Ethereum and Sportsbetting: Does it work together?

Thanks to cryptocurrencies, sports betting has become easier and more secure than ever before. While BTC is the most popular form of cryptocurrency online, it’s unfortunately not the best to work with. More than half of the cryptocurrency in the sports betting industry is controlled by BTC, but as much as it is the bulk, using it is such a huge pain.

You might sometimes have to wait the whole day for a deposit to be processed. But the good news is that there are plenty of other coins such as Ethereum, which offer shorter wait times. Ethereum has now become very popular among people, but sadly, very few online sports betting sites have adopted it. Despite this, we are still going to take you through the basics of Ethereum gambling. We focus on:

  • How you can buy and deposit Ethereum online
  • How you can use Ethereum – in-play betting, Ethereum trading, sports betting
  • Creating an account at the Ethereum betting sites

Buying Ethereum Online and Depositing at The Sportsbook

Ethereum was created to serve a global currency system without any need for a central bank. As we’ve already mentioned, this currency has main features such as speed of transfer, anonymity and low transaction fees, making it ideal for sports betting. If you have to join the Ethereum revolution, it’s important you know how you can purchase it.

Purchasing Ethereum is the fastest route to joining one of the largest revolution since paper money was invented. Fortunately, gone are those days when you had to purchase coins with the guidance of an IT expert and weeks of waiting.

Ethereum is the second largest cryptocurrency in terms of size and value in the cryptocurrency industry. It also happens to be one of the most widely accepted means of payment at the online platforms, including sports betting sites. And if you have to get yourself some Ethereum coins, you can do so through two main ways; buying them in the open market or mining the newly minted coins.

Mining is a very complicated and expensive process, so if you’d have to get Ethereum coins to bet online, it would be through purchasing it online. This section will focus on highlighting ways through which you can easily turn your cash into Ethereum real fast.

Purchasing Ethereum at the Open Markets

Turning your (Euro, GBP, USD, etc.) into Ethereum used to be a challenging task. But with the ever growing popularity has prompted into newer and friendlier options to popup by the day. It will only take you three steps to complete this.

Step 1: You Need to Set Up an Ethereum Wallet
The first step is to choose and set up an Ethereum wallet. Much like your bank account, the wallet is essential for moving coins in and out your account. It acts as an intermediary. And more like your bank account, wallets come in all flavours, depending on your preferences.
As a beginner, we highly recommend wallets such as TREZOR and Metamask. We recommend these two because they allow you to sync your account through major platforms including Android, iOS, Mac, Windows and Linus OS.

Step 2: Choosing the best platform that sells Ethereum

This greatly depends on the availability in your country as well as preferences regarding speed, security price and anonymity. However, the main places where you can buy Ethereum online are exchanges such as BitForex and Binance. When choosing between the two, look at factors such as the fees, anonymity, security, user-friendliness and payment methods.

Step 3: Pick a Payment Option
Once you’ve are content with the choices for the first two steps, the next big step is to take into account the supported payment methods for each one of the category of Bitcoin marketplace. Different payment options have various implications for anonymity, transaction time, security and price. As a rule of the thumb, the more anonymous a payment option is, the more expensive it is.

The third step is the last one! Congratulations and welcome to the Ethereum club! What you need to do next to bet using Ethereum online is to deposit online. You can do so by following the following steps.

  • The first step is to click on the deposit options and select Ethereum as your preferred option
  • Copy your sportsbook’s deposit address
  • The next step is to open your Ethereum wallet. Search for the ‘send’ button to create a transaction. Paste the deposit address that you’ve copied in the second field into the recipient field and select the amount that you’d like to send
  • Click on send and wait for a confirmation from your sportsbook that you’ve received Ethereum coins

What Can I Use Ethereum to Bet On?

In the few years that Ethereum has been in existence, it has prompted disagreements, fears and innovation. As a number of ways in which you can use it, we are going to have a look at what one can use to bet with Ethereum.

Just like the normal cash, you can easily use Ethereum to pay for goods and services. Even though there are different vendors online accepting Ethereum as a payment method, only a handful view it as an actual improvement money.

We are not in the business of enlightening you on how Ethereum will transform your life. In some instances, especially when betting at the regular bookmakers, you may have experienced delays especially when receiving your winnings. Sometimes when betting, you might even have missed a bet because of failed transactions.

It’s totally understandable given that fraud is a big problem. The bookmakers have to ensure that they protect themselves and that the money won’t be charged back to them. Sometimes, they have to ensure that they are paying the winnings to the legitimate person.

At the Ethereum bookmakers, once they’ve received your funds, they are certain that it has arrived. This is because they use blockchain technology, which is a record of transaction that can be accessed publicly on the network provided that you know the transaction number.

Therefore, as long as you are certain of the address that you are sending the money to, what you need to worry about are the sports that you can bet on using the coins. And that’s what we are here to tell you now!

Sports Betting

Once you successfully make your Ethereum deposit into your online sportsbook account, you can easily place a bet on any one of the markets offered. All you need to do is simply cross check to ensure that your sporting event is featured and place your bet.

One advantage of placing bets online is that their odds are usually very generous as compared to the land based bookmakers. Furthermore, some of them offer promotions and bonuses that you can’t find at the land based bookmakers.

In play betting

The beginning of an event doesn’t mean that that should be the end of you placing a bet. With the current technology and competition, online sports books have dynamics that allow for you to bet as the events unfold. Each of the sporting event will have varying markets depending on how actions unfold. Furthermore, odds vary depending on what actions unfolds so it’s best to jump on the price that you seem to like more! Chances are you might miss on the opportunity!

Doubled up bets

As with any other currency in the market, Ethereum is usually traded against other currencies. The continued growth in popularity and interest of cryptocurrencies towards the end of 2017 saw Ethereum and other cryptocurrencies reach a new all-time high. In fact, if you had managed to win a bet during this period, the winnings could be worth a lot even now!
Are you ready to try any one of these? Explore a number of bookmakers that support Ethereum and other cryptocurrencies in the market today!

How do you open an account at an Ethereum sportsbook?

Placing a bet using Ethereum and other cryptocurrencies is much easier when compared to the traditional payment options. In order to join this new wave of sports betting, the first important step is to join any one of the leading sportsbook. In case you didn’t know how to, this section will take through it all!

Cryptocurrency sportsbook sites first appeared online towards the start of 2015. But they didn’t quite get the momentum they thought they would until Bitcoin, Ethereum and other cryptocurrencies gained momentum towards the end of 2017. These sportsbook sites now offer you the excitement of an online sports betting site, with some combining this with the glamour of the live dealer casino.

Before we go into the procedure on how you can open an account at any one of the Ethereum sportsbook, it’s worth mentioning that like Bitcoin, it maintains the anonymity factor that BTC offers. This feature, combined with online casino and sports betting licensing ensures that Ethereum betting is safe and secure.

A step by step guide on how to create an account with a sportsbook

To create an account with any sportsbook, follow the steps below:

  • Choose a valid and licensed online bookmaker
  • Under the site, click on the sign up or login button
  • Fill in the details required. Ensure you’ve entered only correct and up to date information for the purpose of account verification
  • Choose a password that you can remember. Ensure it has a mixture of upper case and lower case letters, numbers and characters
  • Submit the details
  • Log into your account and confirm your email address to start betting

If you still need more reason to bet at the Ethereum sports betting sites, you’ll be pleased to know that some offer a match deposit bonus. For more information regarding the same, just visit the sportsbook’s promotion page! Otherwise, you are all set and ready to bet online!