Last updated: 4 February 2022
Even though most people haven’t become accustomed to cryptocurrencies as a whole, experts believe that they are indeed the future of finance. In an age where security seems to be the utmost priority, working with blockchain technology can only be a positive thing. And while Bitcoin has seemingly received all the attention, competitors like Ethereum have slowly expanded their influence, month by month.
One of the reasons ETH saw increased success was its adoption by various online casinos. It immediately proved to be a game-changer, allowing anyone to make transactions that are both fast and completely anonymous. Today, we’ll take a look at whether ETH really has what it takes to become your go-to payment method. In addition to this, we’ll also present the best Ethereum casinos and the best bonuses you can currently find on the market. Once you breeze through this review, you’ll have complete mastery over the inner workings of Ethereum, as well as its various features.
If you have read our Litecoin review, you already know that cryptocurrencies aren’t technically controlled or regulated by a single entity. Instead, the creators simply serve as a vessel to guide the development of these peer-to-peer platforms. With the Ethereum Foundation, things are a bit different. From the very beginning, the organization had a clear idea of what they wanted to do, so they opted to keep a hands-on approach for the sake of better execution.
Ethereum’s roots can be traced back to late 2013. Vitalik Buterin, a Russian-Canadian programmer and one of the founders of Bitcoin Magazine, realized that BTC really needed a new scripting language. Despite being great for transactions, Bitcoin’s blockchain became notorious as a bad platform for other creations and endeavours. After publishing an initial white paper about BTC’s architectural flaws, Vitalik suggested the creation of a whole new platform that would allow decentralized applications to be built by anyone. He called up a couple of friends and investors, and they decided to go for it.
ETH was formally announced in January 2014, at the NA Bitcoin Conference in Miami, with the foundation of Ethereum Switzerland marking the official beginning of development. A crowd sale funded the first stages of development, before 72 million Ethers were released on 30 July 2015. Today, Ethereum is the second-most used cryptocurrency and provides a software platform for over 1,900 other cryptos, 47 of which are in the top 100 when it comes to market capitalization.
- February 2022: Ethereum Foundation Team invites supporters to Devconnect, a week-long event featuring separate Ethereum gatherings. These meetings aim to bring the Ethereum community together.
- February 2022: Another major free Ethereum conference ETHDenver attracts Ethereum fans to attend various panels, workshops, and R&R in Colorado’s Rocky Mountains.
- January 2022: CoinDesck publishes an article by Paul Brody, a global blockchain leader for EY, saying 2022 is the year of Ethereum.
- January 2022: Ethereum launches a new Run a Node page, allowing everyone to run a node and benefit from high-grade privacy and security.
- December 2021: The Ethereum Foundation announces a new Client Incentive Program offering ETH-denominated rewards.
The best thing about Ethereum, and every other crypto for that matter, is that no single entity controls the currency. Of course, the Foundation has a say in how many coins are released, but that’s about it. Everything else is up to the users – purchasing, mining, and of course – playing at Ethereum casinos. Theoretically, Ethereum is available everywhere. Because no institution, government, or company has a say in the matter, casino players from all over the world can enjoy the benefit of fast ETH deposits.
However, the only regional restriction you’ll encounter is when setting up your crypto wallet. You see, as Ethereum is not a traditional currency, you have to buy some of it from crypto exchanges. Once you make a transaction, the funds will be stored in your own personal wallet. Some wallets and exchanges might not accept some of your other favourite banking methods, especially ones that are regionally oriented. Nevertheless, credit cards and wire transfers are accepted almost everywhere, so you’ll be able to make due.
It’s precisely this global availability that ‘motivated’ online casinos to pick up Ethereum. Many players have the misfortune of having a lack of suitable payment methods, so this currency effectively makes the global gaming community a more tight-knit one. Expect to see many more Ethereum casinos in the future.
