Ever heard of Ethereum? Donât be troubled if you havenât. Even some of the most experienced sports bettors donât necessarily understand Ethereum gambling. Itâs viewed as a foreign payment process, one shrouded in more mystery than even the weird stigma that applies to cryptocurrency.
And yet, thatâs exactly what Ethereum, also known as ETH, is: another form of cryptocurrency. It is similar to both Bitcoin and Litecoin, two of the most popular crypto methods. Though many donât consider this an accessible avenue for sportsbooks transactions, weâre here to tell you differently. Using cryptoâand Ethereum specificallyâis actually quite easy. It can even be beneficial, if you know how to use it and can identify the right Ethereum betting sites.
Why You Should Bet with Ethereum
Instant Processing
Specific Crypto Bonus
Zero fees
Slightly longer payout processing time
Fees
Bettors will incur no fees at Bovada when using Ethereum or other crypto payment methods.
Speed
Ethereum customers will have no problems completing transactions at Bovada. Deposits are usually available to wager within minutes, and payouts process far fast than they would if you were requesting one by electronic check or money order.
There is a welcome bonus for new users worth up to $750 if they make their initial deposit via crypto. Ethereum falls under this umbrella. Really, the more we think about it, the harder it is to come up with a downside to using Bovada for all your Ethereum betting.
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Zero fees
Ethereum Welcome Bonus
Will match competitorâs bonus
Convoluted deposit process
Fees
BetOnline does not hit gamblers with any extra fees for making deposits or requesting withdrawals using Ethereum.
Speed
The speed with which BetOnline processes crypto transactions is astoundingly fast, and it stretches to Ethereum deposits and payouts.
Give it up to BetOnline for combining speed with an appealing crypto bonus. New users will see 100 percent of their initial deposit matched if they make it with Ethereum. Subsequently, on all future Ethereum deposits, theyâll receive a 35 percent bump. The one downside here is all crypto methods at BetOnline that arenât Bitcoin can be a little complicated to suss out. It might require an initial contact with customer support to get the process started.
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No fees
Crypto-specific Welcome Bonus
Crypto Reload Bonus
May need to contact customer service on crypto deposits
Fees
Bettors will not be hit with any fees for using Ethereum to fund their Bookmaker account.
Speed
Most of Bookmakerâs Ethereum transactions, whether theyâre deposits or withdrawals, will be completed rather quickly. The most time-consuming aspect comes on the deposit end. Clients have often needed to contact customer support to help with their crypto deposits.
Donât let the extra step of potentially having to contact customer service scare you away. Ethereum users will be taken care of at Bookmaker. For starters, new users are eligible for a 100 percent welcome bonus when using any crypto. In addition, all recurring deposits will receive an extra 25 percent boost on top of their invested amount.
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Zero fees
Specific crypto bonuses
High bonus maximums
Slightly longer payout processing
Fees
Ethereum users wonât encounter any surcharges from SportsBetting.ag when making deposits or requesting transactions with Ethereum.
Speed
Transactions for all crypto methods taking almost no time at all for SportsBetting.ag users. There might be a little bit of a lag when processing payouts, but it wonât be long, and your deposits will typically be ready to use within mere minutes.
SportsBetting.ag goes the extra step by tacking on a 35 percent bonus to Ethereum deposits made by returning customers. As if this isnât enough, they will honor these incentives up to higher amounts than many of their competitors. Your welcome bonus is valid on deposits up to $2,500, while the recurring-deposit promotion works on transactions up to $1,000. Paint us extremely impressed.
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Ethereum bettors experience all the perks associated with any form of cryptocurrency, none bigger than the vast amount of specific bonuses available to them.
As sportsbooks try to persuade more and more users to use cryptocurrency in general, theyâre more likely to run special sign-up promotions. Gone are the fledgling 25 percent and 50 percent welcome bonuses. Instead, youâll be able to choose from a larger selection of 100 percent matches.
On top of that, Ethereum bettors are also more inclined to find sportsbooks that will give them free money even as a returning customer. Reload bonuses using this payment method are standard, usually ranging anywhere from 25 to 50 percent. Thatâs a monster benefit that can add up over time, and one not predominantly available when bankrolling your transactions using, say, credit cards.
Extra fees are nearly a thing of the past when using Ethereum, as well. Because sportsbooks donât have to use a third-party company or app to process transactions and can receive funds more immediately, they themselves arenât as subject to as many bookkeeping fees. They tend to pass these savings on to their customers by levying zero fees on all crypto transactions.
This no-surcharge trend isnât amount-specific, either. It doesnât matter how small or lucrative your Ethereum transaction is. Most sportsbooks wonât dock you a dime for processing the. And this is a huge added benefit, as another good thing about Ethereum transactions is that youâre not chained to the same, potentially much lower maximums linked to credit cards, money orders, wire transfers, etc. Ethereum, like other cryptocurrency, isnât government regulated, and therefore neither sportsbooks nor sports bettors have to worry about limiting their transaction amounts for tax-reporting reasons.
