Ethereum Betting

Ethereum, like all other sectors, is also affecting and changing the betting industry. This change is not something to be feared and you do not need to learn “how to bet” again. But this change will allow you to take advantage of many benefits that regular bookmakers cannot offer. Are you ready for a free and unlimited betting experience? Ethereum betting offers you this and much more.

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What Is Ethereum Betting?

Ethereum betting opens a new world to regular bettors. There are no restrictions in this world and the betting experience is faster, safer, and more fun. You will use ETH (Ether) rather than Fiat currency (USD, EUR, etc.) to place a bet. Payments will also be made in this currency. However, the currency change is not the only difference of Ethereum betting. You get many advantages without having to re-learn the rules. At first glance, Ethereum betting looks the same as regular betting: You can still place a bet as before, but in fact, you get much more.

How Does Ethereum Betting Work?

Think of Ethereum blockchain as a massive database: You can remotely connect to this database and use any application running on it. Ethereum betting sites are only one of these applications. In other words, there is no central server. The site is accessible from anywhere and cannot be controlled by anyone. The control mechanism is the blockchain itself, and the whole system can always function fairly. The advantages of Ethereum betting are:

  • Bet From Anywhere. Due to the licenses and legal issues, regular betting sites cannot accept members from any country. Otherwise, they will be exposed to various sanctions and their servers may get confiscated, for example. Ethereum betting sites do not have a license and a specific server: They don’t enforce geographical restrictions for any country. Wherever you live in the world, you can become a member of these sites.
  • Bet For Anything. Regular betting sites do not support many leagues. American leagues, for example, are only available on certain sites, and these sites accept members only from specific countries. Therefore, you are limited to the options offered by the site. Moreover, sports bets are usually the only option you get. In Ethereum betting sites, however, you can find all existing sports leagues. NBA, NFL, or WFL: Whichever you prefer, you can place a bet on In addition, Ethereum betting sites allow bets to be placed for any outcome that can be imagined. You can place many exotic bets, such as who will win an election and what the value of a currency will be.
  • Mobile Betting. All Ethereum betting sites use the HTML5 code infrastructure. Therefore, they work smoothly and efficiently on all mobile devices. Regular betting sites have a much slower infrastructure and are less mobile-friendly. If you are a mobile bettor, Ethereum betting sites will provide a more enjoyable experience.
  • No Peeking. In countries where gambling is not legal, it is very difficult to send money or accept payments to and from betting sites. You will not be able to use the payment methods that are based on the banking system: Eventually, it will be revealed that you are working with a betting site and your transfers will be blocked. Moreover, you can get an invitation to explain the source of your income from the tax office! Even if you are able to complete a payment successfully, it will take a long time and require high transaction fees. Ethereum betting sites are safe and anonymous: Blockchain is used for money transfers. Nobody can track these transfers and learn their source. Whatever the laws of the country you live in, you can send money and accept payments to and from Ethereum betting sites completely anonymously. Moreover, the transactions will complete in seconds and the fees will be much lower.
  • Unmatched Security. Do you ever think how much personal data you provide to regular betting sites? To become a member, you need to provide a lot of personal information. Your credit card details are needed when depositing money. In order to withdraw, ID verification is required and you are asked to send documents containing a large amount of sensitive information to a third party. You do not need to provide any information other than your email address to become a member of Ethereum betting sites. The only thing needed to complete a transaction is your wallet address and this does not create any security risks. These sites do not ask for ID verification and do not care about your credentials.
  • Instant Withdrawals. It is not enough to win in regular betting sites: You also need to wait to withdraw your winnings. How long this will take depends entirely on the betting site. If they want, they can make payments even days later. All withdrawal requests must be approved manually. There is no such problem in Ethereum betting sites: Thanks to the smart contracts feature we will explain in more detail below, you get paid as soon as you win. The process is automatic and does not need to be approved by anybody. Withdrawal procedures are literally completed within seconds.
  • Higher Odds. Ethereum betting sites have lower operating costs due to working on the blockchain. For this reason, they can offer higher odds than regular betting sites. At present, the house edge of Ethereum betting sites is below 1%.

Ethereum Betting vs. Bitcoin Betting

Let’s first show the differences between the two betting types in a table:

 

Ethereum Betting

Bitcoin Betting

Anonymous Betting

Yes

Yes

Country Restrictions

No

No

Anonymous Transfers

Yes

Yes

Privacy

Yes

Yes, but limited

Lower House Edge

Yes

Yes, but not as low as Ethereum

Smart Contract

Yes

No

Instant Withdrawals

Yes

No

 

The biggest advantage of Ethereum blockchain is that it allows third-party applications to work on itself. So an Ethereum betting site can be set up to run completely on the blockchain, without having any servers. In addition, there is the smart contract feature: Every bet on Ethereum betting sites is a digital contract signed between the player and the bookmaker. The conditions of this contract are simple: If the player wins, a certain amount will be paid. After placing a bet on these sites, you will still receive your payment even if the bookmaker disappears. Because the payment has already been “reserved” in the blockchain. For the same reason, a payment does not have to be manually approved and is done automatically.

Bitcoin blockchain does not support third-party applications. For this reason, Bitcoin betting sites still need a central server. In many ways, they are similar to regular betting sites, except that they allow anonymous betting. Because their expense is almost the same, they cannot deliver a house edge as low as Ethereum betting sites. Moreover, there is no such thing as a smart contract: All payments must be approved manually. This means that the bookmaker still gets to decide when to pay and there is no “guarantee”. Finally, we need to point out that Bitcoin does not offer as much privacy as Ethereum. Since it uses an open ledger, it is possible to identify all the information about a BTC transfer and to find the identities of the parties.

Therefore, Ethereum betting sites are much more advantageous and this advantage is valid for both players and bookmakers. Ethereum betting sites provide a much more anonymous, secure, and enjoyable betting experience.

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