- So what is Ethereum anyway?
- What is esports betting?
- An introduction to esports betting with Ethereum
- The advantages of using Ethereum esports betting sites
- Find the best Ethereum esports betting websites at Esportsbetting.com
- Esports betting with Ethereum – The conclusion
- Esports betting with Ethereum FAQ
So what is Ethereum anyway?
Before we tackle the subject of esports betting with Ethereum, it’s first important to tackle the question of what Ethereum actually is. For those of you who are new to cryptocurrencies, the simplest way to start here is by drawing comparisons against Bitcoin – the best known, most valuable and most-owned cryptocurrency.
Is Ethereum like Bitcoin?
In short, yes Ethereum and Bitcoin are very similar in so far as they are both cryptocurrencies, however, there are a couple of key differences. Ethereum is actually a platform through which you can send and receive cryptocurrencies, NFTs, DeFi loans, games, apps and more. The cryptocurrency that is the lifeblood of the Ethereum blockchain is called Ether (ETH).
Bitcoin was first created back in 2009, while Ethereum followed six years later in 2015 – though the company was founded in 2013. Bitcoin was designed as a decentralized alternative to government-owned currencies. Ethereum decided to build on this and go one step further by creating a blockchain and community, essentially allowing users to be their own bank.
Ethereum vs other popular cryptocurrencies
So is esports betting with Ethereum really a better option than using other cryptocurrencies? Ethereum can do everything that Bitcoin can, plus a whole lot more. This makes it better for daily use, and therefore better for things such as esports betting. However, the investor’s choice would still be Bitcoin.
The other cryptocurrency that Ethereum is often compared to is Litecoin, which is Bitcoin’s closest imitator. Once again, Ethereum can do so much more than Litecoin can, however Litecoin transactions are processed much faster and the fees are much lower.
Overall, it can best be summarized as follows: Bitcoin is crypto gold, Litecoin is like crypto cash, primed for daily use, and Ethereum is a platform that puts the power of banking into your own hands.
Due to the growing number of high Bitcoin Maximalists, it’s likely that this will always be the best to invest in. However, sports betting with Litecoin or Ethereum is always a better choice. Naturally, we believe that there are more advantages to esports betting with Ethereum over Litecoin, and we’ll cover some of these throughout this article.
What is esports betting?
Now that we’ve covered what Ethereum is, it’s time for us to move on to the second key concept here – esports betting. Esports is a term that is used to refer to the concept of professional competitive gaming. Many people believe it to be a new concept, however competitive gaming has actually been around since the 1970s, when Space Invaders tournaments first came into being.
Is crypto esports betting similar to sports betting with dogecoin? Essentially yes, in much the same way as betting on sports involves betting on either an individual or team of professional athletes, esports betting involves wagering on individuals or teams of pro gamers. Just like sports betting, props and in-play betting are also very popular in esports.
One of the big advantages that esports betting holds over sports betting is when it comes to live streaming. The rights for esports tournaments and contests are either very easy to acquire or completely free. Therefore you will find that you are able to stream most of the contests that you bet on. This is definitely something we can’t say for regular sports betting, where even some of the biggest sportsbooks and betting brands don’t have the rights to stream certain matches and competitions.
An introduction to esports betting with Ethereum
Esports betting with Ethereum is a fairly simple concept to grasp – it’s essentially the act of wagering on an esports contest using Ethereum. In actual fact though, what most users most commonly do, is fund their betting account using Ethereum, but then have their account currency converted into a local currency, usually USD. This is common for all forms of crypto gambling, including sports betting with Bitcoin, and is done in order to make your bets, wins and losses easier to follow.
While the decentralization of the currency is one of the key proponents of all cryptocurrencies, it is also what exposes them to market volatility. All cryptos are exposed to potential sudden spikes and drops, and although Bitcoin is the most famous for it, Ethereum is no different. Once your Ethereum has been deposited at a site that converts it to USD, it is then locked in at that price. While the volatility of the market is a worry when depositing and withdrawing ETH, it is not something you have to worry about when actually betting.
What can influence Ethereum’s value?
So why are Ethereum and other cryptos exposed to such high volatility? As mentioned above, it mostly boils down to the fact that it is decentralized, meaning that it isn’t tied to any one government bank. The value of your regular government-owned fiat currencies, such as USD, GBP and EUR, is generally only influenced by factors related to the political and economic situation in the country that the currency is backed by. While this can make a currency volatile in unstable countries, you generally won’t see the massive peaks and troughs to nearly the same extent as Bitcoin and other cryptos over the years.
While fiat currencies only have the situation in their parent countries to deal with, Ethereum and other cryptos are exposed to so much more. For starters, a change in the law regarding crypto in any country in the world can influence its price. Effectively, this means that crypto can be influenced by 200+ governments, rather than just one.
Other factors that can influence its price include media hype, as well as the practices of users and investors. Celebrity influence can also play a part – for example, if Elon Musk were to Tweet that he loves esports betting with Ethereum, the price of ETH would spike almost instantly.
Best-in-class crypto esports providers
The advantages of using Ethereum esports betting sites
Esports betting with Ethereum hasn’t suddenly become popular because there’s a lot of crossover between geeky gamers and crypto cults. As you might have seen, both esports betting and crypto gambling have very much stepped out of the darkness and into the light in recent years. This is because there are some genuinely massive advantages to esports betting with Ethereum, and crypto in general. What we’d like to do next is run you through some of these advantages below.
This is one of the main reasons why crypto was created and remains one of the biggest and best advantages to esports betting with Ethereum. Ethereum transactions are stored on the blockchain securely and anonymously, meaning that a record of your transaction is kept, but that it cannot be traced back to you.
