Much has been said about Bitcoin’s benefits to the online gambling community. BTC is fast and secure. It facilitates borderless transactions. And it’s a unique way of sending money.
While Bitcoin is great, Ethereum offers more benefits to online casino players. Think about it. ETH is faster and more scalable. It also features trust-free, self-executing contracts—something that could transform online gambling forever.
In this article, we’ll take a closer look at Ethereum’s benefits to online casinos. Let’s dive right in.
Provably Fair Games
Game fairness is a big issue in the casino space. Players love fair slots. Yet, they can’t prove that their favorite slots are fair. Thanks to Ethereum, you no longer have to worry whether a game is fair or not.
The Ethereum network allows casino developers to create provably fair slots and table games. The best part about it is that no one gate keeps information about different games.
With Ethereum-based slots, you can check the seed algorithm used to trigger winning symbols. You can review gameplay to confirm that the outcome you got from a slot or table game was 100% fair.
Although crypto adoption in online gambling is growing, it has not yet reached the point where ETH games are dominating the industry. Soon, casino developers could adopt Ethereum’s blockchain to end the issue of game fairness.
ERC-20 Cryptocurrencies
The Ethereum blockchain is home to 3,000+ projects. Many of the solutions created through Ethereum have cryptocurrencies called ERC-20 tokens. These coins offer speed and cost-saving benefits to casino players.
That information is important because Ethereum isn’t exactly the fastest or the cheapest crypto coin out there. It processes payments within five minutes. ERC-20 coins, like USDT, process payments in seconds.
Ethereum’s gas fees can be expensive. But if you’re sending funds through USDC or USDT, fees will be negligible. If you want to play games at an Ethereum casino, you can complete your deposit through ETH. Or you can use an ERC-20 coin to save money on costs and take advantage of quick payments. Most ETH casinos also support popular ERC-20 tokens, anyway.
That said, here are some of the most popular ERC-20 coins:
- USD Tether
- Chain link
- USDC
- Polygon Matic
- The Sandbox
Many ERC-20 projects solve a unique problem in the world. For example, the Sandbox targets gamers—it features a play-to-earn online game. That means you can make money while playing an entertaining video game.
Polygon Matic facilitates faster payments to people who love Ethereum. It’s also the coin of choice for NFT-related marketplaces. By comparison, USDT acts as a stable coin—ensuring your funds don’t lose value during a market correction.
Security and Privacy
The Ethereum blockchain keeps data securely, albeit transparently. You can view your ETH coins on the blockchain. But no one can decode your address and steal your money.
Security means casinos can accept Ethereum as a means of payment without worrying about losing users’ data or funds. It also means they can provide Ethereum-based games confidently.
When it comes to privacy, Ethereum provides pseudo-anonymity as a standard feature. The cryptocurrency does not expose your name, face, or home address. If you want more security, your best bet is to use a privacy-oriented online casino.
Security-oriented casinos do not require your email address during registration. You just need to send money to a specific address. And you get access to a variety of slots and table games.
Unfortunately, these casinos are not licensed. And now that they’re pro anonymity, they don’t even provide information about these locations and contacts. That means an operator could defraud you, and you wouldn’t do a thing about it.
Bonuses and Promotions
A typical online casino welcomes you with a 100% first-deposit bonus worth a maximum of $100 or $200. By comparison, an Ethereum casino can match your first deposit for a maximum of 1ETH to 5ETH.
One Ethereum coin costs $2,200 at the time of writing. This is a huge bankroll regardless of your favorite games. With $2,200, you could play 100 slots the entire day and still have some pocket change.
The best Ethereum casinos have multiple bonuses, meaning the honeymoon doesn’t end after your first deposit. You qualify for loyalty bonuses like reload promotions, cashback deals, and weekly free games.
While Ethereum casinos tend to offer huge promotions, beware of bonus terms and conditions. Each casino promotion has rollover requirements, a limit on the maximum you can withdraw, and the validity time.
Choose casinos with fair bonuses. Fairness makes it possible to turn a bonus into cash without spending too much of your own money in the process.
Scalability
Scalability in the crypto space means a blockchain’s ability to function properly when there’s an increase in demand for its services. Bitcoin has a massive scalability problem because it processes 3-7 transactions per second.
Bitcoin becomes extremely slow when there’s a huge demand for payments. It also becomes prohibitively expensive. Ethereum can handle 30 transactions per second, which makes it better for scalability.
While Ethereum can handle more transactions per second compared to Bitcoin, it also suffers scalability issues. But this is where ERC-20 tokens come to the rescue. Some of them handle up to 50,000 transactions per second. USDT is a case in point.
A Store of Value
One of Ethereum’s biggest benefits is that it is a store of value. When you buy ETH coins, you can earn profits when the crypto industry gains value. Unfortunately, you could also lose some of your funds during a bear market.
That means you need to be diligent in how you buy and spend your Ethereum coins. You could buy Ethereum and convert your funds into USDT when you’re not planning to spend it. This will insulate you from an unforeseen change in market prices.
Another strategy is to buy a small amount of crypto at a time. If your budget allows you to spend $100 on a weekend, buy $100 worth of ETH coins. Buy more coins if you need a bigger budget. That said, you could always buy a large amount of crypto when you’re determined to hold the funds as an investment.
