Ethereum Sports Betting

We are sure you heard of Bitcoin sports betting, but are you also aware of Ethereum betting sites? These sites do not just support the blockchain, they work on the blockchain itself. The advantages offered by Ethereum allow you to get a much more complete and excellent sports betting experience than with Bitcoin. Do not settle for Bitcoin: Ethereum sports betting promises much more.

Top Ethereum Sports Betting Sites

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What Is Ethereum Sports Betting?

Fiat currencies are not your only options to place sports bets. Crypto-currencies can also be used for this purpose, each offering several advantages. Ethereum sports betting is the most advantageous in this regard: Placing a bet using Ether, which is the currency of this blockchain, provides benefits you cannot get with other crypto-currencies. But using Ether as a currency is not the only difference of Ethereum sports betting: These betting platforms are entirely working on the blockchain.

How Does Ethereum Sports Betting Work?

There is no difference in regards to rules – you can continue to place bets as you always do. In the same way, the betting types and odds do not change. The difference of Ethereum sports betting sites is their infrastructure: Their betting platform is built on the blockchain, they do not have a central server and do not require a license. They can accept members from anywhere in the world and they do not ask for their members’ credentials. In other words, you can still use Ethereum sports betting sites, even if betting is forbidden in the country you live in. You can send money, place bets, and withdraw money completely anonymously. Moreover, since the system works on the blockchain, you do not have to worry about fairness either. There are also some exclusive advantages provided by Ethereum sports betting sites, which we will mention below.

Making Payments with Ether

First, you need to buy Ether. To do this, join an exchange site of your choice and purchase the amount of Ether (ETH) you want using Fiat currency (USD, EUR, credit card, etc.). After that, find yourself an Ethereum wallet. There are lots of online wallets on the Internet and you can choose any of them. (For reference, the most popular Ethereum wallets are MyEtherWallet, Jaxx, and Exodus.) Having a wallet will also enable you to have an address: Think of it like your bank account number and know that it is called “wallet address”. You will now use this address to accept payments. To make a payment, you need to know the recipient’s address. From now on, you can make all transfers using your wallet. To get an idea, you can think of your wallet as a kind of “PayPal”.

First, go back to the exchange site and transfer your Ether to your wallet. Next, choose an Ethereum sports betting site. (Take a look at our reviews section to find the best ones.) You can see the wallet address of the site on the main page or on your account page. Go back to your wallet and send Ether to this address. When you return to the site, your Ether will be ready for use. When you make a profit, use your own wallet address to withdraw. That’s all – you do not need to share your identity or credit card number.

Ethereum vs. Bitcoin: Which Is Best for US Players?

First, let’s show the differences between the two crypto-currencies on a table:

 

Ethereum

Bitcoin

Anonymous Betting

Yes

Yes

No Geographical Restrictions

Yes

Yes

No Legal Restrictions

Yes

Yes

Blockchain Applications

Yes

No

Instant Withdrawals

Yes

No

Smart Contracts

Yes

No

 

There is not much difference between the two currencies in terms of anonymity and freedom. Whether you use BTC or Ether, you can bet anonymously without being subject to geographical and legal restrictions. However, Ethereum has something very important that is not in Bitcoin: blockchain applications. While Bitcoin is only available for money transfers, Ethereum allows the execution of external applications on the blockchain. You can develop an app that will work on the Ethereum blockchain and become a part of a decentralized network. This can be a very simple application or a complex betting platform – possibilities are limitless.

Well, what’s the advantage? Bitcoin sports betting sites still have a central server. So their betting platforms are working on their own servers. There are many problems that this situation can cause: Governments can seize the server, site administrators can interfere with the operation of the system, the server can be hacked … Even though Bitcoin does not have a central authority, the platforms and sites supporting it still have to work on “old technology”. However, Ethereum sports betting sites are building their platforms on the blockchain. Since there is not a central server, it is impossible for governments and site administrators to intervene. Ethereum sports betting sites have a fully automated system and do not have to be run by someone. That “someone” is the blockchain itself.

But that’s not the only difference: Ethereum sports betting sites are making all payments instantly. Each bet placed on these sites counts as a smart contract. When the terms of the contract are fulfilled (when you win a bet), your reward is sent to your wallet address in a matter of seconds. The system is automatic and does not require approval from anyone. On Bitcoin sports betting sites, however, payments must still be approved manually. So payments are made whenever the site manager “feels like it”.

Ethereum is a blockchain that disables the middlemen and fully automates sports betting. It has all the advantages of Bitcoin and offers much more. Transfer fees and the duration are much lower compared to Bitcoin too. So, the winner of this comparison is Ethereum: For both US players and bettors living in other countries of the world, Ethereum offers the most benefits at the moment. If you’re new to the crypto-currency betting, do not waste time with Bitcoin – Ethereum allows you to get even more. The only problem is that the number of Ethereum sports betting sites is still very few. While the betting sites have adopted Bitcoin quickly, they are not in a hurry to switch to the Ethereum platform. Nevertheless, we believe that this situation will change in the near future. Ethereum offers more than just a blockchain and it is the best choice for bettors.

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