Bitcoin esports betting is on the rise. The idea of placing wagers on your favorite esports teams is an experience that complements and adds to the satisfaction of watching esports. The betting industry for esports is on track to hit $13 billion by 2025, and a good number of this action will come from Bitcoin and other cryptocurrencies.
In comparison, the esports betting industry was only worth $1 billion in 2019. Rivalry CEO Steven Salz called it one of the fastest-growing industry verticals, and for a good reason. Today, we look at the top crypto esports betting sites and what they have to offer you. We will guide you through the top choices, analyze the best esports betting odds with you and offer insight into which ones makes sense to choose. Let’s get started.
Best Crypto Esports Betting Sites
The best crypto or Bitcoin betting sites that focus on crypto today are established companies that you can trust and rely on. Names such as Bitcasino and Sportsbet are not just familiar names, they are benchmark setters. Players who wish to bet on esports will probably want to do it at these two websites to start with.
There are others of course, including Pinnacle, Rivalry, and not least Betway. They have all embraced esports betting with crypto, enabling a young demographic of knowledgeable and affluent fans to join in the experience. We will list several criteria that we use to choose what crypto esports betting sites make the most sense for you to visit and trust, and why.
Variety of Betting Markets
Since esports is a comprehensive term, it helps to have access to a sufficient variety of markets. Esports betting can be massive. Just think about League of Legends, which has over 16 competitive regional leagues, numerous mid-season, ad-hoc events, and more. Whether it is Dota 2, CS:GO, PUBG, Rocket League, Fortnite, or LoL you are looking to bet on, we make sure the markets are covered. In terms of sheer variety, Pinnacle and Rivalry are doing an outstanding job.
Great Odds and Lines
We will be hard-pressed to find two crypto esports betting sites to offer better odds than Sportsbet and Bitcasino. Our team has already realized a handsome profit, through some of our previews, using these two sportsbooks. Bitcasino is habitually offering some great odds on the underdogs, which we have been able to translate into a few secure wins. Overall, odds play a huge part in esports betting, and having access to the best ones is always great.
Crypto Bonuses and Promos
Another factor we take into consideration when issuing recommendations is the availability of crypto esports betting bonuses. Bitcasino, for example, does not offer any signup bonuses, but it will grant you an automatic cashback that is offered on your losing crypto wagers. This is okay because you are going to lose some selections anyway, but having the cashback to help you out is a great way to bounce back. Bitcasino is our top choice for crypto betting promos on esports.
Early Markets, In-Play and More
Setting esports betting odds is no easy thing, whether you run crypto or a FIAT betting site. However, esports players are often happy to be able to place their bets early on. That is why we expect the best crypto esports betting sites to always come with a variety of early game options. This includes pre-match selections, in-play betting on live options, and futures bets such as calling the winner of the League of Legends World Championship and Dota 2 The International early.
Website Functionality, Banking and More
Finally, we take into consideration how a crypto esports betting site does when it comes to its overall functionality. We want the overall platform experience to be smooth and enable esports fans to place their bets freely. A good mobile platform is an absolute must as well. We take a closer look at how banking is carried out and how long individual transactions take. Bitcoin and crypto transfers should usually be instant, notwithstanding a small pending period. The websites we regulate have instant cashouts and allow you to claim your esports winnings right away. There are other important aspects of the experience, including customer support, regulated jurisdictions, and licensing.
Why Bet with Crypto on Esports?
There are some distinct advantages to choosing to bet on esports with crypto. Bitcoin is the most popular option here, but there are others as well. To begin with, a cryptocurrency such as Bitcoin has numerous security features that add value. The currency is moved around rapidly across the blockchain and from one peer to the next.
This eliminates the middle-man, which is usually a centralized financial institution such as a bank and saves you time. In other words, you may deposit and withdraw your money instantly in the form of Bitcoin rather than waiting for a bank to process everything in the next 48-72 hours.
While this may not seem too much, it definitely shaves off a lot of waiting time. In addition, players are not required to reveal much financial information about themselves. Bitcoin operates on a blockchain, peer-to-peer network whereby each peer verifies and confirms the legitimacy of the rest without violating their privacy.
This model makes it particularly flexible and a great way for esports fans to focus on the process of betting rather than worrying about various aspects of the KYC and AML process, which is effectively automated thanks to cryptocurrencies.
Crypto esports betting sites also come with a level of transparency that is hardly to emulate by traditional sportsbooks. The blockchain runs on something known as a public ledger which allows everyone to verify and trace transactions. Hence, the risk of fraudulent activities is small. Here are some of the other advantages we believe would help you make a choice and want to bet with crypto on esports.
Advantages of Choosing Crypto for Esports Betting
Below is a list of some common arguments that are put forward as to why esports betting with crypto is actually quite worthwhile. Let’s take a look at some of the upsides of using Bitcoin and other crypto on your next esports wager.
Safety is clearly an important aspect of the experience and that is why Bitcoin and similar crypto gets so much praise. Esports fans who bet in BTC will never have to worry about involuntarily leaking their financial data. As a result, you may get down to betting on esports safe in the knowledge that your crypto transactions leave traces only on the blockchain, but nowhere else.
