Bitcoin is probably the best-known cryptocurrency. However here is another cryptocurrency that also has enormous value in the shadow of Bitcoin: Ethereum and Ether, respectively. And the fact that Ethereum is becoming more popular and valuable has also been recognized by some betting providers. It becomes second largest crypto with opportunity to make Ethereum sports betting.
Ethereum – what is it anyway?
What exactly is Ethereum anyway? First of all, Ethereum is the more common name for the cryptocurrency, but this term doesn't quite reflect the truth. Because the currency itself is actually called Ether, the whole system around it is called Ethereum. Like bitcoin, ether always has a certain value, which fluctuates constantly like the price of a share. Between mid-November 2020 and mid-December 2020, the value for an Ether was always between 400 euros and 530 euros.
As with other cryptocurrencies, the Ethereum system is based on a so-called blockchain. In greatly simplified terms a chain of encrypted messages between millions of recipients that are stored in a decentralized manner. This means that no state or large company has access to it. It is also possible to operate anonymously on the blockchain.
However, we are going to talk about Ethereum or Ether as a means of payment with Eth betting providers. What might be relevant for you, however, is our assessment of whether Ethereum is a safe means of payment. And we can only say: Yes, it is. Because due to the characteristics of the network, it is theoretically completely fraud-proof. Moreover, you are almost anonymous on the blockchain. You won't have to reveal any personal information of yours.
However, we will come to the advantages of Ethereum as a means of payment in more detail later.
Ethereum is a cryptocurrency, i.e. a digital currency created by certain computing processes and tradable via crypto exchanges and brokers. Like Bitcoin, the Ethereum system is based on a so-called blockchain. The currency is not actually called Ethereum, but Ether.
The most important requirements are, first, that the betting provider offers the possibility to deposit with Ethereum and, second, that you have a so-called wallet, a digital wallet. When depositing, you can then link your wallet, and the same applies to withdrawals.
The main advantages are that a wallet gives you great security in your payment transactions, as there are very high security standards in this area. Moreover, you can also make good use of the high deposit and withdrawal limits most of the time.
The disadvantages of using Ether as a payment method is definitely the comparatively high effort with the required creation of a wallet and, most importantly, the research effort required to use Ether in order to learn about the topic first.
In our opinion, the 3 best betting providers with Ethereum as a payment method are Rabona, FEZbet and 18bet.
Ethereum as a means of payment for sports betting
First of all, let's clarify what is probably the most fundamental question. Yes, paying with crytocurrencies at betting providers is definitely possible nowadays. At least with progressive bookmakers. It's not an option with all of them, but it's becoming more and more popular.
You will surely be interested in which providers you can pay with Ether. First of all, we want to give you a general overview. Ethereum is a payment method that is mainly used by young bookies. It is provide you with an absolutely secure alternative to the usual payment methods.
To pay with Ether, you need a wallet, a digital purse in which you can store and manage various cryptocurrencies. With a wallet, your Ether units are not only stored safely, but also conveniently. You can then pay at betting sites with your wallet just like you would with a wallet at the supermarket. You can store not only whole Ether in your wallet, but also shares.
The reason why modern & new betting providers offer this option is that it requires technical requirements to enable payment. With Ether and these requirements are not given at all bookies. Therefore, it is not surprising that payment with Ether is often possible at providers that offer many eSports bets.
The best providers for Ethereum sports betting
This finally brings us to the Ethereum betting sites where you can top up your betting balance with Ether. As already mentioned, Ethereum gambling is possible mainly with young bookies with a modern design and a certain orientation. We present you the best Ethereum gambling sites in our opinion below:
Ethereum betting platform: Rabona
The very young and popular bookie Rabona fully relies on a young target audience. A broad betting offer is an important basis for a betting provider, and the odds level also fits. Rabona relies on eSports betting in its offer in an extensive form. An eSports betting bonus or a betting bonus that can also be used for eSports betting is also available.
Ethereum as a payment method is nothing new for Rabona. The bookie has been experimenting with cryptocurrencies for quite some time and has integrated a good system. It makes your Ethereum betting payout and Ether sports betting deposit simple and fast. Bitcoin sports betting is also possible at Rabona. There is no Bitcoin bonus or Ethereum bonus, i.e. an exclusive bonus for depositing with Bitcoin or Ether.
Ethereum betting platform: 18bet
It is the third betting provider with the option to make your deposits and withdrawals via the cryptocurrency Ether. We would like to introduce to you here. 18bet is still a relatively blank slate on the betting market. Don't forget that it has one of the broadest payment method portfolios. And that is mainly related to more specific payment methods, which otherwise tend not to be used.
18bet convinces with very fast payouts and a betting tax-free betting experience, which is complemented by a wide betting offer. Various bonus promotions for new and existing customers round off your betting experience well.
Ethereum betting platform: Fezbet
Fezbet is also a bookie that has not been on the market for too long. FEZbet serves a quite broad and a good place to go for sports betting, Ethereum casinos games, Ethereum poker players. The provider offers a lucrative new customer bonus of up to 200 euros.
FEZbet is very well represented in the area of VirtualSports and eSports and has a great offer here. Where the bookie still has room for improvement. However, is the withdrawal speed – sometimes still takes quite a long time until the money arrives in the account.
Are Ethereum sports betting reputable?
Cryptocurrencies are still a wide and complicated field for some bookies. You can be sure that sports betting with Ethereum is reputable. The payment method is anonymous, but controlled and secured.
