ETH, also known as Ethereum, launched in 2015 and has made its mark. This cryptocurrency has influenced many industries, including online sports betting. The digital currency also supports ETH NFTS, Ethereum smart contracts, and Ethereum dApps, proving just how flexible it is.
Ethereum or Ether is now the second most used cryptocurrency globally. So evidently, it isn’t surprising that all the best online sports betting sites welcome Ethereum deposits. However, to take advantage of this cryptocurrency, many punters prefer to know the benefits of using ETH when engaged in sports betting.
4 Benefits of ETH Sports Betting
It’s vital that online sports bettors take the time to know where and how they are investing their money. This is why it’s best to know the perks of using Ethereum. Below are some merits that come with playing online sports games using ETH:
1. Faster transactions
It’s no news that Ethereum transactions are completed significantly faster than Bitcoin. This means online sports players have a higher potential to make substantial payouts than digital currencies with lower rates. Furthermore, because ETH is digital money, there is no waiting period for withdrawals or deposits.
2. Minimal transaction fees
Popular cryptocurrencies like Bitcoin were set up to allow transactions without additional fees. Unfortunately, payments with BTC are somewhat delayed and costly. Inversely, ETH has cheaper transaction costs regardless of how much is deposited or withdrawn. This makes it the ideal cryptocurrency for online sports bettors.
3. Smart contracts can be used
One of the most appealing features of Ethereum is that it is based on smart contracts. These are lines of code that are used to disperse winnings automatically, handle complications, and ensure that players are paid their winnings.
4. An ever-increasing number of internet-based games
Since the advent of cryptocurrencies, online gaming platforms have been springing up to reap the benefits of the spike in ETH values. This is thanks to its growing popularity among punters and investors alike.
We now have more games to choose from, which has provided more winning chances! In addition, players can now place as many bets as they want with no fear of exorbitant transaction fees.
How ETH Sports Betting Sites Operate
Sports betting platforms that accept Ethereum have various minimum deposits or welcome bonus offers. Nonetheless, you need to follow the steps listed below to use them:
- Set up an account
Having an Ethereum sports betting account is as simple as signing up with any other online betting platform. First, players must register with their personal information at their preferred betting site. Gamers must also complete their identity verification following the KYC laws in their respective location.
This step is put up to prevent accounts with fraudulent intents and establish a safe gaming environment. You must purchase Ethereum via a cryptocurrency exchange and save it in your cryptocurrency wallet.
- Make your first deposit
You’d be routed to the deposit interface once your account has been validated. Select ETH as your payment method as most betting platforms provide other cryptocurrency options. It’s critical to observe the site’s minimum deposit requirement in your gaming account.
Once a deposit has been established, an ETH wallet address where you can send funds from a crypto wallet will be generated. Next, tap on SUBMIT PAYMENT after ensuring the wallet address is valid.
- Initiate withdrawals
You can start playing different games when your first deposit has been approved. Then, when you get lucky with your games, click on the “Withdrawal” tab and select Ethereum as your withdrawal option. Then, continue by inputting your preferred amount and click submit.
Cryptocurrencies are, no doubt, the future of online gaming. The earlier players adopt its use, the better it is for them to grab winning advantages.