Ethereum is the second most successful cryptocurrency after Bitcoin and it is now used widely in online sport betting sites. Ethereum is a small contract meaning that it doesn’t require third parties to be involved in the transaction process, making it ideal for gaming. All reputable legal betting sites accept Ethereum and for legal sports betting, Ethereum is the most preferred and widely used due to its fast transaction speed. Read this article to learn why ethereum sports betting is a better choice.
Benefits of using Ethereum for sport betting
1. Decentralized bank
No bank controls Ethereum, making it a decentralized asset. The prices are determined organically as there is no central authority that has power over Ethereum. The market demand determines the price.
2. Bypasses restrictive betting laws
Because of the decentralized nature of Ethereum, it is perfect for people to use in countries that have restrictive betting laws. Most enthusiasts turn into using illegal bookmakers, which in most cases end up not paying after winning. This can be changed by using decentralized currencies such as Ethereum that pass such restrictions and enable gamblers to continue with online sports betting.
3. Easy to use
Ethereum sports betting is straightforward as the steps provided when buying Ethereum are very simple and straightforward. Once you get the hang of it, you will be able to place your bet and cash out effortlessly.
4. Quick transactions
The transactions are very fast as they take seconds, unlike in wire transfers, where they take days. A small transaction fee is charged in the Ethereum networks and the transactions are very efficient.
5. Safe and secure
Ethereum is very safe to use as there is no legislation banning its use for online payments. It provides safe and secure networks that cannot be hacked as it has two authentication factors and suitable encryption and hence you can never lose your funds when in a private wallet address.
Ethereum, like other cryptocurrencies, provides online anonymity as there is no way to trace the ownership back to your identity. Transactions occur in blockchain and only the movement of Ethereum between wallet addresses is recorded.
7. Global currency
Ethereum is a global currency and you can use it to transact online regardless of your country. With this, you won’t face the limitation of depositing in any sports betting site due to unacceptable currencies.
8. Tax break
This is one of the best things you get to enjoy when using Ethereum for sports betting. Since Ethereum is a decentralized asset and no government authority has power over it, no authority will demand interest over your money or winnings. Provided you keep transacting with Ethereum, there will be no government on you ordering for tax.
Now that you have enough reasons to use Ethereum for sports betting let us discuss how to go about it.
How to use Ethereum for sports betting
To bet sports using Ethereum is straightforward. Here are the steps you should follow:
● Buy Ethereum
This is the first step and you need to purchase the Ethereum using fiat currency such as the US dollar, British pound, or euro. Ensure you do this using popular exchange platforms such as Coinbase, Binance and Gemini. Deposit to the trading platform you have settled for via MasterCard, Visa, or bank transfers and after this, go ahead and buy Ethereum.
● Find a betting site that accepts Ethereum.
Most betting sites use conventional payment methods such as credit cards, e-wallets, bank transfers and prepaid cards. More sport betting sites are now accepting cryptocurrencies such as Ethereum and you need to do due diligence to ensure you settle for a legit betting site that accepts Ethereum.
● Get a wallet address in the sportsbook.
A wallet address will serve as your recipient for the Ethereum transaction. To get yours, browse into the sportsbook’s banking department and search for the created wallet speech.
● Deposit funds to a bookmaker
Send your money into the bookmaker, pick the ship option on your pocket, select the send option in your Ethereum wallet, enter the quantity you want and then confirm the trade.
Tips for staying safe on Ethereum
Since there are limited sport betting sites that accept Ethereum, you need to be very careful as some of the available sites are not legit. Here are some safety practices when betting with Ethereum:
- Never use a third party to transact on your behalf or access your assets; trust yourself and be confident.
- Use strong passwords that are not easy to guess and use wallets with multi-signature keys.
- Understand the language of cryptocurrency, such as private keys, to transact without confusion.
- Never type manually in wallet addresses, scan QR codes or copy and paste wallet addresses.
Hopefully, you now have some viable reasons to fund your sports betting account using Ethereum the next time you want to wager. Ethereum has risen in its use in online gambling due to its decentralized nature and fast transaction speed, among other benefits. Using Ethereum is very simple, provided you use the outlined procedure. Sports betting with Ethereum is very safe and secure, but you need to use the safety tips provided above to protect your funds.