What Is an Ethereum Online Casino & How Does It Work?
An Ethereum casino is an online casino that accepts Ethereum as a method of deposit and/or withdrawal. You probably won’t find any website that works solely with ETH, as reputable casinos usually offer a multitude of payment methods to choose from, including multiple cryptos.
First of all, Ethereum is a decentralized blockchain that is open-source and has a smart contract function. The cryptocurrency of this blockchain is called Ether (abbreviated ETH), but most people are using the name “Ethereum” when talking about the currency.
What Is a Smart Contract?
A smart contract is either a transaction protocol or a computer program that is meant to control, execute or document certain events and actions automatically, based on the terms and agreements of a contract.
A smart contract doesn’t need a third party (such as a bank or payment company), and it executes automatically when the conditions are met. This means that the casino cannot interfere and add transaction fees, limits, or delays to the withdrawal process.
Etherum is the second largest crypto in market capitalization and has a multitude of use cases, including NFTs allowing other cryptos to use the Ethereum blockchain for their initial coin offerings.
Ethereum casinos are pretty much the same as regular ones, just the payment system is different. Some will ask you to deposit ETH into their wallet, while others will have you deposit into a smart contract.
What You Should Know About Ethereum Casino Bonuses
Just like all online casinos out there, ETH casinos also have welcome bonuses and various types of promotions.
The great thing for you as a player is that bonuses on crypto casinos are usually higher than on regular ones.
Even if a casino accepts both regular money and crypto as payment methods, the bonuses will be higher when depositing crypto (including Ether).
Why is it more advantageous for casinos to use crypto?
- They have less or no processing fees,
- Less hassle than when dealing with a bank or a payment processing corporation.
How to choose the best Ethereum casino on CasinoFreak?
You can find a list of some of the best Ethereum betting sites with good bonuses on this page, and you can sort them based on different criteria. Make sure to tick the “Free Bonus” button, and then select to see the top casinos only.
You can do that in the “Medal” section by ticking “Gold” and “Silver”, in the “Tags” section by ticking “Best” or in the “Sort By” section by selecting “Top Rated” or “Most Popular”.
Ethereum Casino No Deposit Bonuses
The highest bonuses are obviously those when you deposit funds on an Etheruem casino online. But some websites do not require you to make a deposit, and they basically give you some free money or free spins to play with.
To find the online casino free bonus no deposit required you can use our filters on this page. Tick the “Free Bonus” section and search for no deposit bonus casinos.
3 Tips For Finding The Best Ethereum Casino Sites
As you can see in the list above, there are quite a lot of options out there for casinos that accept Ethereum. Besides looking at the top-rated websites, here are some other things to keep in mind when looking for the best Ethereum gambling site:
- Bonuses and Promotions - if a player uses ETH to play, it’s clear that their goal is to win and make money (otherwise they would just play the free demo versions). So it’s obvious that you should choose ETH casinos with high deposit bonuses and frequent promotions.
- Gaming Options - whether you prefer Ethereum casino slots or blackjack, you should be able to easily play the most popular casino games on the same website, instead of having to make new accounts on new casinos.
- User Reviews - a review made by an expert is not always biased, as they may be paid for that review. But user reviews are honest most of the time. You should read them carefully to avoid losing your money or having various issues.
In the “Tags” filter section of this page, you can select “Warning” and “Blacklisted” to see the casinos to avoid.
Other aspects to keep in mind are: live casino tables, minimum deposit and withdrawal times, loyalty programs, security, and licensing.
Which is the best ETH online casino to play at?
There is no definitive answer to this question, and this changes constantly based on user ratings and reviews. Use the filter “Sort By” from this page and choose “Top Rated” in order to see the current top Ethereum casino, but make sure to come back to this page in order to see the next best casino that might appear.
Making A Casino Ethereum Wallet Deposit & Withdrawal
If you are brand new to the world of crypto, this process might seem overwhelming at first. But once you make a few transfers and get the hang of it, it will be much easier. Let’s take it step by step.
Online Casino Ethereum Deposit
- Sign up at an exchange - there are many to choose from, and the most popular ones are Binance, Coinbase, Kraken, and Crypto.com
- Buy ETH - this process is pretty simple, and you can buy any crypto directly with your credit card
- Sign up at an ETH wallet - if your exchange allows gambling transactions you can skip this step, but most of them don’t. So in this case you must transfer the funds to a decentralized wallet such as Blockchain.com, Coinomi, or MetaMask.
- Transfer ETH from the exchange to the wallet
- Deposit from the wallet to the online casino - you can either send the funds from your wallet to the casino by copy-pasting a given address, or you can scan a QR code given onto the casino page, with your wallet app.
Online Casino Ethereum Withdrawal
The withdrawal process is usually the opposite of the deposit, but it’s a bit more simple since you already have all the accounts created.
- Withdraw the funds from the casino to your wallet
- Send the ETH from the wallet to an exchange
- Exchange the ETH into your local currency
- Transfer the amount to your bank account
ETH withdrawals are usually instant on most Ethereum casino sites (or they take a few minutes). The biggest exchanges also have quite fast withdrawal times from the moment you send funds from their website to your bank account (a few minutes to a few hours).