Choose a crypto wallet
It can be an online wallet, such as Status or imToken, or a physical one such as Trezor or Ledger. We recommend using online ones, as they are far more simple and impervious to hacking if you’re careful. To create an account, you will have to provide some of your personal info, which most wallets store on remote servers.
Sign up for a crypto exchange
Sign up for a crypto exchange, such as Coinbase. Now, you’ve probably heard that crypto exchanges can also store your ETH, but DON’T DO THIS. Unlike wallets, exchanges implement more lenient security measures and are much more prone to attacks by hackers.
Validate your account and purchase ETH
ETH generally has a stable price and isn’t known to cause significant losses, so you can buy in bulk if you have the funds to do so. To purchase, just input your crypto wallet address, and you’re good to go. We know that terms such as ‘exchange’ can lead you to believe that buying Ethereum is a hassle, but, as you see, it’s as simple as funding your PayPal account or making a credit card purchase.
The simplicity continues, believe it or not. Most crypto or mixed (offering both traditional payment methods and cryptos) casinos have streamlined the whole transfer process, making it straightforward. Even if you’re a total tech novice, you won’t need to do anything out of the ordinary. To make a casino deposit Ethereum:
- Go to the casino’s banking section and select Ethereum as your preferred deposit option.
- Once you click on the ETH logo, a pop-up window with the site’s wallet address will appear. It’s always a mix of random numbers, letters, and symbols. Write it down.
- Go to your crypto wallet, enter the casino’s address, pick the amount of ETH you want to transfer, and voila – you will be able to start playing in just a few minutes.
As for Ethereum withdrawals, the process is even simpler.
- Head over to the banking page and select ETH as your withdrawal method of choice.
- Just enter your crypto wallet address, and independent miners will verify your transaction in anywhere between 15 seconds and 5 minutes.
- Once your funds arrive in your wallet, you can keep them in the form of ETH or go to the exchange and switch them for fiat currencies (government-issued money without backing form a physical commodity). And that’s it!
What really makes Ethereum stand out is the fact that you have to pay next to nothing to make a transfer. Even if you make deposits worth tens of thousands of dollars, you won’t have to pay more than a few dollars. A large portion of these fees comes in the form of ‘gas’, a tip to miners – individuals who earn their own ETH by verifying transactions made by others.
We at Casino Banking Methods love peer-to-peer platforms, and Ethereum is a perfect example of that. However, you should also be aware of the notion that you might be charged either by your crypto wallet, your exchange, or your bank (if you’re wiring fiat currencies to your account later). All of these parties are known to take their cut, so it’s best to inform yourself about which percentage of your ETH winnings will you be required to relinquish.
One thing we really love about Ethereum is the fact that you can actually control the amount of time it takes for your transaction to be processed. The key lines in ‘gas’, the money that goes to the people verifying transfers.
You can set the ‘gas price’ at any amount you want. If you set a low one, it might take a bit longer as miners usually rush to take a higher amount of gas. However, don’t choose a fee that’s too high. To get the best bang for your buck, visit ETHgasstation. There, you can see the current best prices, as well as what it takes to get your transfer verified in just a few seconds. However, casinos with Ethereum might take a bit longer to process everything, so 2-3 days is a worst-case scenario. This is for withdrawals, as deposits are almost instant.
Ethereum was initially designed as a way of resolving many problems plaguing traditional payment methods. In particular, ETH looks to solve the problem of transfer limits – which many services, such as PayPal, VISA, Skrill, and others, impose.
While you can technically send and receive copious quantities of ETH (the max. gas price is 3 million), casinos accepting Ethereum deposits often impose their own limits. These may vary depending on the price of ETH, but the usual minimum deposit is mostly around the equivalent of $10. However, there are also sites devoted to high-rollers, which often have high minimum deposits, but negotiable maximum ones.
