So, you realize that you have a lot of esports knowledge. So much so, that you can accurately predict almost every time who will be the last man standing, who will finish the map first, and approximately how much the score will be. But did you know that you could make money off of this talent?
We are rapidly growing into a cashless society. And now we have cashless betting too! Crypto betting is increasingly taking over traditional sportsbooks. In this article, we will touch on various aspects of it.
What Is Esports Betting?
Betting has always been a big source of having fun no matter the generation. Back in the day, our great-grandfathers used to bet on horse races by having a guy going around the stadium asking everyone to place their bets. Although the betting scene has significantly changed since then, the concept hasn’t. Basically, you bet on the team that is most likely to win.
Nowadays, we don’t have an actual person as a middleman. Instead, we have betting websites. And our generation bets on everything competitive, including video games. We are more or less familiar with the term “esports”. Although a relatively new form of entertainment, esports is bringing in thousands of bettors. They come in two flavours, classic esports (Dota 2, CS:GO, Call of Duty etc.), and real-life sports such as NBA, FIFA, and NFL which have their own games that are played competitively.
Betting with crypto is rapidly taking over the esports industry. It works just like the traditional betting system but with digital currency. This allows for cheaper and much faster transactions. The crypto market is extremely profitable, which is why countless betting websites are popping up every other day in an attempt to compete with bigger and much more successful websites.
The Advantages
Streaming platforms have made it easy for anyone with an internet connection to watch gamers play. By the grace of YouTube and Twitch, streamers can now earn just as much as a trade sportsman. Furthermore, Esports tournaments are very often and they involve teams and players battling for millions of dollars of prize money.
With all that being said, here’s a list of benefits you can reap by betting with crypto:
Better Odds: Going through a variety of websites will let you know that people bet on literally anything. From who is going to be the outright winner to which player would be to get the first kill. And there are also different categories of bets like over-under bets, or prop bets. All of this will just increase your chances of finding better odds.
Faster Transactions: Crypto works faster than banks and cards. The money you win gets added to your Ethereum wallet in the blink of an eye. Not just the transaction though, cash out is also faster with crypto.
Lower Fees: Traditional betting sites charge you for money transfers. But the crypto betting industry has grown so big that they are self-sufficient, and don’t need to charge the users additional fees.
Global Access: Crypto does not play favourites when it comes to borders. The decentralised model lets the users have greater control over their bets.
Anonymity: Of course, the best benefit you’ll get is that you won’t have to share your credentials. Typical betting scenes require you to give out your personal info. But with crypto, you can have all the fun while keeping your identity hidden.
But How to Go About It?
Betting with crypto is not that complicated. But noobs usually have a hard time wrapping their heads around it.
First, you’ll need to get yourself a crypto wallet. The wallet is made of blockchain technology which keeps your assets intact. After you have your coins, your doubloons, your funds, it’s your sign to go wagering.
Then, you scour the marketplace. Look for the best odds and the best payouts. Find platforms that allow you to place your dime on eSports games using cryptocurrencies. To name a few, you could use Bitcoin, Ethereum, or stable coins like USDC or USDT.
Another thing to do before you start betting is check the website. Make sure it’s not a fad. It is very easy to get scammed when gambling. Betting platforms know how desperate you are to double your money. And they often try to take advantage of that. Ask around and do your research before betting your money. That’s it.
Popular Cryptocurrencies in Esports Betting
We can finally talk about the stars of the show. Here’s a list:
- Bitcoin (BTC): Bitcoin is the “main character” cryptocurrency for esports betting. All because of its popularity and ease of use.
- Ethereum (ETH): Ethereum is another popular cryptocurrency that offers faster transactions and lower fees compared to Bitcoin.
- Litecoin (LTC): Litecoin is similar to Bitcoin but has lower fees and faster transaction times, a really attractive choice for esports betting.
- Ripple (XRP): Ripple is a unique cryptocurrency that doesn’t rely on mining. This offers a stable value that can be beneficial for esports betting.
- Tether (USDT): Tether is a stablecoin that maintains a stable value equal to the US dollar, providing a more predictable and consistent betting experience.
- Dogecoin (DOGE): Dogecoin started as a joke by Elon Musk, which initially kick-started its journey. And now it is a widely accepted digital coin.
Depositing and Withdrawing
Several websites like Skrill, NETELLER, and Crypto.com Exchange help you convert your funds into fiat currencies. The security measures for these deposits and withdrawals are top-notch.
First of all, your digital properties are safely put into cold storage, disconnected from the internet. This prevents hacking or theft. Cryptocurrency exchanges use advanced encryption techniques like Secure Socket Layer (SSL) and Transport Layer Security (TLS) protocols to protect users’ data.
Then there’s the 2FA (Two Factor Authentication). Just an extra layer of security. Leading exchanges conduct regular security audits and penetration testing to look out for faulty systems and prevent potential threats.