The rise of crypto betting in esports

The blockchain technology and cryptocurrency have stormed industries around the world like never before. Esports betting industry is no exception, crypto betting on esports has become a burgeoning market because of the rising number of esports fans and their interest to bet on esports athletes and the tournaments too. Esports gambling platforms are taking deposits in the various forms of currency that are out there and that also include crypto currencies. 

Esports betting sites are following the momentum of esports popularity since past few years. Esports titles such as CS:GO, Dota 2, League of Legends, Overwatch, PUBG and Fortnite have grown exponentially with list of action-packed tournaments and leagues and more.

Today, crypto currencies are the new token for transaction. The zephyr of cryptocurrency has also stormed the esports betting industry. As the number of tournaments leagues are rising,vesports fans are increasing and aims to participate in esports crypto betting therefore bookmakers are showing lot of interest to strengthen the sector. 

There are countless debates whether esports can be put to the same level as a professional sport we have all known for decades. Still, the fact that many sports-books have opened their doors to the esports markets can provide an answer to those wondering if esports differs from traditional sports betting. Since esports is also a sport therefore the betting game is also similar. Many bookmakers now offer markets on which punters can place esports bets. 

Now, since crypto is the way to go with the emergence of metaverse buying cryptocurrency as an investment or to use for a specific purpose are also on rise. Esports crypto betting offers lot of options for transactions without having to transfer crypto back into fiat currency. Purchase intent of cryptocurrency among the United Kingdom’s esports fans has substantially increased in the past 12 months, YouGov consumer data shows.

Regardless of which betting operator one choose, they will probably have access to loads of unique betting features including live betting, cash out when risky, edit bets and so on.

The intermingling of the cryptocurrency and esports is skyrocketing in the form of sponsorships, teams issuing their own currencies and crypto games.

As per the You Gov data, the proportion of the general UK population likely to use crypto has increased by close to 64 per cent (from 11 per cent to 18 per cent). Esports fans are, generally speaking, young, tech-savvy, and willing to take risks, as are those familiar with blockchain technology.  

This group is nearly three times as likely as the general population to see cryptos to be the future of online transactions (52 per cent vs. 18 per cent) and six times more likely to be willing to give up their bank account and use crypto instead (37 per cent vs. six per cent).

The interest of Gen Z audience is shifting from traditional sports to esports and this shift has opened avenues for crypto betting. Not just that, esports involves a lot of money as the sector expands the prize money will increase even more and the popularity of fans and the tournaments will increase drive users and fans to invest more on esports betting and will open more opportunities for bookmakers.

Not just crypto betting but sooner in no time the trend of paying tournament prize pools in cryptocurrency will be the way to go. This appealing proposition will trend-set because esports is an inherently global industry and paying the winner’s prizepool in fiat money is time consuming and confusing while paying to the global players. Same problems occur when the betting organisers have to pay the global winners of the bettors in fiat currency. Since crypto currency is decentralised and no users have to face currency conversion process (from Rs to $ while paying bets or get paid on winning), thus the transaction process becomes easier. That’s why the use of the crypto currency in esports betting is on the rise and going forward it will become one of the most important modes of payment in transactions.