Similar to Bitcoin, Ethereum is a blockchain-based decentralized cryptocurrency. It was designed by the prodigious programmer Vitalik Buterin in 2013. The core of Ethereum is an open-source distributing computing platform that has taken the world by storm since its inception. By building on the strengths of Bitcoin, and implementing additional technologies, Ethereum is able to provide a Turing-complete virtual machine known as the Ethereum Virtual Machine (EVM) which exists across the Ethereum hashing network. The EVM is used to process smart-contracts and decentralized applications (dAPPs) which many casinos and sportsbook use as the basis for their platform.
Despite its major function as a distribution computing platform, Ethereum is also heavily used as a cryptocurrency, as payments for goods, and services. The unit of Ethereum is known as ‘Ether’ (ETH) and currently takes the number 2 spot as the second most valuable and widely used cryptocurrency today. Ethereum also has a second unit associated with it, called GAS, this GAS is the amount of ETH required to execute any computations required by a smart-contract or dAPP.
Just like Bitcoin, Ethereum also uses a decentralized blockchain ledger to track the movements of Ether units throughout the system, however its smart-contract functionality is what sets it apart from Bitcoin and is a feature that is widely used by Ethereum casinos and sportsbooks as part of their design.
Like Bitcoin, the Ethereum gambling industry is exploding with popularity in 2022 due to the unique features the Ethereum blockchain offers. Smart-contracts processed within the Ethereum Virtual Machine enable a new type of gambling experience, where no trust is needed between the casino and player as the output of the smart-contract can be easily validated as fair. Ethereum has grown as a great alternative to Bitcoin, as many online sportsbooks and casinos look to leverage the great technology, security and speed of the platform.
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There are two main ways you can gamble with Ethereum, the first way is simply by depositing your ETH are your chosen casino or sportsbook, and playing via the games offered on the platform, and withdrawing when you choose to your Ethereum address. This method of gambling works very similar to other cryptocurrencies such as Bitcoin, and is simply used as an alternative to using fiat currency (e.g. USD/EUR and AUD). This is the most common way Ethereum is use Ether for betting as it is the most well understood.
The second major way of using Ethereum in gambling is via smart contracts. Some casinos operate almost entirely on the Ethereum blockchain, meaning that the casino doesn’t actually hold your ETH in their wallet address. The casino itself is a function of a smart contract that accepts deposits from your address, performs a particular function and then depending on the output will pay out to the player (if the output is a win), or will retain the funds if it is a loss. Smart contract based betting is generally considered to be a revolution in gambling, as it means that you do not need to trust the casino to pay out if you win, nor trust them with holding your funds as a player balance.
Besides being a trustless system, smart contract based casinos also offer a number of other benefits. The code is usually open source, so it can be independently audited to make sure it is fair, without any hidden tricks involved, and cannot be altered once live on the Ethereum blockchain. Also, deposits and pay outs are massively faster than on standard Ethereum casinos and sportsbooks as manual withdrawals or pay outs are not required, this means no matter how large your winnings, you won’t face any unnecessary delays with your pay out which is great for high rollers.
However, one of the down sides of gambling using with Ethereum smart contract games is that your bets need to be processed by the smart contract, and this occurs after at least 1 block confirmation (usually around 15 seconds), but can be more depending on the smart contract or network load. This means that high speed games such as dice games do not tend to perform well using a smart contract based system, as the confirmation delay is simply too long. However, there are a few casinos looking to overcome this issue by using off-chain payment channels which bypass the block confirmation requirement, but this technique is still experimental, and not widely implemented.
Since the initial release of the first cryptocurrency (Bitcoin), several others including Ethereum have also seen massive worldwide adoption. Like other cryptocurrencies, Ethereum offers a number of advantages over traditional fiat currencies, making it particularly suitable for online betting or gambling. Some of the major advantages of using Ethereum for gambling include;- Privacy:
One of the biggest advantages of Ethereum whilst online gambling is the privacy it offers. Often many Ethereum betting portals do not require you to provide any personal details when registering, often only a username is required, and sometimes not even that. Many Ethereum gambling portals simply provide you a unique address and login cookie, and you are ready to deposit and play. If you have concerns trusting casinos with your private information, then Ethereum gambling is probably for you.- Provably Fair:
Because Ethereum-based casinos tend to use smart-contracts to run their games, they are usually provably fair. This simply means that the casino can prove that the result you receive, e.g. on roulette or blackjack is the result of a fair calculation, and not manipulated in any way. This means that you can be sure the casino is not rigging the games. That being said, not all games are provably fair, so do your research first.- Lower Fees:
Ethereum is decentralized, this means that transactions do not need to be first authorized by a central authority (such as a bank) that tend to charge a fee for their services. For Ethereum this means that the only fee you pay is the network fee, known as gas, which is used to pay for the transaction to be processed by the Ethereum network. This fee changes based on the amount of computation required to process the transaction, but tends to be extremely small compared to IBAN fees.- Transaction times:
Using blockchain technology, the Ethereum network is able to process transactions almost instantly, with confirmations usually occurring just a few seconds after the transaction is broadcast. This simply means that your deposits and withdrawals can be near instant if the casino/sportsbook doesn’t implement any unnecessary delays.- Safety:
The Ethereum blockchain is secured by a network of hundreds of thousands of individual miners all working together to maintain the integrity of the ledger. The hashing power provided by this network is so great that it is almost impossible for any individual, company or government to overpower the network and alter the transaction record. This means that your payments are as good as final, with no chargebacks, disputes or reversals possible.
