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Ethereum betting sites

Ethereum betting sites in USA

Table of contents

Ethereum betting sites are rapidly gaining popularity. These betting sites allow users to bet on almost anything they like. This ranges from sports events to entertainment, politics and even financial markets.

This guide will discuss how to deposit or withdraw at Ethereum betting sites. Moreover, we discuss the pros and cons of these sites. Lastly, we look at the different alternatives for betting sites. Learn more about Ethereum sports betting sites below.

What is Ethereum?

Ethereum is a blockchain-based platform that allows the creation of decentralized applications, smart contracts, and DAOs. The genius behind its inception is Vitalik Buterein in 2013. Ethereum is a cryptocurrency that you can use to pay for services and transactions on the Ethereum network. The storage of the currency is in digital wallets. Therefore, you can access it with passwords or private keys.

You can buy Ethers on many exchanges like Coinbase, Bitstamp, Bithumb, etc. Users can also purchase Ether directly from other users through peer-to-peer trading websites like LocalBitcoins and Paxful. Miners maintain the Ethereum network. Also, the miners process transactions and earn ether as a reward for their efforts. This mining process takes time (between 10 minutes and 12 seconds). Moreover, it’s possible to speed up transaction times by paying higher fees to miners who prioritize your transaction over others.

A guide to depositing and withdrawing on Etherium betting sites

To deposit money on an Ethereum betting site, you will need to:

  1. Choose Ethereum as the deposit method that is offered by the site – Some sites offer only one method, while others have multiple options.
  2. Enter your account details into the field provided – This includes your username, password and other relevant information needed for identification.
  3. Confirm – Select your desired amount of currency to be deposited into your account and click the “Confirm” or similar button.

To withdraw from an Ethereum betting site:

  • Withdraw – Go to the ‘Withdraw’ page on your account page and enter the amount of Ethereum that you want to withdraw into your personal wallet. Click ‘Submit’.

Pros and cons of Ethereum betting sites

There are many reasons you should choose to play at Ethereum betting sites.

Pros

  • No risk to your bank details – Ethereum gambling sites don’t require any KYC or AML procedures from players. You don’t have to give them any information about yourself. Especially after creating an account and depositing money into it.
  • Secure – All transactions are anonymous and cryptographically secured. No one will be able to view your personal information or track your activity on any Ethereum betting site. The processing of all payments is by third-party payment processors. Thus, they use SSL encryption technology to ensure that no one can access your financial information. Also, all deposits are refundable back into your wallet immediately after a transaction is complete. Therefore, there is no risk of losing money due to faulty software or security breaches on the website’s end.
  • Fast transactions – One of the biggest benefits of using Ethereum online is that you can transfer money quickly and without delays. There are no delays when making transactions with this cryptocurrency. This is unlike some other online currencies, which can take up to 24 hours before they are completed. This makes it easier for you to make bets on different games without waiting for your money to be transferred from one wallet to another.
  • Special bonuses for Ethereum users – If you are an avid gambler and would like to try something new, it’s worth checking out some of the special bonuses some of these casinos offer. Some of them come with very generous amounts of free money that you can use for playing various games on their sites. Even for withdrawing your winnings during your stay there. This makes it possible for you to gamble without paying any fees until your balance reaches zero again.
  • Low fees – Another benefit of using Ethereum is the low fees. This means that you will be able to play with less money than if you were playing at other sites. Most other cryptocurrencies charge high fees for withdrawing money or making deposits. However, this isn’t the case with Ethereum. You will be able to make fast withdrawals without paying any extra charges on top of what they have already taken from your winnings.

Cons

  • Ethereum prices fluctuate – Fluctuating prices mean people can lose money when they bet on Ethereum. Hence, this is the biggest con of all Ethereum gambling sites. Ethereum prices change quickly and sometimes dramatically. If you buy ETH when the price is too high, your bet will lose money. If you sell at too low a price, your bet will also lose money. If you want to use Ethereum betting sites for real money, you need to be prepared for these possible losses.
  • Need to exchange for Dollars at the betting site rate – When you play Ethereum, you have to go through the site’s interface with your ETH Wallet. When you win, you’ll have to exchange your ETH back into USD at their current exchange rate. The problem is that this rate can vary a lot. This depends on how much they are charging as a fee. Also, how much they are paying out dividends to their token holders. If they are using an automated bot system, it might be a good idea to wait until they payout before withdrawing your winnings. Otherwise, you might lose some money.

