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Cryptocurrencies are becoming embedded in today’s society with hundreds of different ones being accessible to people all around the globe. Betting on esports tournaments has arguably become easier thanks to the support for crypto by various esports betting operators. Let’s take a look at how crypto betting works and whether or not it’s a good choice for punters.
Crypto betting is, simply put, the process of betting by using cryptocurrencies. Crypto has appeared as a new payment method that is fast becoming one of the more popular options for depositing and withdrawing money.
There are a couple of specific features surrounding crypto betting which distinguish it from traditional payment methods. Overall, the betting process itself doesn’t change but the use of crypto does introduce another dimension to esports betting.
Currently, there aren’t a lot of cryptocurrencies that are supported on most bookie websites. Cryptocurrencies are volatile and, as such, are usually avoided until they embed themselves in the financial world. This is why most bookies that offer crypto betting predominantly support the use of Bitcoin and nothing else.
There are outliers such as Thunderpick who allow only cryptocurrencies as the supported payment methods but in most cases, crypto hasn’t yet been picked up in the esports betting world. In any case, it’s important to know how it works because, by most predictions, crypto will start getting accepted a lot more in the coming years.
Crypto betting is a specific type of betting activity. In saying this, the process behind placing bets is the same as with any other payment methods such as PayPal, Trustly, Skrill, and Neteller. However, the main difference is actually related to cryptocurrencies themselves.
See, the value of fiat currency generally doesn’t change by much and when it does, it’s pretty rare. On the other hand, the value of cryptocurrencies can change drastically; the value of each cryptocurrency is different every day.
This makes betting strategies and careful planning extremely important when using crypto for betting. We’ll go over the entire process here, so you get acquainted with how crypto sports betting works.
You'll need a couple of things for depositing crypto at an esports betting site, including a crypto wallet, a certain amount of cryptocurrency, and a lot of patience. Depositing crypto takes a while so don’t start worrying if you don’t see the money in your account immediately.
In any case, you’ll first need to purchase some crypto. Make sure you’ve taken a look at your chosen bookie’s website to see which cryptocurrencies they accept (for both depositing and withdrawing).
Once you’ve decided which cryptocurrency to purchase, you’ll need to set up a crypto wallet. Crypto wallets come in various forms and the one you need depends on which cryptocurrency you want to use. Security is a major factor when it comes to picking a crypto wallet; some are incredible, some are terrible – so don’t rush.
Now, you’ll have to find the deposit address. The deposit address is a string of letters and numbers that is unique for each website user. In most cases, it’ll be found on your ‘Account’ page but if not, you can look around or even ask customer support for help.
Copy the deposit address and make sure that it’s correct; a slight error means loss of money and failure to deposit the cryptocurrency to your esports betting account. After you’ve double-checked the deposit address, paste it into your crypto exchange or wallet of choice and send the money to the bookie.
It will take a couple of hours for the funds to appear in your account, after which you’ll be able to use it for crypto betting! If it doesn’t show up after 8 hours, contact customer support to determine what the problem is.
Unless you’re completely focused on owning crypto and making the most of it, your best bet would be to use a different withdrawal method. Otherwise, you’d only be able to withdraw into your crypto wallet.
With that said, there’s no wrong choice here but rather – preference. If you want to expand your crypto wallet, you’ll have to withdraw to your crypto wallet address. On the other hand, if you want to withdraw a fiat currency, then you can do so to payment methods such as Klarna, Paysafecard, Entropay, or to your credit card.
There are a couple of factors you should look out for before settling on a betting operator that supports cryptocurrencies:
Latest offer
5% up to €500
100% up to €100
100% deposit bonus on your first deposit (Up to €200)
100% up to €200
No Welcome Offer
100% up to €30
N/A
100% up to €122
Thunderpick is the only betting operator that is oriented purely towards crypto and esports. They’ve been around for a while and have made quite the name for themselves thanks to the exceptional selection of esports to bet on.
Thunderpick also covers all the largest esports tournaments as well as some smaller ones from a vast variety of esports. This enables punters to have complete freedom of choice on what to bet on and there’s a little bit of something for everyone.
If you want an authentic esports betting experience with superb security surrounding your transactions, Thunderpick is a perfect choice.
