League of Legends has always been a trailblazing esport. With that, it’s not exactly surprising that esports betting sites were among the first to adopt bitcoin betting. The feature is a great addition to esports fans that keep up with the latest cryptocurrency trends. After all, using bitcoin for your esports bets does come with some very tangible benefits.
But before we get into the meat of the matter, let’s answer one simple question:
What is bitcoin LoL betting?
This is likely the one thing you want to know when you type in “bitcoin LoL betting” into Google. For starters, bitcoin (or BTC) is a cryptocurrency. Created in 2009, it’s the first – and the most popular – of its kind, so it does have a lot of recognition.
The currency doesn’t exist in a physical sense, so, contrary to what Internet stock photos would lead you to believe, there are no actual bitcoin bills or coins. Moreover, bitcoins are decentralized, meaning they don’t rely on specific banks or governments. Instead, they act as a peer-to-peer system, allowing its owners to manage the currency and interact directly with each other. This is similar to something like a torrent network – only much faster and safer.
There’s a finite amount of bitcoins in the world – 21 million, to be exact – so there’s a certain value attached to them. And that value is rising with every passing day. BTC transactions like bitcoin betting are conducted through virtual wallets – special software clients that you can download onto your PC, tablet, or smartphone. Some wallets can also be accessed online. The most reputable wallets that could be used for your esports bets are Electrum (PC), Mycelium (Android), and Bread (iOS).
Bitcoins are created through mining, which is a process that uses computing power to solve complex algorithms and unlock the desired cryptocurrency. In the past, you could seamlessly mine bitcoins on your computer. Nowadays, though, the process requires so much high-level equipment that it’s no longer viable for most individuals. It’s also worth noting that all records of bitcoin transactions can be viewed through a public ledger under the name blockchain.
As you’ve probably guessed by this point, bitcoin LoL betting is the act of making wagers on League of Legends matches with the help of this specific cryptocurrency. It might seem overwhelming, but it’s really as simple as using dollars or euros. Unlike dollars and euros, though, bitcoins have a number of unique traits that make them more convenient.
Why bet on LoL with bitcoin?
Small transaction fees
If you’re using bitcoins to make deposits on League of Legends betting sites, you’ll rarely—if ever—encounter steep transaction fees. In most cases, you’ll pay somewhere in the range between 0% and 2%. The fact that you won’t lose a wad of cash by simply putting your money on your gambling account makes bitcoin LoL esports betting much more profitable compared to its traditional alternatives.
Also, even if you pay a fee, it will be percentage-based. This means you can deposit a relatively small sum, and it won’t be reduced to anything by the draconian fixed fees. With that, you’ll be able to make League of Legends bitcoin bets will the smallest amounts of money.
Privacy and security
The most important things bitcoins bring to the table are privacy and security. Granted, the best League of Legends betting sites use 128-bit encryption to store your data, which is almost unbreakable. But even the slightest security risk is still a risk. And if worst comes to worst, you don’t want your personal address or credit card information falling into the wrong hands.
On the other hand, the digital footprint from bitcoin is close to non-existent. Every transaction automatically generates a new address and a private key, so it doesn’t include your personal details, and it definitely doesn’t store any financial information. Once you make a League of Legends bitcoin bet, no one—not even your bookmaker—will be able to trace it back to you.
Not only that but bitcoins aren’t tied to any banks, countries, or organizations. You have the full control of your wallet, and no one else can affect it in any way, shape, or form. And since it’s only natural to want your hard-earned money to be safe and secure, bitcoin LoL betting is the way to go.
Of course, you can always take more steps towards protecting yourself. First, store your bitcoins on several different wallets to minimize risks. Second, keep your cryptocurrency close by downloading your BTC wallets instead of using online alternatives. Finally, avoid buying bitcoins from unproven sellers and shady exchanges.
How to bet on LoL with bitcoin
The bitcoin betting itself is as simple as it gets. Most League of Legends gambling platforms will have handy instructions for you to follow. But if that’s somehow not the case, feel free to use our guidelines:
- Access your preferred gambling website and log into your account.
- Go to the ‘Make a Deposit’ section. If your website supports bitcoin LoL betting, BTC should be listed among the available options.
- Enter the amount you wish to deposit. This is usually done in dollars or euros because most bookmakers convert bitcoins to other currencies to make betting more intuitive.
- Your next steps will depend on whether you’re using a desktop computer or a mobile device. On a desktop computer, you’ll need to open your wallet and copy-paste the address your League of Legends betting site gave you. On a mobile device, you’ll need to use your wallet app to scan the QR code from your betting site.
- That’s it! You’ve effectively entered the world of bitcoin betting!
Keep in mind that these are general instructions. And different gambling platforms might have different ways to make bitcoin deposits.
Where to bet on LoL with bitcoin?
In spite of the fact that bitcoin exist since 2009, few sites support bitcoin LoL esports bets. Perhaps most bookmakers are still wary of the unfamiliar currency. Or maybe they don’t want to go through the trouble of setting up a new deposit model. Whatever the case, there are still plenty of exceptions to this rule.
We’ve already covered these in our Top 10 bookmakers article. However, here are some platforms to fulfill your bitcoin betting needs:
- ArcaneBet is an esports gambling platform that offers a 100% deposit bonus (up to €200).
- Netbet is a reputable sportsbook that added esports to its gambling arsenal. It’s safe, secure, and it comes with a 50% deposit bonus (up to £50) for new customers.
- EGB is another site dedicated to esports betting. It offers a wide range of different promotions, although these might be limited to specific games.
- Bovada is an unlicensed bookmaker that’s geared towards US citizens. It offers a 50% deposit bonus (up to $250), and since it’s been in business since 2011, it’s fairly dependable.
- Betspawn also specializes in esports, which makes it ideal for League of Legends betting. Plus, it comes with a nice 100% deposit bonus (up to €133.70).