Gambling Sites Accepting Ethereum in 2020 – Recommended Options
You’ll find lots of information on our site about how to use Bitcoin to gamble online. That’s because there are several upsides to using it for gambling, such as processing speeds, transparency, and low fees.
Bitcoin isn’t the only cryptocurrency out there, though. There are a few gambling sites that also accept BTC’s cousin, Ethereum or Ether.
We talk about Ethereum in our guide below. However, if you’re ready to start gambling now, you can choose from one of the recommended sites in our list below. You won’t find a list of better sites to join in 2020.
We only recommend the best sites – the ones that meet our high standards. This means that each of the sites above possess the following attributes.
Each Site Has a License – We prefer licenses from the UK Gambling Commission, Malta Gambling Authority, or the Alderney Gambling Control Commission. However, any license is better than no license – even if that means one from Curacao.
Each Site Has a Positive Reputation – We dig up information about the company that runs and operates each site. We read about them in forums and on watchdog sites to learn more about who they are and to ensure that they treat players well. We don’t recommend sites that have a history of scamming players.
Each Site Accepts Ethereum – This should be obvious. We don’t want you to visit a site and go through the process of creating an account only to find that they don’t accept ETH.
Each Site Offers Excellent Support – We can’t stand sites that don’t reply to emails in a reasonable timeframe or make you wait on hold for hours when you want to talk to them via live chat. We test each site’s support to make sure they meet our standards before we recommend them.
You’d think these attributes would be standard issue for every gambling business that launches. Unfortunately, that’s not the case.
Those are the most important attributes we look for. However, there’s far more to consider if your goal is to join a trustworthy gambling site that also offers a fun gambling experience.
The following are a few examples of what else we look for before we recommend a gambling site to our readers.
Excellent Sports Coverage and Betting Options – We prefer gambling sites that offer action on dozens of sports and events in their sportsbook, as well as hundreds or even thousands of markets to bet on.
Top-Notch Casino Software Providers and Loads of Games – The best gambling sites have hundreds of casino games that you can play that span all the major categories. That includes slots, table games, video poker machines, and live dealer games.
Poker Rooms with Plenty of Traffic – Poker rooms live or die based on the amount of traffic that passes through their tables. Poker rooms that only get a couple hundred players per day aren’t worth joining. We prefer sites that get thousands or tens of thousands of players per day.
Bingo Rooms with Plenty of Action – We prefer bingo rooms that offer games around several bingo variants (30-, 40-, 75-, 80-, and 90-ball). Rooms that have plenty of prizes and jackpots to win are also preferred.
Offers for Each Product They Offer – In a perfect world, we’d see a welcome bonus for each product the site offers and a couple of extra offers for when players finish those.
Mobile Gambling – Who wants to be limited to gambling on their computer? We prefer gambling sites that at least offer the option to gamble on your phone or tablet.
There are other things you can look for, especially as you dig deeper into each gambling product and offer that a site offers. But the points above give you the 30,000-foot view of what we look for and why.
And if you’re not sure which site you want to join, you can always read our reviews. We thoroughly review each site so that you have all the information you need to determine if a gambling site is right for you.
What’s more is that we don’t take bribes or anything like that for overly positive reviews or ratings. That wouldn’t be in your best interest or ours. No, each review gives you an honest look at a site through the eyes of the person who reviewed them.
So, check out one of our reviews if you want to know more about a specific site.
For everyone else, we have our Ethereum guide below. We cover what Ethereum and Ether are, how it all works, and the pros/cons to using them (to gamble online).
A Brief Newbie Guide to Ethereum
Chances are good that you have at least heard of Bitcoin. It’s hard to open a financial page in the paper or watch the news without hearing about it. This is especially true if the value has skyrocketed or plummeted recently.
You don’t hear about Ethereum nearly as much, though. We wouldn’t be surprised if our readers weren’t familiar with what it is or how it works.
We cover a lot of basic information in our Complete Guide to Cryptocurrencies. However, we wanted to write something more specific for Ethereum, which is why we wrote the following section.
The following sections will brief you on what Ethereum is, how it works, and how to get your hands on it so that you can use it to gamble online.
Let’s start with the basics first.
What Is Ethereum?
Here’s how Wikipedia defines it.
“Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality.”
The blockchain is a public ledger that shows each transaction shortly after it’s made. However, unlike Bitcoin, Ethereum uses accounts and balances which they call state transitions. They store these in a different location than the blockchain for security purposes.
Ether is the cryptocurrency that you use on the Ethereum blockchain. It is a decentralized currency that you can use to pay for goods or services. Ether is also used to pay for gas, which is the unit of computation used to process transactions.
You can also use Ether to gamble online.
Ethereum’s Origins, Value, and Market Cap
Vitalik Buterin started Ethereum in late 2013. It was first sold to the public in July 2015. More than 11.9 million coins were mined for the sale, which accounted for roughly 13% of the total supply.
