When it comes to cryptocurrencies, only Bitcoin surpasses Ethereum in popularity, yet thousands of projects are based on the Ethereum network. Furthermore, thanks to the wide range of use cases that the Ethereum network offers, the Ethereum token has become a highly accepted form of payment worldwide.
One of the first sectors to accept Ethereum was the gambling industry, and after the 2021 crypto boom, most esports betting sites added it as a form of payment.
In this article, we will explain to you why Ethereum has become so popular with esports bettors and which are some of the best Ethereum esports betting sites.
What is Ethereum?
Ethereum is a general-purpose blockchain that hosts a wide range of digital assets like cryptocurrencies, executable code, decentralized financial contracts, decentralized applications, and non-fungible tokens (NFT). The native cryptocurrency of Ethereum is the Ether, but on its blockchain, there are a lot of popular crypto coins such as the Basic Attention Token (BAT), 0x (ZRX), and more.
The beauty of Ethereum is that it offers the decentralization features of Bitcoin with the power of a more complex programming language (Solidity), which gives developers a lot of different options when creating new applications.
Solidity runs on smart contracts, a series of if-then statements that can create very complex scenarios and execute them to the letter.
In general, though, when we are talking about Ethereum as a means of payment, we are talking about the Ethereum token, Ether, which is the incentive for computers to run the Ethereum network. For example, Ethereum gambling sites accept this token as a form of payment for your betting activities.
History of Ethereum
Ethereum was first put into writing by Vitalik Buterin in 201, as a system that would be complementary to Bitcoins but with the ability to overcome many of its limitations, which at the time were starting to become more apparent. In the coming months, a team of eight developers and team members got together to start the development of Ethereum.
After two years of intense development and marketing, the Ethereum network was finally up and running, and it immediately became one of the most wanted digital assets in the world. The potential that Ethereum signified was too much for people to ignore, and the price of the token skyrocketed pretty fast.
When crypto became mainstream in 2017, Ethereum was one of the key players in this change, and for a brief moment, it seemed that Ethereum was going to surpass Bitcoin’s market capitalization. Alas, this was not to pass, and after the crypto market crashed, Bitcoin regained its dominance in the crypto markets. With this increase in popularity, though, the limits of Ethereum became obvious. The network was not ready to handle so much traffic.
Since then, Vitalik and the Ethereum team have been working on an upgrade to the network that will deal with the scaling issues of the original code and overall increase the capacity and potential of Ethereum massively. It seems that the world is ready for such a groundbreaking update, with a lot of people already staking their Ethereum.
Which Are The Best Ethereum Esports Betting Sites?
Thanks to the hype around Ethereum, the price of a coin has become very valuable, and most sports betting websites will gladly allow you to make deposits and withdrawals with it since receiving payments doesn’t cost anything to the bookie, contrary to many other payment methods.
There are even bookmakers that market themselves as Ethereum betting sites to cash in on the popularity of the coin. After the 2021 crypto boom, pretty much every sportsbook started accepting this cryptocurrency, especially the ones focused on esports games since the audience that is likely to bet on esports is also the one that owns Ethereum.
If you want to start betting on esports using your Ether tokens, you can join any of the sportsbooks below and enjoy gambling using the money of the future.
Stake is a unique Ethereum betting site since instead of allowing you to pay using Ethereum by exchanging the coin for fiat money with a questionable exchange rate, it allows you to hold Ethereum in your betting wallet. This means that you can enjoy Ethereum betting and, at the same time, benefit if the value of the coin increases.
Stake holds a gambling license from the island nation of Curacao, and millions of users have confirmed that all the services it provides are legitimate. Stake offers betting markets for multiple esports titles, and it has offered some of the most interesting betting options. Even If you don’t have Ethereum, Stake is an excellent reason to get some.
DuelBits is an esports betting site that knows how to treat its customers while ensuring their security is guaranteed. You can bet on all the popular esports like Rocket League, League of Legends, and Counter-Strike: Global Offensive, with competitive odds on all the matches and extra betting features for live games.
