Ethereum is a blockchain platform started in 2015 that has grown in popularity as a payment alternative to traditional currencies. Ethereum is a great payment option in sports betting sites as it offers decent security and faster payment than traditional payment methods. We will look into Ethereum in sports betting sites how it fairs and what are the pros and cons as well as how to step up this payment method.
Top Sports Betting Sites That Accept Ethereum as a Payment Method
1xBet
1xBet is a well-known Ethereum sports betting site with impressive features and offerings. The platform offers diverse betting options, including over 1,000 daily events from football to tennis, basketball, and ice hockey. One of 1xBet’s distinguishing features is its live streaming feature, which allows users to watch sporting events live while placing bets. Furthermore, the site provides enticing bonuses and promotions, a user-friendly interface, and a mobile app that makes betting on the go simple. You can make payments through a slew of banking methods, including top cryptos such as Ethereum. 1xbet offers a lot of features for Ethereum so it is not a surprise that it is in my opinion the favorite
Betfinal
Established in 2013, Betfinal is a powerhouse that has made a name for itself. With over 40 sports markets, numerous betting markets and betting types, it’s easy to see why. you can be on different types of sports such as football, basketball and greyhound racing As you place bets, you’ll also enjoy several features, including Bet Builder, Cash Out, and live streaming, where you can bet on events as you watch them. It gets better; Betfinal has several bonuses and promotions to keep you coming back for more each time. Moreover, the site supports some of the most popular banking options, including Ethereum, so you won’t have trouble transacting here.
Melbet
Melbet is not just your run-of-the-mill online sports betting platform. With its sleek and user-friendly interface, it is the ultimate destination for sports enthusiasts looking for an unparalleled betting experience. But Melbet isn’t just about sports. Melbet offers a good range of games to bet on such as casino and virtual games and sports betting. Melbet is committed to giving its users a safe and secure site, complete with a 24/7 customer support team, multiple payment options, including Ethereum, and a wide range of bonuses and promotions. Melbet is a perfect site for both beginners and seasoned bettors.
Betwinner
Betwinner is a must-go if you’re a sports bettor looking to elevate your betting experience. Not only does it house more than 40 sports markets, but it also has hundreds of daily events that you can bet on. The site has plenty of bonuses, such as the €100 welcome bonus, which boost your bankroll. You can place bets such as handicap and outright winner on your favourite sports, and what’s more, the odds at Betwinner are straightforward to read. When transacting at the betting site, you’ll enjoy the speed and convenience that Ethereum has to offer.
Advantages of using Ethereum for sports betting transactions
There are various reasons why so many Ethereum sports betting sites are cropping up. Below are some of them. There isn’t a single entity that controls Ethereum because it is decentralized platform. This makes it a safer and more transparent platform for sports betting transactions.
Security: Ethereum uses advanced cryptography to secure transactions, meaning your deposits and withdrawals are secure and protected against fraud and hacking.
Speed: Transactions on the Ethereum blockchain are processed quickly, so you can get right into betting in no time.
Low fees: Ethereum is the best when it comes to cost saving as it is offers the least fees compared to credit card and banks.
Transparency: Ethereum transactions are visible meaning you can verify the integrity of the transaction and ensure there isn’t any tampering.
Reliable: Once transactions are recorded on the Ethereum blockchain, they cannot be altered or deleted, which ensures that all sports betting transactions are permanent and can’t be reversed.
Comparison of Ethereum with other payment methods used in sports betting
We’ve seen all the perks of transacting via Ethereum, but how does it stack up against other payment methods? Ethereum does many things way better than most payment methods; that’s why it’s so popular.
Card payments and e-wallets usually incur a steep transaction fee, especially when withdrawing from betting sites. Ethereum charges less fee unlike bitcoin so it is a favorite here even in the cryptocurrency level.
ETH is significantly faster than many traditional banking methods, taking only 15 seconds to process payments. Card payments can take up to 7 days in comparison e-wallets are faster and take only 3 days. Even other cryptocurrencies like Bitcoin take minutes for payments to be processed.
When it comes to security, Ethereum does it almost better than any other method. Transactions are encrypted thus making it semi impossible for hackers to tamper with data. Furthermore, it doesn’t need you to provide personal information like card payments and e-wallets.
The smart contract, a handy feature, is the most noticeable disparity between Ethereum and other banking methods. With the smart contract, Ethereum transactions are automated once certain conditions are met, with no third parties and no time loss, which adds an extra layer of security.
How to set up an Ethereum account for sports betting
Betting with Ethereum is fun, but there’s a lengthy procedure you’ll need to follow before you can get started. With that said, we’ve outlined all the steps you’ll need to follow below:
When you download Ethereum wallet this will allow you to store your cryptocurrency and using that wallet you can send and receive transactions. MyEtherWallet and Exodus are the most popular Ethereum wallets so download them from a trustworthy source. After downloading, create an account and ensure you set a robust password to safeguard your wallet.
Your Ethereum wallet will have a private key that is like a password with it you can access your funds. Protect it by storing it securely, such as using a hardware wallet or password manager. After set up your Ethereum wallet you must buy Ethereum from a cryptocurrency exchange like Binance or Coinbase When you buy the Ethereum see the guide and instructions on how to transfer the crypto you bought to your wallet.
Once all that is done and you have the account and also you bought the Ethereum you have everything you need so it is finally time to start betting. First, pick a sports betting site that accepts Ethereum. There are several such sites, including Betfinal and Betwinner. Now is the time to create a sports betting account on any sports betting site that accepts Ethereum you will need to provide details such as email, phone number and identity proof.
To start betting, deposit Ethereum to the sports betting site using the instructions provided on the site. You can copy the wallet’s address or you can scan the QR code to complete the transaction . Once you have deposited Ethereum, you can start betting on your favorite sports using Ethereum. Always check the betting rules such as terms and condition before you place any bet.
Ethereum is among the top cryptos you can use as it processes your deposits and withdrawals faster, has zero to no fees and keeps you anonymous.
Ethereum is a highly secure platform due to its decentralised nature and crypto protocols. Transactions can’t be tampered with once the network validated them.
You can bet on various sports using Ethereum, including football, basketball, baseball, and more. But some bookmakers may not support cryptocurrency and that include Ethereum.