Alternative crypto betting sites

Below is a list of alternative crypto betting sites you can find online:

  • Bitcoin – Bitcoin is a decentralized, peer-to-peer payment network and digital currency introduced as open-source software in 2009 by pseudonymous developer Satoshi Nakamoto. Bitcoin is the first cryptocurrency, a form of electronic cash. It is the largest of its kind in terms of total market value. Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. Called mining, individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins. Besides obtaining mining, you can exchange bitcoins for other currencies, products, and services. Users can pay an optional transaction fee to the miners when sending bitcoins. This may expedite the transaction being confirmed.
  • Dogecoin – Dogecoin betting is getting more and more popular day by day. Jackson Palmer created this cryptocurrency in 2013, and it is based on the same principles as Bitcoin. Dogecoins are very easy to mine, but this is not the only thing that makes them different from other cryptocurrencies. Dogecoin betting is a great opportunity for everyone who wants to earn extra money by betting on different sports events. The main idea behind Dogecoin betting websites is to use your knowledge about different sports events, teams or players and make some money with it. Many Dogecoin betting sites offer you amazing bonuses if you deposit some money in their account and then place bets on different types of sports events.
  • Litecoin – Litecoin is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Inspired by and technically nearly identical to Bitcoin (BTC), Litecoin creation and transfer is based on an open-source protocol and it does not fall under any central authority. The Litecoin blockchain can handle higher transaction volume than its counterpart – Bitcoin. This is because it generates blocks four times faster to prevent double-spending. Thus, it takes four times less time to generate new blocks. So, there are approximately 2.5 minutes for a Litecoin block to be created compared to 10 minutes for Bitcoin.
  • Tron – Tronbet is a decentralized DApp game on the TRON network. The game has been in beta since March 2019 and is now open to all players to join. Tronbet is a provably fair gambling game that allows players to place bets on their favorite games. This includes sports betting, casino games and virtual horse racing. The Tronbet platform has been built on the TRON blockchain and uses smart contracts for player deposits, withdrawals and bets. It’s also completely decentralized, meaning there are no third-party intermediaries involved in transactions between players and operators of the site. This ensures that all bets are processed securely without any risk of fraud or cheating.
  • EOS – EOS is a new blockchain platform that has gained immense popularity in the cryptocurrency world. Dan Larimer is the founder, who is also known for creating BitShares and Steemit. The main feature of this platform is the ability to support hundreds of thousands of transactions per second. This makes it one of the fastest platforms on the market today. The main goal of EOS is to become a decentralized operating system that developers can use to create their applications without paying any fees. This makes EOS different from Ethereum because developers have to pay ETH for every transaction they make using Ethereum smart contracts. EOS has its token called EOS tokens (EOS), which can be bought during ICOs or sold on exchanges for other cryptocurrencies such as Bitcoin or Ethereum. Currently, there are about 1 billion EOS tokens in circulation with a total supply of 2 billion tokens.
  • Tether – One of the most popular cryptocurrencies is Tether (USDT). It allows users to make fast transactions to the US dollar. you can use it on many different platforms, including cryptocurrency exchanges, casinos and betting sites. Tether has been around since 2014, and it’s currently the most popular stable coin in the world. At one point, it was even more valuable than Bitcoin! The US dollar backs tether at a 1:1 ratio. Therefore, you can use it as a stable alternative to fiat currency when making your betting deposits or withdrawals. Many online casinos allow you to deposit and withdraw using Tether, although some only allow you to do this when using their website directly. You may need to go through an intermediary service like CryptoPay or Neteller if you want to use Tether on an external site. These services aren’t free either, so always check how much they charge before sending them any money!
  • Ripple – Ripple is a cryptocurrency that has been gaining popularity in recent years. It is a product of Ripple Labs, Inc., a US-based technology company, as a solution to facilitate cross-border payments and remittances. The goal of Ripple is to enable instant global payments at low cost and with no chargebacks, which means that the sender does not have to pay for the transaction should it fail for some reason. Ripple uses a consensus ledger (a shared public database) where all transactions are recorded and confirmed by a consensus of validators. These validators are nodes run by individuals, businesses, or governments and include both full nodes (validators) and archival nodes (just backups). With this system, there is unique verification of each transaction.

Yes. It is legal to bet with Ethereum on betting sites in the US.

The US has had a complicated relationship with gambling, but there are no federal laws against betting with cryptocurrency. That means that each state can make its own rules about whether or not it will allow cryptocurrency online gambling. Several states have taken steps to ban or restrict gambling in general and online gambling in particular. However, those bans don’t apply to cryptocurrencies like Ethereum and Bitcoin.

In general, it’s up to individual companies to decide whether they want to accept cryptocurrency payments and how they want to deal with them. Many online casinos and  US sportsbooks accept Bitcoin and other cryptocurrencies like Ethereum, Litecoin, and Ripple. Others offer only one type of cryptocurrency payment method.

Some sites offer special promotions for players who use cryptocurrencies like Bitcoin or Ethereum in their games instead of traditional currencies such as dollars or pounds sterling.

FAQ

Will I need to verify my age on Etherium betting sites?

Yes, you will need to verify your age on Etherium betting sites. All online casinos have to verify the age of their players to be able to offer games to them. Some casinos will accept players from all over the world, while others will only accept players from certain countries.

How long does withdrawal take from Etherium betting sites?

t can take anywhere from one to three days to process your withdrawal from Ethereum betting sites. The time it takes depends on the site you're using and the amount of traffic it's getting at the time.

Do all sportsbooks offer Ethereum as a way to bet?

No, not all sportsbooks offer Ethereum as a way to bet. The reason is simple: not all the best Ethereum betting sites are ready for this technology. Some are still in the process of implementing Ethereum as a new method of payment. Others have already done so. However, many of them are waiting for their competitors to make the first move, which is smart.