No Need to Pay Tax on Winnings
Many jurisdictions tax their residents on turning a profit on betting. However, this is not yet the case when we talk crypto. Crypto is usually not charged until you liquidate it as FIAT and you have no obligation to do so. Of course, individual jurisdictions will have their rules, but overall, using Bitcoin or another crypto for esports betting will allow you to have tight control over your finances.
Fees Considerably Lower
We will elaborate on this point in our “cons” section as well, but for the time, it suffices to say that while crypto fees do exist, they are considerably lower than anything you will see with most FIAT payment operators. This is why we consider banking in crypto to be a zero-traction way of making a deposit or withdrawal when seeking to bet on esports.
One specific advantage is the fact that most esports betting sites with crypto make the registration process very simple. You will be registered in just under a minute and be ready to make your first deposit.
Disadvantages of Choosing Crypto for Esports Betting
For the sake of objectivity, it does help to know what features of the esports betting websites are likely to come across as a little harder to overcome at first. Understanding the drawbacks will also help you appreciate the advantages of why we think esports betting with Bitcoin and most crypto is actually quite beneficial.
Gas and Network Fees
Depending on the crypto you choose, you will have to pay gas or network fees. Bitcoin and Ethereum, the two largest cryptocurrencies used for esports betting, charge such fees. It’s wrong to state that cryptocurrencies do not come with fees. They do. Ethereum gas fees were going out of control in 2020, but they have stabilized and so have Bitcoin fees.
Fees allow the networks to function and to bolster the overall security as they enable peers to verify that transactions do happen. The entire process is a little too much to explain here, but the bottom line is that while such fees exist, they are still much smaller than anything a bank or even an e-wallet would offer you.
Changes in Crypto Value
This is usually cited as a drawback, but we don’t believe it is. Once you buy into crypto esports betting, you will mostly want to keep your bankroll in your crypto wallet or at the sportsbook’s website. In other words, fluctuations in crypto value aren’t that much of a big deal as you can simply wait for the value to increase again and cash out. However, anyone who wishes to bet with crypto on esports needs to be aware of this.
Misfires and Crypto Wallets
Many crypto wallets may turn out to be a little hard to get a hold of, especially if you are new. The good news is that today most crypto wallets are very easy to use, but we ought to mention that because of the slightly higher technological entry barrier here, this is another drawback to opting for esports betting sites.
Deposits and Withdrawals Take Some Effort
When you first start out, entering your crypto wallet address to transact Bitcoin or another cryptocurrency can be a little daunting. While this could be a bit of a drawback, once you are familiar with the process, it will become second nature to you. Nevertheless, you still ought to consider that it’s more difficult to use a crypto wallet than PayPal, for example.
Most Popular Crypto for Betting on Esports
There are many cryptocurrencies out there, and this begs the question – which one is “best”? Bitcoin tends to be the go-to solution for the majority of esports bettors who choose crypto as a viable option. Players who wish to bet on esports with crypto find Bitcoin to be convenient, easy to use, and popular enough to feature in the safest exchanges and wallets.
There are other options as well, including Ethereum, Ripple, Dogecoin, and even some Litecoin. Ethereum and Bitcoin, though, hold premiership when it comes to the default currencies as they make betting easy to navigate. Bitcoin is without a doubt the premier choice here, but we would not put Ethereum past you, or some of the other currencies, especially if you have them lying around already.
Today, esports betting accounts for 4.5% of the global sports betting market. This may seem like a drop in the ocean, but the vertical is rapidly growing, and this creates new opportunities for everyone – including those among you who use Bitcoin exclusively to bet on esports. While you have no obligation to do so, sticking with BTC definitely gives you some advantages and makes the process simpler.
The fact that BTC may change its value overnight should not worry you as for as long as you hold onto your funds, you can always choose to cash out when the value of the currency is much higher, giving you even better benefits from choosing to stick with the best crypto esports betting sites in the first place.
Crypto Esports Betting Sites FAQs
What’s cryptocurrency betting?
Cryptocurrency betting is the process of signing up for an esports agency and placing a bet crypto denomination such as Bitcoin, Litecoin, Ethereum, Dogecoin, or another relevant coin.
Can I bet with Bitcoin on esports?
Yes, you can bet on esports using Bitcoin. We recommend a number of websites that will allow you to do just that and are trustworthy authorities in crypto esports betting.
What crypto esports betting sites do you recommend?
Can I withdraw my esports winnings with Bitcoin?
Yes, you can. Bitcoin allows you to withdraw your winnings instantly, and the blockchain will ensure that your funds arrive in your crypto wallet almost at the same time you request the cash-out.
How long does it take to withdraw esports winnings with crypto?
Most withdrawals are instant. This means that the esports betting site will send your crypto winnings or funds out to your wallet right away. Some sites may have a pending period for each payment which they review manually before sending it to your crypto wallet.
Can I bet with crypto on esports legally?
Yes. The majority of esports betting sites that accept crypto you will find at Esports Grizzly hold a license to operate in multiple jurisdictions. They usually hold licenses from authorities such as the Malta Gaming Authority, Curacao eGaming, UK Gambling Commission, or some other national regulator.