How to Bet on eSports with Bitcoin

How to Bet on eSports with Bitcoin


Introduced in 2009 as a digital asset and a new form of money to pay for goods and services, Bitcoin is now a popular cryptocurrency accepted by many companies, including some bookies. For example, today there are many eSports betting platforms and online casinos accepting cryptocurrency as a deposit method. While you've probably heard from your parents that you'll never make money on video games, times are changing and it's now possible to bet on eSports events from the comfort of your own home. The eSports betting market is booming right now, and it's so thanks to the introduction of advanced payment options like Bitcoin and other virtual currencies. So, read on to find out the ins and outs of eSports and what benefits you get when you use your crypto savings for betting. 

Advantages of Using Bitcoin for eSports Betting

Whether you are a betting enthusiast or a crypto investor, you probably want to diversify how you spend your cryptocurrency savings. And the cyber sports betting market offers plenty of options. From CSGO and LoL to Fortnite and Dota 2, there are tons of gaming options you can bet on using Bitcoins. And even if you still don't have a cryptocurrency wallet with tokens, you can easily create one and connect it to a good betting platform to make a deposit and start enjoying eSports betting. So, here are a few advantages of Bitcoin as applied to online gambling and eSports betting:

  • High-speed transactions. Like any bettor, you want your transaction processed in the blink of an eye, and Bitcoin gives you that opportunity. Whether you're making a deposit or withdrawing winnings from a betting platform, your transactions will be processed almost instantaneously. In the worst cases, when you request large amounts, the online casino or betting platform will process the payment in 10-20 minutes (if the blockchain is overloaded with requests). This is significantly faster than bank transfers taking up to several days to process.
  • Reliability and security. Outdated banking systems and even payment processors with their e-wallets are still vulnerable payment tools that can be attacked by hackers. A cryptocurrency like Bitcoin is much more secure because it is protected by strong cryptographic methods. Moreover, all transaction data is transmitted via a blockchain, which is a distributed ledger that is virtually impossible to modify or hack. By taking all measures to protect your public and private keys, you will ensure the security of your crypto savings.
  • Low transaction fees. Bitcoin is a decentralized financial system with no central regulator or intermediary. It is because there are no intermediaries that Bitcoin transactions are so cheap. Although in some cases when the blockchain is too crowded, you will have to increase the size of the transaction to speed up processing, most of the time the transaction fees are negligible.
  • Betting from wherever you are in the world. To bet on eSports, all you need is a Bitcoin wallet and a device connected to a global network. Moreover, cryptocurrencies are the only option to enter the game from jurisdictions where online gambling is banned. This is because all cryptocurrency transactions are anonymous. This means that you don't have to reveal your identity and payment details to bet using Bitcoin. 

Finally, another advantage of Bitcoin is its volatility, which means that the price of the digital asset can change many times throughout the day. While the price of Bitcoin may drop, it will increase in the long run, and there are several reasons for that. First, the Bitcoin supply is gradually declining. Second, demand for digital assets is gradually increasing. Third, more and more large companies are adding Bitcoin to their list of supported payment options. Ultimately, this means that you can generate passive income from your crypto savings obtained as winnings at eSports betting platforms. 

How to Start Betting with Bitcoin

Betting on eSports using cryptocurrency is as straightforward as betting with fiat money, but some setup is required. If you want to try your hand at betting on cybersport events, here's what you need to do:

  • Get a Bitcoin wallet. Although there are many crypto wallet providers, choose one you can trust.
  • Buy tokens. From centralized and P2P crypto exchanges to Bitcoin ATMs and brokerage platforms, you have many options to buy digital assets. If you already have a crypto wallet with coins, skip this step.
  • Choose a reliable betting/gambling website that supports Bitcoin as a payment method, like VIPArabClub.
  • Sign up with the eSports betting platform and activate the welcome no deposit bonus if available.
  • Go to the cashier section and select Bitcoin as the deposit option.
  • Specify how many Bitcoins you want to deposit into your gaming account and confirm the transaction via your crypto wallet mobile app. 

Keep in mind that your crypto deposit will be converted into the platform's internal currency, which is the fiat currency you will use to place bets on eSports events. Once you make a withdrawal request, the betting platform will convert the fiat money back into Bitcoins so that it is ready for withdrawal to your crypto wallet. 

Tips for Choosing a Good eSports Betting Website

Now that you know the benefits of using Bitcoin for eSports betting and how it works, it's time to choose the right betting platform. Here are a few things to consider when choosing an eSports website:

  • Gaming library. The wider the variety of games a website offers for betting, the better the chances are that you will find something you like. Take a closer look at each website's games library before you make your final choice.
  • License. A license means that the bookmaker adheres to the strict rules laid down by the regulator. This is a guarantee that playing on the website is legal. Moreover, licensed betting platforms have strong protection against fraud. Every legal platform is happy to display its licensing information. For example, combining a casino platform with a sportsbook, VipArabClub is a Curacao-licensed website you can trust with your deposit.
  • Software providers. Choose websites powered by software from reputable brands so you can be confident in the integrity of your betting results. Avoid websites that look like they originated in the 1990s, as they were most likely set up by scammers to steal your funds.
  • Bonus program. Since most betting websites combine several platforms (online casino and sportsbook), they offer various bonuses for gamblers and bettors. If you want to try your hand at eSports betting, make sure that the platform of your choice has the appropriate bonus. What's more, check if there is an exclusive offer for players willing to bet using Bitcoin. Typically, bonuses for crypto players have better terms of use. 

Finally, check out the support team to ensure that you can quickly resolve any problem you may have in a matter of minutes. If there are any questions regarding the use of crypto for eSports betting, contact the sportsbook's support agents. 

Some Risks of Betting with Crypto

The use of cryptocurrency for eSports betting is a potential hotbed of gray area activity, and this is due to the anonymity of Bitcoin transactions. Thus, it makes it possible to circumvent legal restrictions and gamble from anywhere, even from places where sports betting is banned. The legality of eSports and betting with crypto varies from region to region and from country to country. Add to that the rapidly changing regulatory rules regarding buying and storing cryptocurrencies and you have an extra pain in the neck. Also, any cryptocurrency is a highly volatile digital asset that can both skyrocket in value and fall precipitously. However, in the case of Bitcoin, this token is much more stable than other options available in the market. So, if you want to try betting with cryptocurrency, then Bitcoin is definitely your pick. 

Although using cryptocurrency for betting carries potential risks, by taking some precautions you will prevent fraud. Firstly, make sure that the Bitcoin-friendly sportsbook you choose is legitimate, meaning it operates under a license from a reputable regulator. Secondly, check out player reviews to be aware of potential problems with the platform. Finally, betting on eSports with Bitcoin is inherently no riskier than betting using more traditional financial methods. So, by choosing a reliable website, you can avoid most of the potential risks.

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