Ethereum isn’t as valuable as Bitcoin, but it’s still valuable. It exploded in growth – by more than 13,000% – in 2017. It’s currently worth $430 per coin, but the value has fluctuated wildly the past few years.
As for market cap, more than 9.2 million coins were mined in 2017, bringing the total supply to 100 million coins as of June 2018. Currently, there’s no hard cap on the number of coins that will exist, but experts think there will be (soon).
Ethereum is listed on cryptocurrency exchanges as ETH. It uses the Greek uppercase xi character (Ξ) for its currency symbol.
How Is Ethereum Different from Bitcoin?
There are several differences between the two blockchains/cryptocurrencies.
Ethereum’s block time is faster compared to Bitcoin (15 seconds compared to 10 minutes). Block time refers to the time it takes for the network to generate one extra block in the blockchain.
You can earn new Ether coins at a consistent pace. Bitcoin is the opposite. The Bitcoin you receive for mining will cut in half every 4 years.
Transaction fees for Ethereum vary based on factors such as bandwidth, storage (gas) needs, and computation complexity. For Bitcoin, the fees you pay come down to transaction size.
Transaction fees are lower on average for Ether compared to Bitcoin. The median fee for Ether was $0.33 compared to $23 for Bitcoin.
More than two-thirds of all available Bitcoin has already been mined. Most went to early miners. However, Ethereum will only have half its coins mined by the time it’s five years old.
Which is better – Ethereum or Bitcoin? Is there a better option?
Ultimately, the answer comes down to you and what you plan to use them for. If you only want to diversify away from using fiat currencies, then Bitcoin might be the better option. If you want the ability to prove that specific functions work and to set up contracts, then Ethereum is the better option.
It doesn’t have to be an either/or thing, though. You can own both currencies. The following section will talk about how you can get your hands on some Ether.
How to Get and Use Ether (to Gamble Online)
There are a few things you can do to get your hands on some Ether.
This is probably the hardest way to get Ether because you need to be tech-savvy, for one thing. It also takes a lot of computer power and costs to process contracts and secure the network.
Ethereum.org says you will need at least 1+ GB of RAM on each GPU, and 2GB is ideal. You will also want to install C++ Etherminer.
If you can figure this out, you will receive a reward for creating the latest block on the blockchain (which happens every 15 seconds). The reward for every block of Ether created is 3 Ether.
At today’s price, that’s worth nearly $1,300.
Trade BTC for ETH
Another option is to trade your Bitcoin for someone else’s Ether. We recommend you trade with someone you know and trust, as there’s no way to get your BTC or ETH back if the other party doesn’t uphold their end of your agreement.
Buy Ether with Fiat Currency
You can also buy ETH using old-fashioned American dollars. There are several exchanges that offer this service. One example is Poloniex (which is US-based). Kraken is another one.
You can also go to a platform such as Coinbase and buy Ether. This might be helpful in the short term since they’re also a wallet. Once you buy your coins, you can store your coins with them.
Sell Services and Accept Ether for Payment
Another option that you don’t see suggested much is to offer services or sell things you own and accept Ether as payment.
You’ll want to make sure you have a wallet handy so that you can receive payments. You’ll also want to trust whoever it is you’re dealing with. If they decide not to send you your payment, you might be out of luck.
But this could be a great way to get your hands on some Ether, especially if you can earn more in coins than what you currently value your time at in fiat currencies.
Don’t Forget: You Need an ETH Wallet
Keep in mind that you’ll need a wallet to store your Ether. This is similar to Bitcoin where you’re storing the private keys that hold your coins. Lose this key, and you’ll lose your coins forever. So, it’s important that you find a safe way to store them. The following are a few of your options.
One option is to use a hardware wallet. This is basically like a USB drive with additional safety features. For example, one feature we’ve seen on some of these is an OLED display that will double-check and confirm transactions before you send them.
Another option is to use a paper wallet, aka a good old-fashioned piece of paper and a pen. You write your keys down on a piece of paper and lock it up in a safe. This prevents the possibility of having it stolen, lost, or hacked.
Your last option is to use a web wallet. We gave one example of these earlier – Coinbase. You can use web wallets to store your coins or to transfer them. However, you’ll want to be careful with some of these companies. Often times, they won’t give you control over your private keys – they’ll be stored on a private server, which is the case at Coinbase.
The problem here is that they can always lose your information. This is why a web wallet should be a short-term solution only. A better long-term solution is to use one of the two options outlined above – a hard or paper wallet.
How to Deposit and Cash Out of Gambling Sites Using Ether
Depositing to a gambling site with ETH isn’t difficult to do, especially if you already have an ETH wallet. Here are the steps you need to take.
To make a deposit, click the deposit button at the gambling site. Then choose Ethereum or Ether as your payment method.
The site will generate an address for you to use. Copy this address.
Next, paste this address into your wallet. Then enter how much you want to deposit.
If you use your phone, many gambling sites will provide a QR code that you can scan instead. That way, you don’t have to worry about copying/pasting the address or, worse, entering it manually.