Even though DuelBits is not exclusively accepting cryptocurrencies, it is pretty clear that it focuses a lot of its attention on Ethereum and other cryptos since you can even directly buy various crypto coins from the DuelBits platform. Moreover, the exchange rate is pretty good, and you can have your Ethereum in just a couple of minutes.
If you want to bet on a modern and stylish website with a “gamer” feel to it, Luckbox is your best pick. You can choose to either use Luckbox on your computer or the amazing mobile betting application that allows you to bet no matter where you are. Like that, you will not miss a single game out of the hundreds of matches available for betting on Luckbox.
Thanks to the excellent website design, you can easily navigate anywhere you want, and even gambling newbies will be able to place bets and reap the rewards pretty quickly. If you decide to join Luckbox, you can benefit from its generous welcome bonus to start your betting journey on the right track.
One esports betting website that we seldom fail to mention is EGB, which is committed to providing a unique gambling experience to all its users. The main characteristic of EGB is its unique rewards system, which allows you to earn various free bets by completing certain tasks on the website.
It is very easy to make Ethereum deposits and withdrawals on EGB, since you must copy-paste an address or scan the QR code with your wallet application. You can bet on any of the various esports titles that EGB offers, and you can quickly understand why so many people have made this esports betting site their home.
Parimatch is one of the biggest Ethereum sports betting sites, with more than 40 million visitors every month, according to similarweb. Few sportsbooks can surpass Parimatch in esports betting since it offers above-average odds and coverage of big and small esports events. Thanks to its advanced algorithms, Parimatch can offer multiple betting options, from money line options to “weird” exotic bets.
If you want something different for a change, Parimatch has a lot of casino games you can enjoy, with many variations of the most popular games. Live casino games are always a great choice, and each dealer brings something new to the table, multiplying your options for having fun.
How To Use Ethereum On Esports Betting Sites
Since younger people increasingly use cryptocurrencies, Ethereum esports betting websites started appearing left and right, with tempting offers for anyone interested in crypto and esports.
One thing you need to be aware of before you start betting with Ethereum is that some bookmakers might not allow you to withdraw in cryptocurrencies, not even Ethereum. In most cases, they don’t want to hold this asset to pay the users, or the conversion fees from fiat to Ethereum are too high for them.
Nevertheless, if you have a quick chat with the customer support of the sportsbook before you join the site, they can tell you everything there is to know about what Ethereum transactions they accept, so you can decide if you want to open an account or not.
How To Deposit With Esports Betting Sites That Accept Ethereum?
One of the main reasons why Ethereum is so popular amongst esports and sports betting sites is how easy it is to complete transactions. All you need is a wallet that can hold Ethereum tokens, and you are ready to make a deposit.
To deposit with esports betting sites that accept Ethereum, you need to do the following.
- Login to your betting account
- Head to the cashier section
- Choose Ethereum as your payment option
- Type the amount you want to deposit
- Copy the Ethereum address to your crypto wallet
Ethereum deposits are instantaneous, and the bookmakers will not charge you any extra fees for the transactions.
How To Withdraw With Esports Betting Sites That Accept Ethereum?
After you are done with your Ethereum betting and taking out your money from a betting site, you will find that the process is as easy and safe as making deposits. If the bookmaker you use allows for Ethereum withdrawals, you can do the process in just a few seconds.
This is what you need to do to withdraw from esports betting sites that accept Ethereum.
- Access your betting account
- Press the cash-out option on your account options
- Type the amount you want to withdraw
- Copy-paste your Ethereum wallet address
If you have completed your identity verification, you can have your money available in your Ethereum wallet in just a couple of minutes. However, the gas fees for making an Ethereum transaction can be quite high, depending on the traffic on the network.
Online Betting With Ethereum: Pros and Cons
Ethereum has become popular for many reasons, and many characteristics of this token make it an excellent choice for esports betting. However, some things still don’t sit right with a large percentage of esports bettors.
One of the problems with Ethereum betting is that its price is very volatile – unlike with stablecoins – which makes it hard to know if it’s the right time to spend or hold. This uncertainty keeps many gamblers from purchasing Ethereum in the first place and others from using the Ether they already have. So anyone that wants to bet with Ethereum needs to be ready for the rollercoaster ride.
