Even though Bitcoin eSports betting is on the rise, it’s still kind of a novelty. Some people worry their money can be lost or the website they bet on may turn out to be a hoax. This, unfortunately, isn’t impossible, but it isn’t inevitable.
To get the most out of eSports betting with Bitcoin and cryptos, read this guide. It’ll show you the ropes and point you to vetted, safe bookmakers and casinos.
Table of Contents
- How to Get Started: Getting Bitcoins
- Finding Bitcoin eSports Betting Sites and Casinos
- Making Your First Deposit
- Bitcoin eSports Betting: Tips for a Good Start
- Pros and Cons of Bitcoin eSports Betting
- Countries Where Bitcoin eSports Betting is Illegal
Before you even start with Bitcoin betting, you should consider a few factors—namely, the legality and potential risks of using Bitcoin. We covered that in the bottom section of this guide, so read that first if you aren’t knowledgeable about these topics. If you’re already aware of these issues, then you can continue from here!
How to Get Started: Getting Bitcoins
The process of betting on eSports using Bitcoin isn’t any different than betting on basketball, for example. So, if you have experience in traditional betting, there are just a few distinctions for us to clarify before you put your first bitcoin on a match.
As a heads up, crypto eSports betting might seem a little complicated at first. However, when you set up your account and wallet, all the pieces will fall into place. Here is a how-to on getting Bitcoin for betting on eSports.
Setting Up a Bitcoin Wallet
For Bitcoin eSports betting, you’ll need to have bitcoins, which means getting a crypto wallet. If you still don’t own any cryptocurrencies, get a virtual wallet to store them. Some excellent choices for beginners are Exodus (if you’re looking for app software) or Binance (a web-based wallet).
Most crypto wallets have exceptional security. Getting a hosted wallet (one maintained by a third party) usually includes several steps to verify your personal info. However, we’ll mention the fact that Exodus has never been hacked before, while Binance had a hacker-related problem in 2019. Be sure to carefully choose the virtual wallet that suits you best – there are dozens to choose from!
The wallet setup process may differ a bit from one wallet to the next. However, the gist of it is that you’ll have a password for accessing your wallet, and you’ll get a 24-word phrase (called a seed) for recovering it.
Offline Bitcoin Storage
A “cold” wallet is also an option. Your coins for Bitcoin eSports betting can also be held on a flash drive. In that case, you would have a public and private key to access it. This way, no one can access your funds via the Internet, so it’s considered safer. On the flip side, you might end up losing the flash drive, which effectively blocks you from using your bitcoins.
Alternatively, you can have your wallet credentials printed on a piece of paper and store your wallet on offline software. This is another cold option, though losing the piece of paper is a potential risk.
This is another matter to investigate thoroughly before making a decision. Bitcoins can be found in crypto exchanges, which are marketplaces for cryptocurrencies. Gemini Exchange and Coinbase are great exchanges to start with, though feel free to do some research on other platforms.
There are two types of crypto exchanges: Centralized Crypto Exchange (CEX) and Decentralized Crypto Exchange (DEX). Of course, both have pros and cons. Information about both of these options is available online, so it’s a great idea to explore before deciding where to buy your first Bitcoin.
Also, note that fees are very high if you pay using a credit card. It’s much better to use cash or another crypto that you already own. After this step, you’ll store the funds in the wallet you previously set up, and then you’re ready for eSports betting!
Finding Bitcoin eSports Betting Sites and Casinos
The main criterium you need to check on eSports betting sites is, of course, if they allow depositing Bitcoin. However, there are a few other things you should look into before choosing the site and giving it your trust.
At least 128-bit SSL encryption is desirable. This means that any data that flows between your browser and the site will be unreadable by third parties. We need this because betting sites receive your sensitive information that must not leak and be misused. This even applies to Bitcoin or crypto eSports betting, which is generally less reliant on personal data.
24/7 Customer Support
It’s comforting to know someone’s got your back if you need help, especially if you’re new to Bitcoin eSports betting. A good Bitcoin eSports bookmaker should have responsive customer support reachable via chat, email, Skype, or phone.
