The number of players using Ethereum to gamble online is steadily increasing.
Are you also looking to gamble using ETH? If so, this guide will help you discover all the pros and cons of using Ethereum casinos. By the end, you will be able to make an educated decision about whether to join one or not.
Let’s dive in.
Advantages of Using Ethereum to Gamble Online
- Widely Accepted
- Ultra-Fast Payouts
- Steadier Price Than Other Cryptos
- High Deposit & Withdrawal Limits
Widely Accepted
If you’re using Solana to gamble online or another less-known cryptocurrency, you will find out that 1 out of 10 online casinos will let you deposit using it.
With Ethereum, this is not the case. It’s safe to say that 99% of crypto casinos accept Ethereum as a deposit method (we’re leaving that 1% in case there is a crypto casino that only accepts Bitcoin, which we haven’t found yet).
This widens your choice and lets you choose whichever crypto casino you want to.
Ultra-Fast Payouts
You can expect payouts in under 10 minutes when you play games at reliable Ethereum casinos. As soon as the online casino approves your payout requests, you can expect to see the winnings in your digital wallet in under 1 minute.
This is because Ethereum has a very fast block time of 10-20 seconds, as opposed to Bitcoin, which has a block time of 10 minutes on average.
Steadier Price Than Other Cryptos
As you know, if you are already an owner of crypto, their price is volatile, and it can drastically change overnight.
Now, some cryptos are stable, while others are constantly going up and down by 50% in hours. Ethereum is part of the former, so the risk of losing value on your ETH when you use it to gamble is lower than using another lower-cap coin.
High Deposit & Withdrawal Limits
The biggest perk of using Ethereum casinos is that they offer big deposit and withdrawal limits. Compared to FIAT currencies, the withdrawal limits for Ethereum are almost 100% of the time higher.
This means that if you happen to win a progressive jackpot, you won’t have trouble getting paid out at once.
Disadvantages of Using Ethereum to Gamble Online
- Higher Fees
- Higher Minimum Deposit
- Bonuses Are Rarely Displayed in ETH
Higher Fees
With ultra-fast payouts come fees – and this is the biggest disadvantage of using Ethereum to gamble.
For most ETH transactions, you will need to pay a fee ranging from $5 to $15, and these numbers are on the rise, so don’t be surprised if you see even higher fees listed for ETH transactions.
Higher Minimum Deposit
Even though we don’t know the exact reason for this, the minimum deposit for Ethereum at online casinos is typically higher compared to other cryptocurrencies.
You might see that you can start playing casino games with just $10 if you use Bitcoin, Tether, and Litecoin, while the minimum for Ethereum will be $50. Maybe it has something to do with the fees, but be aware that you won’t be able to play with just $10 when using ETH.
Bonuses Are Rarely Displayed in ETH
Most of the bonuses at crypto casinos are only displayed in Bitcoin, so when you use ETH to deposit, the bonus will either be converted, or the overall value will be much lower.
There are a few online casinos with dedicated Ethereum casino bonuses, but they are pretty rare.
Conclusion: Should You Gamble Using Ethereum?
The #1 most important thing for gamblers is fast payouts, and with Ethereum – you will be getting the quickest payouts possible thanks to its ultra-fast blockchain.
There are plenty of other advantages, too, such as the fact that nearly all online casinos accept Ethereum and that the deposit and withdrawal limits are typically huge.
If you want to avoid the higher fees associated with Ethereum, though, we suggest you use a crypto such as TRON or USDT TRC20 to gamble.
Thanks for reading!
