Our guide gives you a thorough explanation of what exactly Ethereum is and how it’s used for sports betting. If you’ve got no idea what cryptocurrencies are, don’t worry because we’ll run you through them too. Keep on reading and learn more about the fast-growing world of sports betting with Ethereum. We’ll also point out some of the best Ethereum betting sites so you can get started on your betting journey today.
What Are Cryptocurrencies?
Before we look at Ethereum, it’s important that you understand cryptocurrencies. The term ‘fiat currencies’ refers to regular currencies that are regulated by governments and whose transactions go through banks. Prime examples include the pound, the euro and the dollar. Cryptocurrencies, on the other hand, are a lot different. Here’s a summary of how the two types of currency differ:
|
Fiat Currencies |
Cryptocurrencies |
| Control |
Regulated by both governments and banks |
Not regulated by any kind of major institution |
| Middle Men |
Transactions go through your bank |
No middle men involved; transactions are direct between A and B |
| Data Collection |
Data on your transactions can be collected and used |
No data collection as transactions are completely anonymous |
| Real-world and Online Availability |
Available in both physical (notes and coins) and digital forms |
Only available digitally |
| Storage |
Can be stored both physically and digitally |
Can only be stored digitally |
| Supply |
Unlimited. Governments can increase the supply at any time |
Limited. Each cryptocurrency has a fixed supply |
| Safety |
Stored money protected by banks using latest security systems and protocols |
Cryptography encrypts data to both secure and verify transactions |
| Value |
Can sometimes vary, though changes aren’t usually that dramatic |
Can fluctuate very rapidly depending on popularity and market expectations |
The essence of cryptocurrencies is that they’re digital and anonymous. With these currencies, you can make online payments without your bank or anyone else knowing. Your transaction doesn’t go through a middle man, i.e. a bank, so the money is sent directly to the receiver, which means that banks can’t collect data from you.
In case you’re concerned about safety, there’s nothing to worry about. Cryptocurrencies use cryptography, which is the act of encoding data to protect transactions and verify them. This ensures that your money is protected when it’s being stored and when it’s being transmitted.
The very first cryptocurrency, Bitcoin, was invented in 2008. It then came online in 2009, offering people around the world a new way of carrying out online transactions. Its popularity spread and now it’s a widely used currency in its own right. Not only that, it’s also encouraged developers to create lots of other cryptocurrencies; there are approximately 20,000 of them being used right now.
Common sports betting cryptocurrencies
The image above shows icons for some popular cryptocurrencies. From left to right these are Bitcoin, ether, Binance Coin, Tether, Solona, XRP, Cardano, USD Coin, Terra and Avalanche.
Are cryptocurrencies suitable for you? Have a look below at our summary of what these currencies offer. If you like the sound of these benefits, consider using crypto not just for sports betting, but for other online transactions too.
Here’s what cryptocurrencies offer
- Anonymous payments
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✅ |
- No middle man
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✅ |
- Secure transactions
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✅ |
- Fast processing times
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✅ |
- Potential for long-term return on investment
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✅ |
In short, cryptocurrencies enable you to make completely anonymous payments online. That’s why they’ve taken off and have become so widely used. People prefer being able to carry out transactions in private. Many people who gamble online for real money – whether it’s sports betting, playing casino games or both – appreciate the anonymity that cryptocurrencies offer and use these instead of fiat currencies.
What Is Ethereum?
The name ‘Ethereum’ doesn’t actually refer to a cryptocurrency that you can use like Bitcoin. Instead, it refers to an expansive online network designed for all sorts of purposes:
- Developing apps
- Establishing organisations
- Keeping hold of assets
- Carrying out financial transactions
- Communicating with others
Through the network you can do all this and more without any centralised institution (i.e. a bank or government) knowing.
The cryptocurrency that’s used on this network is ether. Sometimes when people say ‘Ethereum,’ it’s actually ether they’re referring to. If you’re on the Ethereum network and there’s something that requires payment, you’ll use Ether to pay for it.
The key difference between Ethereum and Bitcoin is that the former is programmable while the latter is not. What this means is that the Ethereum network can be used to develop apps and other programs; Bitcoin can’t. Ethereum’s official website describes it as being a sort of ‘financial marketplace’ where you can spend ether on different kinds of apps. Bitcoin is designed to be used more broadly; it’s not tied to one particular network.
