Just like Bitcoin casinos, Ethereum casinos have been popping up all over the Internet. Ethereum is the second strongest cryptocurrency, right after Bitcoin, which makes it very desirable as a payment method in online casinos that use cryptocurrencies.
With that in mind, we wanted to give you a detailed overview of Ethereum casinos, how they function, what makes them good or bad, and explain how you can join one. Essentially, we’ll give you everything you need to know before you decide to join an Ethereum casino and start playing your favourite games!
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Ethereum Casinos Explained
In essence, an Ethereum casino is like any other casino, except that it offers Ethereum as a payment option. Everything else about the casino is still the same, meaning you get the same casino games, the same platform, the same chances to win. You get to play the same games in the same way, with the addition of the option to deposit and withdraw Ethereum instead of fiat currency.
However, it’s important to understand that Ethereum casinos offer another option when it comes to payments — smart contracts. Most other crypto casinos don’t offer this option, but because Ethereum is both a platform and a crypto coin (Ethereum or Ether), online casinos that offer Ethereum as a payment option can offer smart contracts as well.
Smart contracts are agreements between two parties. In the case of casinos, a smart contract is an agreement between the casino and the player. Thanks to the benefits of blockchain technology, these contracts ensure that no party can break a smart contract. This makes these contracts perfect for players in online casinos, as they ensure that the casino will always pay the winnings.
What’s more, once you get Ethereum, there is no way for the casino to take it back, because Ethereum transactions can’t be reversed. All of this is written in the digital code of the smart contract, and it cannot be altered or annulled. Plus, smart contracts are public.
Is It Legal to Play in Ethereum Casinos
Ethereum casinos already look very good for players, but are they legal? Naturally, the answer to this question depends on your location, but when it comes to Canada, it’s perfectly legal for you to play in an Ethereum casino. Cryptocurrencies are not deemed legal or illegal in Canada, as they are decentralized and not owned by a bank or a government.
All of this means that if you decide to play in an Ethereum casino, you’re well within your rights to do so. However, if you haven’t played in any online casino before, you should know that they are not legal in Canada, so if you decide to play, you will have to find an offshore one that accepts Canadian players.
Thankfully, there are many offshore Ethereum casinos that cater to Canadians, just like there are many Bitcoin casinos that do so. Both of these cryptos are very popular, which is why many online casinos offer them as payment options.
Advantages of Ethereum Casinos
Like all other cryptocurrency casinos, Ethereum casinos offer many of the same advantages, plus some additional ones unique to this specific cryptocurrency.
One of the most important advantages is the anonymity that you get by using Ethereum. Making payments to and from online casinos is always complicated due to bureaucracy and the overwhelming procedures banks and most other payment options have. With Ethereum, most of this can be avoided, once again, because of the benefits of blockchain technology. That’s why you only need an email, while any identification documents are unnecessary.
(Almost) Instant Payments
Another benefit of cryptos is that payments are almost instant. It depends on the exact coin and casino in question, but with Ethereum, payments are always extremely fast. In general, deposit times range from a few minutes to a few hours, while withdrawals usually take somewhere between one and 24 hours.
No matter how long it takes, you’ll love the fact that you don’t have to pay any fees for Ethereum transactions. Smart contracts and the transactions themselves are not enabled by any single organization or company, which is why there is no need for fees. Naturally, this goes for both deposits and withdrawals, and since this whole service isn’t facilitated by anyone, the casino doesn’t have to charge fees either.
Lower House Edges
The lack of fees directly influences the lower house edge in Ethereum casinos. All casinos need a house edge to survive and make a profit, and the size of it is influenced by the expenses the casino has. Naturally, it’s also influenced by how much profit a casino wants to make. Due to all of this, Ethereum casinos can afford to have lower house edges, and most of them do, to the delight of their players. Consequently, a lower house edge increases your chances of winning.
Disadvantages of Ethereum Casinos
As is the case with most crypto casinos, Ethereum casinos also have very few disadvantages. The main disadvantage is always the fact that they are not as numerous as other online casinos. Not every online casino is willing to offer crypto as a payment method, so it’s always harder to find a great Ethereum casino than it is to find a great online casino that only offers fiat currencies.
Outside of this, the only other disadvantage is the fact that the price of Ethereum is very volatile, just like the price of any other crypto. However, for some players, this is an advantage, as it enables them to hold on Ethers until their price becomes high enough to exchange.
How to Start Playing in Ethereum Casinos
Starting an account in an Ethereum casino involves the same procedure that exists in other online casinos. The main difference is that you need to buy Ethereum and find a good Ethereum casino.
You can buy Ethereum in any cryptocurrency exchange like Coinbase or Bitstamp. After you buy the desired amount, you need to store it in a crypto wallet. The safest wallets for cryptocurrencies are the ones you can store locally because no one can hack them except by taking physical possession of your device. Some of the best wallets for Ethereum are Ledger Nano S, Exodus, or Jaxx Blockchain Wallet for smartphones.
Once you have Ethereum, all you need to do is find a good Ethereum casino and register. To find a good casino, you need to answer several questions:
- Does the casino allow Canadian players?
- Are instant transactions allowed?
- Does the casino have a great reputation?
- Does the casino have a wide variety of games?
- Are the bonuses good?
If the casino checks all of these boxes, then you can register and start playing!
The Bottom Line — Are Ethereum Casinos Any Good?
All in all, as you can see, Ethereum casinos are great online casinos, as long as you find a high-quality one. They function like other online casinos, but the fact that they use Ethereum enables you to have lower fees, better chances of winning, and faster payments.
Given that they have very few disadvantages, there’s no need to avoid these casinos. As long as you are ready to invest in Ether, joining a good Ethereum casino is a great choice for you.
What are Ethereum casinos?
As you have seen in this article, Ethereum casinos are just like all other online casinos, except they offer Ethereum as a payment method and sometimes smart contracts.
Can I gamble with Ethereum?
Yes, of course, especially in Canada. That’s because cryptocurrency is not illegal in Canada, and plenty of offshore casinos that cater to Canadians use Ether. So, if you have Ethereum and want to gamble, you can always do so!
Can my Ethereum get stolen?
The best way to answer this question is to say that you have more chances of having your wallet stolen than Ethereum. Ether is kept in a digital wallet that has unique credentials only you know. So, unless someone finds out your credentials, there’s no way for you to lose that wallet. If the wallet is local, then no one can access it all, except by taking physical possession of your device.
Are Ethereum casinos safe?
Yes, almost 100%, just like all other online casinos. As long as they invest in their security, there is nothing to worry about. As for Ethereum itself, it’s next to impossible for someone to steal it from you, because of the inherent safety of blockchain technology.
Do Ethereum casinos have bonuses?
They do, just like all other online casinos. Naturally, bonuses in Ethereum casinos tend to revolve around Ether and free spins.
How do I withdraw my Ethereum earnings from a casino?
You do this in the same way you would with any other currency. All you need to do is go to the Cashier and select Ethereum as your currency.