What is Ethereum gambling?
The term Ethereum gambling can refer to two things: gambling with your Ethereum through conventional means (such as online casinos and betting sites) using ether as a payment method, or gambling through ‘smart contracts’ set up on the Ethereum network. We’ll take you through everything you need to know right here.
You may have heard of Ethereum gambling smart contracts, which works slightly differently to regular online gambling. ‘Smart contracts’ are pieces of code on the Ethereum blockchain able to handle transactions automatically. The code that runs a gambling game can be written as a smart contract to make betting easier. During a game, the smart contract holds all bets in escrow, allowing users to stake ether directly from their wallets (and receive winnings instantly) while playing poker directly against other users.
Right now, the technology behind gambling smart contracts are still being developed, so be sure to bookmark this page as we will update you will the latest information regarding smart contracts when it becomes available. For now, Ethereum gambling is mostly conducted within regular gambling sites.es.
How do Ethereum gambling sites work?
Generally, they work like regular gambling sites. The main difference is that you fund your account with ether instead of fiat currency. Most often you will be required to create an account, and you will be able to get a wallet address which you can use to transfer ether into. Some sites will allow you to gamble directly with ether, while others simply allow you to pay Ethereum into your account. Our reviews of each site detail exactly how each platform operates.
Some sites will not even require an account if they operate through smart contracts, and instead you will be able to play directly from your wallet by scanning a QR code or using extensions such as MetaMask, which allows the web browser to interact with the Ethereum blockchain. Games that use smart contracts are currently limited to sites that operate one specific game (such as dice or roulette), but these options look set to be expanded upon soon.
What different ways can I gamble with my ether?
- Online casinos. You can sign up to an online casino that supports Ethereum and you can use your ether to play all the available games including faucet games, lottery, poker, slots, and more.
- Betting sites. You can bet on almost anything with ether, from stocks, to weather to politics. Although betting with smart contracts are often limited to a single game, you can find sites for just about any game.
- eSports betting. Ether is now popularly used in betting on eSports results. You can use Ethereum to bet on various eSports titles including World of Tanks, Call of Duty (COD), FIFA, Counter Strike : Global Offensive (CSGO), and League of Legends (LoL).
- Bingo. Many Ethereum bingo halls have come online, allowing you to use ether to play bingo and keno games in most online casinos.
- Poker. There are many Ethereum poker sites around nowadays. The online poker world was one of the first to embrace cryptocurrency, and today many platforms allow you to use ether to play poker.
- Dice. Ethereum dice is one of the most popular forms of gambling with ether largely because smart contracts are easily employed in the game. Although there are plenty of online casinos that allow you to stake Ethereum to play dice, and dedicated sites like Ethroll.com allow you to use ether to bed on dice directly.
- Extra games. There are many more games that have sprung up specifically around Ethereum, such as lottery and ‘faucet’ games (in which you earn tiny fractions of ether by completing some easy tasks).
Find Ethereum gambling bonus codes and free bets
A large amount of Ethereum gambling sites offer unique bonuses and free bets to their users, new and existing. Some reward you with a bonus upon your first deposit, often doubling your deposit up to to 25 Ethereum or more. Others give you the chance to take free spins or bets, and also allow you to keep or withdraw the winnings. Have a look at our table and reviews to see which platforms offer the best bonuses.
Is depositing and withdrawing faster with Ethereum gambling?
Yes. A significant advantage to gambling with Ethereum is that transactions are processed almost instantly, for both deposits and withdrawals. Although these speeds according to network traffic, they are generally faster than regular gambling websites, particularly in regards to withdrawal speeds. This is even the case in comparison to Bitcoin casinos.
Are there limits on Ethereum gambling sites?
Yes, but it depends on the gambling site you use. There might also be different limits depending on the game you play, which is frequently the case in Ethereum casinos. Most Ethereum betting sites do not list their betting limits due to the fluctuations in the price of Ethereum. You’ll usually encounter:
- Betting limits. When gambling your ether online, you’ll find a variety of different maximum betting limits. However, a common maximum betting limit per bet is 50 ether.
- Deposit limits. Most sites will have a minimum deposit amount, although this is typically very low.
- Withdrawal limits. Depending on the site, there will be different restrictions on the amount you can withdraw at a time. Our reviews detail the fees of each specific platform.
Are there transaction fees for deposits and withdrawals?
Usually none. However, this again depends on the site. Sites usually do not charge deposit or withdrawal fees, but users will always incur a transaction fee for moving their Ethereum between one wallet address to another. This is a fee charged by the Ethereum blockchain and goes toward miners for verifying transactions. This is also known as ‘gas’ and the transaction cost is usually a negligible amount: less than £1 worth of Ethereum.
Is Ethereum gambling available on my phone?
Yes, Ethereum gambling sites usually have mobile optimised sites, meaning you can access the website through a web browser on your Android or iOS phone. There are still very few dedicated mobile apps for Ethereum gambling around though.
Is gambling with ether legal?
This depends on where you are located. In the UK, gambling with digital currencies such as Ethereum is completely legal. However, only gambling platforms that hold a license by the UKGC (UK Gambling Commission) are permitted to provide Ethereum gambling to UK customers. Our reviews will explain the regulatory status of all our recommended Ethereum gambling providers.
If you are not based in the UK, be sure to check with your local legislation to ensure that you are being compliant with the law.
How do I know they’re not rigged?
They’re not, and this is where Ethereum casinos have an advantage over regular online casinos. They can prove the fairness of their games by allowing you to check their algorithms instantly. This is the concept of being ‘provably fair’.
How do CryptoSuper.market’s reviews work?
Great question. The team diligently researches both existing and new Ethereum casinos. We specifically focus on their user experience, value for money, range of games, and security.
What are the risks of gambling with ether?
Honestly, there are very few, but they include:
- Fluctuations in price. The changing price of ether could mean you’re potentially gambling 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.
- Disingenuous algorithms. Just like regular betting sites, you may be gambling on a website or casino that runs disingenuous algorithms, which could be designed to benefit the service provider in an illegitimate way.
Ultimately, be sure to look at our reviews, as we will only provide you with secure and trusted sites.
And what are the advantages?
There are multiple advantages of gambling with ether, which include:
- Anonymity. Gambling with ether gives you the opportunity to gamble anonymously. With Ethereum, you can often gamble online without having to submit your personal information to a site.
- Better transaction fees and speeds. A transaction made through the Ethereum blockchain is automatically executed, meaning that fees and speeds tend to be much lower than on ‘normal sites’, particularly withdrawals.
Should I gamble with Ethereum?
Ultimately, it’s up to you. You’ll be able to take advantage of many things such as anonymity and faster transactions. If it sounds good to you, we’ll help you find the perfect platform.
How do I get started?
It’s very simple. Take a look at our selection of sites and our reviews to find a casino that is right for you. Also remember to gamble with money you can afford to lose.