What Is Bitcoin Esports Betting?
If you haven’t heard of bitcoin eSports betting before, this is simply a way to use the cryptocurrency bitcoin to place bets on eSport games, such as Dota 2, League of Legends and Counter-Strike.
With the rising popularity of bitcoins, several eSport betting sites have started to support the use of this cryptocurrency. Especially Americans are fond of bitcoins as this allows them to bet online from USA, which would otherwise be a limited option due to strict gambling laws.
How Does Bitcoin Betting Work?
Betting with bitcoin is in many ways similar to real money betting. Once you have deposited your desired amount of bitcoins, you use these to place bets just like you would with real money. Should you for instance place 0.001 btc on a match with odds 2.0 and win, you would then be awarded 0.002 btc. What’s different about using bitcoins is the way you deposit and withdraw funds.
How Do I Deposit and Withdraw Esports Bitcoin?
To be able to deposit and withdraw bitcoins, you’re on many eSport betting sites required to set up your player account as a bitcoin account during the registration process. You do this simply by choosing bitcoin as the preferred currency. It’s important to know that such an account can only be used for bitcoins and no other deposit methods.
To make your deposit, you’ll receive a bitcoin address to which you have to transfer your bitcoins to. You do this by setting up a bitcoin wallet, which is similar to other e-Wallets, such as Skrill and Neteller. It’s good to know that the transaction is not instantly processed, but this depends on the rate at which blockchains are confirmed.
Different eSport betting sites require a different number of confirmations before the bitcoins are credited to your player account. In general, you can expect this to take between 10-60 minutes, but there could be occasions when it takes longer.
Making a withdrawal is very similar to making a deposit. When doing so, you have to enter your own bitcoin address which you’ll find on your bitcoin wallet. Once the withdrawal is processed, you’ll have the funds as soon as the blockchain has confirmed the withdrawal, which is usually very fast.
Can I Use Bonuses When Betting With Bitcoin?
Sometimes yes and sometimes no. Even if you choose one of the best bitcoin betting sites, there is, unfortunately, no guarantee that you can take part in a bonus when eSports betting bitcoin. You’ll find that some operators don’t have any welcome offer at all.
You can also find operators that do offer a welcome bonus, but unfortunately, have this excluded for bitcoins. Then of course there are those that support bonuses for bitcoin betting as well, which for instance means that you can get a matched deposit bonus to your bitcoins as a welcome offer.
What’s to Gain From Betting Using Bitcoin?
There are several advantages to use and bet with bitcoin, which is what has made the payment method a popular choice for a lot of people. The number one reason is undoubtedly the anonymity it can give. On some eSport betting sites, you are able to deposit, withdraw and bet bitcoin without ever providing any information about yourself, such as name, address and any other personally identifying information.
Another big reason is the fact that withdrawals are very fast, although there are rare occasions when the blockchain is a bit slower.
Other reasons for using bitcoin that are not bet-related, is the possibility to set up a bitcoin account within minutes and the fact that the currency is not controlled by one central authority.