If you’re looking to gamble at an online casino using Ethereum – you won’t be short of options. More and more crypto-centric providers are entering this space – as it is largely free from regulatory burden. Plus, from the perspective of the player – online casinos accepting Ethereum typically offer more competitive house-edges, instant account opening, no requirement for KYC documents, and super-fast withdrawals that take minutes.
In this article, we explore the many types of online casinos accepting Ethereum in 2021 and where the industry is likely to move in the coming years.
Many would argue that the best type of online casino accepting Ethereum as a means to deposit and withdraw funds are those that are 100% crypto-centric.
By this, we mean that the platform has no relationship with fiat currency and thus – offers no support for traditional debit/credit cards, bank transfers, or e-wallets.
In offering a service that centers exclusively on Ethereum and other digital currencies – players are accustomed to a wide range of benefits that cannot be accessed in the conventional casino sector.
This includes the following:
Instant Accounts and no KYC
If you’re a seasoned gambler that likes to use online casinos – then you will know that traditional operators are highly intrusive. This starts at the very offset when you open an account – as you will be required to supply your name, nationality, home address, date of birth, and more.
Then, you will need to complete a KYC process. At a minimum, this will require you to upload a copy of your passport and a proof of address – such as a bank statement.
However, when using online casinos accepting Ethereum and other digital assets only – none of the above applies. In fact, opening an account requires nothing more than an email address and there is no requirement to provide any KYC documents.
When using a traditional online casino – expect to wait several days before you receive your withdrawal. This is a best-case scenario – as you first need to go through the KYC process.
Then, you need to wait for the operator to authorize your withdrawal request and finally – wait for the respective payment issuer (e.g. debit card) to credit the funds.
Instead, by using a crypto-centric casino that accepts Ethereum – expect to have your withdrawal request processed instantly. Then, you just need to wait a few minutes for the funds to arrive in your ETH wallet.
This is a major aspect to players of all shapes and sizes – as having access to your winnings in a matter of minutes instead of days is a game-changer.
Better House Edge
A direct result of enhanced regulatory scrutiny and compliance means that traditional online casinos are the ones that foot the bill.
This is because they need to employ dedicated KYC, risk, and verification teams to meet and comply with the regulations that have been set upon them. In turn, these costs are passed on to you as the player through less favorable house-edges.
This is easy to manipulate in the online casino space – as games are backed by software.
Once again, as crypto-centric online casinos accepting Ethereum are not bound by these regulatory burdens – this allows operators to offer a more competitive house-edge to players. As such, it’s a win-win for both you and the Ethereum casino.
Perhaps an even bigger benefit of crypto-specific online casinos is that you will often be accustomed to Provably Fair technology. This is an innovative concept that ensures the casino games you are playing are fair, transparent, and free from malpractice.
This is because Provably Fair is based on blockchain technology. In its most basic form, the technology will take a seed from both the player and the respective Ethereum casino.
This will then generate a unique hash which in turn – defines the outcome of the casino game. This could be anything from the spin of a slot game or a hand of blackjack. Either way, Provably Fair ensures that beyond all reasonable doubt – the outcome of each game is true and fair.
Casinos That Integrate With a Crypto Payment Provider
While crypto-centric casinos lead the way in terms of player benefits – other options exist. This comes in the form of conventional online casinos that have partnered with a third-party crypto payment provider.
This means that players can still fund their accounts with cryptocurrencies like Ethereum and Bitcoin by performing a standard wallet-to-wallet transfer. This part of the process will be facilitated by the respective crypto payment provider.
Now, there are both pros and cons with opting for this method when gambling online with your ETH tokens.
In terms of the former, you will be using an online casino that is likely regulated by at least one licensing body. This in itself offers a level of protection that you wouldn’t typically find at a crypto-centric platform.
However, what comes with regulation is increased compliance. That is to say, the traditional casino in question will still need to put you through a KYC verification process.
After all, major licensing bodies like the UK’s Gambling Commission and Malta Gaming Authority are clear in their guidance notes that just because deposits and withdrawals come in the form of digital assets – anti-money laundering regulations remain in place.
As such, this means that you’ll need to supply bundles of documents before you will be permitted to make a withdrawal.
Age-Old Legacy Casinos Must Adapt
Make no mistake about – the number of online casinos accepting Ethereum continues to rise year on year. This is especially the case now that the wider cryptocurrency markets have since breached a total market capitalization in excess of $2 trillion.
However, it should be noted that across the wider gambling industry – crypto-centric casinos are minute in terms of numbers. That is to say, the vast majority of player traffic still goes through traditional online casinos that accept fiat currency payments.
With that said, it is highly likely that over the course of the next few years – a major sea change will occur in this space. Initially, this will potentially see more and more conventional casino operators creating a gateway for cryptocurrency deposits and withdrawals.
This doesn’t, however, solve the issue of intrusive KYC procedures, slow withdrawals, and unfavorable house-edges. Instead, the more likely outcome is that crypto-centric casinos will continue to increase their numbers organically.
Furthermore – and perhaps most importantly, we may see some form of regulation enter the cryptocurrency casino scene. This likely won’t come from traditional licensing bodies – as the same KYC rules and regulations will remain in place.
Instead, we could see the emergence of a globalized cryptocurrency casino regulator that is impartial from all of the platforms it regulates. This would give concerned players a piece of mind – insofar that Ethereum casinos are governed by a trusted third party.
In summary, online casinos accepting Ethereum and other cryptocurrencies are most certainly on the rise. While several old-school operators have since adopted payment facilities for digital asset deposits – it is still crypto-centric casinos that lead the way.
In using an online casino that has no relationship with fiat money – you will benefit from an instant account opening process that is free from KYC requirements, near-instant deposits and withdrawals, reduced house-edges, and in many cases – Provably Fair technology.
The key takeaway is that although traditional online casinos still lead the way in terms of player numbers – this won’t always be the case. Instead, old-school operators will need to adapt to the ever-growing world of crypto casinos or they will quickly become irrelevant.