Ethereum to be Supported by Various Payment Outlets, Especially Betting Sites


March 12, 2021 | AtoZ MarketsCurrently, gambling with cryptocurrency is all the rage. And punters love to place bets with different types of cryptocurrencies. The technology that cryptocurrencies use comes with lots of advantages over traditional payment methods. And that makes digital currencies a perfect match for modern punters.

Cryptocurrencies allow punters to make transactions that reach all of their desired destinations within the expected period. On top of that, they are safe than other banking methods since users do not reveal their identity.

Ethereum is one of the most popular and established cryptocurrencies in the world of sports betting. Compared to Bitcoin, which is the most popular, Ethereum is the second choice for gamblers. The crypto allows for a safe and reliable online betting experience.

Additionally, betting with Ethereum is easy. All that you need to get started is to find a reputable platform that supports Ethereum. If you do not have an Ethereum wallet, you will have to sign up for one and then load coins into it before depositing at your bookmaker of choice. Be sure to go through the following sections to discover more about betting with Ethereum.

Why Are More and More Betting Sites are Starting to Support Ethereum?

There are various reasons why betting sites support Ethereum betting. The main one is that many players are looking for betting platforms that support cryptocurrency deposits and withdrawals. On the other hand, punters are always looking for crypto betting sites since they understand that they offer fast deposits, the much-needed fun and speedy withdrawals.

Below are more reasons why an increasing number of betting sites is starting to accept players who use Ethereum to make deposits and payouts.

Fast Deposits and Speedy Withdrawals

Ethereum acts as decentralised digital cash. This means that there is no intermediary between players, gambling platforms and their wagers. It is all about pure gaming. Punters can use Ethereum to transfer funds directly from their wallets to casino accounts. The best part is that this is done as cheaply and quickly as possible. No waiting times and massive fees are not involved.

When it comes to withdrawals, players will only need to wait for a few minutes to receive their winnings. What does this mean? The betting sites process the payouts requests fast. Ethereum transactions also allow for automated payouts, meaning some sites can offer instant withdrawals.

Lower Fees

Betting sites support Ethereum since it allows them to offer transactions with the lowest possible fee. Unless you are new to the world of crypto betting, you should be familiar with the term mining fees.

These are types of transaction fees which are paid to perform transactions. The good news is that the fees are far lower than those of any other banking options, even when compared to other cryptocurrencies such as Bitcoin.

Accessibility

The gambling and sports betting sector is constantly being controlled and regulated. Sometimes, new lows pass that effect or change the accessibility of gambling sites in some countries. This’s especially true for punters from Australia and some parts of the USA. Currently, there are many anonymous Ethereum sportsbooks and casinos, which any player can access and place successful bets.

Anonymity

One of the most appreciated benefits of Ethereum sports betting is that the information of users can remain as synonymous as possible. Since the crypto utilises highly encrypted blockchain technologies, every transaction features a unique code with no any identifying information that’s traceable to you directly.

This benefit is a massive plus for any punter who wants to keep their sensitive information as private as possible. Also, this benefit makes the crypto ideal for those looking to erect a strong security wall between their bank accounts and betting sites.

Extra Bonuses and Promotions

Many sites find it easy to offer generous promotions for players who use Ethereum and other currencies. When you use Ethereum to make a deposit, lower transaction fees are involved, making it possible for betting sites to offer extremely generous bonuses and promotions.

The most popular offers that you will come across include a welcome bonus, free bets, cashback offers, and VIP club rewards. In most cases, you will find manageable wagering requirements on these bonuses.

How to Get Started with Ethereum Betting?

ETH is the digital currency that’s offered on the main Ethereum platform. The currency is being purchased and sold as a product. Also, it is being utilised as a currency itself. But how do you go about purchasing ETH and then using it for sports betting? Below is a step by step overview.

  • Create an Ethereum Wallet: If you don’t have a crypto wallet, then the first thing that you need to do is to create your wallet. Currently, there are many wallets that you can select from. The most popular ones include CoinMama, CoinBase, Bittrex, Gemini, Kraken, and CEX.io. You can visit any of these platforms, provide your personal information and create an account.
  • Enter Personal Financial Details: You’re going to deposit funds into your wallet with fiat currency, which you can comfortably do from your credit card or bank. Crypto exchanges will help you convert your traditional money into the Ethereum digital currency. When creating a wallet, you will need to provide your fiat banking information. This’ll enable you to move your digital coins to and from your traditional bank account.
  • Buy ETH: Once you have a wallet, you will need to purchase some ETH coins. All you need to do is to search for Ethereum, and you find the main website. The next step is to enter the amount you want to purchase and then complete your transaction. After that, you will see the funds reflect in your active wallet account.
  • Find a Reputable Betting Site: You will always find some recommended sites that accept players who use Ethereum. So if you are looking for a good platform where betting with Ethereum is accepted, you should first consider the recommended platforms. You can also do some research to find a site that blends smoothly with your sports betting needs and requirements.
  • Connect Your Crypto Wallet to Your Sports Betting Account: After picking a reputable betting website and creating an account, you will have to link your crypto wallet to the sports betting account. To do this successfully, you will have to visit the payment section of your betting site and choose Ethereum as your payment option. Once you select it, you will be directed to the main site, where you’ll choose the amount you want to deposit.

That is all you need to get started with Ethereum betting.

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