Ethereum casinos are online gambling sites that accept ETH cryptocurrency as a deposit and withdrawal payment method. Cryptocurrencies might be unpredictable at their core, but this form of payment is growing increasingly popular in the online gambling world. Specifically, the emerging number of Ethereum casinos is slowly getting on par with Bitcoin-accepted gambling venues. BTC and ETH have helped set the new industry standard for digital gambling payments.
The simplest way to describe Ethereum is by saying it’s the most mind-boggling of all cryptocurrencies. And we mean it in the best possible way. This cryptocurrency is much more than currency. Similarly to other blockchains, Ethereum has its own native currency. It is called Ether and usually marked with ETH. And while Bitcoin utilises a decentralised system to process transactions by keeping track of Bitcoins, Ethereum executes computer programs to do its transactions.
When it comes to online gambling, operators process Ethereum wagers in two ways. The most common is the traditional way to make deposits and withdrawals at any Ethereum-supporting casinos. This works in the same way as Bitcoin and, therefore, provides you with a valuable alternative to traditional currencies. The second one, however, is the use of smart contracts to place wagers. The number of casinos operating exclusively on the blockchain technology is increasing by the day. These casinos do not direct Ethereum to your casino account but rather send it directly to a smart contract. Enticed yet? Stick around to find out exactly how this works and to learn about its advantages (and downsides).
A number of casino establishments will take Ether as a form of payment. This particular type is no different to casinos accepting EUR, US Dollar, Bitcoin or any other currency for that matter. The process of depositing and withdrawing is not different from classic forms of gambling. Simply head over to your casino wallet, select Ethereum as your favoured payment method and you will have funds at the ready in a matter of seconds.
Contrastingly, brand-new exciting forms of casinos are pure Ether gambling venues. These offer casino games based on a string of smart contracts, while accepting payments in no other currency than Ether. Ether casinos have been leading the line forward in the industry by inventing new initiatives called Edgleless – which bring the 0% house edge gambling model. This disruptive piece of innovation has created plenty of wrinkles in the industry. However, it also helped bring Ether gambling to the very forefront of iGaming.
Casinos accepting Ethereum are a community of their own and one counted in hundreds. Naturally, a handful of leaders in this field are worth your time and Ether so before you dig into it, make sure to check if they boast a trusted status within the industry.
How to Deposit at ETH Casinos
The fun part of using Ether on gambling sides is depositing and withdrawing funds. Although, withdrawals are admittedly more fun as you get money instead of give it to someone. Nevertheless, your wonderful gambling adventure cannot begin if you do not deposit money. Here is how to do that:
Log into your account or register if you are new
Head to the Banking page
Pick Ethereum as your option
You will get a wallet address which you should remember
Go to your ETH wallet and start a payment to the address you’ve received
Wait for the confirmation of the transaction
Funds should be at your disposal immediately
Ethereum casino deposits are perhaps easier than Bitcoin deposits. However, the only thing you should have in mind is the playing currency. If you are playing at ETH casinos, that won’t be a problem. But, if you decide to play at a regular casino that accepts Ethereum, bear in mind currency conversions.
How to Withdraw Funds from Casinos that Accept Ethereum
The cashout process is equally simple as deposits. You only need to pick a site that’s trustworthy, the rest will come easily. Here is a detailed explanation with steps for withdrawing funds from Ether casino accounts.
Log into your account
Visit the Cashier Page
Choose a cashout process
Select Ethereum as your payment method
Enter the sum you wish to transfer
Confirm the transaction
The only problem you might have with this part of the experience is the waiting time. In general, ETH transfers are completed in 15 seconds. But this also depends on the casino. For instance, players have to wait up to 48 hours for the operator to validate the transaction. Other operators finish this step in a couple of hours.
Fees & Processing Time
As far as any cryptocurrency is concerned, all activities and services are free, and they will remain free forever. The decentralised system is not under any control, so financial institutions cannot pose fees for something they have nothing to do with.
Moreover, gambling operators are not interested in billing customers as they would quickly lose customers.
The only fee you might encounter is the currency conversion fee. Check this detail before you join a casino and before each transaction.
As for waiting time, it is quite short. Deposits are nearly instant – if you count 15 seconds as a relevant processing time that can change something. Withdrawals are supposed to be fast, even faster than Bitcoin. However, you should count in the operators as well as they might take more time to authenticate a payment.
Why Should You Use Ethereum?
From security and safety to convenience and speed, Ethereum has ticked all the boxes. Disadvantages virtually do not exist, unless you are extremely keen to find some. In that light, a downside to using pure Ether casinos is the processing time. Instant in their core, Ether and its technicalities surrounding the blockchain security will require at least 1 block confirmation. Compared to instant processing, these 15 seconds could, therefore, make a world’s difference for the most demanding gamblers.
Furthermore, it allows you to keep your apps at bay and prevent them from spying or stealing from you. It’s an open financial system, built on neutral, open-access infrastructure and – most importantly – controlled by NO company. Or person.
Smart contract betting might be a bit slower in its core, but you can rest assured that Ether Casinos will not hold your funds at any point. Therefore, there is no risk of unpredicted loss. Furthermore, all payouts will be made by open source and as such cannon be interfered with. Ultimately, even if processing time can be noticed, the payouts are immediate. The size of the winnings will not matter – you are guaranteed to get paid pronto!
Safe and anonymous payments
Amazing bonuses for ETH users
Available at ETH-only sites and regular sites both
Not many operators offer it
The value of the cryptocurrency is not stable as regular currencies
Ether blockchain is secured by ‘hash power’. It stands for the energy sourced through by miners who are validating and processing all transactions. As an open-source, Ethereum is therefore as safe as it gets.
Ethereum casinos will either use Ether as regular currency to fund your casino account or use a string of smart contracts. Pure Ether casinos will, furthermore, eliminate the house edge, thus providing you with a revolutionised casino experience.
No. Transactions using Ether – both with deposits and withdrawals – are free of charge. Moreover, they are instant and will allow you to get top up your account or get your money in a split of a second.