Betting with Ethereum

Betting with Ethereum

What is Ether?

Ether is a transactional token supported on the Ethereum blockchain. Ether is not the same as Ethereum, which is a common misconception. Ether is a digital token that is used and moved around the Ethereum blockchain. Whereas Ethereum is a blockchain that publicly stores the records of ether transactions.

When placing bets using Ether, your transaction is stored on the Ethereum blockchain every time you make a deposit.

What is Ethereum Esports betting?

Just as you’d expect: betting on Esports using ether (the cryptocurrency used on the Ethereum network).

Esports, also known as electronic sports, involve people playing video games at a professional level. The increasing popularity of Ethereum, combined with its anonymity, has made it a popular option for Esports betting, with many Esportsbooks like Thunderpick featuring an extensive range of game titles.

How do Ethereum Esports betting sites work?

These sites work similar to regular Esports betting sites, but instead of using regular currency (pounds, dollars, etc.), you use Ethereum to stake on your bets. Some sites are built to accept both fiat and cryptocurrencies, whereas others like Thunderpick are only built to accept top cryptos such as Bitcoin, Ethereum, and Litecoin.

To get started, you will need to first create an account, and then transfer ETH from your wallet to your account’s personalised wallet. You can then use the ETH to start betting on your favourite Esport games.

What Esports can I bet on with my ether?

All games that you’d be able to bet on regular Esports betting sites, from League of Legends to FIFA to Counter-Strike: Global Offensive. Here’s a list of the most popular Esports titles you can bet on Thunderpick:

  • CS: GO: one of the most popular FPS games in the world of Esports. Counter-Strike, in general, involves terrorists and counter-terrorists teams where each team has its own objective.
  • Fortnite: is a battle royale-based shooter where loads of players are landed on an island. The winner is the last one standing. It incorporates an open-world shooter with hints of a tactical and strategic approach to survive.
  • Dota 2: is another beast in the Esports industry. Dota 2 is a strategic MOBA that incorporates two teams of 5 fighting against each other. The objective is to take over the opponent's base while defending your own.
  • LoL (League of Legends): Similarly to Dota 2, LoL is a MOBA where two teams play against each other. Each player controls their own hero (‘champion’). The winner is whoever first reaches and destroys the opponent's base.
  • CoD (Call of Duty): it comes with a huge history of single-player games developed by Activision. But with the release of CoD Warzone, it has taken the world of Esports shooters to the next level.
  • Hearthstone: a tactical card game by Blizzard. One of the biggest card games in the Esports industry. Players collect decks of cards with a set of powers and compete in Tournaments. Think Yu-Gi-Oh! but as an esport!
  • Overwatch: Overwatch recently took the world by the storm, is an FPS featuring powerful heroes. The game is all about a massive roster of unique characters where the winning team must capture the flag and bring it to the home base.
  • Other: you can place bets on many other popular Esports titles, including Starcraft 2, Rainbow Six, Valorant, Heroes of the Storm, Rocket league and NBA2K.

Thunderpick betting bonuses and free bets

At Thunderpick, you’ll find numerous bonuses and events happening every month. From bonuses to initial deposits to monthly events, quizzes, gift cards and daily giveaways!

How quick are deposits and withdrawals with ETH betting?

The best thing with using Ethereum to bet on Esports is that deposits and withdrawals are settled almost instantly because the transactions don’t have to go through a third party.

Betting limits with Ethereum esports betting.

There will usually be a few limits, but these depend on the platform you use. You can expect limits such as:

  • Betting Limits: It’s common to have a minimum limit of around 0.001 ether and a maximum of around 50 ether per placed bet.
  • Deposit Limits: These also vary depending on the site you use, but often you will find that the minimum deposit is usually around 0.01 ether and that there is no set maximum.
  • Withdraw Limits: Most Ethereum Esports betting sites will have no such limits. However, you can come across a few that restrict you to around £1,000 worth of ether per transaction or even day.

At Thunderpick, the only limit is that you have to bet at least 100% of the value of each deposit that has to be used in bets in order to withdraw.

ETH fees for deposits and withdrawals

In most cases, you will not encounter any transaction fees. However, you will be charged with a transaction fee for moving funds from one wallet to another on the Ethereum blockchain. This is a network transaction fee known as ‘gas’. Gas fees depend on many factors such as the current number of transactions on the blockchain, price of the either and speed of the transactions. You can check the current gas price here.

Can I place bets using ETH on my phone?

You may not find many Ethereum Esports betting platforms with dedicated mobile apps, but many will have optimised web pages, allowing you to operate the site easily on an Android or iOS device.

At Thunderpick, we switched to the progressive web app, which is a hybrid of regular websites and a mobile application. You can simply install our Web-app on your machine or mobile phone.

This depends on where you are. Make sure you check with the domestic laws in your country before you begin betting on Esports. Also, make sure to review our policies to ensure you’re allowed to register and place bets.

Are there any risks of betting with Ethereum?

Honestly, there are very few, but they include:

  • Fluctuations in price. The changing price of ether could mean you’re potentially betting with more than you want to – but if you don’t intend on exchanging your ether for fiat currency, this will not be important to you.
  • Scam websites. There will always be people setting up websites to scam people out of money, and it’s no different when it comes to cryptocurrency. There have been a few notable scams in recent years, but if you use a trusted website like Thunderpick, this shouldn’t be an issue for you.

Are there any advantages of betting with Ethereum?

There are multiple advantages that come with Esports betting with ether, including:

  • Anonymity. Betting with ether allows you to gamble anonymously with Ethereum Esports betting platforms. By using ETH, you will be more anonymous than on any site that you have to send funds to from your bank account.
  • Lower transaction fees. Because you don’t have to deposit into Ethereum Esports sites from your bank account, but directly from your ether wallet, there tend to be no fees whatsoever. You will have to pay the ‘gas’ fees for using the Ethereum blockchain, but these are very low and are not connected to the site you’re using.
  • Faster transaction speeds. The Ethereum blockchain verifies transactions very quickly (almost instantly). This means you’ll typically have no delay between depositing ether and being able to bet on your chosen Esports match.

So should I place bets on Esports using ETH?

With all the advantages and risks involved outlined, it’s upon you to decide whether to bet on Esports with Ethereum or not. If anonymous gambling and low fees sound good to you, then, by all means, you should go for it.

How do I get started?

You can do so right here. Simply sign up, deposit your ether and start betting on Esports!

Frequently Asked Questions

Where can I watch Esports?

A few most common platforms where you can watch Esports are Twitch.tv, YouTube and Mixer. But if you are looking to bet on Esports, Thuderpick incorporates all the current streams into the betting platform. You can enjoy the stream and bet directly from within the platform!

How regular are Esports tournaments?

Many Esports tournaments occur on a daily, weekly, monthly or even annual basis. The largest ones for all Esports titles usually happen once a year, such as the League of Legends World Championship, which is also a great time to start betting on League of Legends.

What makes Ethereum Esports betting better than regular sites?

Firstly, with Ethereum Esports sites, you are likely to get a huge range of Esports to bet on. You’ll also be able to gamble anonymously because the site won’t require your bank information and have fast transactions (for both deposit and withdrawal) as there won’t be an intermediary such as the bank authenticating payments.

Are there better odds on Ethereum Esports betting?

Usually no. The odds on individual bets should not be better with Ethereum than with fiat currency. However, you might notice that betting odds for the same bets might differ from site to site.

If you still have questions about Ethereum, don't hesitate to contact us via Customer Support or email support@thunderpick.com