Bitcoin Esports Betting: how to get started at the best bitcoin betting sites
Bitcoin and cryptocurrency overall grown over the past few decades to become a breakout success. The world of cryptocurrency is now huge, but Bitcoin has remained the biggest and most significant crypto. You can use it for many different purposes as a currency, and more recently this has even included Bitcoin esports betting. You can use Bitcoin when betting on esports and sports to get a bit more out of gambling.
Bitcoin betting for esports hasn’t become totally widespread just yet, but there are many forward-thinking esports betting websites that are starting to cater to the growing public demand. Compared to even a few years ago, there are now loads of different options out there for Bitcoin betting sites. So whether you are into League of Legends, Counter-Strike Global Offensive or even Fortnite, we are going to take a quick look at how esports betting with Bitcoin has become increasingly popular. Since Bitcoin is one of the best cryptos for gambling, most sites that use crypto offer Bitcoin.
Check out here the Top Bitcoin & Crypto esports betting sites
How Bitcoin became a world-beater
Kickstarting the cryptocurrency revolution
Bitcoin was launched in 2009 as a way for users to make peer-to-peer digital payments without the intervention of banks or financial institutions. The decentralised nature of Bitcoin meant that many governments were initially distrustful of how the cryptocurrency would be used. There are also concerns about the volatility of Bitcoin’s value. This has made it more difficult to use as a stable currency, but crypto has now largely entered the mainstream with plenty of Bitcoin esports betting sites around.
Bitcoin is growing in popularity across the globe. There are now well over three-hundred million unique users of the cryptocurrency, and massive brands like Starbucks and Subway now allow customers to use Bitcoin for making payments. Bitcoin’s spread has been fast and you can typically now find a crypto-accepting alternative to just about transaction you want to make even Bitcoin betting.
Why Bitcoin betting and esports were made for each other
Bet on esports with Bitcoin
Using cryptocurrency for betting has quite a few different advantages. The first is essentially all of the pros of using crypto in general. By betting in Bitcoin you’re avoiding using fiat cash and you’re able to go about your life without having to ever change money out of Bitcoin.
Another one of the advantages of using Bitcoin for esports betting is the fact that it can take relatively little time to add funds to your account and receive your winnings. Whilst debit card and bank transfer withdrawals can take many days to reach your account, Bitcoin users can look forward to getting their winnings much more quickly from Bitcoin betting sites.
Some betting fans have also noted that Bitcoin can be handy for quickly signing up to a site. Some Bitcoin betting sites allow you to register with just an email address which is not only quick, but it allows you to register your account anonymously too. This also has the benefit of giving you increased security as your Bitcoin funds will stay separate from your regular bank account.
How to Get Started with Bitcoin Betting
While Bitcoin has grown massively in popularity, there are still some people who are new to it or new to Bitcoin betting and Bitcoin betting sites specifically! While Bitcoin can seem complicated on the surface, Bitcoin betting is actually pretty easy to get started off with. This is all you’re going to need to do:
- Find a Bitcoin Betting site – You need to start by finding one of the esports bookmakers that offers cryptocurrency betting. We’ve covered the best Bitcoin betting sites below.
- Find an Exchange –You can skip this step if you already own cryptocurrency! To do this you will need to set-up a wallet on an exchange if you don’t already have one.
- Buy Bitcoin – The steps for this will vary depending on which exchange you’re using, but they should fairly simple instructions to help you.
- Deposit Bitcoin with the Bookmaker – You’re going to need to deposit your Bitcoin in the Bitcoin esports bookmaker to place bets. Make sure you follow the instructions carefully so your funds end up in the right place.
- Place a Bet – With your Bitcoin deposited, you can now place bets using it.
Bitcoin Esports betting vs Traditional Esports Betting
If you’re looking at Bitcoin betting, then it makes sense to consider how it compared with the normal forms of betting. There are quite a few differences and changes depending on which type of esports betting you go for. This is how they compare:
- Speed – Both crypto betting and betting with cash can be quick, but Bitcoin transfers typically don’t have as long of a waiting period compared with withdrawing or depositing fiat.
- Anonymity – One of the main benefits of Bitcoin is that it allows to conduct transactions without exposing your identity. Bitcoin esports betting in some cases can allow you to bet with very little information given out, whereas traditional betting usually has heavy KYC requirements.
- Fees – Fees for using crypto for betting are going to vary depending on what platform you use. However, the best Bitcoin betting sites allow you to bet without many fees compared to traditional banking.
- Security – Both Bitcoin and normal betting require you to trust the bookmaker to hold your funds and pay out fairly. Neither form of betting really has an advantage here, but you should definitely be careful when choosing a Bitcoin betting sites. Bitcoin is harder to trace, so you should be wary.
Limitations: why esports betting with Bitcoin isn’t always easy
Whilst Bitcoin is becoming increasingly popular, it’s evident that it has yet to be accepted at the majority of traditional betting sites. This means that you won’t be able to make bets with Bitcoin deposits at standard sports bookmakers like Betway and William Hill.
Thankfully, there are a few esports betting sites that allow you to make deposits and withdrawals with the cryptocurrency.
We should also mention the fact that some online betting sites also charge some fairly unreasonable fees for anybody using Bitcoin to make deposits and withdrawals. In addition to this, some esports betting sites don’t allow Bitcoin deposits to qualify for their welcome bonus promotions. You can still use that site for Bitcoin esports betting after getting the bonus with a different payment method though.
Finally, we should also highlight the fact that Bitcoin’s price volatility means that it can sometimes be tough to know how much you are wagering with. However, volatility is going to happen to the price while you’re holding Bitcoin anyway, so this isn’t the biggest issue.
