Crypto Betting Sites
In this guide, we’ll explain a little bit about how cryptocurrencies can be used to bet on esports games, the kinds of esports bets you can place using cryptocurrencies, and recommend a few of the best sites offering crypto betting for esports.
How Cryptocurrency Works
As the name suggests, cryptocurrencies exist as valid currencies across the world. They are decentralised and exist on a secure technology called blockchain, which is not linked to any banks or other traditional financial institutions.
Transactions made on blockchain are recorded with the information spread across the whole network but remain secure, rather than being stored on a database.
When you place a bet (or make any transaction using cryptocurrency) it is recorded as an entry in a massive digital ledger, but no company is solely responsible for it.
As no single party is responsible for it, no third party can block it – as seen often with PayPal, credit/debit cards blocking sportsbook transactions, particularly in the US.
Once you have familiarised yourself with cryptocurrencies, they are as user-friendly as e-wallets such as PayPal, Skrill, and Neteller, perhaps even more so.
To also note, the likes of Skrill, PayPal and Neteller now offer the purchase of cryptocurrencies within their wallets.
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Why Betting Operators Target Cryptocurrency
Since cryptocurrencies are volatile in terms of value, trading in them is, in itself, a form of gambling, so it’s no surprise that gamblers are attracted to cryptocurrencies.
Recent studies have shown a correlation between the amount of money cryptocurrency users would stake as opposed to those using other forms of currency, with the former spending double when using Bitcoin and 50% more if they were betting Ethereum.
There are, of course, other pros, as well as cons for using cryptocurrencies to place bets, some of which we have outlined below.
Pros of using crypto betting:
- Privacy – the decentralised nature of cryptocurrencies means there’s no way a third party can access your details
- Transparency – crypto bets can be instantly and independently verified, ensuring fair play
- Free from legal restrictions preventing issues in countries where gambling is illegal
- Often you get better odds with cryptocurrencies
- Not usually subject to taxation
- Fastest withdrawal times – usually your money is in your account within 5-20 seconds
- Fair play – some crypto betting sites use provably fair systems, this ensure the outcome is verified by the player and not the system via a seed system you have access to
- Established financial institutions such as PayPal, Skrill and Neteller now offer crytpocurrency purchases within your wallet
- Increase in popularity is leading to mass adoption
Cons of using crypto betting:
- Cryptocurrencies can be volatile, so even a big win can quickly deteriorate in value
- Transactions can sometimes take longer (although most times they are instant)
- Problem gamblers may feel like it’s not real money they are losing and take unnecessary risks
- Your choice of sportsbook or online casino is still limited compared to other payment methods
Are Esports Crypto Betting Sites Legal?
Whether or not using a cryptocurrency to place bets on esports games is legal in your jurisdiction largely depends if esports betting or even sports betting, in general, is legal.
Always check with the gambling laws in your country/state and pay close attention to site restrictions too.
You can explore our pages around some accepted countries such as:
You’ll be able to get a gist of the laws in the listed countries surrounding betting on esports games.
What Kind of Bets Can I Place?
At participating sportsbooks websites, you can use accepted cryptocurrencies to place any kind of esports bet offered by the site.
Although the markets offered will depend on the esports in question, the most common kinds of esports bets are as follows:
You can place a crypto bet on the overall outcome of a tournament such as the League of Legends World Championship.
These markets are usually open well in advance of the tournament start date, the same way you can bet on the winner of the football World Cup several months in advance.
Similar to outright, but this kind of bet is concerned with the outcome of a single match rather than a competition.
Most bookmakers will regularly offer plenty of money-line markets such as the winning team, the top player or the final score.
Since esports games are streamed around the world, you can usually find live betting markets which you can place bets on using your chosen cryptocurrency.
Although outright is a future market, bookmakers sometimes offer other future bets, concerned with the action taking place in a live match, such as the next player to make a kill etc.
With a handicap bet, one of the teams is given a starting advantage. This handicap is usually +1.5 or -1.5 so a team with a +1.5 handicap only needs to lose by one game, or win outright, in a best-of-five match.
Like traditional sports such as horse racing or football, you can also combine bets by making a designated number of predictions across different esports matches, to build an accumulator.
This means you potentially increase your payout significantly, assuming you win more than one of your bets.
