Ethereum Prepaid Gambling Sites – How To Use Your Ethereum Wallet At Online Gambling Sites

Ethereum logoEthereum has become one of the best-prepaid alternatives to Bitcoin when using cryptocurrency at online offshore gambling sites. More gambling sites are beginning to use Ethereum due to the use of “smart contracts,” which acts as a digital third-party and holds the funds of both the player and the online gambling sites until the outcome of a wager is decided, creating a public ledger in the process so both the player and the online gambling site are held responsible for the transaction, making Ethereum one of the most secure cryptocurrencies on the market today.

Top Ethereum Gambling Sites

Below is the list of our most trusted online gambling sites who all accept Ethereum as a cryptocurrency payment when depositing or withdrawing funds to your account. Many of the sites have bonuses for deposits using cryptocurrency so shop around and see works best for you.

Casinos That Accept Ethereum

Site Name Bonus Rating USA Friendly Visit Site
BetOnline Logo $3,000 Bonus 5stars usafriendly Visit Site
Sports Betting Logo $3,000 Bonus 5stars usafriendly Visit Site

Sportbooks That Accept Ethereum

Site Name Bonus Rating USA Friendly Visit Site
Betonline Logo $1,000 Bonus 5stars usafriendly Visit Site
Sportsbetingag Logo $1,000 Bonus 5stars usafriendly Visit Site

Poker Sites That Accept Ethereum

Site Name Bonus Rating USA Friendly Visit Site
Betonline Logo $1,000 Bonus 5stars usafriendly Visit Site
Sportsbetting Logo $1,000 Bonus 5stars usafriendly Visit Site

What is Ethereum?

Ethereum is a public blockchain like that of Bitcoin except it uses of the Ethereum Virtual Machine (EVM). The EVM allows the use of “smart contracts,” which are computer protocols used to facilitate, verify, and enforce the intent of a digital contract. This means once two or more people in a contract agree on the terms, the transaction is irreversible and instantly carried out. While all transactions are trackable through the Ethereum blockchain and is viewable by everyone in the blockchain, the identity of each participant remains anonymous by the use of encrypted digital signatures on wallets and transactions.

Is it Legal to use Ethereum for your Online Gambling Account?

There is currently no law preventing the use of using Ethereum or any other prepaid cryptocurrency at an offshore online gambling site in the United States. The Unlawful Internet Gambling Enforcement Act (UIGEA) currently restricts financial institutions transactions with online gambling sites, but this law does not pertain to Ethereum since it and other cryptocurrencies do not have federal oversight, meaning federal laws do not apply to cryptocurrencies currently.

When it comes to international bettors, some countries have made laws prohibiting the use of Ethereum and other cryptocurrencies. Be sure to check the terms and conditions of the gambling site you choose in addition to researching your country’s cryptocurrency laws before using Ethereum at an online gambling site.

How to Deposit and Receive Payouts with Ethereum at Online Gambling Sites

  1. Step up a digital wallet designed to hold Ethereum.
  2. Once you pick a wallet, enter the necessary financial details and purchase the amount of Ethereum you plan on using to gamble with.
  3. Provide your wallet signature to any of the above-mentioned gambling websites who accept Ethereum.
  4. Finally, connect your cryptocurrency wallet to you gambling account, and you’re all done. With this last step, you and the gambling site are connected to the blockchain anonymously and the transaction will be recorded by everyone on the Ethereum blockchain in the public ledger.

Pros of using Ethereum for Online Gambling

  • Everything done on the Ethereum blockchain is secure and encrypted, meaning you do not have to provide anyone your payment or credit card information.
  • Ethereum transactions are much quicker than tradition card payments, taking very little time to process.
  • Little to no cost to process payments, since no third-party company is needed to process the transaction – Ethereum is both the currency and the third-party.
  • Many gambling sites offer 25% to 50% bonuses on deposits using Ethereum, so be sure to check the promotions of each of our trusted gambling sites to see which suits you best.

Cons of using Ethereum for Online Gambling

  • Buying Ethereum or any cryptocurrency is a gamble on its own since the market value is volatile meaning your deposit could be more or less than the amount you initially intended if you don’t deposit immediately into your gambling account.
  • In addition, funds that aren’t withdrawn immediately are also subject to the value of Ethereum, meaning you winnings could be less if you leave it in your Ethereum wallet for extended periods of time.
  • The availability of Ethereum is still limited at the moment since it was not released until 2015, meaning it still has a ways to go before catching up to the widely-used Bitcoin.

FAQS

Is it legal for US residents to use Ethereum at online gambling sites?

Yes. The UIGEA only restricts transactions to online gambling sites when coming from financial institutions backed by federal currency. Ethereum is not a federal currency and currently, it and other cryptocurrencies do not fall under UIGEA or any other federal law.

Can international players use Ethereum at Online Gambling Sites?

It depends. In most cases, the answer is yes, but some countries, such as Mexico, have outright banned the use of cryptocurrencies in the country. Be sure to check the cryptocurrency laws in your country before using Ethereum to gamble online.

Is it safe to use Ethereum at online gambling sites?

Yes. In fact, it is considered safer than Bitcoin and many other cryptocurrencies due to being able to make smart contracts, which allows Ethereum to act as a public third-party of a contract between you and the gambling site and only releasing the held funds once an outcome is known and the terms are met.

Where do I buy Ethereum?

You can buy Ethereum at most cryptocurrency wallets, so shop around and see what works best for you. For more information about Ethereum, go to www.ethereum.org to how the cryptocurrency got its start as well as what the Ethereum developers have planned next.