In the past few years, casino operators have embraced cryptocurrency transactions. Along with Bitcoin, Ethereum is a popular method due to the security and convenience it provides. Players who value privacy and flexibility enjoy fast, anonymous, and reliable transfers. Here is how Ethereum deposits and withdrawals work.
Where to Play
Some of the most popular casino Ethereum sites are licensed in Curacao. Websites approved by the UKGC or MGA usually accept payments in Ethereum, but do not allow you to gamble with it — i.e., you have to convert your coins into their primary fiat currency like GBP or USD.
Making a Deposit
To get started at a cryptocurrency-friendly casino, visit its virtual cashier page and send a transaction from your Ethereum wallet. This requires its address or a specific QR code.
Open your wallet and go to the “Send” section. Enter the address of the recipient (the casino will provide it to you) and the amount. Confirm the transaction, and your funds will arrive in the casino account in a few minutes.
Aside from hybrid websites combining Ethereum with common payment methods like Visa or PayPal, you can find purely ETH casinos where smart contracts replace random number generators. The apps are connected to the blockchain, so the decentralized network delivers random outcomes. On the downside, the number of these games is very limited, and the operators are not licensed by respectable regulatory bodies.
How to Withdraw to Ethereum
To collect any winnings, you need your personal recipient address, which is found in the wallet app. Open the wallet and look at the “Receive” section for this information. Make sure you pick the right cryptocurrency, or the payment will fail. Select Ethereum to see the address. It is a string of digits and letters, both lowercase and uppercase. You can also find the sequence in your transaction history.
Go to the cashier page of the casino site. Paste the wallet address in the corresponding field, specify the amount and confirm the transfer. After the operator approves the request, you will get your funds almost quickly. Normally, this takes a couple of minutes unless the blockchain is particularly “busy”.
Overview of Fees
The biggest drawback of transfers in Ethereum is the fee, although it is relatively negligible. You have to contribute to the network that processes the transactions. If you want your transfers to get high priority, you should be okay with higher charges. Gamblers can increase or decrease the fees themselves. However, the default setting is enough in most cases.
Gamblers should understand that the fee is charged by the network, not the casino operator. Find out about any potential extra costs and transaction fees before creating an account.
High Withdrawal Limits
Unlike regular casinos, platforms that accept cryptocurrency allow you to deposit and withdraw higher amounts. This makes Bitcoin and Ethereum particularly attractive for high rollers.
Almost every Ethereum-friendly casino offers deposit bonuses. Usually, they take the form of match bonuses. The operator adds a fixed percentage of your transfer to the balance. The biggest advantage is that the value of Ethereum bonuses is often much greater. The rewards may include free spins, free cash, cashback, VIP benefits, tournaments, etc.
Almost all conventional sites limit the maximum size of their rewards. This does not usually happen with Ethereum bonuses, as their upper limits are much higher or unlimited. The more you deposit, the more you will get.
To Sum Up
Online casinos that accept Ethereum offer quick, secure, and anonymous transactions. This form of gambling is only available in some countries, and pure Ethereum games are fairly limited. First-time users may find it daunting to set everything up, but the benefits outweigh the cons. The volatile nature of the altcoin means that your bonuses and deposits may gain value over time.