The license and thus the seriousness of the bookmaker is also an important indicator of how safe you can play. Regardless of the payment method.
Advantages of betting with Ethereum
Let's get you acquainted with the advantages of using the currency at crypto betting sites:
Even though you have to provide your personal data to the bookie, your payment method can be almost anonymous. While you have to do that on PayPal, your wallet, in which you store Ether, is much more anonymous. And most importantly, the wallet is almost “unhackable” due to its nature, which gives you an additional security plus.
Cryptocurrencies usually allow high withdrawal limits, which enable you to withdraw a lot of money at once. This is also the case with Ether. For deposits, there are different regulations at different bookies.
Especially because cryptocurrencies are new, most providers rely on secure and audited systems to process your transactions.
Disadvantages of betting with Ethereum
Of course, the disadvantages of Ether should also be highlighted.
Relatively high effort
Buying Ether or even mining it yourself requires quite a lot of effort. Nowadays, there are wallets that are created slower. Usually it still requires more research and you should deal with the issue intensively.
Still a very niche payment method
We will introduce you to some providers in this article where you can make Ethereum sports betting. Despite of that fact, this payment method remain like a very niched and incomprehensible. We still need much more time to adapt for the new technologies and methods. Larger betting providers still uses regular bank transfers.
Important tips when using Etherum for sports betting
Price fluctuations is the term you will face when you use Ethereum to place your sports bets. Cryptocurrencies are still very volatile and thus subject to strong fluctuations. This can be your disadvantage, but also your advantage. Our tip is therefore that you only pay out when the rate is relatively high.
Another tip is that you should try to already own Ethereum before depositing. That means that you do not go the bookmaker's way and exchange Euros into Ethereum via MoonPay. You will have to pay higher fees at the bookies than on an exchange.
How to get Ethereum for sports betting?
If you want to finance your sports betting with cryptocurrencies, you first need to own some, of course. First of all, you need a digital wallet. And then you can convert your currency (e.g. euros or dollars) into Ethereum. This can be done at a digital currency exchange.
You can get Ethereum directly from the bookmaker for sportsbook
The option is not yet widespread. However, buying Ethereum directly from the bookie is one of the most convenient ways to get Ethereum for sports betting. The bookies Cloudbet and Sportbet.io offer this option. Here, you can deposit with your credit card and the desired amount will then be exchanged for Ethereum directly.
Ethereum via Coinbase
Coinbase is one of the biggest places to go for various cryptocurrencies and has tens of millions numbers. To be exact, you can trade 34 licensed cryptocurrencies here. Of course, Ethereum is also on offer. You can trade the coins here very easily and after a quick registration.
Ethereum via Kraken
Already launched in 2011, the US website Kraken is in no way inferior to its competitor Coinbase. In fact, it can offer even more cryptocurrencies, as the portfolio currently includes 47, which is 13 more than Coinbase. If you only want to buy Ethereum, however, that is of secondary importance for you, of course. You can get Ethereum via credit card or SEPA transfer.
Other ways to buy Ethereum
However, there are not only the two mentioned exchanges to get Ethereum. As one of the most popular cryptocurrencies, there are also various places to buy it. You can also get your hands on Ethereum on classic crypto marketplaces. There are even platforms that organize meetings where physical currency can be exchanged for Ethereum.
Alternative payment methods to Ethereum
As you've probably noticed, the cryptocurrency field is a wide one. Bitcoin hovers above them all and is often used almost synonymously as well. However, there are many other cryptocurrencies besides the crypto prime and Ethereum.
For example, you can bet the currencies Litecoin, Ripple or Dash. However, you can also find some smaller coins. For example, Dogecoin, which was actually started as a joke. But also the newer currencies like TRON. Also popular: Monero, NEO, Bitcoin Cash, NEM or IOTA. The Helium Coin is also very much on the rise.
Find out more about crypto sports betting with less popular cryptos.
Ethereum as a means of payment apart from sports betting
Now that we have explained how and where you can finance Eth sports betting. It is important that you also learn what else can be done with Ether. First of all, there is of course the possibility to speculate on the development of Ether's price. Like other currencies, Ethereum is subject to certain fluctuations. Depending on availability and also utility value, the value usually increases or decreases by several percent per day.
So, if you are into financial betting, you could bet on the development of the Ether price. Besides that, there is also the possibility to use Ethereum on various platforms as a pure means of payment. Since a unit of Ethereum always has a value that is precisely defined at a point in time. It is possible to calculate how many units of Ethereum you need to buy certain products.
However, the use of Ether is still fairly limited to individual providers on the Internet. These include, for example, the largest online retailer in Switzerland, Digitec Galaxus or the pet supplies provider CryptoPet. However, larger platforms are currently experimenting with Bitcoin, which is a good sign that Ether will also follow that.
Conclusion: Ethereum is on the rise for sports betting
Ethereum sportsbook, Eth poker and Eth casino is one thing that has yet to become as entrenched in the betting community. After all, as we've pointed out in this article, Ethereum has some indisputable advantage and few “weaknesses”. That make it understandable that not so many betting enthusiasts are betting on it yet.
You can try out the Ethereum payment method with the Eth gambling providers we have presented. All you need is the wallet that has already been explained. Of course, in the best case, a certain know-how in terms of cryptocurrencies, especially Ether. Many of our readers have concerns about the security of this payment method. We would like to make it clear that betting with Ethereum is safe and legal.