Have you heard of bitcoin? It’s the cryptocurrency that took the world by storm when it came forward as the most reliable alternative for the fiat currencies. While an average person might still find the concept of cryptocurrency unappealing but a group that is incentivizing on the growth of cryptocurrencies is esports bettors.
Privacy over the internet is continuously becoming a concern which is why the gambling world is looking for ways to provide much more reliability and anonymity to bettors. Cryptocurrencies like bitcoin, Ethereum and Litecoin come as a very popular mode of financial transactions on esports sites.
For some gamblers, it might be a strange experience to use cryptocurrencies when more mainstream payments methods like debit/credit cards, e-wallets and bank transfers are easily available on betting sites. For them and many others, OddsMax has put together this detailed article on why cryptocurrencies are huge in esports.
Why digital currencies esports bettors appreciate these digital currencies so much?
The adoption of cryptocurrency is struggling to find the mainstream adoption but in esports, these digital currencies seem to be favourites.
Let’s find out what are the factors that are making these currencies so popular with esports betting sites. Most bettors choose cryptocurrency for sports betting for their private reason, but here are the common reasons to do so.
While it is true as we mentioned before that there is a learning curve required to use cryptocurrency. We are in a habit of using credit cards where we just have to enter the CV2 code and the transaction is complete.
Instead, there more steps involved in getting accustomed to using crypto. We will get to it later on, but let’s see why it is so popular among bettors.
Learning to use cryptocurrency for betting takes a few moments and once you have gambled with cryptocurrency enough times, you will get too comfortable using it afterwards. Transactions with crypto at betting exchanges are easy and are often associated with heavy discounts.
Safe and Quick Transactions
Crypto also doesn’t have the transaction speed of credit cards that just take a fraction of a second to process. This is why some businesses don’t favour cryptocurrencies because they do not live up to the transactional speeds of the credit card.
However, compared to all other payments, cryptocurrencies are more favourable.
You do not have to wait for days as with e-checks for processing or visit a Western Union agent for wire transfer. On a normal day when the crypto network is not too congested, you can expect your gambling deposits to go through withing 10 to 30 minutes.
We discussed how credit cards offer benefits when depositing on gambling sites, however often banks issuing these cards either reject gambling deposits or charge higher interest on such payments.
On average the rejection rate at unregulated or offshore gaming sites is around 50%. Most countries treat offshore casinos as not being part of the regulated markets. Banks are always sceptical of gaming sites and even at times reject deposits at some regulated ones as well. Therefore, you cannot always count on credit card companies when betting on esports websites.
With cryptocurrencies, on the other hand, you are not subjected to such rejections. As most of these cryptos are decentralized so there is no bank or government has to control over them.
Bitcoin, for example, uses a network of miners to complete all its transactions. The miners do not have any interest or know what the transaction is for.
Available for Both Deposits and Withdrawals
Another problem with some of the traditional financial instruments is that when betting in esports they can either be used for deposits or withdrawals. For example, you can use debit and credit cards only for depositing into your bankroll.
Such restrictions do not apply to cryptocurrencies, they always allow for two-way banking. This is why cryptocurrency for sports betting is so popular.
Younger People Prefer Both Esports and Crypto
The common denominator between both the cryptocurrencies and the Esports is that they are both popular among the young crowd.
According to market research the average age of esports enthusiast in 26 years old. Similarly, the average cryptocurrency investor is aged between 18 and 34 that is totally opposite to the typical stock investor.
These studies might not provide a clear correlation between those bettors who make deposits at esports gambling sites but we can easily deduce the common link as both the activities see young people engaging.
Better Adoption of Crypto by Betting Sites
Esports betting websites accepting bitcoin is nothing new. It’s being several years now, and more sports websites are accepting cryptocurrencies such as Bitcoin, Litecoin, Dash and Monero. Even the less-heralded cryptos are getting adopted on several esports and sports betting websites.
