Cryptocurrency and esports, a match made in heaven
Published: May 11, 2021 - Last Updated: Jan 17, 2023
Both esports and cryptocurrencies are two of the most forward-thinking industries in the world. If there is a new technology or breakthrough, it is almost guaranteed that some company will find a way to integrate it into one of these two industries.
It was a natural fit then that betting on esports with bitcoin and other cryptocurrencies would become a popular way to engage with esports betting sites online. Crypto has come a long way from its inauspicious beginnings and many people are looking for ways to use their newly found bank of crypto.
The future of crypto
A recent survey commissioned from Mastercard found that 40% of respondents plan to use crypto in the next year. They surveyed 15,000 people in 18 countries and found that millennials were the generation that was the most interested in the cryptocurrency market.
- 67 percent of millennials are more open to crypto than they were a year ago
- 77 percent of millennials are interested in learning more about crypto
- 75 percent of millennials would use crypto if they understood it better
Celebrities like Tom Brady and Paris Hilton are the latest to add red lasers shooting from their eyes signifying their support for Bitcoin. They have also entered into the world of NFTs, with Hilton saying: “I’ve always been an undercover nerd, and I feel like I finally have found my people. They’re just smart and brilliant and creative and fun and cool, and they get me.”
Crypto esports betting
Plenty of esports betting sites offer options to deposit and bet with cryptocurrency. There are issues with the wildly fluctuating nature of the crypto market but the desire to invest in the blockchain is often too tempting to avoid.
Operators can use the transparent nature of the payment system, the fact that every transaction is logged and searchable, to easily ferret out fraud and abuse of their systems. While it may not yet be stable enough to become the norm in the betting world, the benefits of the blockchain could make crypto the currency of choice for the future of online betting.
Other steps forward with crypto and esports
Recently Coinbase announced that they are sponsoring the upcoming BLAST Premier spring season, the Counter-Strike: Global Offensive esports tournament. This marks the first time that the cryptocurrency exchange has entered the world of esports but certainly not the first time that anyone has tried betting with cryptocurrencies.
The aim of the partnership and sponsor deal is to help bring the world of esports and gaming closer to cryptocurrency through integrated digital activations and player-led content. The branding will focus on BLAST Premier’s “The Economy Play” broadcast segment. Making sure that you spend your cash wisely is a major part of CS:GO. “The Economy Play” sees analysts dissect and discuss economy rounds in between key matches. It will take a serious look at the way that the pro gamers decide to spend their money in between rounds.
Coinbase is also sponsoring the hugely popular esports and gaming lifestyle company Evil Geniuses. The team tweeted out an image of their player’s jerseys that featured the Coinbase logo. By partnering up with Evil Geniuses, Coinbase has their feet firmly planted in the world of esports.
Esports teams like OG have also begun offering crypto-based fan tokens. They partnered with crypto start-up Chiliz and its Socios.com platform. Other teams like Team Heretics, Natus Vincere, and Team Alliance have also offered coins on the same platform.
Betting with cryptocurrencies is still a relatively young market, but the influence of the blockchain and its outlying technologies cannot be understated. They have changed the trajectory of the esports industry and may very well be the future of esports betting.
