Ethereum Betting Review

ethereum betting sitesCryptocurrencies do not need an introduction anymore. These digital currencies are dominating news, our social media feeds and of course our conversations. This new payment means promises to change the way we pay and receive our earnings. The astronomical rise in their valuations has grabbed everyone’s attention and Ethereum has been the most talked about digital currency after Bitcoin.

Gambling and sports betting sites have been the early embracers of this payment method and it has led to their widespread acceptance as a payment option in other areas of business. Ethereum has been around for quite some time when compared to the cryptocurrency ecosystem and has found wide acceptance. If you are interesting in knowing the basics of Ethereum and Ethereum betting, we at BettingTop10 would discuss the basic things you need to know about Ethereum and Ethereum sports betting here.

Ethereum Profile

Ethereum is a decentralized, open-source blockchain cryptocurrency that is known for its smart contract functionality. It is the second most popular cryptocurrency in the world after Bitcoin by market capitalization.

  • Symbol: ETH or Ξ
  • Initial Release: July 2015
  • Author: Vitalik Buterin

What is Ethereum?

Ethereum is a decentralized computing platform which is based on the blockchain technology. The platform is more known for the cryptocurrency with the same name which has amassed a market cap of more than $290 Billion. Like most other cryptocurrencies powering the ecosystem are millions of machines around the world that help in building blockchain of transactions. This ensures high security and anonymity as the data gets stored in millions of devices and applications around the world. The Ethereum blockchain ledger is publically viewable and has contains information on all the transactions

Like other cryptocurrencies Ethereum enables online payments and transactions and these are executed on a peer-to-peer format. Since its launch in 2015 it has scaled astronomically in its short existence and is being used across the online gambling and sports betting businesses. Given its wide popularity increasing number of websites across the world are accepting transactions in Ethereum. One of the major success stories has been with Ethereum sports betting.

What makes Ethereum different from other cryptocurrencies?

Ethereum has gained immense popularity in the world of sports betting and its use matches Bitcoin due to the inherent advantage it offers. The developers of this cryptocurrency were quick to realise on the speed advantage when it comes to individual transactions. When compared to other cryptocurrencies such as Bitcoin that can take almost 10 minutes to process a transaction, Ethereum users can complete a transaction as quickly as 15 seconds!

How to Bet with Ethereum?

So far we have already covered what Ethereum is and the advantages that it offers to bettors. However, if you are planning to bet for the first time with Ethereum there are few things you need to do. Here are the steps you need to follow when it comes to betting with Ethereum.

  • Sign up with an Ethereum Sportsbook – First and foremost you need to start by signing up with a sportsbook that accepts Ethereum. While top sportsbook are increasingly adding this as a payment method, not all betting sites are Ethereum enabled and hence you should make sure you are choosing a sportsbook that accepts Ethereum.
  • Set up a Crypto Wallet – Setting up a Crypto Waller is a prerequisite to trading in cryptocurrencies. A Crypto wallet lets you hold your cryptocurrency coins and helps you in carrying out transactions on the betting exchanges. You have wide choice wallet options available with the most popular being –
    o Coinbase
    o Bittrex
    o CoinMama
    o Kraken
  • Create Exchange Account – Cryptocurrency Exchanges play an intermediary role in Ethereum transactions similar to the role played by your card companies and bank. You can buy and sell cryptocurrencies from crypto exchanges. You need to create an exchange account and link your crypto wallet to it.
  • Send Coins to Your Wallet – Once you have created your Exchange Account you can buy Ethereum using Credit Cards or Bank Transfers and the coins would be deposited into your wallet.
  • Deposit Ethereum Into Your Betting Account – To bet using Ethereum you will have to deposit your coins in the bookmakers account. Navigate to the Deposit Page on the app or the betting site and choose Ethereum as your deposit currency. Choose the minimum deposit amount or an amount you need to deposit and your transaction would be processed in real-time and you are all good to place your bets.

Ethereum Betting vs Regular Betting

Is Ethereum Betting different from Regular Betting? In most cases betting with Ethereum and regular deposits are the same in terms of the odds, stakes and KYC (Know Your Customer) compliances that you have to meet. However, there also differences that you need to be aware of. Here we look at some of the differences that you need to keep in mind while betting with Ethereum.

Bonuses

Ethereum and other cryptocurrencies are bringing in more people to thee fold and hence most bookmakers are offering additional bonuses to users who bet using cryptocurrencies. Check out for such offers with the bookmakers of your choice and you will have more to stake with than you deposit.

Enhanced Odds & Free Spins

Since Ethereum betting has grown in popularity and thousands of Ethereum traders and miners have taken to sports betting bookmakers are rewarding the users. You can enjoy enhanced odds and free spins in casinos if you deposit Ethereum coins.

Betting Challenge

Betting with Ethereum can be challenging due to the volatility in their valuations as compared to traditional currencies. To track your winnings and losses you will have to constantly keep track of their valuations in the crypto exchanges to count your wins and losses. You also have to be careful while betting using Ethereum since a decimal difference can lead to huge losses.

Where Can I Bet with Ethereum?

As we have already discussed the list of betting sites that let people bet using Ethereum has been constantly increasing and as of now here is the list of betting sites that allow you to bet using Ethereum

Other Cryptocurrencies for Betting

The demand and popularity of cryptocurrencies has led to dozens of currencies mushrooming around the world. At BettingTop10, we have been constantly tracking the popularity of different cryptocurrencies and here’s our list of the best cryptocurrencies for betting –

Bitcoin (BTC)

The most popular cryptocurrency in the world with more than $1 trillion in market cap it is widely accepted by betting sites. Bitcoin is popular thanks to its interoperability as it is widely accepted across different payment platforms.

Binance Coin (BNB)

It is Ethereum-based and hence shares many of its characteristics with Ethereum and use acceptable across several betting platforms. It stands out thanks to the low fee and commission fir people who register on the Binance Exchange.

Ripple (XRP)

It is the third largest cryptocurrency one that is approved by many traditional financial institutions. Payments are instant and the costs of transactions are extremely low with Ripple. It is also considered safer compared to other cryptocurrencies from regulations point of view.

Dogecoin (DOGE)

Backed by Elon Musk and several other billionaires this cryptocurrency has gained wide acceptance in recent times and its valuations are expected to rise astronomically in the future.

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