Cryptocurrency casinos have exploded in growth in recent years, and why not? You get increased privacy, a complete decentralized financial system, and massive game variations to select from. But recently, there’s been a surge in Ethereum casino websites.
Why is that?
According to the Wall Street Journal, over seven million new Ethereum accounts were created in the first four months of 2021! That’s a total of more than $55 million, including total transactions of $1.5 trillion in the first quarter.
With Ethereum at number two in terms of cryptocurrency prices by market capitalization, it’s no surprise that Ethereum casino sites have increased in popularity. Aside from that, online players prefer to use Ethereum because of its:
- Safe-deposit method
- Better fees
- Easy to use platforms
Most Players Prefer Ethereum Payment Options
Many online sweepstakes websites are including Ethereum in their payment methods. That’s because it has several advantages over standard banking options, and many players use it as their favorite deposit method.
With that being said, cryptocurrency sweepstakes are hugely an unregulated space, so you’ll need to ensure that the platform you choose is secured. Because of that, we’ve created this simple yet effective Ethereum casino guide.
You’ll learn everything you need to know, such as how Ethereum gambling works, the best platforms we recommend, and many vital tips. If you’re new to the whole world of ETH casino platforms, this guide is for you. Let’s begin.
What Is An Ethereum Casino?
An ETH Casino is an online gambling platform that accepts a digital currency (Ether) generated on the Ethereum network. Usually, Ethereum is considered Bitcoin’s second in command, especially since it’s second place with Bitcoin at first on Crypto prices by market cap.
Since its emergence in 2015, it has grown to become the best alternative currency for online gambling. The Ethereum allows you to carry out financial transactions anonymously, and because of that, you’re not subject to any tax.
It also gives you two methods to wager. The first (and usually the most common) use of Ether is the deposit and withdrawal method. The second option is to use the Ether as a smart contract to place bets. It’s perhaps one of the most notable applications but also a bit complex.
Ethereum gambling keeps you out of any tax obligations with these two alternatives and gives you verifiable and secured transactions.
How Does An Ethereum Casino Work?
ETH casino works the same way as Bitcoin or conventional sweepstakes sites. The difference is in the method of payments. You can decide to deposit on your sweepstakes wallet or right into a smart contract. That’s because these crypto platforms run directly on the blockchain network.
A smart contract is an agreement between two parties, but it’s represented as computer code stored on public databases that can’t be altered.
All Smart Contracts Are Self-Executed
All smart contracts self-executed, meaning that there’s no need for a third party. And the execution occurs when the agreements are met.
You get your payment as soon as the requirements are met. You don’t have to rely on the sweepstakes platform you choose because at no point do they keep your cash. If you lose a bet, you lose your money.
If you win, the smart contract takes care of the payments. So an online sweepstakes platform can’t charge transaction fees, delay withdrawals. Furthermore, the agreement makes sure that the payments are instant.
When you choose your online sweepstakes, select the Ethereum option at the cashier section. A wallet address that starts with “0x” will be generated for you. That’s where you pay your digital coin (Ether) to the casino Ethereum wallet address.
After that, you can wager the same way you do on traditional online sweepstakes.
Pros And Cons Of An Ethereum Casino
- Deposits and withdrawals are almost instant (about 10 minutes)
- Extensive collections of sweepstakes games to select from
- Play favorite games via desktop or mobile device
- Choose from live dealers or software games
- Gambling comes with a high risk. We recommend that you use the amount you can afford to lose and stick to it.
- Does not get any benefits from strict regulation like traditional sweepstakes sites
- Ethereum transactions are irreversible.
Top 5 Ethereum Casino Sites Of 2021
BetOnline allows players to use Ethereum on their platform. With Ethereum deposits, you can play vast collections of sweepstakes games. You get live dealer sweepstakes, racebook, card rooms, binary options, and even eSports betting.
However, when you use MasterCard or Visa, you’ll pay a fee, so Ethereum is preferable. BetOnline offers a $500 Crypto-Bonus with a $20 minimum deposit limit. But other than that, they handle most deposit levels.
You can make massive deposits with Ethereum compared to other types of payments.
With Wild Casino, using Ethereum is the fastest and easiest way to fund your account. Wild Casino provides numerous rsweeps games, including live dealer, video slots, and table games. You’ll find out pretty quickly that depositing with Ethereum is the best option.
The maximum deposit can hit $50,000, and the maximum payout limit is $10,000.
BitBetWin is one of the fastest-growing river slots sweepstakes platforms. This platform encourages you to play with Bitcoin and Ethereum because of the fascinating bonuses you get. BitBetWin is transparent, transactions are highly secured, and offers the latest and popular riversweeps games.
You get to play more than 300 unique casino games and impressive bonuses that can live you playing for a long time. There’s 24/7 live chat support to answer any questions you might have.
BitStarz is one of the most popular Bitcoin casinos on the market. The Curacao government regulates BitStarz and has been tested and proven to be fair. The platform overs more than 3,000 premium sweepstakes games.
However, if you’re searching for a sportsbook feature, you won’t find one BitStarz accepting numerous currencies aside from Bitcoin. You can deposit through Ethereum, Dogecoin, Bitcoin cash, etc.
If you need any inquiries, BitStarz offers effective customer support. You can also contact them through email, social media, and online chat.
Stake offers a variety of online casino games, 24/7 live chat support, and anonymity. Accredited authorities have tested the platform and proven it to be fair. The Curaçao Egaming authority regulates it.
You can deposit in Ethereum, Bitcoin, Dogecoin, and many others. Stake gives you free money and beginning balance via email, which includes faucets. The river sweepstakes platform runs weekly prize pools and daily challenges, which is excellent to increase your chances of winning.
If you’re searching for a safe and secure deposit method in Ethereum gambling, Ethereum is the best choice. Unlike Bitcoin, there’s not much price fluctuation in Ethereum. That means you won’t lose value when the market changes.
Online casinos allow players to play and win in the most fun way possible. With the growth of Ethereum casino websites, you don’t have to visit physical locations to enjoy a few hours of your favorite games. You can participate in anonymous gambling games without disclosing your identity, thanks to Crypto casinos. But you have to be on the lookout for scammers. Therefore, it’s essential to check out any online sweepstakes platform before you proceed. Always play on sweepstakes platforms with licenses from recognizable authorities and provide provably fair games.