Additionally, when using Ethereum, you essentially become your own bank and payment service, meaning that you don’t have to use any third party in order to make your transactions. When funding your esports betting account with fiat currency, you need a bank, e-wallet or payment service to complete the transaction. This involves sharing your personal and financial details with both the betting site and payment provider.
Funding your esports betting account with ETH is like paying in cash directly, only the recipient can’t see your face and doesn’t know your name or anything about you. Data selling, online hacking and cyber attacks are three of the biggest risks posed to us in the digital age. And using Ethereum for your online payments is one of the best ways to protect yourself against all of them.
While instant deposits might have become commonplace when funding your esports betting account with fiat currencies, instant withdrawals are definitely not. By the time you’ve gone through the verification process, withdrawal approval and processing time, you can be looking at almost a week before you get your money.
When it comes to esports betting with Ethereum, your withdrawals will be processed in between 15 seconds and five minutes. Additionally, some betting sites will even allow you to withdraw instantly after every win, although this is more common when playing games in an online Ethereum casino. Admittedly, there are some cryptos with even faster withdrawals, such as Litecoin. However, we believe that there are more advantages to using ETH.
Another great thing about esports betting with Ethereum is that it’s almost certain to be cheaper than using fiat currencies. Although your esports betting provider might advertise no-fee deposits and withdrawals, they cannot account for what your bank or payment service might charge at their end. In the worst case, your bank might even reject withdrawals from gambling companies altogether – even legit ones.
Ethereum transaction fees do exist though, and we’re definitely not going to hide away from that fact. However, the fees are much cheaper, averaging just below a dollar per transaction. Additionally, the fee goes directly to the miners on the Ethereum blockchain who process your transactions and keep the platform decentralized and secure. Essentially, Ethereum is a digital ecosystem that has created a cycle to sustain itself.
Not only is esports betting with Ethereum faster and cheaper for you, but it’s also the same for the betting site operators as well. As a result, they have more room for maneuver when it comes to offering you enhanced value bets via better odds.
When creating odds, all sportsbooks alter the realistic outcome in order to create an extra margin for their profits. With Ethereum sportsbooks, their overheads are less, as they do not have to pay service fees to banks and payment providers. As a result, they are able to offer you better esports odds than regular sportsbooks. But wouldn’t it be in the sportsbooks’ interest just to make more profits? There certainly is an argument for that, but we are at a pivotal point in the rise of crypto esports betting.
That is to say, its popularity is rapidly rising, but it’s still in the operators’ interests to make it more attractive than betting with regular fiat currencies in order to build more trust with customers. And what’s one of the best ways that they can do that? By using their room for maneuver in order to offer better odds to bettors. It might not last forever, but it’s the way it is just now – take a look and compare the odds today!
For the same reasons mentioned above, sites for esports betting with Ethereum are also often more inclined to offer better, bigger and more flexible bonuses. As well as being because of the lower costs of running a crypto-only sportsbook, there’s also the fact that there are more high rollers among the crypto community.
Coins like Bitcoin and Ethereum may have seen some spikes and drops over the years, but their value has grown massively since their inception. As a result, there are many crypto investors that have bigger bankroll budgets than your average fiat currency bettor. This, in turn, has encouraged esports betting operators to offer bigger bonuses. As well as the bonuses being potentially bigger in size, you will generally find that the terms and conditions are fairer.
You will likely find that there are less restrictions and lower wagering requirements for ETC bonuses – although the time limits have largely remained the same. This is mainly due to the fact that, once again, Ethereum and other cryptos are cheaper to support than fiat currency payment methods. However, it is also explained by the fact that crypto sportsbooks want to appear to be fairer and more transparent than their fiat concurrents.
Find the best Ethereum esports betting websites at Esportsbetting.com
Being the big gamers and crypto enthusiasts that we are, our main aim here at Esportsbetting.com is to help you to find the best Ethereum sports betting sites and crypto e-sportsbooks around. It doesn’t matter if you’re a complete esports and crypto newbie, or you’re an experienced high roller who’s looking for a new platform. Either way, we are confident that our comparison of the best sites can help you today.
If you have come here with esports betting experience but were previously unsure about esports betting with Ethereum, then we hope that we’ve managed to convince you. The next step for you is to check out the reviews here at Esportsbetting.com to find your ideal crypto esports betting operator. If you are still slightly unsure, then we recommend starting slowly – you can even keep going with your current provider and split your bankroll across the two for now.
Esports betting with Ethereum – The conclusion
So there you have it, the most extensive introduction to esports betting with Ethereum that we could possibly give you. However, we hope that this is not the end of your journey with us here at Esportsbetting.com. As we said directly above, we would now encourage you to use our comparison tool and reviews in order to find the right ETH esports betting site for you. If you are interested in reading about esports betting with other cryptocurrencies, then why not check out some of our other articles?
Mouth-watering crypto esports bonuses
Esports betting with Ethereum FAQ
You might think that esports betting and cryptocurrencies go hand in hand, as they are both somewhat modern concepts. But can you actually bet on esports using Ethereum or another cryptocurrency? You can check out our article here at Esportsbetting.com in order to discover the basics and how to get started today.
Here at Esportsbetting.com, we have guides and articles related to the legal situation of betting on all forms of crypto gambling, including esports betting with Ethereum. As you can p[ossibly imagine, the laws surrounding crypto gambling and its different forms are vastly different between countries. Keep up with the legislative changes where you are today by bookmarking our homepage at Esportsbetting.com.
You are quite right to have reservations about such things, especially if you are new to cryptocurrencies. Our experts have assessed how safe it is to use Ethereum for esports betting, and have compiled the results for you. Simply follow the link to Esportsbetting.com to read our articles on a whole manner of crypto gambling subjects, including esports betting with Ethereum. We have everything that you need to know.