by The crypto currency world is fast expanding and hence, perceiving its entry into the realm of ESports Bitcoin Betting is not at all surprising. Because most eSports bookies are relatively similar, they are constantly seeking for new ways to entice more participants. ESports bitcoin betting is a newer alternative that has recently surfaced and given the anonymous nature of the block chain system, it is fast gaining its ground in the ESports betting world.
If you’re familiar with sports betting, you’ve definitely had your share of ups and downs when it comes to making bets in US dollars or other fiat currencies. Despite the fact that the dollars in your bank account are more commonly acknowledged, giving ESports bitcoin betting a try may bring you some unmatched benefits.
Because of the virtual currency’s encryption, ease, and transparency, eSports bitcoin betting is growing popularity among individuals who like betting on both regular sports and eSports .
Table of Contents
What is ESports Bitcoin Betting, and how does it work?
While eSports betting platforms are witnessing the emergence of new games with every day passing, some of these sites accept bitcoin as a method of payment, eventually making it as eSports bitcoin betting.
Betting on eSports with bitcoin has grown in popularity due to its security, anonymity, and speed. Here, users may use actual money or crypto currencies like Bitcoin to place their bets.
Why use Bitcoin eSports betting sites?
E Sports bitcoin betting has risen in popularity over the last decade, and for good reason. It has grown in popularity as a viewer sport, attracting hundreds of thousands of spectators who wish to try their luck while placing their bets on numerous sports. So, being a user, you can use bitcoin as a payment method for these bets and make the best use of its fast and secure payment system.
If you’ve ever tried to bet on eSports using traditional currency, you may have come across a number of stumbling blocks. Payment processing delays, fees, and payment methods that are cumbersome might prohibit you from completely enjoying your betting experience.
These problems are being addressed by E Sports bitcoin betting sites, which provide minimal costs for speedier deposits, withdrawals, and transfers. Bitcoin casinos, on the other hand, provide outstanding protection for your assets as well as anonymity for customers who wish to stay afloat.
E Sports Bitcoin Betting : Legality and Regulation
In terms of gambling, eSports bitcoin betting is still a relatively new concept, especially when compared to old standbys like casinos and traditional betting sports like horse racing. As a result, bookmakers, regulators, and punters alike – not to mention the gambling business itself – are still getting to grips with it. The good news is that it’s been working well in most nations where gambling is allowed so far, and the future seems bright.
How can you find out if an eSports bitcoin betting is legal in your country?
First and foremost, you must look for two things: The legality of eSports betting and the legality of using Bitcoin for online sports betting in your country. You can simply look for the license while seeking out the legality of eSports bitcoin betting in your country. The license, or licenses, that you’re looking for will change and vary based on where you are. Foreign operators are forbidden in the United Kingdom, for example, thus the eSports bitcoin betting site you use must have a UKGC license in order for you to use it legally and safely. Other European countries, such as Spain and Italy, are in the same boat.
Overseas betting sites are permitted in Canada, India, and several European nations, notably those in the east, as long as they are regulated. The MGA license from Malta is the most frequent European-based license that international consumers might search for. Many legal betting sites with a Curacao license are also available to Canadian consumers. If you’re absolutely new to eSports betting, check out the list below for further reference in the same context.
Europe
Only a few other European countries have joined the UK in recognizing and regulating eSports bitcoin betting, as we have said. Users from these countries can legally wager on eSports using licensed sites, which include Malta, Italy, Spain, and Denmark. You could also be in luck if you’re from another European country. Clients in Sweden, for example, may legally wager on eSports sites thanks to the MGA license from Malta, as can customers in Poland and the Balkans.
Canada
Although Canada has an internal regulated betting infrastructure, it is currently managed by territorial lotteries, and only three of the five provide sports betting, with eSports excluded. Canadians can, however, legally utilize eSports betting services operating outside of Canada, as long as they are licensed and controlled. So, if you’re in Canada and want to bet on eSports legally and safely, seek for one of the European licenses listed above, with the Maltese MGA license being the best option.
Other regions
Customers in most Indian states may legally gamble on eSports utilizing licensed and regulated offshore platforms, same to how they can in Canada. Outside of in-person betting on horse races, however, no kind of gambling is authorized anyplace in India.
ESports are allowed in South Africa, along with online sports betting, and companies must apply for a local provincial license. However, you should be aware that the South African gambling authorities have a poor track record when it comes to regulating and holding betting companies to a high level. As a result, a legitimate license does not inspire the same level of trust in South Africa as it does in other nations.
ESports Bitcoin Betting Vs Traditional eSports Betting
There isn’t much difference between eSports Bitcoin betting and Traditional eSports betting except the usage of bitcoin as a currency. The user has to create their account and simply link their bitcoin wallet as a preferred method of payments.
Besides, when it comes to placing bets via eSports Bitcoin betting, there are two major methods: manually or automatically using certain softwares. The manual method necessitates visiting each gaming site separately and placing your wager there.
This can take some time, but it will offer you greater control over your bets and provide you additional betting alternatives, such as odds or teasers (a type of bet where there must be two or more outcomes for your prediction). Faster transactions at a cheaper cost are possible with an automated system.
Pros and Cons
There is a list of benefits that you get while utilizing Bitcoin to place wagers on eSports . The crypto currency offers a number of security characteristics and features that make it appealing to the betting community.
- Bitcoin is now the king of crypto currencies and currently the most popular crypto currency with the highest trade value.
- It is becoming the first kind of crypto to be widely accepted by most vendors ( and gaming sites) because to its value and popularity. When compared to other cryptos that aren’t as expensive as Bitcoin, this makes it a viable currency to gamble with.