Ethereum was conceived in 2013 and came online on 30 July 2015, along with its cryptocurrency ether. It’s gone on to become a hugely popular cryptocurrency. According to its official website, as of 30 July 2022:
- 2,970 projects have been built on the Ethereum network
- There are over 71 million Ethereum accounts
- $11.6 trillion worth of ether was handled in transactions across Ethereum’s network in 2021
- There can be in excess of a million ether transactions a day
If you’d like to learn more about ether and the Ethereum network, the official site is the best place to go. It gives you all the information you need about the cryptocurrency and the vast network that it’s been developed for.
What is Ethereum Betting?
Ethereum betting is simply the act of using ether through the Ethereum network to place bets at betting sites. You’ll find that lots of the top-rated online sportsbooks accept ether and other cryptocurrencies. They let you use these digital currencies because they don’t want to miss out on revenue. If a site doesn’t accept cryptocurrency, someone who prefers to use this type of currency will simply sign up to a competitor instead.
With ether, you can place bets on just about any sort of sport imaginable. Some of the biggest sports right now include:
- Basketball ?
- While basketball is huge in the US, it also has a significant international following. Keen fans of the sport follow their favourite teams and place bets on the sport’s biggest events, including the Basketball Champions League and the FIBA World Cup
- Cricket ?
- Top tournaments such as the World Cup, the T20 World Cup, the Champions Trophy and the World Test Championship attract huge amounts of bets from punters around the world
- Football ⚽
- Arguably the world’s biggest sport, football has a massive and very loyal following. Passionate fans place bets on all sorts of local, regional and national matches, as well as high-stakes competitions and tournaments, the FIFA World Cup being the biggest
- Golf ⛳
- For many fans of golf, it’s all about the Majors, the sport’s four most prestigious tournaments. These are the Masters Tournaments, the PGA Championship, the U.S. Open and The Open Championship
- Tennis ?
- Another hugely popular sport, tennis attracts plenty of bets of all sizes. Punters enjoy trying their luck and placing wagers on matches big and small. Many tennis enthusiasts stick to the Grand Slam tournaments, the sport’s most important annual tournaments
Most online sportsbooks that accept this cryptocurrency offer betting options for a wide range of sports, from popular, big-name ones with international tournaments, to lesser ones that aren’t played in as many countries. The options for Ethereum sports betting at a typical betting site are huge.
Many online sportsbooks have live betting available for some of the bigger sports markets. This is where you get to watch a live stream of the match, race or event as it’s actually taking place. You place your bets in real time and the odds can vary quite dramatically depending on what’s happening. Many bettors prefer live betting because of the fast-paced nature of it, the fact that it’s unpredictable and the potential for big wins. All sportsbooks that accept ether let you place bets before the event has begun; it’s only at some that live betting is an option.
Getting Started With Ethereum
In the next section, we’ll look at how sports betting with Ethereum works. First, however, we need to go over how to actually start using Ethereum and that’s going to be the focus of this section.
The first step is to head to the official Ethereum website. Here you’ll see a tab called ‘Use Ethereum’ in the top left-hand corner of the screen. Click the down arrow to the right of this and a drop-down menu will then appear. Click ‘Get ETH’.
It’s important to point out that ether and other cryptocurrencies are usually purchased from exchanges. These are online platforms designed for the buying and selling of cryptocurrencies. Below is a screenshot of Crypto.com, one of the leading cryptocurrency exchanges.
Crypto.com’s homepage
When you click ‘Get ETH,’ you’ll see the current value of 1 ether and there’ll be a blue box entitled ‘Search by Country’. Click this and you’ll be taken to a separate page where you’ll have to enter your country. Once you’ve done this, you’ll be shown some exchanges where you can purchase ether, as well as some wallets. You’ll need a wallet before buying ether because this is where your money will be stored when it’s not being used.
The Ethereum website has a full guide to wallets, offering a wealth of useful information on topics such as:
- Different types of wallets. These include standard web-based wallets, as well as mobile apps and even physical hardware
- How wallets differ. Crypto wallets can vary in their compatibility with operating systems (iOS, Android and Firefox, for example) and what features they offer
- How to stay safe. Some simple steps you can take to protect your funds include writing down your seed phrase, bookmarking your wallet and checking everything multiple times
Choose an exchange, sign up and once you’re a member, you’ll be able to buy ether and other cryptocurrencies. Note that it can take a few days to register at an exchange. Also, some of the wallets that the Ethereum website brings up let you buy ether directly from them; if you buy from a wallet, you don’t have to sign up to an exchange.
To access the Ethereum network and use ether, you’ll need an account. Fortunately, getting one is quite easy: most of the wallets that the website recommends are able to generate an account for you. Once you’ve got a wallet and some ether in it, you’re all sorted. Bear in mind that you’re able to move your ether to another wallet if you so wish.
