Betting on eSports with Bitcoin is nearly identical to traditional betting. The only difference between the two is that you are betting Bitcoin rather than fiat currencies like pounds, dollars, or euros.
Once you have a crypto wallet and some Bitcoin to spare, all you have to do is find a reputable and trustworthy Bitcoin eSports betting site, select the game and the match you want to bet on, and that’s it, you’re good to go.
Regardless of which currency you want to use or the game you want to bet on, it is essential to have a solid strategy in place—it will increase your chances of winning and simultaneously minimize your losses.
To help you place your first Bitcoin bet, and make it a successful one we’ve prepared a few beginner-friendly tips you can use whenever you are betting on eSports.
Know the Game and Its Teams
Research is king whenever you are betting. The more information you have and the more knowledgeable you are about the game you are betting on, the easier it will be to make a good bet. For that reason, you should only bet on a game and the teams you are familiar with.
At the same time, make sure that you research the teams you are betting on thoroughly. For example, just a few days back, Aberystwyth Town lost 11-0 in a soccer match. Can you imagine what a loss like that can do to a team’s morale?
Even if Aberystwyth was a favorite in their next fixture, an 11-0 loss will undoubtedly destroy the team’s morale—they might even lose the next game they were supposed to win. The same scenario can be applied to any eSports team, so make sure to check out the team’s previous games and see if you can find out more about their current form.
Additionally, you should also check players’ performances. While most eSports events are team competitions, one player’s performance can significantly impact the outcome of the entire game, especially if it’s a team’s star player.
Teams like Na’Vi often rely on s1mple and his AWP skills to win games. Granted, while both b1t and Perfecto are more than capable of carrying the team, s1mple’s is often the decisive factor, considering how much impact he has in every match.
In other words, pay close attention to any news that may affect players’ performance, such as new about their their health, current morale, or even gossip about a potential transfer.
Choose a Reputable Betting Platform
It goes without saying that you should only bet on reputable and trustworthy sportsbooks.
A licensed sportsbook is regulated by a governing authority, which protects players from any shady practices. Unlike dodgy sportsbooks, reputable betting platforms will never steal your deposit or scam you out of your winnings.
Moreover, a trustworthy sportsbook will never misuse your personal information, and will always give you fair odds.
Instead of exposing yourself to unnecessary risk and having to wonder if the sportsbook will ever pay you your winnings, it is much easier to find a licensed and regulated sportsbook.
Platforms like Casinos Blockchain are an excellent way to find top-tier Bitcoin eSports betting sites since they specialize in reviewing and comparing the very best sportsbook.
However, if you would like to find a sportsbook to your liking, you should make sure that the sportsbook is licensed, offers great welcome bonuses, has a myriad of betting markets, and offers competitive odds.
Understand the Betting Options and Odds
Before you place a bet, you should learn how to read different odds and understand the betting markets, so you can easily find the best value for your buck.
If you are new to betting, the first thing you should do is learn how to read odds. Bookmakers display odds in decimal, fractional, or American moneyline odds. Regardless of their format, odds represent the amount of money you can win by landing the bet.
In addition, you should also learn and explore different types of bets you can place. Most new players tend to stick to simple bets, such as the match, round, or tournament winner.
However, if you are more experienced or you simply want to try out new things, you can also bet on a variety of prop bets.
Bookies allow you to bet on all sorts of things, such as the exact score, player performance, first blood, most kills, and even on who’s going to win the match or tournament MVP. The list goes on, and it varies from one game to another.
Once you get yourself familiar with different odds and betting markets, it will become significantly easier for you to find a value bet—a bet where the likelihood of the outcome is significantly higher than what the odds reflect.
Manage Your Bankroll Effectively
Bankroll refers to the money you set aside each week or each month for gambling. It can be £50, £500, or even £5,000. The amount depends solely on your financial situation and how often you bet.
Naturally, to make use of your bankroll, you should always stick to your bankroll and never spend more than you intended to in the first place.
Once you determine your bankroll, the rest is fairly easy—bet a percentage of your entire bankroll whenever you bet, which can be anywhere between 1% to 10% of your starting bankroll.
Again, the amount depends on how frequently you bet and whether you have a weekly or a monthly bankroll. Similarly, the amount you bet can also depend on whether you are using a bankroll betting strategy, such as the Kelly Criterion method, for example.
Simply put, an effective bankroll management strategy will keep you in the black.
By always betting the same amount and managing your bankroll effectively, you can keep your gambling in check and survive bad losing streaks. Keep in mind that managing your bankroll is a long-term strategy—you won’t make any money directly by simply having a bankroll.
Keep Track of Your Bets
In addition to bankroll management, keeping track of your bets is another essential strategy for anyone who wants to make a long-term profit from betting.
By tracking your bets, you can easily audit your performance and learn about your strengths and weaknesses. That way, you can use that information to your advantage for any future bets you make.
For example, tracking your bets could potentially help you learn you are winning more bets when you are betting on teams in group stages. On the other hand, it may also show you that you lose frequently whenever you are betting on quarterfinals or semi-final matches, letting you know that you should stick to group stage predictions.
You can use apps like Betting GS, My Odds, and many others to track and keep a history of your bets.
Similarly, if you prefer a more budget version, and the one that’s a lot more to your liking, you can also even use an Excel spreadsheet to analyze your performance and track your bets.
The Wrap Up
Betting with Bitcoin and cryptocurrency has many advantages over traditional betting. Better security, provably fair games, and lightning-fast withdrawals are just some of the reasons most new players prefer betting Bitcoin over fiat currency.
Once you have the basics down and learn how the crypto wallets work, the rest is just a matter of practice and using what you’ve learned here to your advantage.
Of course, don’t forget to gamble responsibly—stick to your bankroll and only bet the money you can afford to lose.
