Ethereum Casinos - Full Guide to ETH Gambling 2024
Peter Schmidt| Ethereum Facts | |
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| Creator: | Vitalik Buterin, Gavin Wood |
| Launch: | 2015 |
| Abbreviation: | ETH |
| Development: | Ethereum Foundation |
| based in: | Zug, Switzerland |
| Website: | ethereum.org |
| Best ETH Casino: | Stake Casino |
Ethereum (ETH) is the second biggest cryptocurrency after Bitcoin. Many investors saw the potential in Ethereum right away because it was the first to use smart contracts on the blockchain. Smart contracts automatically execute transactions when terms to a contract have been met, which means that not only is it faster but it is also more transparent because no middle man is needed. This is fundamentally changing how businesses work, so it's no wonder that Ethereum has become one of the most established players in the crypto space.
This has proven to be a serious competitive advantage for Ethereum in the online casino space as well. Simply put, the sheer number of people holding Ethereum means that it's in online casinos' interest to accept the coin, which is actually called Ether. The fact that this coin is held by so many top investors makes it a safe bet in that its value is unlikely to plummet, even though there are obviously no guarantees in this burgeoning space. Although the smart contract mechanism in Ethereum isn't really employed in online casinos for now, ETH does have all the advantages of a cryptocurrency, that is transactions happen at lightning speed because banks are not involved.
Given its widespread popularity, you'll easily find an Ethereum Casino to play at, and there are plenty of ETH gambling sites with sportsbooks too. In this ETH Casino guide, we'll cover topics like how to bank with this crypto at online casinos, things you should be aware of - namely fees, as well general info such as the history, background and value of Ethereum. It goes without saying that we'll have a list of the best Ethereum Casinos that are fully licensed.
Contents
Best Ethereum Casinos 2024
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Ethereum at Casinos
With Ethereum being one of the biggest cryptocurrencies, ETH can now be used to make a lot of payments online, including at crypto online casinos. Some of the advantages of using Ethereum include:
- Instantly processed
- No banks involved
- Not location bound
- Secure and anonymous
It's worth noting though that when it comes to online casinos, the anonymity factor won't come into play because they are legally required to verify each player's identity before payout. This is to prevent money laundering, and we wouldn't try to find a workaround on this one. It's important to play at legal and licensed casinos especially if you are using crypto.
How to Use Ethereum at a Casino
So you got yourself some ETH and now you're wondering how you can use it at an online casino. Some casinos will let you make Ethereum deposits directly with your crypto wallet. The precise steps to banking with Ethereum at crypto casinos will of course vary from site to site, but it's more or less as follows:
- Go to the Cashier or banking section of your casino account
- Choose Ethereum as your payment method
- Enter the amount you wish to deposit
- The casino will generate a one-time Ethereum address for you to send the money
- Enter that address into your crypto-wallet along with the amount you want to send. If you hold multiple digital assets in your wallet, make sure you are sending ETH!
- You should see the deposit in your casino account shortly.
Tip: It's best to choose an online casino that accepts Canadian dollars and cryptocurrencies rather than a pure crypto casino. This way, you get more flexibility and can switch between fiat and crypto payments easily.
Some other online casinos will let you pay with Ethereum through an e-wallet such as Skrill or Neteller. In some cases, your ETH may be converted to dollars when it shows up in your casino account.
Pros and Cons to Using Ethereum at Online Casinos
While there is a good handful of online casinos that let you bank with Ether, there are some advantages and disadvantages. Here are the key things you should be aware of:
- Fast, secure transactions
- No banks involved
- Your source of funding is anonymous
- Fees from cryptowallets can be significant
- Fluctuating exchange rates
- Not fully anonymous as you still need to verify your casino account
Tips & Tricks for Using Ethereum at Casinos
It's good to check whether a casino will convert your ETH to dollars, or will leave it as ETH when it comes to withdrawing your winnings. That's because with the fluctuating exchange rates between Ether and fiat, you can potentially get a bit more - or less, depending on which way the rate goes.
For example, 1 ETH in early February 2023 was worth $2,196 Canadian. Over the course of a week, it grew to $2,236 CAD. If your balance is maintained in ETH, then you would end up getting more dollars when you withdraw your winnings as it would be calculated on the actual exchange rate. Conversely, if your balance is converted into Canadian dollars, then you would lose out on the increase in the ETH's value - but on the flip side, you won't suffer if the ETH goes down.
Another important tip is to check what are the fees for transferring payments with your crypto wallet. While most Ethereum casinos won't charge you for making a deposit in ETH, some such as Coinbase will charge a miner's fee when you send cryptocurrency outside of the Coinbase network. These fees can be high and add up quickly. Other cryptowallets have Visa cards so you can make crypto payments more easily.
Ethereum History & General Information on ETH
Of all the cryptocurrencies out there, Ethereum is one of the more established ones. Although it has a shorter history than Bitcoin, Ethereum has been a favourite among investors in digital assets because it was the first to implement smart contracts. As such, Ethereum has become one of the most popular cryptocurrencies.