How does Ethereum Sports Betting Work?
The way that Ethereum sports betting works is straightforward. You’ll need some ether in a crypto wallet and an account at a betting site that accepts ether (remember that many sites use the name ‘Ethereum’ instead).
If you’re not a member of a betting site that accepts ether, sign up to one of our recommended choices. All of them meet the following criteria:
Our 11-Point Quality Assured Checklist ?
- Simple Registration
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✅ |
- Lots of Betting Markets
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✅ |
- Good Odds and Prices
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✅ |
- Generous Bonuses
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✅ |
- Reliable Customer Support
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✅ |
- Fully Licensed
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✅ |
- Mobile Availability
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✅ |
- User Friendly
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✅ |
- Streaming
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✅ |
- Great Reputation
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✅ |
Signing up shouldn’t take long at all. You’ll just have to fill out a form that asks you for some basic personal and financial details. When you’ve done this, you should receive an activation email. Click the link in this to authenticate your account. You’re now good to go.
Once you’re a member of a betting site that accepts ether, simply log in and head to the cashier section. Go ahead and make a deposit. When you’re asked what payment method you want to use, choose ether. You’ll be asked to supply your wallet address and enter the amount of money you wish to deposit.
Exodus is one of many crypto wallets you can use for storing your ether online.
Once you’ve done both of these, click to confirm and the transaction will go ahead. The money should reach your betting site account almost immediately. As soon as it’s in your betting site account, you can begin using it for sports betting.
Using ether is a great option for anyone looking to do some real-money sports betting online in privacy. This cryptocurrency functions just like any fiat currency, in that you fund your account with it, then use the money from your account to place bets. If any bets are successful, you can withdraw your winnings in ether and they’ll reach your Ethereum account very quickly indeed.
Getting Started With Ethereum Sports Betting
We’ve already talked about how sports betting works with Ethereum. In this section, we’ll give you a quick step-by-step guide to it.
Getting a Wallet
1.Visit the Ethereum website
Ethereum’s website
2. Click ‘Use Ethereum’
Selecting “Use Ethereum”
3. Click ‘Find Wallet’
Selecting “Find Wallet”
4. Compare the options for ether wallets; click the downward-facing blue arrow button on the right to reveal more details about each wallet
Available Ether wallets
5. Choose a wallet and click the link to be taken to its website. There, follow the steps to get your wallet set up
Choose your preferred wallet
Getting Ether
1. Visit the Ethereum website
Ethereum website
2. Click ‘Use Ethereum’
Use Ethereum
3. Click ‘Get ETH’
Selecting “Find Wallet”
4. Click ‘Search by Country’ in the middle of the screen
Search by country
5. Enter your country
Selecting where you live
6. Choose an exchange or wallet from the list of options
Choose an ether wallet or exchange
7. Follow the necessary steps to purchase ether from your chosen exchange or wallet
Making a Deposit with Ether
For this section, we’ll show you how to make a deposit using ether. We’ll use Cloudbet as an example.
1. Visit the site and click the ‘Join’ or ‘Register’ button that’s found along the top of the screen
Joining Cloudbet
2. Fill out the registration form
Registering with Cloudbet
3. A confirmation email will be sent to you. Click the link to activate your account
Activating your account at Cloudbet
4. Head back to the betting site and click the ‘Deposit’ or ‘Cashier’ button along the top of the screen
Deposit at Cloudbet
5. Select Ethereum/ether as an option
Selecting Ethereum
6. Copy the deposit address
Copy your Ethereum Deposit Address
7. Go to your wallet and start a transfer. When asked for an address, paste the deposit address you just copied. Click to confirm
Placing a Bet with Ether
1. Visit a sportsbook, sign in and head to the main lobby
Cloudbet’s homepage
2. Select a market from the column on the left (or click on one of the bets listed in the middle). This brings up the current betting options for that particular market
Selecting a sport at Cloudbet
3. Click on a bet
Click on a match/market
4. You’ll then see competitors/teams and odds listed. Click on the odds you’d like to bet on
Odds available
5. Enter the amount of money you’d like to bet with then click to confirm
Enter your bet amount
6. Your bet has now been placed
Bonuses at Ethereum Betting Sites
One of the best perks of gambling online is being able to claim bonuses. There are all sorts of bonuses out there, from free bets and bonus money to cashback and even invitations to real-life events.
Betting sites usually have a number of promotions running at any given time. The purpose of promotions is simple: to encourage new punters to sign up, and to keep those who have already signed up coming back for more betting action. Promotions involve bonuses of some kind.
