Ethereum, second only to Bitcoin in the cryptocurrency realm, has emerged as a powerhouse for betting enthusiasts since its launch in 2015. Join us as we delve into this payment method's security features, the advantages of betting with ETH, and share the finest Ethereum betting sites.
Best Betting Sites We Recommend for Ethereum Betting
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Advantages of Ethereum Betting
There are a number of reasons why betting with Ethereum makes sense. Let's take a look at some of the many advantages below:
Anonymity
One key benefit of Ethereum betting is that you don't need to provide personal information when depositing with a Ethereum bookmaker, thus offering complete anonymity. As this is a decentralised cryptocurrency, all of the transactions are processed through the blockchain, which doesn’t require a central authority. Other than protecting your privacy, this also reduces your exposure to identity theft and fraud.
Rapid Transactions and Higher Limits
Ethereum often comes with higher limits, giving you the chance to win more. Transactions are processed quickly (even faster than those made with Bitcoin), making it a great option for online gamblers.
Ethereum Value Can Rise
Crypto fluctuates in value in response to market conditions. The good news is that when the price of Ethereum rises, your balance will rise with it, so you will be able to enjoy higher winnings. Of course, while this can be risky, smart bettors are able to capitalise on Ethereum's market volatility and earn potentially larger profits.
Disadvantages of Betting With Ethereum
Betting with Ethereum, like many cryptocurrencies, comes with a few drawbacks:
Volatility
As with other crypto, Ethereum is volatile and involves an element of risk. As the stock market ebbs and flows week in, week out, ETH follows suit with the overall mood of the market. As high as it can reach one day, its value could plummet the next.
Less Accepted Than Bitcoin
ETH isn’t as widely accepted as BTC among online bookmakers. However, this could soon change as Ethereum is becoming increasingly popular for betting on sports.
Unregulated Industry
Because Ethereum is mostly unregulated, players can be left open to fraud. However, any reputable Ethereum bookmaker will have obtained licences from the necessary regulatory bodies in order to ensure fair play, security, and encourage responsible gambling.
Transactions are Irreversible
Transactions cannot be reversed or cancelled once they have been processed on the Ethereum blockchain. While this is a feature that actually keeps you safe online, should you happen to accidentally send funds to the wrong address, you can’t get your money back. Always make sure to double check that you have the right address when sending transactions.
The Best Betting Sites That Accept Ethereum — Pros & Cons
The following best ETH betting sites are handpicked based on what I believe are the most important factors, including player safety and security, game variety, banking options, customer support, and overall player experience. So, from one bettor to another, here they are:
Cloudbet
CloudBet boasts excellent sports coverage and accepts deposits from numerous cryptocurrencies. This ETH betting site holds a licence from Curaçao and can be considered a pioneer in the crypto betting scene.
It is also among the fastest online bookmakers when it comes to payouts. Moreover, there is no maximum amount players can deposit or withdraw here.
- Mobile-friendly
- Fast withdrawals
- Numerous games
- No mobile app
- Not available in all regions
- Non cryptocurrencies are not accepted
Jackbit
This crypto-dedicated sportsbook offers a wide range of sports to wager on, and holds an operating licence from Curaçao, so you can rest assured it is legit. The maximum withdrawal here is $7,500 per week and $15,000 per month, and they accept many cryptocurrencies.
- More than 40 sports to bet on
- High winning limits
- Accepts 14 crypto + fiat currencies
- No Bet Builder
- No Request a Bet
- No mobile app
BC Game
Founded in 2017, Curaçao-licensed BC Game imposes a two-step authentication process when signing up for an account in order to ensure player safety.
They support virtually any cryptocurrency and offer a wide range of sports to bet on. Interestingly, BC Game do not set maximum withdrawal limits or a maximum deposit limit.
- You can play with ETH or virtually any other cryptocurrency
- Wide selection of games
- Employ an open source code for provably fair games
- Limited withdrawal options
- Cannot free play or use JB free testing coins
- Cannot buy crypto on their site unlike Jackbit
How Do I Use Ethereum for Betting?
Think of Ethereum wallets as your personal internet banking app, but without the bank. They are digital applications that let you access your ETH. You need a wallet to send funds and manage your ETH and it will let you check your balance, send transactions, and connect to applications.
Follow the steps below to get started with Ethereum betting:
Firstly, you need to add money to your ETH wallet or exchange account, such as Binance and Coinbase.
Once your funds are in the crypto wallet, you will be able to send your ETH to the betting site of your choice.
Click on the deposit button, usually found in the top-right corner of the site’s homepage.
Enter the amount of funds that you wish to deposit, and confirm the transaction.
Once the miners have successfully confirmed the transaction, the funds will appear in your account.
How To Deposit With Ethereum
To make a deposit with ETH, you first need to create a wallet, and then you can enter the desired amount of ETH into it. From there, you can go to your chosen crypto betting site and select ETH from the given deposit options.
Alternative Crypto Payment Options
Bitcoin: The original and most famous cryptocurrency, Bitcoin is the only crypto that is bigger than Ethereum. Because of its mass appeal, BTC is by far the crypto coin you are most likely to come across when looking to place crypto bets.
Litecoin: This popular cryptocurrency for sports betting offers players a plethora of Litecoin betting site options. Betting with Litecoin provides the same benefits as other cryptocurrencies, including the option to remain anonymous.
Tether: While other coins fluctuate in value, the idea behind this stablecoin was that its value is consistently the same as one single US dollar. This reduces the risk involved in betting with crypto currency, which in turn makes it a popular choice for sports betting.
ThePuntersPage Final Say
ETH has proven to be useful for operating platforms as it is a sustainable currency that also allows operators to create decentralised applications. Bettors can therefore enjoy the anonymity it offers, as well as a more streamlined betting experience thanks to the speed of transactions.
While it is true that some Ethereum betting sites might not offer quite as many sports betting options as the traditional bookmakers, all of the more popular sports are available to bet on with ETH.
Ready to embark on your Ethereum betting journey? Bookmark this article to have all the best Ethereum sites listed in one place!
Ethereum Betting FAQs
Following a dip in price in late 2022, crypto is doing well in 2023.
Yes it is legal, and Ethereum enjoys a reputation that is squeaky clean, so you shouldn’t have any problems.
Users don’t need to enter any personal information or provide a proof of identity to an Ethereum betting site.
Ethereum can be purchased through many online brokers of the currency and can also be sold back so that it can be converted it to real money, such as USD.
Yes it is, one of the great advantages of crypto sports betting is that it is very safe and secure.