You are certainly familiar with the term cryptocurrency. The best-known representative is bitcoin. However, ethereum is another interesting cryptocurrency that you can use to deposit with betting providers. We will show you how to safely make your deposit via ethereum.
How ethereum sports betting works
Ethereum is a decentrally managed accounting system, which through cryptographic chaining (so-called blockchain) lays the foundation for its own cryptocurrency ether. After bitcoin, ether is the most famous currency of its kind.
You can buy ethereum online from various providers (make sure you choose a reputable service). For this you need an Ether wallet. You can then use this wallet to make deposits with betting providers, among others. More about this in the next but one section.
The best providers
ethereum is not yet widely used in the sports betting sector. We have not yet found this payment method at the top providers such as Bet3000 or bet365. Before you decide to open an account, you should pay these sportsbook testers a visit. You should rather look for bookmakers that generally offer cryptocurrencies. From experience, this is often the case with new betting providers such as Stake.
Instructions for ethereum sports betting
First you need an account at a betting provider with ethereum. For example, choose one from our table and create a betting account there by clicking “Sign up” or “Register” directly at the bookmaker.
Go to the deposit menu and select ethereum.
After that you will get a deposit address which you have to enter into your ethereum-wallet. There you can also select the amount. Important: Copy the ETH deposit address so that you don’t accidentally make a number mistake or something similar.
Once you have made the deposit via ethereum, you can bet. If you are successful, you can also withdraw via ethereum. How this works, you can read in the next section.
How do ethereum sports betting payouts work?
Most betting providers reserve the right to make payouts using the same payment method that you used to deposit. So, if you have funded your betting account using ethereum, the cryptocurrency will be the first thing you will see in the withdrawal menu.
Enter the amount and then your ETH address. Important: Pay attention to any withdrawal fees charged by the betting provider. These will be displayed to you during the process. For example, at Stake.com you will have to pay 0.00020000 ETH fees per withdrawal.
Is it safe?
Remember when we told you at the top of the article that ethereum is based on a decentralized system? This means that no bank or other institution, for example unauthorized third parties, can track what you deposit, when, where and how. More anonymity is impossible.
Interestingly, you also pay some of the transaction fees. These are quasi protection payments for anonymous and secure payments on the Internet. With ethereum itself, you should make sure that you get to a reputable trader. Also, keep in mind that cryptocurrencies are still highly speculative!
Advantages of ethereum sports betting
As you have already seen above, your payments cannot be seen by unauthorized third parties. Also, the betting provider has no info about your payment method.
Deposits are also made via other payment methods in real time. However, the fact that withdrawals via ethereum usually take place within one business day is a big advantage.
Betting providers with a focus on cryptocurrencies often offer a bonus for this.
FAQ – Questions & Answers about ethereum sports betting
Can I also deposit via ethereum using an app?
With all of the betting providers we tested, we were also able to deposit via the respective apps. Where you can deposit especially easy mobile with ethereum is in the Sportsbet.io app.
What are the ethereum limits?
As far as sports betting is concerned, you don’t have to worry much about limits. The minimum deposits are below those of other deposit methods like bank transfer or Paypal and are thus very low. At most, we did not find any limit at all.
The ethereum deposit does not work – why?
Keep in mind that you will need an ethereum-wallet to populate first. Tip: If you want to deposit with the cryptocurrency for the first time, then look for a betting provider with a good customer service like Stake.com. They can guide you through the deposit process via live chat.
Alternatives to ethereum sports betting
Sure, it is obvious that you prefer to play with Bitcoin sports betting as an alternative. The way it works is basically the same, except that your transactions are processed with Bitcoin.
However, we cannot say whether it will be successful in the long run to deposit with cryptocurrencies at sports betting providers. Only a few bookmakers offer this payment method. If you want to deposit like a pro, we recommend Trustly for sports betting.
A brief history – cryptocurrency & betting
Bitcoin has actually been traded for more than 11 years, since the cryptocurrency first became available in 2009. However, even though it didn’t really ‘make it big’ until a few years later and went through insane highs on the stock market, it found appeal in virtual sports very early on. At that time, the virtual currency was still a funny little investment, of which no one had any idea how incredibly valuable it could become one day. For example, 10 years ago there were already tournaments in Starcraft 2 where the first-place players went home with 500 dollars, while fifth to eighth place each received 25 Bitcoins.
From today’s perspective, of course, that’s absolute insanity. In the early days of Bitcoin, however, the exchange rate for a single Bitcoin was $0.07, or 7 cents. Hopefully, some of the Starcraft players have been dutifully saving their Bitcoins, because the 25 virtual coins are worth a combined total of about $1,407,200 according to the current share price. The first-place player with his $500 is probably looking thrifty. In general, e-sports and bitcoin share a certain characteristic. Both started small and only made the rounds in select circles. Prize money, prestige and value were low. Both experienced a huge boom in the 2010s, and both are gigantic entities nowadays, with outrageous amounts of money in them.
Even though e-sports are not yet a recognized sport in Germany, Bitcoin sports betting has nevertheless now also made its way into virtual video game sports as if it were a real sport. With the growth of the scene into gigantic tournament events and the establishment of widely celebrated teams, probabilities of winning and intensive game and player analysis have formed, just as they have from other physical sports. Where such infrastructures already exist, sports betting is naturally not far behind. And where bitcoin and sports betting meet, the connection of the two is naturally obvious.
More and more betting providers are offering sports betting for payment with Bitcoin. In relation to the total range of providers, the amount of betting platforms that allow betting with Bitcoin is still small. However, the advantages over conventional sports betting with plain, normal currencies cannot be dismissed out of hand. After all, trading with Bitcoin is not only safe and anonymous, it is also incredibly fast and, unlike other currencies, free of charge.
But just as with the cryptocurrency itself, it can be difficult at first to find your way among the providers, their conditions and services. Above all, there is the question of which e-sports betting providers also work with bitcoin. But all these questions can be answered quite easily. At Wettbonus360, everything you need to know about Bitcoin sports betting, the available providers and everything about betting on e-sports can be easily read. So when the next League of Legends tournament is coming up and you still have a few Bitcoins in your virtual account, you can bet on your favorite team with the information from Wettbonus360.
The ethereum payment option is mainly available at new betting providers. You do not need to understand the technical principle to use the cryptocurrency. The deposit itself is very simple, 1x learned you have internalized the process. However, in order to avoid unpleasant surprises, we recommend ethereum sports betting rather for bettors who have already dealt with cryptocurrencies apart from the topic of sports betting.
We do not recommend it to beginners who have not yet had anything to do with ethereum and now want to explicitly start using it to make deposits with betting providers, because there are better options, such as the PayPal e-wallet.