- The encryption of Bitcoin, which is a general benefit of utilizing crypto in general, is also a big element in its adoption in eSports bitcoin betting. Hackers will find it impossible to tamper with the algorithms that make up each Bitcoin thanks to sophisticated encryption technologies. This safe framework can provide owners peace of mind that their Bitcoin won’t vanish into thin air one day.
- Many betting apps that accept Bitcoin use the block chain platform, which is a collection of encrypted nodes that stores individual transactional data.
- The majority of Bitcoin blockchain systems provides some level of transparency into the parties that place bets and receive payouts. The benefit of a Bitcoin block chain’s transparency is that it allows administrators, or even users, to examine any potential fraud while placing bets.
Along with the benefits, E Sports bitcoin betting also brings along its share of risk and disadvantages. People who have previously invested in crypto currencies will be familiar with these terms.
- Online betting and crypto currencies are two rapidly growing sectors that operate in a legal limbo. Governments all across the world are taking steps to either enhance regulation of certain businesses or relax long-standing prohibitions.
- The legality of online eSports betting varies by country, and in certain countries, even by states and provinces. When you add in the fact that the laws for buying, spending, and reporting crypto currencies on tax returns are always changing, it’s a recipe for disaster.
- Of course, betting with crypto currencies is a gambling double whammy. When it comes to crypto currency exchange rates, there have been high peaks and deep troughs, and a quick drop reduces the value of any profits from eSports betting.
- It’s also worth noting that not all sites and operators accept all crypto currencies. The benchmark is Bitcoin , which is accepted by a large list of famous eSports bookies; nevertheless, the usage of other crypto currencies varies from site to site.
Choosing your ESports Bitcoin Betting Sites
Bitcoin and online betting are two hotbeds for potentially illegal activities, and there are a variety of difficulties that might arise as you start ahead. However, prospective gamblers need not be concerned. When it comes to preventing fraud and keeping one’s personal information safe and secure, a little caution can prove helpful.
First and foremost, punters can quickly determine whether or not a website is authentic by just glancing at it in their browser. The lock icon next to the URL for each website in popular internet browsers like Microsoft Edge, Google Chrome, and Mozilla Firefox may be used to evaluate how safe and reliable the site is. A closed padlock indicates that the site is secure, but anything different indicates that there is a danger, either in terms of security or authenticity.
The second step is to confirm that the betting site is governed by a reputable gaming commission. The commission that licenses a website is usually stated at the bottom of the main page. When it comes to a site’s legitimacy, the lack of regulation is a major warning sign.
Finally, review sites for betting platforms are helpful. Check to discover if an E Sports bitcoin betting has positive ratings from its past and current users. This is also useful for comparing and contrasting sites in other ways, such as scouting a bookie’s coverages and locating the best deposit bonuses.
Guide to Kickstart eSports Betting Using Bitcoin
Before you go ahead with your aspirations in eSports Betting Using Bitcoin , you should learn how to withdraw and deposit Bitcoin . Doing this, you can save a a lot of time and efforts during the entire betting procedure.
To begin, look into Bitcoin exchanges, as this is where you will be able to purchase Bitcoin . First, do some research to see which exchange is best for you, but don’t buy any Bitcoin just now. Some of the most popular exchanges include Coinbase, Coinmama, and Gemini.
Second, you’ll need to get a bitcoin wallet and set it up. Your Bitcoin and other crypto currencies will be stored in this virtual wallet. When setting up your wallet, make sure you follow the instructions carefully and don’t lose any authorisation numbers. The Exodus wallet, Jaxx, and Copay are just a handful of the most popular wallets for holding crypto currency.
After you’ve set up your wallet, head to your preferred Bitcoin exchange and open an account. The next step is to link your wallet to your exchange account, which will require your wallet’s address (a long string of numbers and letters).
You’ll need to provide authorization credentials to confirm it’s you when buying, withdrawing, or depositing Bitcoin. This might be a wallet hash code, which is a long string of digits and characters that you copy from your wallet and paste into the empty area when the exchange asks for it.
Because most exchanges and wallets have high levels of security, you may need to go through a number of stages before you can make any transactions.
Once done, you are ready to start eSports Betting Using Bitcoin as you’ve set up your wallet and exchange and further learned about withdrawing and depositing Bitcoin .
FAQs
Are bitcoin eSports betting sites legal?
It all depends on your country, city or region. While few of the countries allows E Sports bitcoin betting , other put partial or full sanctions against it. Bitcoin and other crypto currencies are merely another source of finance. So check your local regulations to see whether you can bet on eSports ; if you can, using Bitcoin to place your bets is faster and less expensive than using money.
How to ensure opting for a legit bitcoin eSports betting site ?
Check for license, reviews and other major elements of a bitcoin eSports betting site that we have mentioned earlier on this blog.
Is it feasible to bet on eSports using Bitcoin ?
Yes, Bitcoin eSports betting is gaining popularity, and Bitcoin is the most extensively used crypto currency for eSports wagering.
Conclusion
ESports bitcoin betting isn’t always riskier than betting with fiat cash. When it comes to any type of online gambling, there are risks, such as concerns about fishy and fraud websites, but these can be minimized to a considerable extent by taking some simple steps and reading up reviews and testimonies of E Sports bitcoin betting websites.
Moreover, when it comes to ESports bitcoin betting, the most important element is whether or not the bettor has already invested. If they already have bitcoin, utilizing it to kick start betting on eSports isn’t much different than making a cash deposit.
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