If you’re an avid online sports betting fan – have you considered the merits of an Ethereum sportsbook? If not, it’s well worth making the transition – not least because Ethereum sports betting sites offer a number of benefits over their fiat currency counterparts.
Notably, this includes the ability to gamble anonymously without the need to upload any ID documents, instant deposits and withdrawals, huge welcome bonuses, higher stake limits and crucially – more favourable betting odds.
With that said, you’ll still need to get your head around the ins and outs of Ethereum-centric sports betting sites – as you’ll be funding your account in cryptocurrencies, as opposed to traditional payment methods like a debit/credit card or bank transfer.
As such, we would suggest reading our guide on the Top 3 Legit Ethereum Sports Betting Sites of 2020. On top of listing our recommended platforms, we’ll also explain how Ethereum sportsbooks work.
What is an Ethereum Sports Betting Site?
As the name suggests, an Ethereum sports betting site is an online gambling platform that accepts ETH – as well as a number of other digital currencies, as its primary funding source. Although we will explore the benefits of using an Ethereum sports betting site momentarily, it is important to note that the fundamentals remain constant with that of a standard fiat sportsbook.
By this, we mean that you will be required to open an account, deposit funds, place a bet, and then withdraw your winnings out. Moreover, you’ll also have access to thousands of sports betting markets across both major and minor sports.
However – and as we will now explain further, this is where the similarities stop.
Anonymous Betting Accounts
If you’ve previously gambled online with a traditional sportsbook, you’ll know how intrusive platforms can be. This is due to ever-growing laws surrounding the countering of anti-money laundering, meaning that players are required to identify themselves before a withdrawal can be made.
This includes the provision of a passport or driver’s license, and a proof of address. With that being said, Ethereum sports betting sites do not ask for any personal information at all, so you have the capacity to gamble anonymously.
Crucially, this also means that you will never be asked to upload any sensitive documents to cash out your winnings – much in the same way as a conventional on-course bookmaker.
Instant Deposits and Withdrawals
By making the transition over to the Ethereum sports betting space, you will also benefit from instant deposits and withdrawals. Regarding the former, the operator will typically credit your account after 1 blockchain confirmation. This usually occurs in around 16 seconds, so by the time you’ve logged back into your betting account, the funds should be there waiting for you.
Furthermore – and perhaps most importantly, Ethereum sports betting sites allow you to benefit from instant withdrawals. As soon as you have entered the amount that you wish to cash out – alongside the Ethereum wallet address you want the funds sent you, the platform should process the transfer instantly.
This is in stark contrast to a traditional fiat sportsbook. Ordinarily, you will need to wait 1-2 working days before the sports betting site gets around to processing the withdrawal. After that, you will then need to wait for the respective card issuer or financial institution to credit the funds.
This can take between 1-5 working days. Moreover, you will also need to get your ID documents manually verified by the sportsbook before you even get the chance to cash out your winnings, which again, can take 1-2 working days.
Huge Welcome Bonuses
With more and more crypto-centric sports betting sites entering the market, competition between Ethereum gambling platforms is getting fierce. As is the case with the traditional sportsbook scene, Ethereum platforms are now offering super-generous welcome bonuses as a means to entice you to their sportsbook.
This usually centres on a conventional matched deposit bonus, meaning that the Ethereum sports betting site will boost your initial deposit. However, the amounts being offered by Ethereum gambling sites far exceeds anything you’ll find in the traditional sector.
In fact, some crypto-centric sportsbooks will offer you a 100% matched deposit bonus at the ETH-equivalent of up to 7 BTC. In real terms, this amounts to thousands of dollars.
More Competitive Odds
Running a traditional online casino or sportsbook is fraught with operating costs. Most of this is in response to ever-growing gambling regulations – with the likes of anti-money laundering officers and verification teams a minimum requirement.
Moreover, fiat platforms also get hit hard with the costs of processing deposits and withdrawals. This is especially the case when players use a debit or credit card, as fiat sportsbooks rarely pass these costs on. However, the result of such high operational costs is that sports betting odds are getting less and less competitive.
With that said, Ethereum sports betting sites do not have a relationship with fiat currency – meaning that they are not bound by the same regulations as traditional operators. This subsequently allows platforms to reduce their operating costs and thus – offer players more favourable betting odds.
Ethereum Sports Betting Markets: What can I bet on?
In the vast majority of cases, Ethereum sports betting sites offer two core services – pre-match betting and in-play betting. As the name suggests, pre-match betting is when you place your bet before your respective sporting event starts.
This gives you access to heaps of betting markets, and more competitive odds. In the case of in-play betting, this is where you are able to gamble on a sporting event whilst it is still being played.
In terms of the type of sports that you can gamble on, Ethereum gambling sites will typically offer both major and minor events. Regarding the former, this will include the likes of football, basketball, cricket, rugby, tennis, and darts. And the latter – you might find markets listed on badminton, e-sports, Aussie Rules, and even chess.
