Ethereum is a computing platform based on blockchain technology which allows its users to create and deliver decentralized applications.
Ethereum is a public blockchain that specializes in smart contract functionality. 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, which has led to popular DApp games.
The world of online gambling has seen much good from Ethereum, because it provides faster transactions and complete anonymity. If you are asking yourself what are the advantages of Ethereum sports betting and how it works, you’re reading the right article.
Ethereum sports betting: Pros and Cons
The amazing possibilities of Ethereum and its token Ether are having a big impact on sports betting and online casinos.
However, Ethereum has its pros and cons. Let’s see the Ethereum pros and cons by starting with the advantages:
Using Ethereum as an operational network allows you to create decentralized gambling platforms, free from any third-party influence and additional costs.
The first thing is that players play in a safe environment with a cryptocurrency. This is possible thanks to smart contracts. A smart contract is a piece of computer code that executes an action automatically when certain conditions are linked, such as the exchange of money.
These computer codes run on the blockchain, therefore no alteration or cheating is possible. Once concluded, contracts remain the same for good, and there is also no need for trust between the punter and the betting site.
The reason is you are no longer depositing directly into the account of the sportsbook or casino operator because they don’t hold your funds anymore.
Moreover, all transactions are instantaneous, so you don’t have to wait a long time to deposit or withdraw your money.
Here are the most significant pros to using ETH for sports betting and gambling:
· Privacy and transparency while playing
· Higher odds
· No hidden fees
· Instant and guaranteed payout
· Provably fair games
· Full privacy
· Highest bonuses on the market
· Good number of betting markets
The main disadvantage of using Ethereum is its volatility. As is the case with all other cryptocurrencies, the value of Ethereum can go up and down quickly.
Other negative aspects of Ethereum for sports betting and casino gaming is adoption. Not many sportsbooks and casino operators want to invest time and effort to create an Ethereum strategy.
The popularity of Ethereum sports betting and casinos is on the rise, but it is still in its infancy, which leads to another issue – the lack of betting markets. The most common betting markets are there, but if you are looking for something more complex, you might not find it in an Ethereum sportsbook.
Also, people might not know how Ethereum sports betting works, so they can be scared to play, which can lead to punters not trusting the technology.
How do you bet on Ethereum (ETH) sports betting sites?
Most people avoid Ethereum sport betting sites because they feel comfortable with a credit card or e-wallet. But as you’ll see below, getting started with ETH is simple and easy.
Step 1: Purchase Ethereum
The first step involves buying Ethereum with a fiat currency, such as the Euro, Yen, US dollar, or British pound.
Some of the popular fiat-to-crypto exchanges include Coinbase and Gemini. Using these sites you have 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 can purchase Ethereum. The exchange will show how much ETH you’ll be getting per dollar/euro/yen/pound spent. After confirming the transaction, you officially own Ethereum. You can either keep the ETH on an exchange or create your own Ethereal wallet which gives you full control over your crypto.
Step 2: Choose your sports betting website that accepts Ethereum
Most internet sportsbooks offer the same traditional payment options, such as credit cards, e-wallets, prepaid cards, and bank transfers, but more online sportsbooks are starting to accept cryptocurrencies like Ethereum. So you can choose one of these.
Step 3: Create your wallet address at the sportsbook
Now, it is time to choose an Ethereum wallet option and define this address as your wallet for any Ethereum transaction.
Step 4: Send funds to the sports betting site
The final step is to make your deposit. First, you need to select the send option in your wallet and then enter the amount of ETH you’d like to send to the address/sportsbook.
Other types of Ethereum games
Together with sports betting there are other types of popular Ethereum games, such as classic casinos, slot games, blackjack, roulette, poker, lotteries, bingo, and dice games.
The majority of casino games in an Ethereum online casino are the same as you would find in a regular online casino, except for games such as ETH dice. Slots have the most to offer though, especially the newest 3D slots that are taking over the world of slots. Also, players can enjoy different skill games such as scratch cards, video poker, roulette and other popular casino games.
There are a lot of types of blackjack in crypto sportsbooks and casinos, with American and European blackjack leading the way as classic examples of this table game.
Ethereum dice is one of the most popular and transparent games in ETH online casinos. It is the classic example of a provably fair game.
Each roll of the dice is completely random thanks to the two seeds generated: the server seed and the client seed, and the two are coupled with the number of bets on them to receive the roll number. The payouts are very high in ETH Dice because the game is provably fair.
There are several Ethereum poker and video poker games. Some are classics, such as Texas Hold’em, Deuces Wild, Jacks or Better, All Stud Poker and Joker Poker Progressive.
Ethereum lottery belongs to the group of unusual games in casinos. To play, you need to choose a string of numbers you think will be chosen in the draw. There are daily, weekly, and monthly lotteries.
In conclusion the future of Ethereum online gambling looks really bright with players and online gaming operators taking full advantage of the digital framework that Ethereum offers.