Like Bitcoin, Ethereum is also based on an open sourced, de-centralised blockchain; however, the smart contract functionality allows the terms between the buyer and seller to self-execute. Smart contracts allow the building of Decentralized Autonomous Organizations (DAO) where people can quickly complete exchanges with each other without additional confirmation from a third party.
This removal of mediation leads to a faster and more efficient process that will fundamentally change how the world does business. Thus, for those who have long been interested in investing in digital assets, Ethereum is sometimes considered as more important than Bitcoin.
It all began in 2013, when the then 19 year old whiz kid programmer Vitalik Buterin proposed the idea and its development was quickly crowdfunded. In July 2015, the Ethereum network went live with 72 million coins. The token for Ethereum is actually called Ether or ETH, but nowadays they're practically synonymous.
Ethereum FAQ
- How can I get Ethereum?
- Which Ethereum casinos are trustworthy?
- How much is Ethereum worth?
- What is Ethereum 2.0?
- Can I use other cryptocurrencies at ETH casinos?
1.) How can I get Ethereum?
You can buy Ethereum, or more precisely Ether, at cryptocurrency exchanges such as Coinbase and Binance. You can do so by using your regular Canadian dollars, or a wide range of other fiat currencies, to purchase Ethereum according to the actual exchange rate. To do so, simply type in its ticker symbol - ETH - in the 'Buy' field of the exchange platform, and enter the amount you would like to buy.
There are also what are called decentralised exchanges, for peer-to-peer token transactions. Basically they connect buyers and sellers directly, without the third-party platform middleman, and make the transactions directly through code called smart contracts.
Or another option, if you're so inclined, is to mine for Ether on the Ethereum network by solving complex puzzles and mathematical problems. Although there are certainly people who do this, we're guessing for most of our readers, the more traditional exchange purchase route would be the easier option. But it's up to you.
2.) Which Ethereum casinos are trustworthy?
If you're looking for a casino where you can bank with your Ether, then our biggest tip is to choose a longstanding online casino, rather than a spanking new site specialising in crypto. A more established casino will have proven its worth among players, whereas new crypto casinos might just be looking to make a quick buck. Obviously, it's absolutely critical that you choose a licensed casino too. We've listed trusted and reputable online casinos that accept ETH among other cryptocurrencies on this page.
3.) How much is Ethereum worth?
It is literally impossible to answer the question as to how much Ethereum (or any cryptocurrency really) is worth. That is because its value is constantly fluctuating. And so its worth relative to any other currency is highly volatile (though maybe less so than Bitcoin which can jump all over the place).
As such, the only way to determine how much ETH is worth, is to check its exchange rate in real time against the currency you're interested in. For example relative to the Canadian dollar or relative to the US dollar. You can do so on any of the major crypto exchange platforms - or even with a simple Google search.
Back to FAQ4.) What is Ethereum 2.0?
It can be confusing keeping up with all the cryptos out there, and then even more so when they're seemingly similarly named. That's why it's a fair question to ask what is Ethereum 2.0 and what's its connection to the regular old ETH?
Essentially, Ethereum 2.0 is an upgrade to the Ethereum blockchain to allow for faster and more transactions. There is currently no corresponding Ethereum 2.0 coin.
Note, however, since many people found this all a bit confusing, many developers now refer to Ethereum 2.0 as "the Ethereum upgrade". Whether you agree with that being less confusing or not, the reality is, while it improves the blockchain performance, if you hold any ETH, it won't affect you from a user perspective and your coins won't be affected either. So it's basically just backend terminology for you.
Back to FAQ5.) Can I use other cryptocurrencies at ETH casinos?
Realistically, it would be exceptionally rare to find an operator advertising as a Ethereum casino. Rather it is more likely that it would call itself a crypto casino, or maybe more specifically a Bitcoin casino, and within offer ETH as one of the banking options.
The good news is, since Ethereum is considered one of the more popular cryptos, it will usually be one of the accepted digital currencies should either of those be the case. Of course, you can always try one of the establishments we have recommended above to be sure, as we've already checked this for you, so you know if ETH is your gambling choice, then you're good to go with any of them.
The Expert Conclusion on Ethereum Casinos
It's pretty easy to get on board with Ethereum. It's one of the biggest cryptocurrencies and most popular digital assets, so you can buy it on practically any crypto trading platform. And if you own any Ether, there is a good choice of online casinos in Canada where you can use your ETH.
However, while casinos don't charge fees for banking in crypto, your crypto-wallet probably will. You should also remember that changes in the exchange rate can affect the final payout both positively and negatively. All that having been said, if you're looking to fund your gaming with your ETH, there are plenty of good options here!
I'll admit that I'm a bit of an old hand when it comes to online casinos. I've seen so much of the business that it's practically unmatched. After working with offline casinos for more than two decades, I moved into the online casino industry looking for a new challenge. Distinguishing a good casino from a bad one is an art, and I am happy to apply my expertise to check and test casino sites to deliver expert casino analyses.