How is Ethereum Used for Sports Betting? Is it Safe?
Ethereum is offered at only a handful of sports betting sites, but it works in the same way to other currencies and other cryptocurrencies. You can deposit and Ethereum withdraw funds, and you can place bets on a wide variety of sporting events. The process of depositing is slightly different, however, as you will first have to select the amount that you wish to deposit and then you will be sent an ETH transfer request from the sportsbook itself. You then send the Ethereum to the sportsbook and it will appear in your account, usually in US dollars.
In terms of safety, there are obviously some concerns. With the lack of regulation of cryptocurrencies and sports betting, it is not only hard to come across a betting site that accepts Ethereum as a form of payment, but it is even harder to find one that is reputable for being safe and secure.
More and more options are coming onto the betting scene, however, making it easier to find Ethereum gambling sites. You just need to make sure to do your own research, as finding a safe Ethereum sportbook to use can change the way you bet for sure. The actual transactions made using Ethereum are some of the safest possible due to its extensive encryption, but there are some occasions where you will have to be wary of the actual site you are using.