In recent years, eSports (aka competitive video gaming) has seen a tremendous growth in popularity and has turned into a multi-billion dollar industry. However, in the early years of eSports development, the only people who could gain any material profit from the gaming industry were solely the game publishers, the professional eSports players and streamers. But time passes and things change: Currently, even regular players have the ability to gain real-world value from their favorite games by making bets and trying to predict outcomes and events during tournaments. As technological progress keeps growing, and blockchain technology becomes a rather regular part of our everyday life and not just something only tech-guys from the Silicon Valley are talking about, bookmakers start offering their customers an opportunity to bet in various cryptocurrencies. This helps platforms to ensure a high level of security and avoid using the intermediaries, such as banks, to perform transactions, which makes both transfers and deposit/withdrawal operations fast and inexpensive, while also providing the protection of personal data and complete anonymity of users. However, some bettors feel lost in the variety of choices and do not understand some things: How to choose a reliable bookmaker for betting in cryptocurrency, how not to run into a fraud, what the difference is between types of crypto, and how the betting in crypto works. If you prefer betting on eSports with crypto coins, this article will help you to find a betting platform with the best reputation and will provide you with a short overview of the best cryptocurrencies to bet with and the difference between them.
The most popular Cryptocurrencies for eSport betting
Currently around 80% of all of the crypto-bets are done in Bitcoin, Ethereum and Litecoin. Those are three of the most trending and popular cryptocurrencies on the market.
Bitcoin is the first and most widely adopted cryptocurrency, and it is accepted by many online sportsbooks. It is clear that Bitcoin holds the top spot in popularity among all cryptocurrencies. It is a veteran cryptocurrency with the largest market capitalization (over $1 trillion). However, there is a downside to using Bitcoin for sports betting: Volatility. Bitcoin's price can be highly volatile, meaning that its value can fluctuate dramatically in a short period of time. This can be a risk for sports bettors, as the value of their winnings or the amount they deposited could change significantly before they are able to withdraw it.
Ethereum is the second largest cryptocurrency by market capitalization and it has also gained traction in the sports betting industry. Etherum has become the main platform for deploying decentralized applications and crypto-exchanges, and it is also the main altcoin of the crypto market. No wonder that betting with Ethereum is a popular choice for aSports gamblers, as its blockchain is faster and has lower commission fees than Bitcoin's. However, similar to Bitcoin, Ethereum's price can be highly volatile, which can create additional risk for bettors as the value of their winnings or deposited funds could change dramatically in a matter of hours and sometimes even minutes.
Litecoin is a cryptocurrency that is similar to Bitcoin, many even call it “Bitcoin’s little brother”. However, unlike Bitcoin, Litecoin confirmation times and transaction fees are significantly lower. The speed of sending and receiving payments in Litecoin can be compared to delivering a text via messengers. It is also widely accepted by sportsbooks and is becoming more popular among sports bettors. Their main downside of using Litecoin for wagering on sports and eSports is lower liquidity. Litecoin's market capitalization is lower than Bitcoin and Ethereum, which means the coin may be harder to buy and sell on short notice.
Dogecoin is a currency, similar to Bitcoin that was created in 2013 as a parody of the growing interest in crypto. Its logo is based on the “Doge” meme. However, what started as a joke, has become one of the most popular and widely accepted crypto currencies. The coin is known for its short transaction confirmation time and a relatively low transaction fee. But just like other popular crypto coins it is not backed by any fiat currency and its value can be highly volatile.
Other Crypto coins used in eSports betting
In addition to the coins listed above, bookmakers offer many other cryptocurrencies which customers can use to place their bets with. Not all of them are popular or even known to a wide audience, but the bigger variety a betting platform can provide, the more trustworthy it is. Big and trustworthy platforms like Dexsport can offer their clients who want to bet on eSports more than a dozen kinds of coins, including the native token called DESU. Let’s start with its short overview.
DESU is the primary cryptocurrency used within the Dexsport protocol platform. It is used to facilitate all types of transactions on the website and ensures transparency for users of the gaming platform. The total supply of DESU is limited to 1 billion, and it aims to attract both gamblers and crypto enthusiasts as a DeFi project. You can easily find current data for the DESU coin's price and the market capitalization on CoinMarketCap under the Dexsport listing. Owners of DESU tokens have access to various features such as the ability to participate in lotteries, the ability to join the DAO (Decentralized Autonomous Organization) and vote on the development and the future of the platform, earning cashback and rewards through a "Wheel of Fortune" feature and being a part of a new community with a limited supply token that has a wide range of uses. The main downside of DESU coin for eSports betting is that it’s a coin that just started gaining popularity on the market and is currently available for the exchange only on two exchange platforms: PancakeSwap and Kanga Exchange.
USDT, or Tether, is a stablecoin that is pegged to the value of the U.S. dollar. It's a type of cryptocurrency that is designed to minimize the volatility that is often associated with other cryptocurrencies like Bitcoin or Ethereum. This makes it a popular choice for eSports and traditional sports betting, as it allows bettors to place wagers without having to worry about the value of their winnings changing before they can withdraw them. USDT is built on the Ethereum blockchain, which means that it can easily be integrated into sportsbooks that support Ethereum. The main downside of using USDT for betting is its centralization. Tether is issued by Tether Limited, a company that is centralized, which means that it is controlled by a single entity. This centralization can be a concern for some users, as it means the company could potentially freeze user funds. However, if you choose to bet on a decentralized betting platform, such as Dexsport, you have nothing to worry about.
BUSD is a stablecoin similar to USDT that is backed with the U.S. dollar and is issued by Paxos Trust Company. This crypto coin has a low volatility, which makes it a popular choice for gamblers as it allows bettors to place wagers without taking additional risks.
Aside from the listed popular cryptocurrencies Dexsport offers its users a variety of crypto coins for making bets, such as DESU, MDAO, LAUNCH, 2CRZ, WMATIC, TNDR, WOKT, WAVAX and others. To see the full list of crypto available for the platform’s users, click here and switch between liquidity pools to open the list and currencies descriptions.