Ethereum Betting is fast becoming big business. COVID has locked down and quarantined people across the globe, bringing old and new punters to gambling and betting sites — some of which are now using Ethereum.
If you follow crypto price analysis then you’ll no doubt know that Ethereum betting sites can be quite profitable.
After all, if you win a bet and then withdraw your Ethereum, the crypto itself could rise in value and net you even bigger wins.
It could go down too.
Even worse, you could lose access to your Ethereum or have it scammed or hacked.
This article will focus on three of the safest Ethereum betting sites so something like the above doesn’t happen to you.
3 Ways to Find a Safe Ethereum Betting Site
Multiple components go into making an Ethereum betting site safe: age of the platform, licenses, and if it is provably fair.
Is it Provably Fair?
Let’s start with provably fair.
The best definition is as follows:
“In online gambling provably fair describes an algorithm which can be analyzed and verified for fairness on the part of the service operator.
In a provably fair gambling system, a player places bets on games offered by the service operator. The service operator will publish a method for verifying each transaction in the game.
This is usually by using open-source algorithms for random seed generation, hashing, and for the random number generator. Once a game has been played, the player can use these algorithms to test the game’s response to his in-game decisions and evaluate the outcome by only using the published algorithms, the seeds, hashes, and the events which transpired during the game.”
You can see why a casino showing its provably fair would be a good measure of its safety.
If they take the time to code a way for you to see and prove to yourself that their games are fair — then this increases their trust score and their safety rating.
When looking for a casino, make sure it’s provably fair.
Does it Have the Proper Betting License?
The second way is to check where they are legally allowed to offer their betting services.
Some Ethereum betting sites will make sure to filter their punters and only allow the ones from the countries in which the site has a license to operate.
It would be a waste of time to chose a site only to find out that you cannot participate.
But more than any inconvenience, it would be worse to be kicked off and your winnings are taken away.
Some sites let anyone join and deposit, but when they discover a user is not from a legally accepted site — they will confiscate the punter’s winnings.
Don’t let this happen to you and your hard-won money.
Lastly, a site with a proper betting license has registered and filed the necessary paperwork with their government.
For what that’s worth — it means that if anything happens at least you’ll have legal recourse against them.
3 Betting Sites
The following three sites should meet some or all of the ways listed above to find a safe Ethereum betting site.
Sportsbet.io is a site available to players from the EU, Asia, and more. They offer deposits in BTC, USD, CAD, EUR, ETH, LTC and more.
Betonline is available worldwide and holds numerous licenses to operate in various countries. BTC, USD, BCH, XRP, ETH, LTC, and a few more are the currencies they offer.
1xBIT is also available worldwide. They offer the largest selection of cryptocurrencies to use for placing bets.
Each of these offers different betting opportunities, from casino games to sports betting to online poker and more.
They also offer various bonuses depending on the amount of the deposit and if you chose to top up later on.
These bonuses should also be thought about carefully. If you win, you may need to wait to withdraw or you may need to keep playing a few more times. Read their terms carefully.
Lastly, the safest way to bet with Ethereum is to avoid human error.
Always double-check the Ethereum address you are sending or receiving from. Make sure it’s exact — since you don’t want to lose your winnings due to a misplaced number or uncapitalized letter.