Skin betting is probably the most popular kind of cryptocurrency esports betting, and involves players using in-game skins as tokens to trade or bet for real money, be it cash or cryptocurrency.
However, it is difficult to regulate so not all sportsbooks which offer esports betting will include skin betting.
Bookmakers may offer specials surrounding competitions and events, such as player of the tournament.
They may also offer specials specific to individual matches, such as correct scores or map winners.
Accepted Currencies at Crypto Betting Sites
Bitcoin is considered by most people to be the first cryptocurrency (created in 2008) so it’s no surprise that it is also the most established cryptocurrency across the majority of online casinos and sportsbooks.
Most crypto betting sites will accept Bitcoin, and perhaps Ethereum, and one or two others. Litcoin and Bitcoin Cash are also popular. Although due to popularity more cryptocurrencies are now being accepted.
However, there are around 2,000 cryptocurrencies in existence today so you may see many other crypto coins.
Bookmakers and online casinos may also develop their own cryptocurrency, either for use exclusively on their site or for wider use.
This is slightly different from esports betting with traditional currencies, where Dota 2 is the most popular esport game to bet on, followed by League of Legends and then CS: GO.
Making a Deposit on Crypto Betting Sites
There are a variety of way to deposit using cryptocurrencies, although some sportsbook operators now accept debit card to purchase accepted cryptocurrencies on site.
However should you come across an online sportsbook platform that does, here are a variety of ways to get you started:
- Register for a free wallet via Coinbase
- Add your bank account details, PayPal or registered debit card
- Transfer funds to your Coinbase account and buy your chosen cryptocurrency (ensure accepted by the sportsbook operator you wish to deposit with)
- Buy your chosen cryptocurrency
- Go to send and copy & paste the deposit wallet address given to you by the sportsbook website
- Click send and wait a few minutes as the blockchain confirms your transaction
- Open an account with a reputable cryptocurrency exchange such as Binance
- Using your debit card, purchase your chosen cryptocurrency
- Go to your wallet, click on your purchased cryptocurrency and go to withdraw
- Copy & paste the deposit wallet address given to you by the sportsbook website
- Click send and wait a few minutes as the blockchain confirms your transaction
You will then have full control of your crypto wallet with no interference from a bank or other third-party organisation.
Each transaction generates a new address and private key for security. You should always check the exchange rate when using cryptocurrencies, due to the volatility of the cryptocurrency market.
The Best Crypto Betting for Esports Games
There is a growing number of crypto betting sites, across both traditional sports and esports games.
As more and more sites wake up to the advantages for both players and operators in using cryptocurrencies, we expect more to follow suit.
In the meantime, we’ve cherry-picked some of the best sites for crypto betting on esports games, in the table below.
History of Cryptocurrencies
The first acknowledged cryptocurrency, Bitcoin was introduced in 2008, whilst esports also came to prominence in the 2010’s.
It makes perfect sense, therefore, that esports enthusiasts would be among those using cryptocurrencies before they started to become more mainstream.
Due to their decentralised and untraceable nature, cryptocurrencies were seen as somewhat sketchy and the industries which used them were included in that bracket.
Gambling has always been viewed with suspicion by certain authorities, and esports is still seen as a minority sport, despite esports betting generating around £1million a month in the UK.
Also, both cryptocurrencies and esports tend to have a similar audience – young, tech-savvy and interested in alternative technologies and systems.
Such people are drawn to the anonymity yet transparency that a cryptocurrency affords them.
For operators, the fact that cryptocurrencies exist on the blockchain and transactions can be immediately and independently varied is a big draw to include them.
The operator can preserve their reputation and settle any claims of fraud quickly and easily.
Bitcoin surpassed the market value of an ounce of gold in 2017 and has a total market value of around $4.5 billion.
This milestone helped to legitimise Bitcoin and other cryptocurrencies, and Bitcoin is now accepted by more than 100,000 vendors, including PayPal, Dell, and Microsoft, as well as numerous online casinos and sportsbooks.
In the last couple of years, not only have more gambling sites started to accept cryptocurrencies as a valid payment method, but cryptocurrency casinos and sportsbooks have begun to emerge.
Sometimes these sites also offer players bigger bonuses when they use cryptocurrencies.