ETH Gambling: A Comprehensive Guide

You’ve probably heard of Ethereum by now, and if you haven’t, you’re sure to know about Bitcoin. Both Ethereum and Bitcoin are cryptocurrencies, and many Australian online casinos accept both. ETH gambling is a popular choice because it provides extra levels of security and anonymity that you won’t get if you’re gambling with money from your bank card or an eWallet.

Crypto gambling is pretty much the same as gambling with fiat currency, but it can have some extra benefits. For example, some gambling sites give you bigger bonuses if you use crypto, plus you can look forward to faster transactions and lower withdrawal fees. Our full Ethereum betting guide will detail how to get started, what to look out for in a great ETH gambling site, and a few things to be aware of if you’re going to start using this payment method.

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So, “What is Ethereum?” we hear you ask. It’s not too complicated to explain. The actual definition is that Ethereum is “a decentralised blockchain system,” but that doesn’t mean much to the average Australian bettor.

Essentially, Ethereum is a system that anyone can use to design secure digital solutions. Ethereum is best known for its cryptocurrency token, ETH, which has many uses, one of them being online gambling.

Ethereum is popular in gambling because it’s secure, quick, and helps you stay anonymous. Although licensed online casino sites like the ones we recommend here at Betquare are totally safe and secure, some people still prefer not to hand over personal details like their bank card or e-wallet details, so ETH is ideal in that sort of situation.

Ethereum was first introduced in 2014 and launched officially in 2015, so it’s been around for a while. When you use ETH tokens, you’ll be able to send and receive money via a digital wallet, which uses a particular address.

While this might sound quite complicated, it’s similar to an email address. When you fund your online betting account through ETH, you’ll simply use the address to make the transactions. 

So, let’s recap: ETH is a secure cryptocurrency, and you can send it straight to an online gambling site via your ETH wallet. We’ll go into more detail about buying ETH later in our guide, but for now, you don’t need to know all the technical details to get going. 

If you’re ready to start ETH gambling, the first thing you need to do is select a site that suits you. We have a list on this page, so you can browse our reviews and see which gambling site you prefer regarding features, bonuses, and games. Then, click on a link on this page to go off to the site and create your account. 

When you sign up at an ETH gambling site, you’ll usually need to provide a few details like your name, email address, date of birth, and address. Most sites allow you to sign up and start depositing without providing verification documents like your ID and proof of address. Still, you’ll need to verify your account before withdrawing any winnings. 

If you don’t have any ETH, now is the time to get some. Some gambling sites allow you to use fiat currency (like AUD) to purchase ETH directly on the site, using a service like Moonpay, but in most cases, you need to have ETH in your wallet already.

To buy ETH, you’ll need to sign up with a trading platform like Binance or Coinbase, or you can buy ETH via PayPal or Robinhood. Once you’ve signed up with the platform of your choice, you can deposit normal dollars into your account and use them to buy the ETH tokens. You’ll have a special virtual “key” to verify and protect your transactions whenever you use your ETH.

Finally, go to your online casino account, visit the cashier section, and use the deposit address given to send your ETH to the casino site. And how do you gamble with Ethereum? It’s easy. Once you’ve made your deposit, the money will go straight into your balance on the gambling site.

You can use your balance to play pokies, live dealer games, or place bets on sporting events, exactly as you would if you’d used a bank card to fund your account. If you win, the money will be added to your balance automatically, and then you can withdraw it if you want.

There are two major reasons you should try using ETH for gambling—the speed and the security. However, aside from these two main factors, Ethereum offers many other benefits.

As we mentioned above, Ethereum gambling has the advantage over other deposit methods like bank cards or bank transfers, as it’s much faster. While all online gambling deposits generally reflect immediately, withdrawals are different.

If you use a bank card or bank transfer, you could wait between 3 and 5 working days to get your money, even after the casino site approves the transaction. With ETH, all your withdrawals will be processed instantly as soon as the casino completes the processing. 