The main type of bonus you’ll see being promoted online is the welcome offer. This is a reward you receive for registering at an online sportsbook. Simply sign up, make your first deposit and you’ll then receive the bonus, which is typically a percentage of your deposit as free bonus money. Some Ethereum sports betting sites may hand out free bets as well. Welcome offers are usually the most competitive bonuses you’ll find at betting sites. Some of them can be very generous indeed.
Once you’ve made the most of your welcome bonus, you’ll be able to claim any other bonuses that the site is promoting. These include:
- Reload bonuses. Make a deposit and get some free bonus money
- Receive cashback on your losses
- Free bets. Take advantage of the chance to place some bets for no charge
- Loyalty rewards. Stick with a betting site and you may earn some rewards for being loyal. These can include any of the above, plus even free ether
Bonuses can be very worthwhile indeed. They can enhance your betting experience and give you extra opportunities to win. However, bonuses aren’t too good to be true. Every kind of special offer comes with terms and conditions that explain in full detail what the offer’s requirements and restrictions are.
Let’s say you come across a welcome offer that gives you 100% of your first deposit as free bonus money. This offer looks great, but there’s a catch: the amount of bonus money you receive is limited to £100. There’s another catch: you have to play through your bonus a set number of times before you can cash out any winnings. This is known as the wagering requirements. These are put in place to protect gambling sites and prevent customers from signing up, claiming bonuses and making off with their winnings straight away.
Even though bonuses have limitations, they can still be worth claiming. Always look through a promotion’s terms and conditions before you claim the associated bonus. By doing this, you’ll be aware of exactly what’s involved and what’s required of you. Be aware that violating the terms and conditions can result in you being blocked from a betting site, so always give them a read just in case.
Customer Support at Ethereum Betting Sites
It’s important for any kind of gambling site to have a customer support system in place that customers can rely on. If someone has a problem of any kind or a question they can’t find the answer to, they should be able to get the help they need from customer support. Ideally, a site should have a few different ways of getting in touch. The main ways are email, phone and live chat. Of these, live chat is usually seen as the most convenient, though some people prefer the other two.
Ideally, customer support should be available 24/7. Phone lines should always be open and if you’re sending an email or a message in live chat, you shouldn’t have to wait long for a reply to come. The more ways of getting in touch there are and the quicker you can get help, the better.
If you’re new to cryptocurrency, you should only sign up to a betting site that has a good customer support system. This is because it can take a while to get used to cryptocurrency and how it works. Thankfully, most crypto betting sites have reliable, easily accessible customer support, not to mention plenty of information about using cryptocurrencies for online betting. Even if you’re completely new to these currencies, sign up to one of our recommended sites and you should get all the help you need sooner rather than later.
How We Choose the Best Ethereum Sites
The betting sites we’ve recommended are just some of the many online sportsbooks where you can use ether. When putting together our list, we’ve looked at a wide range of criteria to help us decide which sites are worth signing up to. Some of the criteria we consider during the decision-making process are listed in the table below:
| Criterion |
What it Refers To |
Why We Consider It |
| Sports |
The sports and other events you can bet on |
It’s important for bettors to have access to a broad range of betting options, so ideally we like to see lots of sports and events listed, including international tournaments, regional competitions and everything in between |
| Bonuses |
The bonuses you can claim both as a new bettor creating a new account, and as an established bettor with an existing account |
Online sportsbooks are very competitive and a key way they attract and retain customers is by offering bonuses. These can vary quite greatly. Our recommended sites tend to have quite generous bonuses |
| Safety and Security |
How secure a site is and what the risk of signing up is |
It’s very important that you only sign up to a site that can be trusted. If a site is licensed, this means it’s been checked over and given the approval to operate. All our recommended sites are licensed and are therefore reliable |
| Payment Methods |
What payment methods as well as ether you can use for making deposits into your account and withdrawals from your account |
Even though we’re looking at Ethereum sites, we still consider payment methods because there should be other payment options available in case you need to make deposits and/or withdrawals in a different way |
| Customer Support |
The ways of getting in touch with the site’s help staff |
Even at the best sports betting sites, something may go wrong or you may have a question about something. All sites should have a customer support system in place so you can get the help you need when you need it |
| Design |
The layout of the site and what it looks like |
We believe that online sportsbooks should be easy to navigate and should look appealing. Any sort of site should be welcoming and not overwhelm visitors in any way |
| Mobile Compatibility |
What the mobile site is like and how easy it is to use; whether there’s a separate app to download or not |
Loads of people enjoy placing bets on their phones. Most online sportsbooks have mobile-friendly sites designed for touchscreen devices. Since mobile gambling is a huge industry in itself, it’s important that we see what a sportsbook’s mobile offering is like |
| Other Gambling Options |
Whether there are other types of gambling available |
It’s great if other types of gambling (casino games, bingo and poker, to give a few examples) are available, as this gives customers more ways to gamble and spend their money |
When it comes to putting together a list of the top Ethereum betting sites, we take into account all of the above criteria. We look at what an online sportsbook has to offer and determine whether or not someone would have a positive betting experience there.