The best esports Bitcoin betting sites
Use Bitcoin for CSGO betting, LoL bets and more
Whilst there aren’t too many esports betting sites that take Bitcoin just yet, there are a few that we think should provide you with a safe and easy way to make deposits and withdrawals with the cryptocurrency. Here is a brief selection of the best Bitcoin betting sites for CSGO betting and your LoL bets.
If the esports betting options at NetBet feel a little limited, then you might have a better time using your Bitcoins at ArcaneBet. This is a dedicated esports betting site who facilitate Bitcoin payments to wager on a massive range of titles that range from classics like LoL and CSGO, to lesser-seen titles like King of Glory and Rainbow Six. You can make Bitcoin deposits and withdrawals at ArcaneBet from a value that is equivalent to €10, and the site state that withdrawals should take just a few minutes to process. Unfortunately, you can’t use Bitcoin deposits to qualify for the ArcaneBet sign up offer.
For more information with regards this operator, read our Arcanebet Review.
If you’re looking for a Bitcoin betting site with a long history and good security, then Pinnacle could be the right pick. This site has been operating for over 20 years and is fully licenced and can be trusted to hold your crypto. On this site, you can bet in Bitcoin on games like Call of Duty Mobile, Magic the Gathering, and King of Glory. That’s alongside the bigger esports games like Overwatch, LoL, and Valorant. Pinnacle offers great crypto betting potential alongside great options for Bitcoin esports betting.
All you need to know about Betspawn’s esports products and more in our Pinnacle Review.
Cyber.bet are the last Bitcoin betting sites we’re highlighting here. They offer traditional betting alongside Bitcoin betting. Cyber.bet offer you to bet in cryptocurrency, with a secure and safe way of holding your cryptocurrency. You can safely despot and withdraw your Bitcoin, with minimal costs and a decent speed compared to other sites. The site offers a lot to players outside of crypto though. They have a wide array of esports games on offer, alongside plenty of traditional sports and casino offerings.
Check out what Netbet has to offer in our Cyber.bet Review.
Tips for Bitcoin Betting
Those are some of the top esports bookmakers at the moment that use Bitcoin betting. However, betting with crypto can itself be a bit more complicated than just using fiat currency. If you want to get the most out of it, then there are some things for you to keep in mind. These are some tips for Bitcoin betting:
- Keep an Eye on The Price – Bitcoin betting’s main downside is that you’re using a currency that’s volatile. Sometimes you’re locked into a bet for quite a while too. Make sure that you’re staying aware of the Bitcoin price through that period, so you know what the payout for the bet is going to be.
- Use Your Knowledge of Esports – Esports betting is easier if you’re betting ong games that you know about and follow. You should be betting on games that you understand to get better value out of Bitcoin betting sites and having a better chance of winning your bets.
- Watch the Fees – Transfer fees for Bitcoins can be a problem on betting sites. Always double check what the fees involved are so you’re not it with a surprise when trying to withdraw.
- Compare Odds – This is a general betting tip, but it works great for Bitcoin esports betting too. Compare odds between the various bookmakers to make sure you’re getting the best deal.
Why aren’t more bookies Bitcoin betting sites?
Bitcoin offers its users many benefits for esports betting, and the total number of Bitcoin bookmakers is growing. However, it is still a lot more niche than some other payment methods. This reluctance is fairly mysterious, but it could be due to Bitcoin’s notorious price volatility as well as the widespread misconception that the cryptocurrency is linked to illegal activities. However, the easiest explanation is probably that these companies are doing fine with normal payment methods and blockchain technology is harder to set-up and run than a standard card payment. Bitcoin esports betting works well when it is made simple, and handling crypto is tricky for some people.
But as respectable and fully licensed bookmakers like NetBet have taken the plunge into facilitating Bitcoin payments, then we can hope to see more bookies using Bitcoin in the future.
What to Keep in Mind When Betting with Bitcoins
Bitcoin betting can be a great way to get more out of esports betting, but there are extra concerns here. If you’re looking to make sure that you get the most out of Bitcoin betting, then these are some others things to keep in mind and be aware of:
- The Price Moves Fast – The price moves fast for Bitcoin and it can change quite a bit pretty quickly. You’re going to need to watch out for this when you’re betting with Bitcoin.
- Exchange and Bookmaker Fees – While you can search out a bookmaker that doesn’t charge fees, that isn’t the end of it. The exchange that you’re holding your Bitcoin on outside of betting could have fees of their own. Weigh all of this up when depositing, as it might make sense to minimise transactions.
- It Helps to Understand Blockchain Technology – Blockchain technology isn’t complicated as it sounds, but many don’t have a real understanding of it. Bitcoin esports betting is going to be better if you’re understand the underlying technology and don’t make any mistakes when transferring money around.
- Bitcoin Betting Is Best if You’re Holding Anyway – It can be tempting to bet with Bitcoin as a way of upping the stakes. You’re gambling on your bet, but also at the Bitcoin increasing in price in the middle. However, Bitcoin betting is best if you’re holding the currency anyway. It is a very volatile way of adding stakes if not.
Concluding thoughts on Esports Bitcoin Betting
Although there aren’t too many betting sites that accept crypto, this number has been fast increasing and is likely to continue to grow. We’ve shown you how licensed betting sites like NetBet, ArcaneBet and Betspawn have embraced Bitcoin and now allow their customers to make payments with the cryptocurrency. And whilst there are numerous media scare stories about Bitcoin, we are looking forward to the time when it becomes seen as being just as safe as using other payment methods like PayPal, Skrill or Paysafecard.
Whilst Bitcoin isn’t yet amongst the most popular online betting methods, it seems that its popularity amongst esports betting fans means that we should start to see many more bookmakers using the cryptocurrency in the future. So if you want a fast, safe and easy way to bet on esports, you can look forward to using crypto at many more Bitcoin betting sites very soon.