Crypto & Esports betting: A match made in blockchain
Online gaming and cryptocurrencies are two of the most popular, technologically advanced and secured innovations these days that are transformed and influenced by blockchain technology. While it doesn’t drive and encompass the entire online gaming industry as it does in digital currencies, blockchain gaming already shows great potential for the near future. What more if you apply these technologies in one activity, say, esports betting?
There are many excellent benefits you can get when you bet on professional video game tournaments using cryptocurrencies. At Bitcasino, players like you don’t have to risk convenience in exchange for security because we have diverse payment options, privacy, transparency, and so much more!
Esports betting: How it is now
Esports has turned into a profitable and hugely followed spectator sport since the early 2000s. Owing to the rapid rise of video gaming creators and the impressive growth of the internet, esports opened a vast space of possibilities for the betting sector too. This is called esports betting and it sits between two lucrative and digital native industries: online gaming and iGaming (online gambling).
Like other gambling games, esports betting is legal based on the regulations set by your location. Responsible online sportsbooks and casinos like Bitcasino have automatic notice if players are allowed to continue to use their sites, check esports odds, and place their bets.
Meaning to say, while we understand your excitement, nothing beats being pragmatic about safety in terms and conditions. If you bet with virtual assets, then there’s a huge likelihood that you are good to go.
On the other hand, according to Newzoo, esports has a total audience of 495 million in 2020, but out of the world’s 7.79 billion people, around 2 billion are aware that it exists. What does this mean for its betting activity? Well, news agencies reported that its revenue is worth more than $1 billion. This is impressive, albeit having experienced controversial recognition from opposing parties.
Three Esports betting types
How esports betting works isn’t entirely different from traditional sports betting. There are teams, individual players, live betting, and esports odds. To get you started on this exciting gambling experience, below are the three most popular betting types:
- Real money betting (Fixed-odds): This is the most straightforward betting type because you only wager on the team or player you think will win.
- Skin and item betting: Instead of actual money, players stake their skin/s on the outcome of the event, thus serving as a ‘quasi-currency’.
- Fantasy betting: Fantasy betting is one of the safest betting types in terms of legality because wagered money or skins are wholly fabricated, hence it has no impact on the integrity of the game or match. While the market in fantasy sports is lucrative, it’s not yet established as well as esports.
5 benefits when you bet using cryptocurrencies
iGaming goes perfectly well with digital coins and it’s not only esports betting that benefits from it. Through the blockchain and its system, here are five reasons why you need to shift to crypto betting now:
Secure and transparent
Licenses and responsible terms and conditions are two basic ways to ensure that the betting site you are using is secure and reliable. When blockchain is included, rest assured that all losses and wins are correct due to their transparency. Here at Bitcasino, all the three boxes are checked so you can play all you want without worry.
Given the nature of the blockchain—which heavily relies on strong cryptography—all recorded transactions in hash functions are secured. They can’t be changed or tampered with by the operators and outside deceitful people or rogue organisations skulking behind the vast and non-regulated cyberspace.
Crypto casinos allow you to play wherever you are
This is what we meant earlier by the legality of esports betting: politics, locations, and limited support of fiat currencies affect players’ access to betting sites. With crypto, you can place bets anytime and anywhere.
Betting with crypto is cheaper
In terms of savings, this is where digital coins really serve their purpose. The core idea behind it is to mitigate the use of third party middlemen and extra costs for transactions. So, when you bet with crypto, expect little to no transaction fees, i.e. low withdrawal and deposit costs.
Generous bonus codes and regular promotions
Most esports betting sites are initially online casinos or online sportsbooks So, expect to receive great esports betting bonus codes upon signing up to their services as well as regular promotions any time of your betting journey.
The crypto wave
Apart from online gaming and the iGaming sectors, a lot of industries are increasingly becoming digital natives, thus adopting crypto and blockchain’s uses and benefits. These include finance, telecoms, sales, and even healthcare and life sciences, to name a few. The point is, what better way to get familiar with how each digital asset works than in a fun and exciting way like esports betting?
Ready to bet with crypto?
Speaking of a ‘fun and exciting way’, Bitcasino provides effective esports betting strategies and up-to-date information about esports odds. Witness some of the most prestigious and highest-paying esports games in the world here in Bitcasino including CS:GO, Dota 2, League of Legends, Overwatch, and Counter-Strike 2.
Words by: Antoinette Laraze