What is Ethereum?
Before we get down to the business of finding the best sports betting and online Ethereum casino sites, we must first start with the basics. Conversely, to what outsiders might think, Ethereum itself is not a cryptocurrency – it’s actually a technology platform that allows you to send and receive cryptocurrency. The actual cryptocurrency coin is called Ether, more commonly referred to as ETH. The Ethereum platform can also be used to send other cryptocurrencies, including Bitcoin and Litecoin.
This means that Ethereum could technically also play a part when using bitcoin or dogecoin gambling sites. However, this article will solely be focusing on using Ethereum for sports betting – and by that, we of course mean ETH. Although you can send and receive other coins on Ethereum, ETH is the cryptocurrency that supports it. Basically, Ethereum couldn’t survive without ETH and vice-versa, so let’s take a look at why that is below.
What is Ether (ETH)?
As we said, Ether (ETH) is the cryptocurrency that is the blood that courses through the veins of the Ethereum network. When using Ethereum sports betting sites, this is the currency that you will actually be using. For those of you who are new to cryptocurrencies, we can imagine that your first question might be, is Ethereum similar to Bitcoin? The short answer is yes, but let’s expand on that a little bit.
Ethereum was founded in 2013 and both, the platform and the cryptocurrency, were first launched in 2015. Like most altcoins that came before it, including Litecoin, Ethereum was created to challenge Bitcoin and has been successful in doing so. Why? It mainly boils down to the Ethereum platform that we spoke about earlier.
Bitcoin was created merely to offer an anonymous and decentralized alternative to government-owned currencies. Ethereum on the other hand was built to do that and so much more. Ethereum is a programmable blockchain, meaning that it can be used as a marketplace for games, apps, NFTs and financial assets, including DeFi loans.
Why are Ethereum sports betting sites growing in popularity?
Firstly, the rising popularity of sports betting sites that accept Ethereum can be explained by the fact that crypto gambling in general has boomed over the past few years. It used to be the case that crypto betting sites were confined to a perceived dark corner of the internet where only Bitcoin Maximalists and crypto enthusiasts like ourselves dared to go. However, that is most definitely not the case now.
The best Ethereum betting sites, and crypto gambling more generally, offer a number of advantages for users. More and more people are having their eyes opened to this fact. And when you combine that with the growing amount of people who hold cryptocurrencyl, it’s only natural that Ethereum and bitcoin betting sites have now stepped out of the darkness and into the light.
Is online sports betting with Ethereum legal?
It depends on the location that you are betting from and the betting operator that you use, but generally speaking yes. In most regions, Ethereum sports betting sites are every bit as legal as your run-of-the-mill fiat currency operators. Cryptocurrency betting sites have actually been around for well over a decade. However, the initial perception was that the only operators available were pirate operators and unregulated sites. And once upon a time, we have to admit that there was definitely some truth to that perception.
Fast-forward to now though, and things are very different – in most regions where online gambling is legal, you will find fully licensed sportsbooks and/or casinos that accept cryptocurrency deposits and withdrawals. The Curacao eGaming license still remains the one that crypto gambling operators can most easily obtain. However, some of the more highly-regarded regulatory bodies are starting to legalize crypto sportsbooks.
December 2021 saw a massive step taken in the world of crypto gambling as Stake.com was given a license from the UKGC. The operator has also further cemented its place in the mainstream sports betting world through its deals with multiple sports teams and stars, including, Watford FC, Drake, Sergio Aguero and Israel Adesanya. You will find that the best Ethereum betting sites will start being licensed and accepted by more global gambling regulatory bodies in the near future.
Top five advantages of sports betting with Ethereum
There are a number of advantages to using cryptocurrencies in general when it comes to sports betting. However, we truly believe that sports and esports betting with Ethereum have some even more enhanced benefits. Of course, there are two sides to every coin, and we’re not going to sit here and pretend that Ethereum sports betting is perfect. For example, the volatility of the asset does pose a number of risks that should not be ignored.
Just now though, we’re here to focus on the positives, as we are crypto betting enthusiasts after all! Below we’ll run you through the top five advantages that crypto gambling has over fiat currency betting. Additionally, we also explain why Ethereum sports betting sites hold an advantage over those using other cryptocurrencies.
Privacy and security
Above all else, all cryptocurrencies offer a level of privacy and security that centralized fiat currencies will simply never be able to replicate. Blockchain transactions are stored completely anonymously, meaning that no one can ever trace any transactions either back to you or the betting site that you are using. Effectively this gives you absolutely no online paper trail.
To speak more specifically about using the best Ethereum betting sites, it’s worthwhile explaining that Ethereum is a P2P blockchain. This means that all anonymous transactions that take place on the blockchain are always conducted directly between the buyer and the merchant – there are no third parties involved.
Essentially, this makes it the digital version of paying in cash, which is completely impossible with fiat currencies. For example, when funding your account with a currency such as USD or EUR, you will always need to go through a third party, whether that be your bank, an e-wallet or a prepaid card. When using ETH, your financial info isn’t getting shared with a third party or the betting site that is receiving your money.
Lower fees
We do have to be fair and admit that fiat currency betting sites are getting better at offering no fees for deposits or withdrawals. However, they still can’t match the best Ethereum betting sites – and we’ll explain why.
