How to Bet with Ethereum?

Ethereum is of the most popular cryptocurrencies currently in use in the world. It rose to prominence back in 2015 and has grown in popularity rapidly since. It may not be at the same levels of popularity as Bitcoin but has a valuation of over $50 since 2017.

At the time of writing, the cryptocurrency is worth over $1000. Ethereum has been used for a lot of different reasons but is primarily used in online betting as there are many advantages to doing so.

Ethereum is different from Bitcoin because it is centred around Ether to power the currency. The cryptocurrency is very secure and as such, lends itself to being used for a multitude of purposes. Ethereum also has its own programming language which added further versatility to it.

Currently, only a small number of betting sites offer the option to use Ethereum but this isn’t different from many other cryptocurrencies (read this – best crypto bookies ). With Ethereum you can deposit and withdraw your currency as normal as well and placing bets in Ethereum gambling sites on different selections.

The depositing process is somewhat different from the usual method, however. First, you will need to choose the amount you want to deposit into the online betting account. After this, you will be sent an ETH transfer request from the online betting company.

You will then need to wire through the Etherium directly to the sportsbook where it will be accessible in your account (usually presented in US dollars).

There are some challenges when it comes to finding reputable websites that will accept this payment method. As of now, few online sportsbooks will allow you to use Ethereum so finding one that is safe and secure can be difficult. Due to its relative recency, there are few regulations for using cryptocurrency in sports betting.

Having said this, the range of betting options for users or Ethereum and other cryptocurrencies are increasing. There are several safe and secure online Ethereum betting websites out there that do accept the cryptocurrency (more on these below).

The transaction itself is incredibly safe due to the level of encryption but do make sure the sports betting site you are using is safe.

The biggest plus point of using Ethereum (and most other cryptocurrencies) to make sports betting wagers is that you can bet without entering personal information.

Also, it is not necessary to provide proof of identity which can save a lot of time and hassle as well and negate the risk of your personal details being stolen or sold to unwanted third parties.

It is a safe way to use money thanks to the high levels of encryption and means the likelihood of something bad happening is greatly reduced.

Another advantage of using Ethereum is that the transaction speed is increased significantly. Deposits are practically instantaneous and withdrawals are a lot faster than they are using traditional payment methods. Having said this, there are a few downsides to using Etherium betting selections.

Perhaps the most obvious disadvantage is the current scarcity of sports betting websites allowing this form of payment.

It will take time for bookmakers to catch up with the fast-developing world of cryptocurrency and we are seeing more and more of them adopt these new payment methods but for now, your selections are more limited if you choose to use Ethereum over bank transfers or PayPal for example.

The majority of bookmakers do not offer any form of cryptocurrency payment with the few that do, often only allowing Bitcoin.

Another potential negative of using Ethereum gamble on sports betting websites is the fluctuation of the cryptocurrency against the dollar. Ethereum is far more volatile than the dollar or the pound and as such the value of your deposit can change rapidly.

Of course, this can work both ways and could increase your value but it certainly something to bear in mind if you are considering using Ethereum sports betting on websites.

As a relatively new cryptocurrency, Ethereum can take time to get used to for those uninitiated. This can be uncomfortable to begin with but will soon become an effective way to bet Ethereum on sportsbook selections online if you choose to use it.

Ethereum can be purchased from an Ethereum exchange and work very similarly to an ordinary online bank. Depositing and withdrawing funds is fairly similar to any other currency with the changes explained above. 

You will obviously need to find a website that allows Ethereum as a payment method first and foremost. It is also worth checking how reputable the website is and what sports you are able to bet on. 

Ethereum can be bought, sold, and traded on a variety of different exchange and trading platforms across the internet. There are in excess of 100 platforms that allow ETH. Some of the most popular platforms include Coinbade Pro, Gemini, and Binance. You are able to trade Euros, Dollars, and Pounds Sterling among other currency to Ethereum. 

Betflip is one online bookmaker that accepts Ethereum as a payment method. They are an innovative crypto bookmaker with a straightforward registration process and quick payments. Betflip is great for eSports betting and has a high withdrawal limit.

Another online sportsbook that accepts Ethereum is Sportsbet.io. This is a reputable company offering fast withdrawals and an easy sign-up procedure. They have a top-quality mobile application and offer customer support around the clock.

1xbit is another sports betting company that offers online betting with Ethereum. They are licensed in many countries across the globe and have a generous sign-up offer for new players. There is a good range of sports to back and a user-friendly website design.