That being said, anyone that wants to make anonymous transactions cannot find a better option than Ethereum. This is because the whole technology around cryptocurrencies focuses on anonymity and security, and thanks to the blockchain, it is practically impossible for anyone to find out who you are making transactions with cryptocurrencies.
Another major problem with betting with Ethereum is the high gas fees you might have to pay. When there is not a lot of movement on the Ethereum network, each transaction doesn’t cost that much, but when many people are using it simultaneously, you can pay very high fees just to transfer a couple of dollars worth of Ethereum.
Advantages Of Using Esports Betting Sites With Ethereum
Ethereum has revolutionized the payment sector, and there are multiple reasons for any gambler to use this cryptocurrency to make deposits and withdrawals on esports and sports betting sites.
The advantages of using esports betting sites with Ethereum are the following.
- Fast transactions
- Complete anonymity
- Flexible deposit and withdrawal limits
Disadvantages Of Using Esports Betting Sites With Ethereum
There is a long way to go until Ethereum becomes the perfect payment provider for gambling activities due to some of the current limitations of this token.
Below you will find some of the disadvantages of using esports betting sites with Ethereum.
- Irreversible transactions, even if something goes wrong
- High fees at times
- Volatile price
Even though an increasing number of esports bookmakers have no problem accepting Ethereum, some are still resistant to change, most notably, Bet365, one of the biggest betting sites in the world.
No need to worry since there are a lot of alternatives to Ethereum that can do what it does almost equally as well, without some drawbacks that scare off new gamblers. If you are looking for some of the best Ethereum alternatives, you can read our suggestions below.
Neteller has become synonymous with gambling, with almost all bookmakers accepting this payment method without any problems. You can easily create an account within just a few minutes, and Neteller’s beauty is that you can add money and make payments without the need to provide any identification.
The fee structure of Neteller is made to benefit big transactions, so if you are planning to move a lot of money in and out of an esports betting site, it is one of the best options you have. If you add to all that the high-security features and how easy it is to make payments, you can understand why so many bettors use Neteller.
PayPal is one of the most convenient payment methods for funding your sports betting account, and most bookmakers accept both deposits and withdrawals. To complete the payment with PayPal, you just have to share your email and confirm the transaction through the mobile application if it’s for a deposit.
The great thing about PayPal is that you don’t even need to add money to it to make a transaction since you can directly connect it to your bank account and have the money moved directly from there. PayPal acts like an extra layer of protection, with very low fees.
Ethereum payments have only recently become popular on esports betting websites, but it looks like it is here to stay. There are a lot of benefits to using Ethereum to bet, and as blockchain technology advances, most of the disadvantages are set to disappear.
If you want to make completely anonymous transactions with flexible deposit and withdrawal limits, Ethereum is the way to go. If you don’t already have Ethereum, you should consider getting some today and joining the world of crypto betting.
Can you gamble with ETH?
Yes, you can gamble with ETH on multiple crypto-betting sites, but in most cases, the bookmaker will accept ETH deposits and exchange it for fiat currency. This means that technically you don’t gamble with ETH, although websites like Stake and DuelBits allow you to hold Ethereum on your betting wallet and bet directly with the tokens.
Is it safe to use cryptocurrency for wagering on esports?
It is safe to use cryptocurrency for wagering on esports since deposits and withdrawals can be executed securely and without any problems. The only issue comes from actually holding cryptocurrencies since their price is generally very volatile, and you can lose a big part of your money if you buy crypto at the wrong time.
Which are the best Ethereum esports betting sites?
The best Ethereum esports betting sites are Stake, DuelBits, Luckbox, EGB, and Parimatch. You can easily create an account in any of these bookmakers and fund your account using Ethereum. You can enjoy as much betting as you want, and when you want to take out your money, you just have to give your Ethereum wallet address, and within a few hours, you will have the money in your account.
Is Ethereum safe?
Yes, Ethereum is completely safe, and it is almost impossible for anyone to interact with the transactions you are making. The main selling point of Ethereum is that whatever is written in the blockchain will remain like that forever, with no one having the ability to alter it again. If the blockchain gets the message that you made a transaction to an account, this transaction will be executed without fail.