Cryptocurrency and blockchain technology has swept through sectors globally like never before.
The esports betting business is no different; due to the increasing number of esports enthusiasts and their interest in betting on esports athletes and events, crypto betting on esports has become a blossoming market. The different available forms of money, including cryptocurrencies, are accepted by esports betting sites.
Crypto Betting Houses Are Modern
An excellent example of how the platform has maintained its relevance in the market is through a stable equilibrium of a glitzy, technologically very efficient groupage. This website explains all about this kind of bet. The point of sporting wagers is a singular combination of first-rate resources that give bettors a once-in-a-lifetime experience.
What Are The Advantages Of A Crypto Bets?
Greater security, speed, and lower payment costs are not the only significant advantages of betting with cryptocurrencies.
To understand the advantages of crypto transactions, we need to remember the essentials of crypto: they are digital currencies for transfers without intermediaries (such as banks) in decentralized operations (without political influence). With cryptocurrencies, we can directly transact with the bookmaker without waiting for a bank to approve the transfer and charge a fee for this validation.
Crypto with a confidentiality guarantee
This peer-to-peer (p2p or peer-to-peer) transfer guarantees confidentiality, as we do not need to reveal our bank account details, including information such as residence or cell phone number. To make a deposit or withdrawal at a bookmaker, we only need 1 address where to put the money, which will be the address of that bookmaker (to deposit) or our crypto wallet (to receive the withdrawal). What is recorded on the blockchain is that a wallet has sent an amount of Bitcoin (or other digital currency) to another wallet. The transfer was carried out transparently, as it was fully registered on the network, but these records do not contain any information about you.
Cryptocurrencies without limitations by your location
By guaranteeing this confidentiality, betting with Bitcoin or any other cryptocurrency does not place limitations on your location. This way, the confidentiality of cryptocurrencies does not prevent people from using eSports betting.
Odds at Crypto Betting
Betting Bitcoin also means higher odds, as bookmakers that accept cryptocurrencies can offer more attractive odds. And in eSports betting, this advantage is even more noticeable.
The house always has a slight advantage, or house edge, as they say in English. This house edge is reduced when eSports is dedicated to cryptocurrencies. Several studies have shown that crypto eSports have the lowest house edge in the online casino industry, between 0.5% and 3%. On average, crypto bookmakers have an advantage that is 1/3 of the house edge of traditional bookmakers.
How Crypto Bets Work
The strength that Bitcoin and other digital currencies are gaining in this online gambling industry is due to the significant advantages of cryptocurrencies over more traditional payment methods. Being a decentralized currency, Bitcoin cannot be controlled by political interests. For example, it is impossible to artificially lower the value of BTC to control inflation, or ‘boost’ the country’s economy.
Also, because it is decentralized, the bettor, recalling our example, does not need to give the bank a lot of personal data, such as residence and date of birth, for this bank to validate the transfer. In a p2p transfer with cryptocurrencies, everything is processed and recorded by a computational network, the blockchain, without human interference. All the bettor needs are two encrypted addresses: 1 address is his digital wallet, where he keeps his crypto; the other address is that of the bookmaker, to which you send the deposit or from which you withdraw to your wallet address.