Experience of Previous Users
Trustworthy bookmaker reviews are great because they do the research-related legwork for you. Moreover, they come from experienced bettors. So, these reviews are a fine way to evaluate a bookmaker’s reliability.
Alternatively, google the site or casino you think meets the above requirements and see what people say about it. If there are no bad experiences with them (specifically, unresolved issues), you’re good to go!
Making Your First Deposit
Now that you’ve finally found the trusted bookmaker/casino, you can get to the sign-up page. You’ll have to confirm your personal information and make the first deposit after your account is made.
Note that some bookmakers have different minimum and maximum amounts of coins to deposit. Moreover, you’ll probably have to pay a certain fee before playing.
Also, most sites offer great welcome bonuses you definitely want to claim. Most of us don’t read the terms and conditions anywhere, but you definitely want to read the one on your bookmaker since there could be a catch with the bonus cash.
Bitcoin eSports Betting: Tips for a Good Start
Follow Big Tournaments
Whenever there is something big happening in eSports, crypto betting sites always follow. They usually put in better odds since there are more bettors. ESL, Internationals, LoL Worlds, and other huge events are important to note. Even if you don’t know much about eSports, tournaments are always smart to bet on.
Find Out More About eSports Teams
Find the eSports teams that compete in tournaments and check their success in previous competitions. You might be able to predict the outcome of a match based on this info.
Take a look at players’ social media, too. You never know where the rumors are and what info can help you win. Reddit is another place to read people’s opinions on who will win the match. It’s all about knowledge!
Try Live eSports Betting
Many bookmakers provide free live streaming of matches. If you don’t like the pre-match game odds, you could wait and see if that changes during the match.
The difference between linear and live betting is that the former demands placing bets before the match and is set in stone. You do have time for research, though. In live betting, you can correct your predictions depending on how the game unfolds.
Pros and Cons of Bitcoin eSports Betting
Bitcoin is the most popular cryptocurrency. That doesn’t make it perfect, though. It definitely has its strong suits, but it also comes with a few issues worth considering.
When you find a trusted bookmaker or casino, your funds probably won’t disappear. Your transaction history is known only to you and the bookmaker. It’s almost impossible for a third party to crack the blockchain upon which Bitcoin is built.
eSports crypto betting sites put very high limits on deposit amounts. The limits are almost always higher than using fiat currency. Moreover, the fees are also extremely low—if there are any.
Not Many Country Restrictions
Since Bitcoin isn’t regulated worldwide, you may use it in countries where real-money betting isn’t strictly legal. Just in case, check if the chosen site allows your IP address to put bets. Not many, but some countries consider crypto betting illegal. Thus, make sure you aren’t breaking the law!
While you could wait days for fiat currency to land in your account, it’s totally different with Bitcoin. Your coins can be in your virtual wallet and ready for Bitcoin eSports betting in hours, if not minutes.
If you send bitcoins to the wrong address, you may as well consider them gone forever. There is no way to get your money back. Always double-check the address to which you’re sending coins!
The biggest con of betting on eSports with Bitcoin is the instability of crypto value. It changes daily, and this can affect your bets. However, Bitcoin is the most stable among cryptocurrencies. That said, it’s much less stable than fiat currencies.
The point is—just be careful. Always check the transaction address, as well as the background of the casino company you’re gambling at. Be cautious of whom you trust online (this applies to everyday life, too), and enjoy your eSports betting safely!
Countries Where Bitcoin eSports Betting is Illegal
This list may change, but these are the countries that forbid this type of gambling at the moment:
- China (banned cryptocurrencies in 2011)
- Some US countries
In some countries, Bitcoin eSports betting is legal and very well regulated (UK, Spain, and Sweden, for example). In others, there are no specific laws to regulate this, but there is also no way to follow and penalize these kinds of transactions. If you decide to gamble in those countries, it’s at your own risk and you might meet serious consequences.