How do Ethereum Sports Betting Sites Work?
Never placed a bet at an Ethereum sports betting site before? The good news for you is the process is super-easy. In fact, you should be able to open an account, deposit funds, and place your first bet in less than 10 minutes. Nevertheless, if you need a bit of help along the way, be sure to follow the step-by-step guide below.
Step 1: Choose an Ethereum Sports Betting Site
Your first port of call will be to choose an Ethereum sports betting site. There are heaps of operators active in the market, so focus on what you are looking for in an online sportsbook.
For example, are you looking for a site that supports instant withdrawals, or are you more concerned with the in-play betting department?
If you don’t have time to research your own platform, it might be worth checking out the top 3 Ethereum sports betting sites that we’ve recommended further down on this page.
Step 2: Open an Account
In order to gamble at an Ethereum sports betting site, you’ll need to quickly open an account. Don’t worry, the process doesn’t require any personal information.
On the contrary, you’ll merely need to enter your email address, and then choose a username and a strong password. Once you’ve verified your email address, your account will be ready to use.
Step 3: Deposit Funds
You will now need to fund your Ethereum sports betting account. First, copy your unique deposit address to your clipboard and then head over to your private wallet.
Paste the deposit address in and enter the amount of ETH that you wish to deposit. Once you confirm the transfer, your Ethereum sports betting account should be funded in less than a minute.
Step 4: Place a Bet
Now that you’ve got a fully funded account, you can place a bet. If you’ve got a specific market in mind (such as Arsenal vs Chelsea or the Rugby Six Nations), you can search for it. Alternatively, you can find your prefered betting market by clicking on the respective sport.
Once you open the sporting event in question, you’ll then be presented with a number of different betting markets. For example, the Arsenal vs Chelsea game will allow you to bet on the total number of yellow cards, corners, and goals.
When you have selected your bet (for example Chelsea to score more than 3 goals), your selection will then show up on your betting slip. To place the bet, you will need to enter your stake. Once the match has finished, winning bets are credited to your Ethereum sports betting account instantly.
Step 5: Cash Out Your Winnings
When you reach the point of wanting to cash out your winnings, you’ll be pleased to note that most Ethereum bettings sites process withdrawals autonomously.
This means that as soon as you enter your Ethereum wallet address and the amount of ETH you wish to withdraw, the platform will transfer the funds instantly.
Top 3 Legit Ethereum Sports Betting Sites
So now that you know the ins and outs of what an Ethereum gambling platform is and why you might want to consider making the transition – we are now going to list our top 3 Ethereum sports betting sites currently in the market.
Stake.com is a popular crypto-centric casino and sportsbook that has been operating for a number of years now. Although the platform appears somewhat basic at first glance, its sports betting department offers thousands of markers to choose from. Whether you’re looking to bet on the first goalscorer in the England vs Germany game, or the winner of the Guiness Six Nations, you’ll likely find a market at Stake.
What we really like about Stake is that the platform offers super-competitive betting odds. This is crucial for your long-term bankroll management, as it ensures the platform’s house-edge is kept to a minimum. On top of supporting ETH, Stake also accepts a range of other cryptocurrencies.
Launched way back in 2014, FortuneJack is one of the most trusted crypto-centric gambling sites in the space. Although the platform initially specialized exclusively in casino games, FortuneJack has since moved into the sports betting scene.
You’ll have access to thousands of betting markets across most sports. This includes pre-match betting and a fully-fledged in-play department. Regarding the latter, this allows you to place bets while the game is still being played.
In terms of the fundamentals, FortuneJack accepts multiple cryptocurrencies – including that of ETH. Deposits and withdrawals are instant and there is no requirement to provide any personal information when you register an account.
If you’re the type of player that likes to combine sports betting with other popular gambling games, look no further than Betcoin. Launched in 2013, the online gambling platform offers a fully-fledged sports betting facility, alongside heaps of table games like roulette and blackjack.
You’ll also find video poker, slots, and jackpots games, so variety is plentiful. As is also the case with our other top picks, Betcoin facilitates instant deposits and withdrawals. Moreover, you will never be asked to provide any personal information or ID documents, so you can gamble 100% anonymously.
If you’ve read our guide on the Top Ethereum Betting Sites from start to finish, you should now have a firm understanding of how the industry works. Whether its instant deposits and withdrawals, anonymous accounts, competitive odds, or huge bonuses – Ethereum gambling sites offer a number of benefits over their fiat currency counterparts.
However, you still need to find a sportsbook that meets your needs, as no-two Ethereum gambling sites are the same. As such, spend some time thinking about the type of sportsbook you are looking for. If you don’t have time to do this yourself, it might be worth checking out one of the three Ethereum gambling sites that we have recommended on this page.
Ultimately, regardless of the platform to decide to sign up with, just make sure that you gamble responsibly. You won’t benefit from the same self-exclusion controls as found in the fiat space, not least because accounts are anonymous. As such, never gamble more than you can afford to lose!