Esports Betting with Bitcoin in 2017
Esports gamblers are typically PC gamers themselves with a keen eye for new technology, and so the introduction of Bitcoin as an esports betting currency could not be better matched. Since Bitcoin’s launch in 2008 and subsequent rise to fame several years later, a number of esports betting sites now accept the cryptocurrency for deposits and withdrawals. This guide will give you an overview of the best Bitcoin esports betting sites, as well as information on how to purchase, deposit, bet and withdraw Bitcoins from your favorite sportsbook. A full list of the available esports betting sites which accept Bitcoin can be found below – click show more to learn about Bitcoin for esports betting. If you’d like to jump to a particular section of this article, use the navigation below:
- Why use Bitcoin for esports betting?
- List of the best Bitcoin esports betting sites
- How to bet on esports matches with Bitcoin
- Legality and regulation behind Bitcoin esports betting
Why use Bitcoin for esports betting?
Using Bitcoin for esports betting carries with it a number of advantages; although there are some disadvantages too. The key considerations for any esports bettor are speed, security and – for many – anonymity. Here’s how Bitcoin stacks up against its fiat counterpart.
Bitcoin transactions can take anywhere from 10 minutes to several hours to process, which is often a lot slower than it would take for dollars, euros or pound sterling to move into an esportsbook. The reason for this is that in the current climate, the Bitcoin network is congested. Plans are underway to improve capacity of the Bitcoin network, however at this point in time the speed of a Bitcoin transaction may put prospective players off.
Sending Bitcoin is one of the most secure forms of payment that exists today. All transactions are guaranteed to be sent and received, and there is no risk of fraud or double spends. Bitcoin transactions are “peer to peer”, meaning that you deal directly with the esports betting platform – this reduces fees and delays – something which many individuals have been forced to experience in the gambling industry.
Arguably the leading use-case for Bitcoin esports gamblers is the advantage of anonymity. Whilst many of the esports betting sites listed here will require anti-money-laundering (AML) and “know your customer” (KYC) checks, several of them do not. This means that some esportsbooks will allow players to bet entirely anonymously, and in a few cases, players will not even be required to create an account. Betting on esports anonymously may be legal in your country, however players do this at their own risk.
List of the best Bitcoin esports betting sites
Without further ado, we have provided a full list of the available esports betting sites which accept Bitcoin below. Each of these sites have been reviewed by independent players and gamblers with a deep knowledge of esports. The sites below have been listed with the best Bitcoin esportsbooks at the top and the rest in descending order. Click through to any of the betting platforms below to discover their deposit bonuses and platform review.
How to bet on esports matches with Bitcoin
For those new to Bitcoin, the process of purchasing and betting with the currency may feel daunting. This guide is meant to act as a high level walkthrough on how to purchase, deposit, bet and withdraw Bitcoin from your favorite esports betting site. Full information about Bitcoin, trusted wallets and more can be found at Bitcoin.org.
Before purchasing Bitcoin, you will need to get yourself a wallet that can receive it in exchange for fiat currency. There are dozens of wallets to choose from today, but the most reliable can be found at Bitcoin.org. New users will want to consider downloading a “light client”, the alternative will require a download of the full blockchain (useful for those wishing to support network security, but not necessary for esports betting).
Once you have a wallet downloaded, secure your Bitcoin by ensuring your private keys are backed up. Further security measures should be taken for larger amounts of Bitcoin.
Now that you have a secure wallet, you can purchase Bitcoin from any Bitcoin exchange. We recommend Bitstamp.net to our European esports players, and Coinbase.com to those in the USA. Those esports gamblers wishing to remain somewhat anonymous may wish to purchase through LocalBitcoins.com. After purchasing Bitcoin from the exchange, send the coins to your wallet address from the previous step.
You may be asking why you can’t just send Bitcoin from the exchange directly to the esports betting site without the need for a wallet. The answer is that you can, but Bitcoin exchanges have been hacked on a worryingly frequent basis – we recommend all esports players store their Bitcoin on a device where they own their private key.
Once you’ve signed up to an esports betting site that accepts Bitcoin, you’ll be given a Bitcoin deposit address where you can send funds. Transactions can take anywhere from 10 minutes to a few hours depending on the fee size that is sent with the transaction. Most wallet software will automatically set a fee that enables relatively fast transactions (no more than half an hour), but you can use 21.co’s Bitcoin fee chart as a guide to setting the right fee manually.
Betting Bitcoin on esports matches
Once a Bitcoin deposit has been made at any of these esports betting platforms, the funds will typically be turned into chips or fiat currency. The conversion for BTC to another value helps to make betting Bitcoin more user friendly. For example, a $10 bet could be read as 0.01BTC which is not particularly intuitive. Esports betting sites will often use chips or another counter so as to make the numbers closer to what you’d expect when betting fiat currency.
Making a Bitcoin withdrawal is no more difficult than making the deposit. As mentioned, a number of these sites will not require AML or KYC checks and so transacting Bitcoin into and out of an esports betting site is often seamless. Withdrawals from some sites are processed immediately (often requiring an email confirmation or 2-factor authentication), and transactions can be monitored on the blockchain by copy and pasting your wallet address into a blockchain explore like blockchain.info.
Legality and regulation behind Bitcoin esports betting
Regulation around Bitcoin betting, particularly in esports, is relatively bare at the moment. As Bitcoin betting becomes more popular, it is likely that regulators will require more due diligence from the various esports betting sites here. As it stands, the best rule of thumb is to treat esports Bitcoin betting the same as traditional betting. If traditional betting is illegal or banned in your jurisdiction, then the same applies to Bitcoin gambling. A guide to the full legality of Bitcoin by country can be found on this Wikipedia page, although proper legal advice should be sought if you are in any doubt.