Digital currencies are here to revolutionize the world of online gambling. The number of betting websites that has adopted crypto have increased dramatically.
In 2013, less than 20% of all Bitcoin transactions were related to gambling. Currently, they are more than 40%.
Crypto is a digital currency, which operates without the use of a central bank. Bitcoin is the most used cryptocurrency today. Other popular cryptocurrencies, with which you can bet at many gambling sites nowadays, include Ethereum, Litecoin, and several stablecoins.
Their features come in handy when you are dealing with internet gambling sites. If you live in a country where gambling is heavily regulated, cryptocurrency betting is your only option.
How Cryptocurrencies Are Impacting eSports
The eSports world has been growing at an exponential rate. According to some reports, its revenue has surpassed $1 billion mainly from media rights, advertising, and sponsorship. Viewers have also increased at a similar rate.Though video games have been around for some time, it’s only recently that their popularity exploded.
This was due to sites, such as Twitch, which give a platform for players to stream themselves online while playing games. By streaming, the player gains followers who can pay a fee to access certain features.
Electronic sports have aroused the interest of online bookmakers because they have a massive following, and a lot of cash is tied up in them. eSports tournaments involve players (also known as professional gamers), coming from different countries to compete against each other in a given video game.
They are trained pros with serious gaming skills. Some of the most popular electronic sports that you can find in an online bookie include DOTA 2, Counter-Strike: Global Offensive (CS: GO), World of Warcraft, League of Legends, and StarCraft, to name a few.
These games attract major sponsors from all over the world, and winners are awarded massive prize pool payouts. All this money is highly attractive to gamblers, which can place wagers and win good cash.
Turning to eSports is a good way for betting websites to attract a new group of gamblers. The punters get a good chance of generating profits while watching some of the most intense games.
Anonymity of Crypto and Benefits for the Gambling Industry
Many eSports gamblers like to place their bets anonymously. They do not want to showcase their wagering activities to the world at large, especially if they are dealing with a prying government.
Cryptocurrencies, such as Bitcoin, do not require their users to identify themselves when transacting with them. They only require a private and a public key to authenticate the transactions.
This means that you can place bets on your favorite video games with these currencies, without disclosing your identity.
Protection & Security of Cryptocurrencies
A number of gamblers like wagering with lots of cash. Getting lots of cash to the table can be expensive. A better and more secure option is using digital currencies to place their bets on the players they think will win.
Also, cryptocurrencies are more secure than credit cards, for instance. Revealing a bank card or its number is like revealing all the money and important information attached to that account.
On the contrary, digital money is recorded on a distributed ledger. No sensitive information is revealed to a third party, except for the amount that you want to pay.
Cryptocurrency Betting Websites
Online bookmakers are using cryptocurrencies to make their sites safer and more efficient. Bitcoin is the most popular digital currency, but Ethereum, Litecoin, and several others are entering the eSports betting niche, too.
Before you start placing wagers at such websites, ensure they accept digital currencies as deposit & withdrawal options.
To be able to bet with cryptocurrencies, first, you’ll have to acquire a digital wallet. This is where you can buy and store your cryptocurrency. In order to make a deposit, go to the payment section of the website and follow their instructions.