HomeSportsChessCrypto Chess Betting – How to Place Bets Using Crypto
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Crypto Chess Betting – How to Place Bets Using Crypto

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Chess is an obsolete board game, tracing back to 600 AD and originating from the ancient Indian game called chaturanga. Over the 16th century, chess spread across Europe and Asia and evolved into the classical board game we all know. Moving forward, people can place bets on this game nowadays, but do you know you can do this by paying with cryptocurrencies? Chess has become a popular form of entertainment on platforms like Twitch and YouTube. The rise of online chess platforms and streaming has made it easier for fans to follow the game and bet on their favorite players or events. Chess betting has gained increasing popularity in recent years.

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How Crypto Chess Betting Became Common

Chess Betting | KreedOn
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Recent research has shown an increased interest among customers and retailers, so many businesses have begun implementing cryptocurrencies as a payment method. According to Statista, the Cryptocurrencies market in India is projected to grow by 9.83% (2023-2027) resulting in a market volume of US$324.0m in 2027.

Even though chess is not as popular as other casino games among online gamblers, several bookmakers include this in their selection of this worldwide-known game. Therefore, the online gambling industry quickly adapted to the market’s demands so that customers interested in chess games and crypto investments can now benefit from private, secure, and fast transactions.

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The popularity of chess betting

Unlike other beloved sports such as football, basketball, hockey, or tennis, chess is probably among the least used for gambling purposes. However, this does not mean chess fans don’t have too many options. Several chess tournaments are often organised, and chess punters can place bets on their favourite players and make predictions on the outcomes.

  • Some of the most significant chess tournaments are:
  1. Chess World Championship – the most important chess tournament worldwide, usually organised every two years, during September and October.
  2. Chess Olympiad – this tournament gathers players from around the world and involves teams of 4 players.
  3. Grand Chess Tour – another worldwide chess competition organized annually in August and consists of 5 to 8 events.

Also Read | Top 10 Youngest Chess Grandmasters in History

Types of Chess Bets You Can Place

Chess is a simple game with clear rules. You can only get three outcomes: draw, the first player wins, and the second one losses, or the second player wins, and the first one loses.

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Moneyline betting

This type of bet implies you have to guess who will win a chess competition or tournament. It can even be one single match or a series of multiple matches (for example, when betting on the Chess World Championship outcomes). If the player has to compete in several contests (up to 24), then you can place your wagers at the beginning of the tournament or even after other matches.

Handicap betting

You’ve probably heard of this particular bet as it is present in several sports. But, in chess, you have to place a bet during a competition consisting of several matches, and after a specific number of matches, the opponent should win by at least one point for the punter to have guessed the prediction correctly.

Outrights betting

Unlike Moneyline betting, this bet involves a long-term prediction, and it is calculated at the end of the competition or when the outcome can be predicted long before the tournament is over. Generally, bettors wager on their favourite players.

Draw bets

In chess, there is a high number of matches that end up with a draw. As betting on draws is quite common, this bet involves smaller odds than winning odds.

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Double outcome betting

When a gambler places this bet, they can predict whether the first player will win or draw or if the second player will win or draw. This bet brings the biggest winning, as it is more complicated than predicting the winner.

Capture Chess KreedonRead More | How to win Chess in 3 moves?

How can you bet on chess using crypto?

Betting using cryptocurrencies is more manageable than expected. All you have to do is build a crypto wallet, and when you find the right bookmaker, you can deposit your funds and start playing right away.

Where else can I gamble using cryptocurrencies?

Cryptocurrencies have become very popular among gamblers worldwide. As there are many advantages to using Bitcoin or other cryptocurrencies, such as privacy and fast transactions, more casino operators include this payment method as an alternative for their customers. Therefore, you can pay in crypto when playing all sorts of games of luck, not just chess.

Therefore, if you want to gamble on other games with crypto, you should look for a safe casino sites that accepts crypto as a payment method for its services.

Tips for chess betting

One of the most used strategies in chess betting is the catch-up method which implies betting on the same candidate despite their losses. It may sound tricky, but this technique is meant to raise the stake of your bet until the chess player wins. This is an excellent method to make a profit.

Also, the safe choice when betting on the outcome of a match between professional chess players is the draw bet because this result is far more common than a clear win.

Crypto chess betting will attract more supporters

As chess betting is not so common among gambling operators, adding the feature of crypto payments might spread some awareness. It combines two major markets – sports and cryptocurrencies. Whether you enjoy a chess game or are interested in crypto transactions, this type of bet is meant to bring more attention.

Top 10 Best Chess Moves Ever Played | KreedOnAlso Read | Top 10 Best Chess Moves Ever Played

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