Are Bitcoin casinos worth it? Or can you have just as much fun and win potentially more money by collecting NFTs or betting on eSports with your Bitcoin?
In this article, we’ll take a look at some of the biggest prizes you can win betting on eSports, some of the most expensive NFTs, and compare them to your potential payouts at Bitcoin casinos.
NFTs are non-fungible tokens. Decrypt gives us a good fundamental definition:
“Non-fungible tokens contain identifying information recorded in their smart contracts. It’s this information that makes each NFT different and as such, they cannot be directly replaced by another token. They cannot be swapped like for like, as no two are alike. Banknotes, in contrast, can be simply exchanged one for another, if they are the same value, there is no difference to the holder.”
They use the contrast of banknotes, but a better one would be Ethereum. Each Ether and its parts are all interchangeable. But the NFT tokens built on Ethereum — such as ERC-721 tokens — are not interchangeable.
NFTs can also be built on other blockchains but the vast majority are built, deployed, collected, bought, and sold on Ethereum.
So, if you frequent one of the bitcoin casino sites (which also accept Ethereum) at the link at the top of the article, then you’ll have the basic knowledge to buy, sell, and collect NFTs.
If you’re new to Bitcoin casinos then you’ll also be quite new to NFTs. The strong recommendation is to learn about buying, selling, and storing Ethereum first — and perhaps trying it out at your favorite crypto casino — before diving into NFTs.
So, if you were to bet on NFTs by buying some and holding on, what are some extreme prices that some NFTs have been sold for?
Here’s a list of the current top sold NFTs in 2020 and 2021.
$747,400 – Alien #2890 (CryptoPunk)
$223,000 – Formula 1 Grand Prix de Monaco 2020 1A (F1 Delta Time)
$170,000 – ‘Dragon’ (CryptoKitties)
$130,000 – ‘Angel’ (Axie Infinity)
$111,000 – ‘1-1-1’ F1 car (F1 Delta Time)
The list also includes NFTs based on sports — if you happen to be a fan of sports betting you might find this particularly interesting.
“$100,000 – Zion Williamson ‘Holo MMXX’ #1 – (NBA Top Shot)
$100,000 – LeBron James ‘From the Top’ #1 – (NBA Top Shot)”
As you can see, if you were to have purchased those NFTs, you could have then resold them for over six figures.
How does that compare to Bitcoin betting? Well, the prizes at Bitcoin casinos — like the ones mentioned on the list linked at the top — can also reach into the six figures.
The difference is that when you’re gambling at a Bitcoin casino, you know which games to play and even the odds of winning a top prize.
However, with NFTs, you never know the odds. After all, NFTs like those above are subject to people’s desires and whims as to how much they’re willing to pay.
The fact is that with an NFT, you might buy a piece of art from an artist or group who you believe will help appreciate the price of the NFT — but at the end of the day, it depends if you’re able to find someone to buy it when you’re ready to sell it.
Bitcoin casinos — at least legitimate ones — will have a provably fair system in place to ensure their games do in fact play by the odds they list.
Provably fair is summed up like this:
“If a game is provably fair, each customer has the means to double-check if the random number generator (RNG) worked as it was supposed to.
This solution is something that the online gambling industry has desperately needed for years. The customers always had to rely on some gambling commissions or other regulators to follow the RNG of online casinos on their behalf.”
Prizes for eSports have risen to such gigantic levels that they rival the prizes earned by top athletes in traditional sports.
A statistics website shows us that in 2019 the Fortnite World Cup gave out over $15 million in prizes.
The International Tournament in 2019 gave out over $34 million.
Now, granted, unlike a Bitcoin casino, you cannot get a slice of those prize pools unless you are one of the champions competing in the tournament.
Nevertheless, there are eSports betting sites that accept cryptocurrencies. These are not unlike the Bitcoin gambling sites that do the same.
If you find an eSports site that accepts crypto then chances are you’ll find a site that allows you to bet on these tournaments and their champions/teams. Then you’ll be betting by proxy.
As far as how big the prize pools can get when betting on eSports tournaments, that is a subject for you to investigate. Just like Bitcoin casinos can have hundreds of games with various odds and top prizes, so top eSports betting sites can have betting pools with various odds and top prizes.
In the end, we see that Bitcoin casinos offer a more sure outcome of hitting a jackpot and top prize pool. However, NFTs can indeed be more profitable for the lucky few. eSports offer similar odds and prizes to casinos.
So it’s up to you which form of fun and recreational gambling you’d like to participate in.
Good luck and have fun!
May 17, 2022
May 15, 2022