There are very few country restrictions regarding cryptocurrencies and you generally won’t encounter any issues. However, keep in mind that not all bookies allow punters from all countries; some have blocked IP addresses from specific countries, so it’s best to check whether the bookie will allow you through their website firewall.
Cryptocurrency transfers are usually safer and come with very low or non-existent transaction fees. We won’t go into too much detail as to why but overall, each crypto transaction should only be known to the person depositing and the person receiving. It’s incredibly hard (and in some cases impossible) to find out this info as a third party.
Continuing from the previous point, crypto generally involves a high dose of privacy, predominantly because certain information is available only to two people or sides. In this case, only you and the betting operator will be aware of the transaction going down.
Although we mentioned esports betting operator limits on cryptocurrency withdrawals, they’re still higher than fiat currency limits. There are many reasons for this but for the purpose of esports betting – they are irrelevant.
Unfortunately, cryptocurrency still hasn’t become as accepted as most would want or expect. This is mainly because some people have misconceptions about crypto and aren’t willing to learn more because they think it’s a scam. Others are fearful of new cryptocurrencies because they may actually end up being scams. There are many reasons why crypto hasn’t yet become ingrained in the esports society but we’re already seeing progress towards making that a reality.
Apart from the bookies we mentioned, there aren’t a lot of them remaining that accept crypto transactions. Because of this, you’re somewhat limited to a small number of betting operators; this doesn’t mean that you won’t have a good time, but it would be nice to have an even larger selection of betting operators.
Depositing money using traditional payment methods is either instantaneous or happens within minutes. Crypto transactions can take up to 12 hours which is an incredibly long time to wait for the resources to appear in your account. Because of this, you’ll need to plan your betting strategy and deposit money a day or two in advance to avoid missing placing bets on certain esports games’ matches.
Finally, we reach the biggest talking point surrounding crypto – volatility. Most cryptocurrencies experience periods of growth and decline, and these can happen just days from each other. Others turn out to be fake and disappear from the market forever. Due to this, the 0.01ETH you’d deposit today may turn out to be 0.005ETH tomorrow, bringing your betting balance down by 50%. This is why you should quickly withdraw your winnings to prevent losing money through crypto value palpitations.
Speaking about the legality of crypto betting (specifically Bitcoin) is difficult. In most esports countries, the law doesn’t mention anything about it while in others, it’s specifically outlawed. Keep in mind that the information in this list is subject to changes and may differ in the present (The information we have is from the end of 2021 so the legal status of crypto betting in some countries may have changed).
As for the UK, crypto betting is allowed, and you won’t face any issues doing so.
We will also only mention countries where it’s illegal or borderline to keep the list short.
It can be argued that crypto is actually the alternative considering its lack of popularity in esports betting. This is expected to change in the near future with more and more betting operators beginning to accept cryptocurrencies as payment methods.
In any case, if you aren’t yet ready to start betting with cryptocurrencies or simply aren’t satisfied with the betting operator selection, there are a couple of alternatives you could use. Some of the most popular payment methods nowadays are PayPal, credit cards, and Skrill, with Bitcoin being the most accepted cryptocurrency at the moment.
Crypto betting involves using cryptocurrencies to place your bets. This can only be done by visiting bookie websites that accept cryptocurrencies as valid payment methods.
Crypto betting is generally safe, although you will need to take care of your crypto wallet and make sure you use a safe, respected one. This isn’t related to betting at all but the source of your cryptocurrencies. You’ll also need the wallet for depositing and withdrawing crypto.
Some of the safest crypto wallets are Coinbase, Exodus, Electrum, and Mycelium.
Thunderpick is the only betting operator on our list that only accepts cryptocurrencies. They are also completely focused on esports and are a great choice no matter which esports you want to bet on. 1xBet and Rivalry are excellent but have a weaker selection of supported cryptocurrencies.
Crypto betting is generally available across hundreds of countries in the world with almost no limitations. It’s also much safer and more private than traditional transactions. In the long run, you’ll be getting more value for your money by crypto betting but we’re still a tad bit away from that happening. Still, it’s an excellent payment method that is better than most traditional payment methods.
Crypto betting isn’t all sunshine and rainbows and that can be proven by looking at the downsides. For one, depositing money takes a long time. On top of that, the value of cryptocurrency changes daily. These two factors combined make planning for betting pretty difficult. However, we are sure these issues will be eliminated in the future once crypto starts getting more widely accepted in the betting world.