Betting on League of Legends with Bitcoins
Online betting sites have existed for a long time. There’s an entire market surrounding it, with many sites offering a wide array of types of bets, analysts and experts selling their tips and insights – and lately, with the emergence of cryptocurrencies, many esportsbooks are also offering to place money with those, mainly Bitcoin, which is our focus for this article.
In case you’re not familiar with Bitcoin, it’s a form of decentralized digital currency, created and stored in electronic wallets. The coins aren’t printed like it’s usually the case with dollars or euros, they’re produced by people and companies using mining software that solve mathematical problems. I know, it might seem a bit daunting at first sight. If you still can’t fully grasp the concept, I suggest you google it for yourself and read some news and articles about it – you’ll thank me later, for sure!
Betting with bitcoins on LoL
There are numerous advantages to using BTC instead of cash for placing online League of Legends bets, and we’ll lay out a few of them.
Bitcoin transactions have extremely small fees when compared to the traditional methods – in some cases, it’s ten times smaller. This means you won’t lose a chunk of your money just to deposit it on the site. And it also means that you can deposit and bet with small quantities, because Bitcoin’s fee is a percentage of your transaction, and not a minimum fixed fee like most services offer.
You can deposit and withdraw Bitcoin in a matter of minutes. Meanwhile, cash transfers might take even a couple of business days to get processed. Comparing the two methods, BTC comes out on top by a huge margin. Even if you use a credit card you won’t have the same speed as using the cryptocurrency.
Bet any day, at any time
Similar to our last point, since the technology behind the coin is decentralized (it’s called blockchain if you want to look it up for more information), it’s always working, 24 hours a day & 7 days a week. This means you send and receive funds any time of the day and it’ll be processed very quickly, as opposed to the regular methods who usually only credit your account with funds during business hours.
Nowadays, privacy is a priority for many people. With BTC you don’t need to add a credit card or any personal info to your sportsbook account. This guarantees the user has some kind of anonymity and doesn’t have to be constantly worried that his card is being compromised in some way. This is something that pushed away quite a number of people from online betting, and now is no longer an issue, thanks to the decentralized nature of the coin.
These are just a few points to show you the advantage of using cryptocurrencies to bet online (some sites are also accepting other coins, like Ethereum). If you’re still not convinced, give it a try for yourself and you’ll see how much better and simpler it is once you get the hang of it.
As for the act of betting, it’s pretty straightforward. Since a single coin is worth a huge amount of money nowadays – around 3300 USD as of the time of writing this article – you can use fractions of a Bitcoin, even as small as 0.00000001 BTC (this unit is called a Satoshi). Some sites measure the bets in terms of mBTC, which is worth 0.001 BTC. If you get confused by the different nominations, there are plenty of online calculators that will do the work for you.
The League of Legends market
Now that we know the advantages of using crypto coins for esports wagering – and how to do it – let’s delve a bit into the League of Legends betting market. It is a rising trend to offer cryptocurrencies as a payment method, and the types of bets you can make are very similar to the ones offered by the traditional sites. The most common types are:
You place your wager on the team you think is going to win the next map
You place your wager on the team you think is going to win the entire series (in case it’s a best of 1, this is essentially the same as ‘match winner’). Since the LCS system has a lot of best of 2 matches, if the teams tie 1-1, you get the amount you wagered back.
First team to X amount of kills
Pretty straightforward. You pick the squad you think is going to get to an established amount of frags first (usually the sportsbooks offer “First to 10 kills”).
All of these are offered in real time, meaning the odds are adjusted throughout the entire game (based on how the teams are performing) and you can bet at any given time. This makes BTC even more appealing because it means you can quickly add funds to your account balance if you decide you want to wager more during a game. There are also other more specific types of wagers, but we won’t go too deep into those – once you’re familiarized with the market you can research about them for yourself.
Now that you know everything about Bitcoin betting and the opportunities it offers to the online League of Legends market, all you have to do is find a good site (look out for good sign up or deposit bonuses, those can really bump up your funds) and start the action! Feel free to check the list of our BTC sportsbooks – we have presented only most trusted services for you.
Don’t be afraid to steer away from the traditional methods, otherwise, you’ll get left behind. Cryptocurrency wagers are here to stay and are growing on a daily basis – I wouldn’t be too surprised if in a few years it becomes the main currency used to wager online.
Good luck in your gambling journey, and I hope that you will win many bets!