Security is the other major factor. As ETH uses blockchain technology, your money is stored totally safe, and there’s no chance of anyone else getting their hands on it. You can protect your digital key so it’s not linked to the internet. 

Ethereum also provides a more anonymous way to deposit and withdraw at online casinos. Rather than using personal details like your bank card number, you can deposit by sending your ETH to the online gambling site’s address. You don’t need to enter any details that could link you to the transaction in any way, which is ideal for avoiding security breaches like hacking.

You’ll probably also find that the fees you’re charged for ETH deposits and withdrawals tend to be lower than those for other methods. For example, some online gambling sites apply a 2% fee to bank card withdrawals, but in general, it’s always free to use crypto like Ethereum. 

A lot of Aussie online gambling sites accept ETH, but not all of them. If you want to save yourself the trouble of checking if your preferred site accepts ETH, you can just choose one of our recommended sites from the list below.

Many Australian online casinos offer Ethereum as a deposit method, but that’s not the only important thing to look out for. One payment method isn’t enough to judge an entire gambling site. 

When we review the best ETH gambling sites, we also consider other top criteria. For example, we always ensure a wide range of payment options in case you don’t want to use Ethereum, excellent customer support options (ideally, we like to see 24/7 live chat), and a great desktop and mobile experience.

Perhaps the most important factor we look for as part of our Ethereum site reviews is game variety. The best gambling sites have many pokies, including jackpots and Megaways games, live casino tables, instant win games, and sports betting options. Plus, it’s always a good idea to check out the bonuses and promotions, as some sites even give you an extra offer if you deposit with a crypto option like Ethereum.

Ethereum is secured using blockchain, which is common in the crypto world. For example, Bitcoin works in the same way, as a special Bitcoin blockchain secures it. Advanced computing power protects all of the money stored in ETH and makes it less vulnerable to hackers than other casino payment methods. 

In practical terms, the security of ETH lies in the fact that your money doesn’t sit directly in a virtual wallet; rather, it’s encrypted using a digital “key”. You’ll receive a private key, which you’ll need to use for each transaction, so it’s guaranteed that no one else can access your funds. Make sure you never reveal your digital key to anyone else and keep it in “cold storage, ” meaning it’s on a device not connected to the internet. 

There are a couple of risks with ETH gambling. The main one is that if you don’t protect yourself properly, you could fall victim to hackers. In the next section, we’ll go into detail about how you can safeguard your ETH. The other risk is that crypto generally can be quite volatile, so the actual money value can fluctuate. You can mitigate this by withdrawing winnings regularly and converting them back to fiat currency if you’re concerned that ETH may decrease in value. 

As a player, you can also do a few things to ensure safe Ethereum betting. For example, you should always ensure that the site you’re using is licensed and legal for Aussies to use. You can find the licensing information in the site’s footer, and rest assured that any sites we recommend here at Betsquare are legit. You should always keep your online casino login details to yourself so no one else can access your account.

When it comes to your actual ETH tokens, the most important thing to do is choose a safe platform and always protect your key. You can do this by storing it on a device not connected to the internet so it can’t be hacked. You should also create a secure password for your crypto wallet – use a series of numbers and letters, but not something people could guess.

You should also set up 2-factor Authentication, which requires you to approve transactions via your mobile app. 

Ethereum is already accepted by a number of Australian online gambling sites, and due to its popularity, we expect more sites to adopt it in the coming months and years.

We also expect that any brand new gambling sites will almost certainly embrace the crypto revolution, including Ethereum. If you’ve never used crypto for gambling before, it might seem a little daunting, but as long as you follow our Ethereum gambling tips, we promise you’ll be just fine. 

If you want more in-depth information, you can also look at our full crypto betting guide, which details some alternative cryptocurrencies for online gambling. 

So, now that you’re fully equipped with all the knowledge to make an informed decision, it’s time to choose your Ethereum gambling site and sign up. As soon as you do, you can make an instant deposit and start playing the games for your chance at a real win.