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Ethereum is generally considered one of the safest cryptocurrencies you can use. This is due to the fact that ETH uses smart contracts to verify the introduction of individual transactions into the blockchain. As a result, all information about transactions is publicly available, but without any sort of sensitive information ever being visible. Once you make a deposit to play at an Ethereum casino, the only traces will be the addresses of both parties’ wallets.
In 2016, there was a problem with The DAO, an organization built upon the ETH blockchain. Users were able to exploit a vulnerability in the core function of smart contracts, leading to a loss of $50 million worth of ether. The problems were quickly mitigated and the software was upgraded, with no such incident happening since.
While you can technically contact the Ethereum Foundation if you have any issues or questions, it’s worth remembering that they don’t have the power to reverse transactions and solve customer-specific problems. ETH is a decentralized currency, so you don’t have a specific regulatory body to protect you in case of such issues.
However, you should always contact your casino in case you have problems with your payments. Play at one of our recommended casinos that accept Ethereum, and you will also have the right to contact the licensing body of your casino of choice.
Overall, casino players have a positive impression of Ethereum. Most of the reviews we’ve seen praise the simplicity of making a transaction, as well as the lack of problems involving money transfers.
We also noticed that many crypto enthusiasts prefer to use ETH over BTC for their gaming needs. This is also in sync with the fact that 2020 saw an uptick in ETH trades on various exchanges, which experience believe to be a sign of ETH imminently overtaking BTC as the top dog in the crypto world.
Generally, player experiences with ETH depend more on the casinos than the actual currency. Pick one of the Ethereum online casinos from our list and you won’t have to worry about transaction-related issues and whatnot.
Ethereum, contrary to popular belief, is not just a cryptocurrency. In fact, it’s a whole software platform designed to help developers create blockchain-based apps more easily, and with much more freedom.
As a result, you’ll see that many of these features and perks aren’t really needed to have a great gaming experience. Like all cryptos, ETH can be bought with pretty much any payment method, which is everything that’s important to play your favorite games.
You can trade ETH and make deposits on smartphones as well. Just make sure that you picked a reliable wallet with good security measures, as mobile banking carries a higher level of risk than conducting your financial affairs in other ways. Therefore, you can make deposits and withdrawals on your phone, as long as the casino you’re playing at supports mobile play.
- After the incident with The DAO, Ethereum split into two different currencies - Ethereum (ETH - the real one and the one we’re talking about today) and Ethereum Classic (ETC).
- In 2022, Ethereum 2.0 will be launched. It will be jampacked with new security features, including a switch to the proof-of-stake transaction verification protocol.
- Ethereum’s block time (the time needed to create a new block in the chain) is 13 seconds, compared to Bitcoin’s 10 minutes.
- Big companies such as Microsoft, Barclays, and HSBC all use apps and software built on the Ethereum blockchain platform.
- There is an increasing interest in crypto-gaming, with Ethereum-based games believed to be the most stable titles.
- Since its initial release, the value of ETH saw a 2,800% increase.
- The Ethereum Foundation also founded the Ethereum Alliance (EEA), which is now comprised of many Fortune 500 companies, such as Intel, Deloitte, Accenture, Bank of Canada, BNY Mellon, and others.
Yes, no country in the world forbids the trade of cryptos, let alone their use at online casinos.
Of course. Ethereum, like all cryptos, uses cryptographic hash protocols to encode each individual transaction. This makes them impervious to all sorts of manipulation.
Yes, the process is simple and merely involves entering the address of your crypto wallet.
ETH transfers do require you to pay a fee, but it’s always a minute one, so it doesn’t make that big of a difference.
Ethereum is available everywhere. You only need to find a crypto wallet that suits your needs, and you’re good to go.
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Relja started off as a content writer in 2016, working his way through various niches and assignments to where he is today. Along the way, he realized that he has a particular affinity towards iGaming and fintech. An avid crypto and slots enthusiast, most of his duties involve analyzing the latest and most intriguing payment methods. LiveCasinos.com, Bettingmetrics.com and Betting.com are just some of the sites with his prints all over them.