What is Ethereum betting?
Simply as the name states: betting with Ethereum. The increasing popularity of Ethereum has made it an attractive payment method used in the world of online betting. At present, ether betting platforms are not as widespread as bitcoin ones, but sites that accept bitcoin payments have opened up to Ethereum as well.
How do Ethereum betting sites work?
Just like the regular betting sites you are used to. However, instead of depositing fiat currency, you use ether to stake on your bets, which means your winnings come in ether as well. Some of these sites will only accept deposits in cryptocurrencies like Ethereum, whilst others will be regular betting sites that provide for both fiat currency and cryptocurrency deposits.
What can I bet on with my Ethereum?
Almost anything. You can find everything from sportsbooks to casino games – even some that are unique to cryptocurrency gambling. Here’s a small selection of the more popular betting options:
- Sports. From basketball to tennis, baseball, to association football, you can bet on your favourite sports using ether.
- Live Sports. You can also bet while sports games are in play with Ethereum.
- eSports. Ethereum is becoming more popular in eSports betting. From World of Tanks to LoL to CS:GO, you can bet on almost any leading eSport title. We have a specific page that further expands on this if you would like to learn more.
- Casinos. Many online casinos are accepting Ethereum, giving you plenty of game options – from lottery games to blackjack and roulette.
- Extra games. Because of the peer-to-peer nature of Ethereum, many sites have created games specifically made for betting with ether such as Ethereum dice, lottery games, and even ‘faucet’ games that allow you to earn tiny amounts of ether for simple tasks. You can then use these to try out new games.
Find betting bonus codes and free bets
Many Ethereum betting sites have unique bonuses and free bet options for both new and existing users. A good number of them will reward you by doubling your first deposit up to 25 ether or even more. There are also others that allow you to take free bets and spins, allowing you to keep your winnings. Go ahead and check out our table and reviews for platforms that offer such bonuses.
Is depositing and withdrawing faster with Ethereum betting?
Yes. Withdrawing and depositing is faster with Ethereum betting than with fiat currency, or even bitcoin. This is actually one of the main advantages of betting with Ethereum, as transactions are usually executed instantly.
Are there limits on Ethereum betting sites?
Yes, but this also depends on the site you use. You will find that most Ethereum betting sites don’t really list fixed limits on their site because of the fluctuations in the price of ether. Unless the limits are stated in fiat currency. Here’s a list of the types of limits you can expect:
- Betting Limits. Depending on the site you use, you will come across betting limits for single bets, with a common maximum usually around 50 ether.
- Deposit Limits. Most sites don’t have a maximum deposit limit, but you could find a few that have very low minimum deposit limits.
- Withdrawal Limits. Some sites have restrictions on the amount of ether that you can withdraw at a time, but generally the limits tend to be higher than when using fiat currency on a regular betting site. Our reviews have more in-depth information on fees for specific betting sites, so be sure to check them out.
What are the transaction fees?
This once again depends on the site you use. Ethereum betting sites usually don’t charge their users when depositing or withdrawing ether, but users will have to pay transaction fees called ‘gas’ for moving Ethereum from one wallet to another. The gas fees are awarded to miners for verifying transactions on the Ethereum blockchain, and they are usually a negligible amount (usually less than £1 worth of ether).
Is Ethereum betting available on my phone?
Yes, it is, mostly through mobile-optimised websites. Currently, it’s hard to find apps dedicated to offering Ethereum betting.
Is betting with Ethereum legal?
This depends on where you are located. In the UK, betting with digital currencies such as Ethereum is completely legal. However, only betting platforms that hold a license by the UKGC (UK Gambling Commission) are permitted to provide Ethereum betting to UK customers. Our reviews will explain the regulatory status of all our recommended Ethereum betting 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?
This is more specific to Ethereum casinos, and these are usually what’s known as ‘provably fair’, which allows users to see the fairness of an algorithm used in a game they played. Through entering a simple code generated when a game is played, you can be sure that nobody interfered with the result to rip you off.
How do CryptoSuper.market’s reviews work?
Great question. Our team of crypto experts diligently researches both existing and new Ethereum betting sites, specifically focussing on user experience, value for money, range of games, and security.
What are the 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 more with 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 sites. 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 betting with ether, which include:
- Anonymity. Betting with ether gives you the opportunity to stake Ethereum anonymously. With Ethereum, you can often bet online without having to submit your personal information to a site. If a site requires you to register for an account, then you will usually only have to provide an email address, so it’s much more anonymous than ‘regular’ betting sites which you fund from your bank account.
- Lower transaction fees. Because you don’t have to deposit into Ethereum betting 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, and usually instantly. This means you’ll typically have no delay between depositing ether and being able to bet on your chosen site.
- Making your own bets. Some websites now offer you the opportunity to make your own bets, and better functionality will come into place when smart contracts (self executing code that can be written onto the Ethereum blockchain) for betting come out.
Should I bet with Ethereum?
It’s up to you. If anonymity, better fees and faster transactions speeds, sound good to you, and you are not so concerned with the fluctuating price of Ethereum, then yes, betting with Ethereum could be a great option.
How do I get started?
This is very simple. Just browse through our selection of betting sites and read our in-depth reviews to find the right betting site for your needs.