Cryptocurrencies have become a much larger part of online gambling within the past two years. Bitcoin has especially become more prevalent at online sportsbooks and other gambling sites.
In fact, several cryptocurrencies are available for banking throughout the internet sports betting industry.
Among them, Ethereum (ETH) remains one of the most-attractive banking options. You can read more about Ethereum sports betting below long with its pros and cons.
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What Is Ethereum?
Ethereum is a public blockchain that specializes in smart contract functionality. The latter refers to digital contract that digitally enforce a contract between two or more parties.
ETH is also an open-source platform that allows anybody to contribute. Many developers like to create decentralized apps (Dapps) that operate on the Ethereum platform.
However, online sportsbooks and the general public mostly refer to Ether as Ethereum or ETH.
Since launching in 2015, Ethereum has become the second most-popular cryptocurrency in terms of market cap behind Bitcoin. Not surprisingly, it’s also among the most-available cryptocurrencies at betting sites.
How Do You Bet On Sports With Ethereum?
Most people avoid Ethereum betting sites, because they’re more comfortable depositing with a credit card or e-wallet. But as you’ll see below, getting started with ETH isn’t as intimidating as it seems.
Step 1: Purchase Ethereum
The first step involves buying Ethereum with a fiat currency, such as the US dollar, British pound, or euro.
Some of the popular fiat-to-crypto exchanges include:
Ethereum Live Betting App
- Coinbase
- Gemini
- Kraken
Upon visiting such sites, you need to make a deposit through one of the available banking options. Visa, Mastercard, and bank transfers are the most-common ways to deposit at such exchanges.
Once you’ve deposited, you need to purchase Ethereum. The exchange will show how much Ethereum you’ll be getting per dollar/euro/pound spent.
You can either keep the ETH on an exchange or create an Ethereum wallet —the latter of which gives you full control over your crypto.
Step 2: Find a Betting Site That Accepts Ethereum Deposits
Most internet sportsbooks stick with traditional payment options, such as credit cards, e-wallets, prepaid cards, and bank transfers.
However, more online sportsbooks are beginning to accept cryptocurrencies like Ethereum.
Some of these sportsbooks only accept ETH while others allow deposits through one or more other cryptocurrencies.
Step 3: Obtain a Wallet Address at the Sportsbook
Next, you want to navigate to the sportsbook’s banking section. You must choose the Ethereum option and look for the generated wallet address.
You want to copy this wallet address and head back to your crypto exchange or ETH wallet.
Step 4: Send Your Funds to the Bookmaker
The final step is to actually make your deposit. First, you need to select the send option in your wallet or crypto exchange.
You’ll be prompted to enter how much ETH you’d like to send to the address/sportsbook.
The amount of time that it takes for a deposit to arrive depends upon the ETH network congestion. Generally speaking, though, you can expect betting funds within 15-60 minutes.
Can You Get Ethereum Sports Betting Bonuses?
Although Ethereum is the second most-popular cryptocurrency, it’s still relatively unknown among the general population. Bookmakers that accept Ethereum fully realize this fact and incentivize you to deposit with this virtual currency.
That said, you’ll often find bonuses at Ethereum sportsbooks.
Such offers give you the potential to earn up to 1 ETH or more.
An Ethereum token is worth almost $180 at the time of this post. Assuming you can earn up to 5 ETH, for example, you’ll be looking at a potential $900 bonus.
If you’ve ever wagered at traditional online bookmakers, you’re used to meeting terms and conditions before cashing out.
Rollover is one of the most notable terms. It refers to how much you need to wager (e.g. 10x the deposit amount) before withdrawing a bonus.
You should also look at the odds that are allowed.
Pros of Betting With Ethereum
You might consider gambling with a little-known and decentralized currency as crazy. However, Ethereum does offer multiple advantages over traditional sportsbook banking options.
Decentralized Banking
You may not like the thought of dealing with third parties when making payments and withdrawals at sportsbooks.
However, you don’t have to worry about these instances with Ethereum. This cryptocurrency operates on a completely decentralized network.
Nobody reviews what you’re purchasing when approving transactions. Instead, ETH miners merely want their small fee after completing the work to push your deposit/transaction through the network.
Perfect for US Bettors & Certain Other Countries
Continuing off the last point, Ethereum’s decentralized nature is perfect if you live in a country with restrictive online betting laws.
You can use ETH to bypass such restrictions and enjoy internet gambling. Again, you also don’t have to worry about a bank or e-wallet rejecting your betting deposits either.
ETH Becomes Easier to Use
Ethereum might require several steps. But once you get the hang of it, you’ll find it just as easy to use as an e-wallet.
The biggest hurdle involves initially depositing at an exchange and purchasing your Ethereum.
What’s more is that you can also look forward to using ETH as a withdrawal option too. Ethereum cash outs typical go through faster than most other banking methods.
Ethereum Live Market Rate
Cons of Betting With Ethereum
ETH may have its advantages, but it’s not entirely perfect either. You can see the biggest drawbacks to Ethereum sports betting below.
Learning Curve
As mentioned before, many sports gamblers enjoy the comfort of depositing with credit cards, e-wallets, and bank transfers.
I’ve already covered how using Ethereum becomes easier after the first few times. Nevertheless, you may not feel like putting in the initial time investment to enjoy this ease of use.
Ethereum News Live
Most Online Sportsbooks Don’t Accept ETH
The fact that Ethereum is the second-leading cryptocurrency behind Bitcoin means little in the betting world. Many sportsbooks still ignore this payment option.
Ethereum Stock Price
However, these numbers pale in comparison to the majority of sports books that don’t take Ethereum deposits.
You Lose Funds When Sending Them to Wrong Wallet Address
The scariest thing about using Ethereum is that you could lose your funds. All it takes is sending your ETH to the wrong address to lose everything.
I personally haven’t lost any Ethereum or other cryptocurrencies when depositing at crypto-friendly sportsbooks.
Conclusion
Ethereum sports gambling hasn’t completely taking off in its several years of existence. However, it’s steadily becoming more prevalent with each passing year.
Some gamblers like the advantages of betting with Ethereum.
Assuming you’ve ever had a betting deposit blocked, then you might want to seriously consider Ethereum. As long as you don’t send your funds to the wrong address, you should find this payment option to be quite handy.