Bitcoin e-Sports Betting
Betting on eSports is quickly gaining popularity, and Bitcoin’s digital nature made it a currency of choice for many of the leading eSports betting websites. Unlike the traditional sports, eSports are played on PCs and consoles. They started from the late 2000s as amateur tournaments and by 2010 eSports became the professional competitions with over 70 million followers.
The eSports tournaments and competitions can have enormous prize pools. The rewards can go over 20 million US dollars, which is just another information that shows how popular eSports are.
The global eSports market earned 325 million US dollars in 2015 and almost double (493 million) in 2016. Currently, over 250 million people are following eSports worldwide, and the market has plenty of space to grow, with an estimation of being 1 billion dollars worth industry in 2019. The interest of the public and the new money flows have proven as a very robust support for the games, and with so much excitement it’s no wonder many Bitcoin players have turned to placing bets on eSports.
Betting on eSports Clarified
Putting bets on eSports has been a hit for over a year now. It’s possible to place bets in both real money and Bitcoins, and you’re simply betting on people playing video games. The concept is certainly unusual, but it’s gaining popularity and makes the community happy.
The majority of eSport betting sites currently offer only betting with traditional currencies. But there are more and more new betting platforms where the main betting currency is Bitcoin. Bitcoin has many advantages – it’s convenient, transactions are fast, and it doesn’t involve any additional costs to set it up and offer to gamblers.
Will eSports become an Olympic discipline?
The International eSports Federation is yet to be recognized by the International Olympic Committee, but eSports could become an Olympic discipline and maybe even sooner than we think. The organizers of Asian Games said that eSports would be included in the Games in Indonesia in 2018. At the 2022 Games in China, they will have full medal status.
Also, in February 2017, the NBA announced it would run its own e-league from 2018. No doubt eSports are going to reach the Olympics, especially when the Olympic committee sees what a gold mine eSports can be.
The Popularity of the eSports
The top five countries with the highest earnings from eSports are:
China – $52,266,435
United States – $46,909,614
South Korea – $44,232,905
Sweden – $18,945,467
Canada – $10,366,238
The top three countries have over 11,000 professional players, which is more than the following twelve countries have combined. The popularity of eSports is the highest in Asia, especially in China and South Korea. After this region, the biggest supporters are from Latin America and Nordic region.Russia and many European countries are also following eSports closely.
How to Find a Trustworthy eSports Betting Website?
There are many questions that need to be answered before one can be sure a site is trustworthy. Below we listed some of them.
It’s imperative to know where is the casino registered. Depending on the country, different regulations apply, and it may have rules about players, taxes, etc.
One of the first things to check is the casino’s license. If the casino is licensed, it’s probably legit. Those operating without a license can be risky.
The time spent in the business
A good way to determine is the casino trustworthy could be the time they’re in the business. Usually, scam websites and those with poor customer service don’t last long.
Has it been hacked in the past
The security also plays a big role in the decision. If the casino has been hacked in the past, maybe it would be a good idea to stay away from it.
Social media trust
It’s always a good idea to check what are the people saying about the betting site on social media. If there is a lot of negative feedback, start looking for the next candidate.
Forums and review sites
Finally, the most honest and trustworthy review of the different Bitcoin betting websites can be found on forums and specialized review websites. The reviews typically come from the people who used the service and know all the advantages and flaws to look out for the particular casino.
Is it legal to bet on eSports
Legality of the eSport betting depends on the location of the player. Some countries allow online gambling; other don’t. eSports betting is not regulated in the US, but it is considered legal in New Jersey, Nevada, and Delaware, as well as on the foreign betting websites.
In the majority of cases betting on eSports is legal. Some of the countries where the eSports betting is legal:
- United Kingdom
- New Zealand
Is it Legal to Bet on eSports with Bitcoin?
Betting with Bitcoin on eSports is the gray zone, meaning it’s not regulated by countries. Bitcoin cannot be tied to the identity of a person, so usually, people don’t get in trouble for gambling with Bitcoin. It’s certainly less risky than gambling with fiat currency, where casinos require person’s identity in order to gamble.
The Benefits of Bitcoin Use in eSports Betting
Bitcoin can bring many benefits to eSports gambling websites. Those benefits include anonymity, cheap transactions and it solves the problems of the legality of gambling for the players. Typically, eSport betting platforms only require a username and a password, unlike traditional gambling websites which require many personal information for registration.
The Drawbacks of Bitcoin Use in eSports Betting
One of the main drawbacks of Bitcoin use for eSports betting is its volatility. Its price can go up and down daily, and the difference can be huge. This means that the user could lose money if the price of a Bitcoin goes down. The positive thing is that Bitcoin has an uptrend so the players could recover, eventually.
Untraceability of the Bitcoin can also be a drawback, as it can lead the government bodies to check the user’s actions. Also, Bitcoin in yet to be widely adopted, so that the people who are using it could buy anything with it. Currently, players often have to exchange their winnings for US dollars or other stable fiat currency in order to spend it.
