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Crypto has impacted many financial markets and areas since its origin, and the technology is still spreading across new segments. What mainly started as digital currencies have become much more than that.
Gaming and esports are among the most recent areas where crypto has seen a big boom. Game studios now build games with crypto technology, and prominent esports organizers and teams are making huge partnerships with crypto companies.
Since crypto is such a good fit for gaming and esports, it’s only natural that crypto’s influence in the industry has spread rapidly.
One place where we are really starting to see crypto take over is esports betting. But why is betting turning towards crypto, and what does it mean for the industry?
Before diving into it, it’s essential to understand what esports betting is.
Most people know about betting, so esports betting is pretty straightforward. Esports betting allows esports fans or bettors to bet on competitive matches. It could be betting on who you think will win a tournament or game. It can also be more specific bets on events within a match.
Like sports betting, some sites specialize in esports betting, but most general sports betting sites also offer many esports markets. The esports market is still very young but is growing at a rapid pace. The same goes for the esports betting industry, with many new sites popping up to try and compete with the big sports betting sites.
Speaking of crypto in the same sentences as betting and esports will be strange for some, but it’s becoming normal. Crypto betting refers to placing usual bets but using cryptocurrencies such as Bitcoin, Ethereum, or others. In traditional rency esports betting use, at people , such as US dollars or Euros, to place bets on events. However, with the rise of cryptocurrencies in the betting industry, it has become possible to bet using these digital currencies.
Crypto betting works like traditional betting but has the advantage of using cryptocurrencies as a payment method. This can offer several benefits, such as faster and cheaper transactions, increased privacy, and the ability to bypass certain restrictions and regulations that may be in pla countries. Remember that using crypto for betting can also increase potential fraud risk if the betting site isn’t good. There’s also the general volatility risk that goes into crypto to keep in mind.
With the general idea of crypto esports betting covered, let’s look at some of the benefits of using crypto for your betting adventure.
We already touched on some of the risks of betting on esports with crypto or just betting with crypto in general. Luckily, there are just as many upsides, if not more. The idea of betting with crypto isn’t just so you can spend BTC in a new way because there are some impactful upsides to it.
The first thing to mention is the anonymity that comes with crypto. Like regular crypto trading, one of the primary benefits of using cryptocurrency for betting is the anonymity it provides. Since transactions are recorded on the blockchain without the need for personal information, it can help protect the privacy of those placing bets.
Everyone hates slow transaction times and waiting for funds to arrive when you have a specific bet in sight. Cryptocurrencies can allow faster transaction times than traditional payment methods such as credit cards or bank transfers. This means that bettors can receive their funds on a betting site more quickly but also cash out winnings and have them in their wallets quicker than with fiat money.
A downside of betting sites has always been the fees that come along with them. While some betting sites have grown big enough to scratch fees completely, there are still sites where you need to pay transaction fees. Crypto esports betting can offer lower transaction fees than traditional betting methods, which may charge higher fees for deposits and withdrawals. You will find many smaller esports betting sites with hefty fees simply because of the site’s size and significance in the market.
The esports betting sites with the most success usually have the best odds and the widest variety of markets.
Crypto esports betting sites often offer access to a wider range of markets than traditional betting sites. This includes niche markets and events that may not be available through traditional bookmakers. Some crypto sites also like to run good promotions and welcome bonuses for new users.
Some crypto esports betting platforms may offer better odds than traditional bookmakers, potentially leading to higher payouts for winning bets. When it all comes down to it, people bet to earn the most money, and the best odds help boost that goal.
Now that you have learned more about esports betting with crypto, it is time to explore the world on your own. But always remember to bet responsibly, and never bet with funds you can’t afford to lose.
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