Right here at BitcoinCasino.info! We make it our mission to find all of the latest and greatest Ethereum gambling portals, including casinos, sportsbooks and everything else in between! There are dozens, or potentially even hundreds of betting portals that currently accepted Ethereum as a deposit option, and there are new offerings being released on a regular basis. Our job is to find the very best of these, and provide you a detailed review on each one, including which deposit options it has available, the bonuses on offer, and even the pros and cons of using each site. We also keep up to date with all the latest Ethereum casinos, helping you find the best new games, and top offers available as new casinos tend to offer great incentives to acquire new players.
Here, you can browse our comprehensive list of the different Ethereum casinos and sportsbooks to find the ones with the best features to match your interests. We make sure all the information is laid out in a clear, easy to understand order that will allow you to easily choose which platform has the games, features or level of customer support you are looking for. Of course, we will also make sure to provide you with other little details about the site, including whether it has mobile support as we know a large proportion of Ethereum gamblers like to access from their mobile device, and every self-respecting betting portal should have this as a top priority feature. Besides this, we know that Ethereum bettors might also like to gamble with other cryptocurrencies, or even fiat currency, so we will be sure to list the different deposit and withdrawals options, ensuring that you are always able to top up your player balance should the need arise.
That’s a good question, and the simple answer is, almost anything. The most common games you will be able to play using Ethereum are the basics including slot games and table games such as blackjack and roulette. Of course, the old favourite dice games are still abundant just as if you were playing with Bitcoin. Whatever your game of choice, we have a comprehensive list of casinos and sportsbooks that accept Ethereum as a deposit option, so be sure to check out our Ethereum sections to find the best games and betting portals for you;
Below is a brief overview of the most common game types you will find at Ethereum casinos;
- Blackjack is a simple game where the aim is to collect 21 points, and is played between the dealer and the player. Whoever reaches a score closest to 21 without going over is the winner. Many online Ethereum casinos offer multiple different variations of blackjack, including live blackjack.
- Poker is another favourite among gamblers, however Ethereum poker sites aren’t as common as the fiat counterparts, as it simply hasn’t been able to garner the same amount of attention. The game itself is a 5 card game combining strategy, skill and luck and the winner is determined by who has the best overall hand, when combining their two ‘hole’ cards with the 5 cards shared on the board. Often, in video poker you are able to discard one or more cards in exchange for new cards to potentially improve your hand.
- Lottery games are widespread in Ethereum casinos, these work very similar to traditional lotteries where you select a series of numbers, and the more numbers you guess correctly the higher your winnings. Some casinos offer Ethereum lotteries with a jackpot in the millions of dollars, whilst matching fewer numbers can net you some smaller, but still desirable prizes.
- Dice games are perhaps one of the most popular cryptocurrency betting games due to the simplicity and addictiveness of the game play. This is why almost every casino worth its salt will have a dice game of some kind, e.g. Craps. Usually these games work by having you guess if a number will be over or under a given value depending on the odds you set. The benefit of dice games is they usually carry a very low house edge, giving the player a great chance of winning.
- Slot machines have a major following in traditional casinos and remain a player favourite even in Ethereum casinos. With slot games, you simply enter your wager and hit a lever or button, causing the slot wheels to spin. If these slots hit the correct combination, then you win a pay out which depends on the rarity of the combination. If you hit a particular combination, or particular sequence of combinations then you stand to potentially win the jackpot, which can be dozens, or potentially hundreds of ETH.
Sports betting…. Where would ETH gambling be without sports betting? Not very far we think. Luckily for us, there are dozens of Ethereum sportsbooks that allow you to bet on your favourite sporting events and games, including boxing, soccer, tennis and motor racing. Some ultra-modern Ethereum sportsbooks even allow eSports betting, allowing you to bet on your favourite eSports titles including DOTA 2, Overwatch, League of Legends and more!
For most of the world, Ethereum gambling is legal as Ethereum is not technically considered a currency, so even countries that have banned gambling in general do not have a stance on cryptocurrency gambling as technically no money is being wagered in the eyes of the law. However, this might vary from country to country as the laws and regulations are still being updated. Here on BitcoinCasino.info we make sure to thoroughly vet all the Ethereum sportsbooks and casinos we review, this includes the list of countries that are allowed to play on each website. So be sure to check this out when selecting where to play next.
Both Ethereum and Bitcoin are cryptocurrencies based on blockchain technology, so they are similar in the respect. However, they do differ in their history and usage, as Bitcoin was released years before Ethereum, and is mainly used as a currency, whereas Ethereum was released as a second-generation blockchain that improves on Bitcoin by adding smart contract functionality. Ethereum has much quicker transaction confirmation times than Bitcoin making it more suitable for fast-paced games and for bettors with little time on their hands. Both Bitcoin and Ethereum have very low fees and are pseudo-anonymous, making them great choices for online gambling in 2022.