If you prefer these options, tap their icons and follow the onscreen instructions.
After registering and verifying that you are of the legal age for gambling, you need to deposit some cryptocurrencies into your account. If you’ve ever used fiat payment methods, you won’t have any issues going through this process. Even if you’re new, you can easily follow these steps to deposit:
Now you have funds in your account, you can bet on your preferred events. Ensure you back the most competitive lines to get the most out of your wagers. If you’re new to this and don’t understand how odds work, check out my guide on esports betting odds. I explained everything about these lines, how to interpret them, and other essential details you should note.
Cryptocurrency transactions are speedy, but the time frame during which you receive your funds also depends on a few factors, including:
Esports betting websites make my list only when they meet certain criteria. Here are factors that determine if I recommend a platform.
As a crypto enthusiast, I don’t limit myself to using one virtual asset. That’s why a platform that supports multiple options appeals to me. This way, I can easily deposit or withdraw an asset I’m comfortable using at a particular time.
Security is always a priority. I try to avoid scam betting sites, and one way I’ve achieved this is by evaluating the security features of sportsbooks. First, I check if the operator is licensed. If yes, I note the licensing body and number, then verify the certificate on the regulator’s website. I also ensure the platform implements SSL encryption and other top-notch security features.
A platform ranks better on my list if it provides markets for various electronic sports. I want to see markets for international and domestic competitions so that players will be spoilt for choice. The odds are also important. Each betting market should have competitive odds, and I verify this by comparing them to those of other leading sites.
I’m all up for flexibility. So, an app is always a welcome addition. Even if there is no downloadable application, I expect the website to transition smoothly to smaller screens, making it possible to bet on the go.
Here are some tips that have helped me make the most of my esports crypto betting sessions:
I already discussed the ups and downs of crypto esports betting. So, I briefly summarize these pros and cons below:
There you have it — everything you should know about crypto esports betting. Now, you only have to use different assets to fund which works for you. Whichever option you use, you’ll surely enjoy the anonymity and fast transactions.
Also, ensure to select a reputable esports crypto betting site. When picking these platforms, select those with generous bonuses, wide sports coverage, and multiple cryptocurrencies for deposits and withdrawals. Most importantly, bet responsibly!
Yes, crypto esports betting is safe provided you use reliable platforms. Such sites use top-notch security features to protect your personal and financial details. They also use licenses from reputable bodies, further proof that their services are secure.
To find the best esports crypto betting sites, review them to be sure they meet certain criteria. Ensure they’re trustworthy and have offerings that appeal to you. These range from competitive odds to responsive customer service.
Start by buying cryptocurrencies with fiat money. You can do this on reputable crypto exchanges. Next, sign up at a crypto esports betting site; this process takes only a few minutes to complete. Then, you can deposit and place bets with your virtual assets.
The best cryptocurrency for esports betting depends on your preference. You can select from more widespread options like Bitcoin, Ethereum, Tether, Dogecoin, and Litecoin. Others include Solana, Ripple, Toncoin, and Binance Coin.