For starters, fiat sportsbooks that offer no-fee deposits and/or withdrawals can only guarantee free transactions from their end. They cannot account for the fees that may be charged by your bank or payment provider. Especially for withdrawals, it’s almost inevitable that the third party will charge you a fee, whether that be your bank, e-wallet or another form of payment services provider.
You will be charged a fee when using any cryptocurrency to make transactions as well, however, it will generally be lower than those charged by banks and other fiat currency payment providers. The fees charged do differ between different currencies. For example, when using betting sites that accept Litecoin, you could pay as little as the equivalent of $0.0002.
We do, however, have to make a small concession here with regards to Ethereum sports betting sites. Ethereum fees are generally lower than Bitcoin but much higher than Litecoin – there, we said it. However, with Ethereum, it’s where your fee goes that’s more important.
When you make an Ethereum transaction, it will ultimately end up in the hands of a miner who is paid to process what you are doing. It is these miners who are essential for maintaining the security, efficiency and decentralization of the Ethereum blockchain. Remember when we said that ETH is effectively the lifeblood of Ethereum – this is why!
Faster withdrawals
Once again, we do have to take off our crypto-tinted glasses for a moment here and make a concession. Most fiat currency sportsbooks will now offer instant deposits, regardless of what payment method you use. Therefore the best Ethereum betting sites and the best fiat sportsbooks are essentially matched in this sense.
Where they are completely unmatched though, is when it comes to withdrawals. And once again, it all boils down to the fact that fiat currency payments involve third parties. Additionally, there’s also the fact that the sportsbooks can’t take your money quick enough, but they’re not so speedy when it comes to giving it back to you.
When you make withdrawals using fiat currency, you first have to verify your account and have the withdrawal processed. These two processes alone can take one or two days when combined. You then have the operator’s processing time, and that’s all before you have to wait for your bank or payment provider to process the transaction at their end. While 24 hour fiat currency withdrawals are now available, it’s still not uncommon for bettors to have to wait more than five working days to get their money.
With cryptocurrency payments, the only thing that you have to wait on is the processing time on the blockchain. We do have to admit though, that Ethereum is a little bit slower than its competitors. Even with that in mind though transactions on the best Ethereum betting sites should be processed in between 15 seconds and five minutes. Not too bad, huh!
Bigger bonuses
As well as being cheaper and more efficient for you, crypto payments are also more cost-effective for the operators behind the Ethereum sports betting sites as well. When you combine that with the fact that the crypto sportsbooks are not yet as well established and widely accepted as fiat ones, it’s only logical that the best Ethereum betting sites are keen to pass these savings on to you.
One of the main ways that these savings are passed back to you is via bigger bonuses with better conditions. Generally, you will find that legitimate crypto sportsbooks will offer a welcome offer that is larger than what you would typically find on a fiat currency site. Additionally, the terms and conditions tend to be better too – especially when it comes to the wagering requirements, which are usually lower or totally non-existent.
Better odds
For the same reason detailed above, Ethereum sports betting sites are also able to offer you better value bets and payouts. Usually, this is mainly done by offering slightly better odds than you will find at a normal sportsbook.
Now, we understand that the cynics amongst you might be thinking that the sportsbooks would surely more readily keep the extra profit than filter it down to their users. While some might do that, the majority of crypto sportsbooks are seizing the opportunity to utilize this and grab a share of the market from their fiat counterparts.
Don’t believe us? Then take a look at the top-rated crypto sportsbooks here at Esportsbetting.com and compare their odds to your current fiat currency provider. Trust us, you will probably be quite surprised – and pleasantly so!
Get to know our favorite ETH sports betting sites
Ethereum sports betting – How to get started
We hope that we have already managed to convince you about the advantages of using Ethereum sports betting sites. However, we understand that those of you who are new to Ethereum sports betting might be a bit apprehensive about getting started. Well, you can trust us when we tell you that it’s not as difficult as you might think. All that you need to do is follow the three simple steps below.
Buy Ethereum
It almost sounds too simple, doesn’t it? But before you can start betting on sports using Ethereum, you first have to buy some. The first step to buying some Ethereum is opening a crypto wallet, after which we recommend buying it on an exchange. The best exchanges will also have wallets where you can store your crypto, so you can essentially kill two birds with one stone here.
Find your ideal Ethereum betting site
The next step is finding your ideal operator, which you can do by using our comparison tool of the best Ethereum betting sites right here at Esportsbetting.com. Once you have found your ideal sportsbook, all that you then need to do is create your account, deposit your ETH and claim your first welcome bonus.
Start betting
And that’s it, you can now start betting on your favorite sports using your Ethereum deposit funds. If you are concerned about not being able to track your bets in ETH, you don’t need to worry, as most Ether sportsbooks will convert your deposit into a local currency, such as USD, once your deposit has been made. This makes your bets much easier to keep track of.
Ethereum sports betting sites – The verdict
Now the exciting part of your journey begins, as you can find your ideal ETH betting site here at Esportsbetting.com and start wagering on your favorite sports. If you came here unsure about using Ethereum for sports betting, then we hope that we have managed to put your mind at ease by explaining some of its advantages. It is important to remember though, that ETH and other cryptos are volatile, so that is an extra element to be aware of when betting on sports using Ether.
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