Withdrawals will work in reverse. You’ll click the withdrawal button and choose Ethereum as your cash-out option. Then enter your wallet address, the amount you want to cash out, and (sometimes) a security code.
That’s all there is to it.
Keep in mind that the exact process will vary from site to site. Processing timeframes, deposit/withdrawal limits, and fees will also vary. When in doubt, contact support or read our gambling site reviews for more info.
What Are the Pros and Cons of Using Ether?
Are you still not sure whether you should use Ethereum, much less use it to gamble online?
This section should help you out.
What you’ll find below are some of the biggest pros and cons we could think of regarding buying ETH, using it as an investment vehicle, and using it to gamble online.
Maybe it’ll help you decide?
Ethereum offers smart contracts. You can use these to enforce agreements. For example, if you buy something, your money will only be released once you receive the item you purchased.
Smart contracts can also be used to prove that specific functionalities work. A great example of something you might want to prove is whether a casino game is fair or not. We’ve already seen this in action with provably fair games.
ETH allows you to gamble online in private. Since transactions are anonymous, no one will know you’re gambling online unless they have access to your gambling accounts.
Using cryptocurrency to gamble online reduces the amount of information you need to send the gambling site. This, too, keeps you safer online (in case you run into a rogue site). If you join a gambling site that only accepts cryptocurrencies, then you won’t have to give them ANY information that’s standard when you join normal sites – like your address, phone number, email, name, etc.
You’ll receive cash-outs much faster. Some gambling sites process payments at specific intervals, while others might take a couple days. Either way, because Ethereum processes new blocks in a matter of seconds, once your payment is sent, you should have it quickly – much faster than fiat currencies.
Cryptocurrencies are ideal for Americans since gambling and banking don’t go together in the US. In fact, many US-friendly gambling sites nowadays don’t even accept fiat currencies anymore. It’s crypto or nothing.
Fees are often much lower for ETH than other payment methods. You might have to pay some “Gas.” And some sites might charge a fee to process your payment. The fees should still be lower compared to using fiat currencies, though.
You can deposit more money per transaction. Because Ether is more secure and reduces the chances of fraud (which ALL online casinos worry about), there’s a good chance that you can deposit for much higher limits than you could with fiat currencies.
Gambling sites that accept Ether or other cryptocurrencies often offer much larger deposit bonuses. A typical deposit bonus is $100-$1,000. However, we’ve seen gambling sites offer deposit bonuses worth multiple coins (depending on what exactly you deposit in). This can be worth several hundred, if not several thousand.
The opposite is also true. Depending on where you play, you may be able to deposit and play in small amounts compared to traditional currencies. Many sites accept deposits that are somewhere in the 5-decimal range. For example, you might be able to deposit as little as .00001 in Ether. This comes out to $0.0046 – less than half a cent!
Those are some of the bigger upsides to using Ethereum. Now, let’s look at some of the downsides.
There are some downsides to using any cryptocurrency as an investment, to shop, or even to gamble online. Ethereum is no exception. The following are some of the biggest downsides that we know of.
Smart contract bugs are visible on the blockchain. This includes security holes. Unfortunately, while they are visible, they can’t always be fixed quickly. This can create vulnerabilities.
If you accidentally send your coins to the wrong address – assuming it’s a legit address (the payment goes through) – you won’t be able to get your money back.
Ether’s value can and does fluctuate. For example, over a one-year span, we’ve seen it start at around $200, peak at around $1,400, and then drop $1,000 to about $463. That’s a lot of variances. Keep in mind that this is on top of the variance you’ll experience if you use Ether to gamble online.
Ether gamblers will have fewer options for where to play. Bitcoin is far more popular, and while many gambling sites have started accepting ETH, lots of gambling sites have yet to come onboard.
The crypto-gambling space is still the Wild West. Many sites that accept cryptocurrencies aren’t licensed, which means your money and any information given is less secure than if you were to join a licensed gambling site.
Those are some of the bigger downsides we can think of. There are more pros and cons to using cryptocurrencies, though, and loads more to know about investing in and using cryptocurrencies.
Online gamblers are plagued by many issues. However, no issue is as big of a pain in the neck as banking. There are so many issues to deal with, such as declines, delays, unfair limits, and fees.
Then there’s the stigma that comes with gambling. Many people view it as “taboo” or as a “sin.” As such, these people won’t hesitate to tell you what they think of your hobby. Whatever they tell you is unlikely to be supportive.
Ethereum can solve both of these issues. You can bypass banks entirely, reducing the fees you pay, increasing your gambling limits, and eliminating issues like processing timeframes and delays.
It also allows you to gamble anonymously. No one can look at your banking account and find out that you’re gambling online. Use your crypto wallet to send and receive payments, and your gambling hobby will be your own little secret.
Those are just a couple of the many upsides that you’ll get to experience when you use Ethereum or any other cryptocurrency to gamble online. This is why we recommend giving Ethereum a shot the next time you gamble online.
You just might like it better than using your standard, old-fashioned paper money.