The Difference Between eSports Betting and Traditional Sportsbooks
eSports betting is similar to the traditional sports betting. The odds work in the same way as they do in betting on sports, and players are set to guess the correct outcome of the game. Where the eSports differs from all other types of betting is in the games that are played. The games played typically have an extremely complex mechanics and “meta” – which is a term used to describe the currently popular approach to the characters, items, and strategy during the game.
The Difference Between eSports Betting and Fantasy Sports
Fantasy sport is a game where players pick a team of athletes to compete in a league or competition, typically under the salary cap. Athletes are assigned value based on their real world skills. Players then have to combine the different athletes into a team without exceeding the salary cap.
Both fantasy sports and eSports are growing industries. The main difference between these two is in the way they generate income. Fantasy sports companies earn money from players paying to play and through commissions from the prize money. On the other hand, eSports make money through advertisements, streaming of the game on different video platforms, by selling tickets and through selling in-game content.
Some argue that fantasy sports are gambling, as the victory is based on skills and chance combined. eSports require only skill to win, and the element of chance is almost entirely removed. Players spent a lot of time sharpening their skills, and that’s directly related to their performance in the game. In fantasy sports games, a player depends on his athlete pick limited by his salary cap.
What is eSports Skin Betting?
eSports skin betting is also known as betting with items, which means the players bet on the outcomes of eSports matches with in-game items called “skins” instead of cash. Skins are the fashionable accessories for weapons in games such as CS:GO and Dota.
Skins also have a real world value, so it can be traded for currency. Some bet solely to acquire the desirable skins, other to achieve a greater in-game status, and the rest best to get the real money cashed out.
Popular eSports Games to Bet On
At the moment it’s possible to place wagers on the classic games such as:
Starcraft 2 is the oldest game on this list, published in 2010 by Blizzard Entertainment. The game revolves around two players choosing one out of three races, building a base and fighting with the opponent until one of them is completely destroyed. The best Starcraft 2 players are often rich and famous, as the prize pools are huge and many people follow the tournaments.
Dota 2 is multiplayer game viewed from bird perspective with two teams of 5 players with a goal to destroy the opposing team’s “Ancient” which is in the opponent’s base. Dota is short for Defense of the Ancients. The game offers a wide variety of heroes with their own distinct powers and numerous items that can lead to very interesting and unique outcomes of the game. While Dota 2 is one of the most popular games in the world, it’s very hard to follow it as a spectator. This is the reason why many people who bet on eSport choose the alternatives which are simpler to follow, such as CS:GO. Before betting it would be good to get the know the game, either by watching on Twitch.tv or purchasing the game for a game or two (typically much more).
League of Legends
League of Legends is a multiplayer game inspired by DOTA (Defense of the Ancients) mod in the Warcraft III: The Frozen Throne. Just like in the Dota 2, the goal is to destroy the opposing team’s “nexus”, a structure which can be found in the heart of the base surrounded by defensive structures. There are many champions to choose from, and they usually combine a variety of elements, including folklore, steampunk, high fantasy, and horror.
Counter-Strike: Global Offensive
CS:GO has become popular due to Twitch.tv, a streaming service for gamers. The game is both exciting for the players and those who watch. CS:GO is a first person shooter where two teams of 5 players play against each other in the best of 30 format. One team plays as the terrorists (T side) which have the task to place the bomb and wait for it to explode, while the opposing team plays as the counter-terrorists (CT side) which need to kill the terrorists or defuse their bomb if it’s planted. After round 15, the two teams automatically switch sides to get a more balanced match.
The typical bets in CS:GO are “match winner” and “first blood,” but some platforms include more creative bets such as MVP (most valuable player) and others.
Other games are also available depending on the betting platform and what’s popular at the moment. Just a year ago, Bitcoin players could bet only on sports and play poker and other casino games. Now, there is a number of great casinos that support eSports betting with Bitcoin, which is really refreshing.
What Types of eSports Bets are Available at Bitcoin Casinos?
The type of eSports bets varies depending on the betting website. Some Bitcoin betting platforms offer typical bets such as a match winner, while others offer a variety of bets which can be placed on any game. For example, in some casinos, players can make handicap bets, over/under bets and money line bets.
The handicap bets are the same as in any other sport – like football, basketball, etc. Players can bet on the match winner with a certain handicap. For example, it’s possible to make a bet that the Team1 will defeat Team2 in Starcraft 2 with a handicap of -0.5. There are also some exotic bets which can be placed depending on the game.
In League of Legends is possible to place the following interesting bets:
- First team to get ten kills
- Team to destroy the first tower
- Total dragons slain over
- Total dragons slain under
- Team to draw first blood
And many others. In Dota 2 it’s possible to bet on a match winner 2-way, match handicap and total maps over/under, besides many other bets.
In Counter-Strike: Global Offensive and Starcraft 2 players can make all these bets give or take. It’s also possible to bet on the correct score, which means that the player needs to guess the correct score for the particular map on a particular game type, which we mentioned above.
What Are the Risks in Bitcoin eSports Betting?
The betting with Bitcoin could carry numerous risks, including:
- the loss of the amount invested
- the change of the value of Bitcoin or other asset invested (such as skins)
- breaking the law
- becoming addicted
Before proceeding with the online betting on eSports make sure you understand all the risks involved. Read here about gambling responsibly.