How to Pay with Crypto at Esports Betting Sites
If you are into sports betting you already know how to add and withdraw money from the bankroll. With crypto, you will have to adapt a little to use cryptocurrency for esports betting. There are several benefits of using digital currencies for esports betting and if the benefits entice you, then here are the steps you need to follow to deposit with crypto.
Step 1: Buy Cryptocurrency
There’s a high chance that you will not magically find any cryptocurrency floating online, which is why you need to buy some using fiat like USD or GBP.
One of the major roadblocks here is that most of the exchanges only deal in crypto transactions so it gets tough to buy these currencies. There are specific sites that you need to find to be able to buy them using fiat money.
Fortunately, there are some prominent exchanges like Coinbase, Gemini and Bitstamp that allow you to buy crypto with USD. You can deposit the money at the appropriate exchange and then scroll through the list of available cryptocurrencies that you want to buy.
You will be shown the exact exchange rate for the cryptocurrencies like USD 100 for 0.01 Bitcoin.
There will be a type of authentication in place to verify like the Google Authenticator for completing the transaction.
Optional Step: Set up a Wallet and Transfer Crypto to It
After getting your cryptocurrency you have two options to move from here on.
- Keep your crypto on the exchange
- Transfer the crypto to a wallet
If you are dealing with a small amount of crypto then we advise that you follow the first option as it is a lot more convenient and safer. However, many bettors advocate using an open wallet because strictly speaking, you do not own the cryptocurrency if it is lying on the exchange.
In the crypto world, a phrase is often used to explain how important it is to have a safe and secured wallet. It is “not your keys, not your crypto” that means unless you have your wallet your cryptocurrency is never safe.
Step 2: Get Esports Site’s Wallet Address
No matter how you choose to store the cryptocurrency you will eventually be using it to deposit the exchange. For this, you will need the wallet address from the betting website to complete the deposit.
You can find it on my betting site supporting cryptocurrency in their banking section where they list all the modes of payments. there you will find an option to generate a wallet address.
This is the address where you will send the crypto either through an exchange or a wallet. Just copy the address and navigate back to the wallet or exchange.
Step 3: Make the Deposit
Once you are in your wallet or the exchange, you now need to choose the amount of cryptocurrency you want to deposit. When you select the option to transfer the fund, you will be prompted to enter the wallet address where the crypto is to be sent.
Paste the esports site’s wallet address, confirm the transaction and then wait. Don’t worry you don’t have to wait too long but if the network is busier then, you might have to wait for a longer duration than usual.
Is cryptocurrency a Better Payment Option for Sports Betting?
Like every other esports betting payment option, cryptocurrency also has its pros and cons. But when you evaluate all the factors, cryptocurrencies do give traditional payment options a run for the money (pun intended).
When you want to make a deposit without getting rejected you can rely on cryptocurrency. As most of the top betting exchanges are regulated, you are at an advantage when you use crypto.
Also, cryptocurrency is pretty fast as compared to other banking methods. It might not meet up the speed of debit or credit cards but they are still better than most others.
Still, the need to develop a good understanding and grasp of using cryptocurrencies before you start depositing them. Be patient and learn how crypto works and can be used for betting and avail discounts.
There are clearly many advantages of adopting cryptocurrency for sports betting.
Esports betting world is rapidly adopting the advent of cryptocurrency for a number of reasons.
With no governing or regulating body, cryptocurrency is a free currency that can be traded without a bank or an e-wallet. So, you are no longer barred from depositing.
You can do both the deposits and withdrawals with cryptocurrencies, unlike credit and debit cards that usually only allow for depositing purposes on betting sites.
Ease of use is another benefit which makes cryptocurrency popular among young adults who are also the biggest participants in esports. Once you become comfortable with cryptocurrency you can make transactions fast.
Last but not least, more and more betting websites are not accepting cryptocurrencies than ever before. This is why you have plenty of wager options with cryptocurrency.
We hope this guide will help you make a move towards using the digital currencies at esports betting exchanges. Just be on the learning curve and you will reap the benefits.