Playing at an Ethereum Casino
Once you complete the deposit process, you are ready to play! Crypto casinos are usually very similar to regular ones, just the payment processing is different. The great thing is that there isn’t a third-party processing company involved (such as PayPal or a bank). The money is transferred directly from your wallet to that of the casino, and the other way around.
Some games will automatically convert your ETH into USD and you will bet just like you normally do in regular casinos. Others will keep your balance in ETH, which means that you must be very careful!
While you are used to bets of 1, 5, 10, 100, and so on, the bets with ETH will be much lower numbers with plenty of digits (for example 0.00075 ETH, today’s equivalent of $10).
Benefits of Using Ethereum With an Online Casino
Regular fiat payments seem easier to do than crypto transactions. So why should you choose to use crypto instead?
Faster Deposits and Withdrawals
Deposits with crypto are usually instant. When it comes to withdrawals, they are also much faster than traditional methods.
The main feature that differentiates cryptocurrencies from regular money is that they are not owned or controlled by a bank or a government. You are the one in control of the money and a bank cannot block or freeze your account.
You can make payments and transactions without being watched by a bank, a government, or a local fiscal authority. Be aware that some crypto wallets and exchanges are decentralized, while others are not (they are similar to a corporation where only certain people have control).
While crypto transactions do have some fees, these are usually much smaller than when using a bank or a third-party processor. These fees are lower for both players and casinos, so everyone wins.
A bank or a payments company such as Paypal will ask for all of your personal information (full name, address, e-mail, phone number, etc.) But a crypto wallet will not. Even though other people can see transactions on the blockchain, they can only see the wallet address (a long string of characters), not your personal info.
If you keep your fortune in gold and an unexpected bad event happens, you won’t be able to take all of your gold with you and travel across the world. But with crypto, you can do that. You can store your funds in a cold wallet (similar to a USB stick), and go anywhere with it.
Since the casinos have lower fees and other advantages, they are better off using crypto, and they want to encourage players to do the same. So they do this by offering higher bonuses when depositing with crypto.
What Are The Pitfalls To Avoid When You Play Casino Games With Ethereum
Nothing is perfect in this world, and neither is crypto. Depending on your country of residence and the legislation that applies to online gambling, you may face several pitfalls when playing in online casinos. Generally, when no law clearly regulates the games, there are many scams. It is therefore necessary to be careful before choosing a site on which to play.
The simplest rule to avoid the risk of not being able to recover your money is to register only on Ethereum casinos that benefit from a good reputation as voted by CasinoFreak players. This is for example the case of the casinos that we present on our list at the top of the page.
If you register on one of these sites, you should normally encounter no problems when playing at an ETH casino. To this, we must also add the scams linked to the world of cryptocurrencies, which are unfortunately still quite widespread.
Make sure to only buy and gamble with major cryptocurrencies, and avoid the so-called s&#t coins. The volatility of these coins is very high, their value fluctuates very often, and they can easily go to zero.
Keep in mind!
Even though big cryptos are not as volatile, their price can still decrease a lot and may even go to zero. So make sure to gamble only money that you can afford to lose!
Best Ethereum Casino Games in 2022
The recommended Ether casinos from this page offer a wide variety of games to choose from. Whether you like classic table games or the thrill of playing with a live dealer, there is a game for everyone.
Here is a list of popular games you can find at casinos with Ethereum:
- Scratch Cards
- Video Poker
Are Ethereum Casinos Legal?
The answer depends on the country and state you are living in. First of all, you have to look at the gambling legislation in your country. Some countries may accept crypto but may not accept online casinos, so then what’s the point?
If gambling is allowed, then you can look at the crypto laws and regulations in your area.
For your info
Certain countries have completely banned crypto, and these are Algeria, Bangladesh, Bolivia, China, Colombia, Egypt, Indonesia, Ghana, Iran, India, Iraq, Kosovo, Mexico, Nepal, North Macedonia, Russia, Turkey, and Vietnam.
When talking about US casinos, they are fully legal and regulated only in the states of New Jersey and Pennsylvania. But the good news is that overseas online casinos (such as those presented on this page) are a legal grey area.
This means that you can play in an Etherum casino without breaking local laws, regardless of the legal status of online casinos in your state.
Why You Should Be Gambling On Ether Instead Of Altcoins
Ethereum is the second largest cryptocurrency in the world by market capitalization. Chances for it to go to zero are very low, but the chances that it will grow over time are much higher. So if you see ETH as a better investment and you want to hold on to your earnings in the long term, then it’s a good idea to play on an Etherium casino.
The deposit and withdrawal fees are also cheaper with ETH compared to Bitcoin. Currently, the average fee per transaction is 0.69 USD for ETH, while for BTC it’s 1.028 USD.
Final Thoughts On ETH Casinos
Ethereum allows for fast, anonymous, and international payments, and comes with multiple benefits but also a few cons. Overall it is a great payment method for online casinos and it’s already used by millions of players all over the world.