Gather useful information about using crypto currency to wager on an esport by reading our article on CSGO Bitcoin Betting. We review the advantages and disadvantages of wagering on CSGO and other esports using Bitcoin and provide an overview of some top Bitcoin esports betting sites.
Bitcoin Esport Betting
The popularity of esports is on the rise with the most popular esports having some tournament prize pools that rival sports like golf and tennis. It is estimated that the total esports audience is around 450 million and still growing. Consequently esports betting on games such as CSGO is also on the rise. In 2016 approximately $5.5 billion was wagered on esports and it is estimated that it will reach $12.9 billion in 2020.
Bitcoin is a cryptocurrency and is basically a type of virtual money. It got its start in 2009 and is based on blockchain technology. Bitcoin has received a lot of attention and is gradually becoming more accepted. Esport betting and Bitcoin are both growing in popularity and appear to be well suited to each other. A growing number of esports betting sites now accept Bitcoin as a means for depositing and withdrawing funds.
Advantages of CSGO Betting With Bitcoin
There are some definite advantages to CSGO Bitcoin betting. Some of the reasons people prefer to wager using Bitcoin include:
- Remain Anonymous: Many esports betting sites have fairly strict registration requirements in order to authenticate new users. Bettors who sign up to a Bitcoin betting site can often register using only an email address. This allows users to preserve their anonymity. Their privacy is protected and there is less chance of personal data being misused or stolen.
- Economical: There are no users fees associated with Bitcoin. Credit cards, debit cards and some e-wallets often have processing fees for conducting transactions. Less expense translates to more profits.
- Personal Control: Users have complete control over their Bitcoin wallet. They don’t have to depend on banks or some company to complete transactions.
- Speed: Generally Bitcoin transactions are completed much faster than those using credit and debit cards as well as e-wallets. Using Bitcoin means there won’t be all the delays associated with other methods of deposit and withdrawal. Nobody wants a long delay when it comes time to collect their winnings.
Disadvantages of CSGO Betting with Bitcoin
Although there are some clear advantages to CSGO Bitcoin gambling there is a downside as well. A few of the disadvantages of using Bitcoin for esports betting include:
- Volatility: There have been some dramatic increases in the value of Bitcoin as well as some steep declines. The value of Bitcoin is constantly changing and these fluctuations in price have proved to be a barrier to its becoming more widely accepted. Until the value becomes more stable it will be difficult for Bitcoin to become a mainstream currency.
- Scam Sites: Unfortunately there have been a large number of unlicensed and unregulated Bitcoin betting sites that have taken advantage of the lack of oversight to operate in a shady manner. Victims of such sites have no legal recourse if/when something goes wrong.
- Trust/Reputation: Bitcoin is still relatively new and not everybody is ready to accept it. The lack of control by any type of government institution makes many people feel it is somewhat risky.
- Limited Betting Sites: Many CSGO betting sites don’t accept Bitcoin which limits bettors wagering options. Having less options means you may not always be able to get the best odds when placing bets.
CSGO Bitcoin Betting Websites
It is becoming more common to find good CSGO betting sites that accept Bitcoin. Sites such as LootBet allow users to deposit funds and withdraw winnings using Bitcoin as well as several other methods. Many of these sites are licensed and regulated which is good for users. Below we cover some of the best sites for CSGO Bitcoin wagering.
Buffbet was launched in 2018 and focuses predominantly on esports. They have a good selection of esports to wager on including CSGO, Dota 2, League of Legends and 20 or so others. There are plenty of CSGO matches to bet on with a large number of betting markets and competitive odds. Aside from esports betting users can also wager on traditional sports such as soccer, basketball and boxing or play various casino games. Buffbet accepts Bitcoin as well as the cryptocurrencies Ethereum and Litecoin. In addition they also accept Visa and MasterCard credit and debit cards and a number of different e-wallets.
GGBet is another site that focuses on esports. Bettors can wager on CSGO, Dota2, League of Legends and eleven other esports. There are a great selection of tournaments and matches to bet on and many of them are live streamed. The odds are favourable at GGBet and there are plenty of betting markets. You can also wager on some traditional sports including soccer, basketball, American football and several others. Bitcoin is of course accepted at GGBet. Additional methods of deposit and withdrawal include MasterCard and Visa debit and credit cards, Skrill, Neteller and several others.
Arcanebet focuses on esports betting but also offers some tradition sports you can wager on. They have a nice selection of esports to choose from including CSGO, Dota2, League of Legends and several others. There are a good number of matches and betting markets available and the odds are comparable to others in the field. Arcanebet accepts Bitcoin as well as MasterCard, Visa, Neteller, Skrill and several other methods of payment.
Alternatives to Crypto Betting
Certainly there are other options available for betting on CSGO aside from using Bitcoin and other cryptocurrencies. The methods available to conduct transactions vary from site to site so it is best to check with the betting website you plan to use. Those who don’t want to use Bitcoin can try one of the following popular methods:
- Credit and Debit cards: The best CSGO betting sites accept Visa and MasterCard. Many of them accept other cards as well such as Maestro.
- E-wallets: These are a popular method for depositing and withdrawing funds from CSGO betting sites. Neteller, PayPal and Skrill are some well known e-wallets
- Prepaid Cards: Another alternative to cryptocurrencies is prepaid cards such as Paysafecard.
A less common method for depositing to CSGO betting sites is by using skins. Have a look at our CSGOEmpire review to learn about a CSGO betting site that accepts both skins and Bitcoin. Visit the site and try your hand at Bitcoin coin flip gambling or one of the other games found there.