There are loads of Ethereum sports betting sites you can sign up to. The ones that stand out – the ones that we recommend – are those that tick all the boxes, so to speak. The top sites make a good first impression on us and make us want to sign up and start betting.
If we come across a site that doesn’t look worthwhile for whatever reason, we won’t recommend it. Some of the reasons for not recommending a site are listed below:
- Not that many sports you can bet on
- The bonuses aren’t that great
- The site doesn’t seem to be safe
- Very few payment methods besides ether are accepted
- Customer support isn’t helpful
- The site isn’t designed well
- The mobile site isn’t user friendly
- There are few or no other gambling opportunities available
If an online sportsbook matches all the negative criteria above, we won’t recommend it. However, if it doesn’t meet the criteria and everything looks good, there’s a chance we’ll list it and recommend it.
Pros and Cons of Ethereum Betting
Whatever type of currency you choose for online gambling, there are always pros and cons. The same is true for Ethereum. Thankfully though, the number of advantages is greater than the number of disadvantages. Therefore, you should find that this cryptocurrency is a pretty good choice for sports betting. Here are the pros and cons of Ethereum:
Pros
– Ether is a safe, secure and reliable payment option to use
– It’s accepted at a growing number of betting sites
– It can be used both on desktop computers and on mobile devices
– You can place bets anonymously with it
– Bets can be placed pre-match or, in some cases, live
– Transactions (both deposits and withdrawals) are very fast
– There are loads of sports and events you can bet on with it
– Most Ethereum betting sites have bonuses you can claim that can make your deposits more valuable and give you free bets to use
Cons
– Because it’s a cryptocurrency and not a fiat currency, Ethereum isn’t regulated like the pound, the dollar etc.
– The value of ether can fluctuate a lot; the values of traditional currencies are usually a lot more stable
– Some may find fiat currencies to be more trustworthy and reliable, even though cryptocurrencies are developed to be very secure
– Not all betting sites currently accept cryptocurrencies; of those that do, not all accept Ethereum
Gambling Responsibly With Ethereum
Because of the anonymous nature of cryptocurrencies, some people use them to hide gambling problems from others. Gambling can easily become addictive, no matter what you’re spending your money on and no matter what type of currency you’re using.
If you decide to start betting on sports with the ether cryptocurrency, make sure you’re sensible about it. Here are some simple steps you can take so that you stay on top of your gambling:
- Only spend money that you can afford to lose
- Come up with a budget and stick to it
- Be prepared to end your betting session with a loss
- Don’t go chasing your losses (don’t keep betting after a loss hoping a win will eventually come around)
- Limit the amount of time you spend at betting sites
- If gambling is having a noticeable effect on your physical and/or mental health, take a break
Betting on sports can be a lot of fun. The key is not to overdo it. Manage your money and time responsibly. Except to lose (the odds are always against you, after all), and treat any wins as a lucky bonus. So long as you’re sensible about it, you should have no major issues with your betting experience.
If, however, you do find yourself becoming addicted to gambling, the good news is that help is always readily available. Every online sportsbook has a section on responsible gambling that outlines what help and resources the site has available for those who are being negatively affected by gambling. Most of the time, there are links to several reputable gambling charities that specialise in helping people addicted to gambling, whether it’s playing casino games, betting on sports or another type of gambling.
Should you have a problem, it’s always best to get help sooner rather than later.
Summary
Ether is a cryptocurrency, a special type of currency that’s entirely digital. It’s used for many types of online transactions and is a great choice for sports betting. Lots of highly rated online sportsbooks let you use ether. If you’d like to give betting with this cryptocurrency a go, follow the steps we’ve listed above to get your wallet and ether, then become a member of one of our recommended betting sites. Once you’ve done this, you’ll be ready to place sports bets with ether.
Betting with ether, or any other type of cryptocurrency, gives you the privacy that traditional currencies don’t. Loads of people around the world enjoy placing bets with cryptocurrencies and it’s very likely that in years to come, loads more betting sites will accept these special types of currency. While there are thousands of options, ether is a solid choice. Stick with ether for your online sports betting and you’ll be in very safe hands.
FAQs
