Cryptocurrency in eSports betting is very popular.
In fact, it’s one of the preferred payment methods.
But why is cryptocurrency in eSports appreciated so much?
Read on to find out.
Why Is Cryptocurrency Popular In Esports Betting?
Whether it’s Bitcoin, Ethereum or Litecoin, cryptocurrency hasn’t quite entered the mainstream.
The average person prefers to use to traditional payment methods like wire transfers.
However, it’s popular with eSports bettors.
Well, it usually comes down to personal preference but here are the main reasons.
Ease Of Use
Cryptocurrencies aren’t like traditional payment methods.
They don’t require you to enter account information and the credit card’s CV2 code.
Instead, cryptocurrency for eSports betting requires a couple of extra steps that most people aren’t used to.
We explain the process a bit later on and it’s easier than you may think.
You’ll get the hang of it pretty quickly once you understand how the process works.
Now, while cryptocurrency deposits may not live up to the ultra-fast speeds of credit card transactions, they offer a much quicker solution compared to other payment methods.
For example, there’s no need to wait for an eCheck to clear or Western Union to process a wire transfer.
When the network is clear, the funds will usually be available to between 10 and 30 minutes.
No Deposits Rejected By The Bank
This is an issue many people face when trying to use their credit card to deposit into their sportsbook.
In the US, in particular, banks are likely to reject around 50% of all deposits at offshore/unregulated sites.
This is because the banks assume there’s something sketchy going on with the transaction.
They may even block some deposit requests at regulated gaming sites.
On the other hand, using cryptocurrency for eSports betting ensures players do not run into this problem.
Most cryptocurrencies are decentralized, meaning they are not controlled by banks or government:
For example, Bitcoin must be mined by computers solving complex mathematical problems – but the people setting up the networks don’t care what the transactions are used for while they work.
As such, your crypto wallet isn’t bothered by your deposit request to an online sportsbook.
Use For Deposits And Withdrawals
Some payment methods can’t be used for both deposits and withdrawals.
These include credit cards and eChecks.
Esports bettors don’t need to worry about not being able to withdraw their winnings with crypto.
No matter which cryptocurrency you choose, they are available for two-way banking.
Younger Sports Bettors Enjoy Esports And Cryptocurrency
Both eSports and crypto are both popular among the younger generation.
Now, this may not be a direct correlation but it certainly suggests that younger people enjoy taking part in both activities.
How To Bet With Cryptocurrency
As you can see, there are plenty of good reasons why people like to use cryptocurrency for eSports betting.
As with all payment methods though, it still follows the same bankroll management principles.
If you’re interested in getting started yourself, here are the steps to walk you through it.
1. Use Fiat Currency To Buy Cryptocurrency
It’s unlikely you have any cryptocurrency lying around so you’ll need to buy some with regular fiat currency.
Now, you should note that most exchanges only allow crypto transactions.
Therefore, you must use a site that allows trades with your normal fiat currency.
Exchanges you can use include:
These are the most prominent exchanges used by more than just sports bettors so they can be trusted.
Once you’ve selected the exchange, you must deposit your money.
Have a browse through the payment methods available and select one to fund your account.
The site will automatically calculate how much crypto you will get for your chosen deposit amount.
Some exchanges may use Google Authenticator to verify it’s you making the transaction.
You will receive a notification once the transaction is complete.
2. Set Up A Crypto Wallet (Optional)
After you’ve purchased your cryptocurrency, you can either keep in on the exchange or transfer it to a wallet.
Keeping it on the exchange is the most convenient and best suited for those that wish to only move small amounts of crypto.
That said, technically speaking, you don’t actually hold the cryptocurrency if it’s left on the exchange.
This is why many people opt for a wallet from the likes of Blockchain.com.
As the saying goes, “your keys, your crypto.”
3. Find The Esports Betting Site’s Wallet Address
Now it’s time to send it to your eSports betting account.
This requires finding the wallet address to complete the deposit.
Navigate to the sportsbook’s banking section and look for the cryptocurrency option.
This is where you’ll send cryptocurrency for eSports betting from the exchange/your wallet.
Copy the address and go back to the exchange/your wallet.
4. Deposit The Cryptocurrency
Select to send your funds.
This brings up the option to select how much crypto you want to send to the betting site.
Paste the sportsbook’s wallet address into the recipient field, confirm the transaction and wait.
It won’t be too long before the funds arrive in your account.
Cryptocurrency Vs Traditional Deposit Methods
Every eSports betting payment method has its own pros and cons.
That said, cryptocurrency for eSports betting, particularly on the top 5 eSports, certainly holds its own against the rest of the competition.
For example, your deposit request won’t be rejected, it’s pretty fast and it’s very secure.
Sure, you may need to learn how they work first, but these instructions ensure you can buy crypto and transfer it to your betting account.
Cryptocurrency for eSports betting is getting popular for several reasons; it’s not controlled by a bank or government, it can be used for both deposits and withdrawals and it’s easy to use and it’s even becoming more popular with the sportsbooks themselves.
Once you get used to it, the process will become just as easy as using a digital wallet.