But wait, it gets better: Ethereum transactions are typically processed faster than other payment methods, as a direct result there being no third-party involved. You may not feel this benefit on deposits; most of those transactions show up in your account immediately or close to it. On the flip side, you will definitely detect the difference when requesting payouts. If youâre waiting longer than 24 to 36 hours, itâs well above the industry standard.
Starting with Ethereum doesnât take much time. It all begins with choosing an Etherum vendor, of which there are many. The most reliable are Gemini, Kraken and Coinbase. You will then create an account with them, register a payment method and select the value of your purchase.Â
Though Ethereum is usually bought in pre-priced blocksâi.e. coinsâyou will sometimes have the option of buying partials. Regardless, your conversion from your regular currency to Ethereum will be calculated automatically.
It now might seem like youâre done with the process. Youâre not. You also have to choose a storage method for your Ethereum. There are two options here: hardware wallets or software wallets.
Each form has their upsides and downsides. The hardware wallets are ideal for the super security conscious. They are less likely to be hacked since theyâre not plugged into a network or linked to the internet when youâre not using them. It is likewise easy to back up and even easier to use. The only real drawback is the amount itâll cost to acquire a hard drive suitable to carry all your Ethereum and then the extra time that goes into hooking it up each time you want to spend your crypto.
Software wallets are most appealing to those who value speed. You can access your funds from anywhere at any given time. Theyâre always online, and like the hardware-wallet option, this method is also easy to back up.
Unfortunately, because itâs accessible on the web, it is more susceptible to getting hacked. And while this isnât a risk that necessarily comes to fruition with any regularity, you are plum out of luck if you do get swindled, as thereâs not much you can do about recouping a currency not monitored by the government.
To be clear, this doesnât make the software wallet a bad idea. So many accounts are at risk of hacks in similar fashion. Youâre putting your information out there every time you log into your online banking account or use your credit card to purchase something online. This is no different than that.
Different sportsbooks will have varying procedures for Ethereum deposits. For the most part, though, the gist of the process will be the same.
Just head over to the deposits page as you would with any other payment method. Select crypto as the option and then choose Ethereum as your actual currency.
Usually, from here, your sportsbook will generate a wallet ID. This is the account to which you will send your Ethereum. Simply plug that number into your Ethereum wallet, confirm the amount, hit send and poof! You should be good to go.
In some cases, however, it wonât be this simple. Certain sportsbooks require you to contact customer service either on your first Ethereum transaction or for all crypto deposits. The difference here lies mostly in wait time, but also the method by which you get the wallet ID. Rather than have it automatically generated for you on the deposits page, theyâll read it to you over the phone or send you an email with it embedded.
Weâve already mentioned the risk of using a software wallet to store your Ethereum. That is a downside which applies to all cryptocurrency forms.
Specific to Ethereum is availability issues. Their share of the cryptocurrency market is the second largest, but itâs also substantiallyâweâre talking hilariously, hopelesslyâsmaller than that of Bitcoin. Where pretty much every sportsbook these days accepts Bitcoin, you may need to work a little harder to find an online gaming site that accepts Ethereum, as well as other cryptomethods like Litecoin.
If youâre looking to maximize the safety of your transactions at Ethereum betting sites, there are two steps for you to follow.
First off, as we touched upon above, youâll want to look into the hard-drive wallet as a storage method. This can be tedious when looking to access and use your Ethereum, and the cost of a hard drive can be quite expensive depending on the bandwidth you need to house your crypto, but itâs the only way to ensure your money is secured remotely and only ever available on a network when youâre actually using it.
Beyond this, you need to make sure youâre purchasing Ethereum from a reputable dealer. There are plenty of shams in the crypto industry. You donât want to fall victim to one of them. Do your research on the best Ethereum vendors.
And remember, this isnât just about getting Ethereum itself. Whichever minder you use will also be accepting your payment method, be it a bank account number or credit. Youâll want to make sure youâre sending that information to a trustworthy entity.
Incredibly Easy to Start Using
Thereâs no need to worry about the idea of Ethereum betting sites or any other cryptocurrency. The entire process is rather simple. In the end, itâs just a matter of registering for an account with an Ethereum vendor, providing a valid form of payment and choosing your preferred storage method. After that, itâs basically like paying with any other electronic payment method.
Holy Moly, The Bonuses
No other payment method offers its users more specific sportsbook bonuses. Most sites will not only give you 100 percent of your first deposit, up to a certain amount, but youâll also likely receive a percentage of all subsequent deposits made.
Beware Availability
At the end of the day, Ethereum isnât Bitcoin. This is to say, isnât accepted almost universally. Before committing to it as a payment method at your sportsbook, confirm they take it with a quick Google search or by contacting their customer service.
About the Author
Trent’s your man when it comes to all things sports. He covers a wide range of sports for Sports Betting Sites, and has been published in some pretty reputable outlets, such as USA Today Sports, Vice, Bloody Elbow, Fight! Magazine, UFC 360, and Narratively. Trent’s got the inside track on all the happenings in the world of sports.
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