Ethereum Gambling is taking the world by storm. With all the benefits that Ethereum brings we have prepared this guide to start you off on the right track, and get you finding your perfect Ethereum Gambling Site.
Step 1 – Buying Ether
Ethereums’ currency is Ether (ETH) and you need to buy it first. You’ll have to determine how much Ether you are going to buy according to your budget. But remember that this is a valuable currency. For example, if a budget of 100 USD was enough for you in the past, you do not need to buy 100 ETH. Decide according to current exchange rates and determine the amount you want to buy.
To purchase Ether, first sign up for an exchange site and complete the KYC/ID verification process. Then, make a deposit to the exchange site using FIAT currency (USD, EUR, etc.) or credit card. Buy the amount of Ether you want with deposited funds. Congratulations, you are now part of the blockchain and you have a wallet address! Transfer Ethers to your wallet – you will now use this address for deposit and withdrawal transactions on online gambling sites.
Step 2 – Finding a website
Now, you need to find a gambling site where you can play games or place bets using your Ether. “Ethereum gambling” refers to an online casino or a betting site that runs entirely on the blockchain. Such sites are rare and allow you to take full advantage of the blockchain technology. A casino or betting site generally supports Ether as a currency only. So we like to call these “regular gambling sites with Ether support”. This type of sites does not offer the benefits of the blockchain to their members. For this reason, you should always choose Ethereum gambling sites. Poker fans are in for a treat, as Ethereum Poker is becoming more and more common. For the differences between Ether accepting sites and Ethereum gambling sites, check the table below:
|Ethereum gambling site||Regular site with Ether support|
|Uses a License?||No, and not needed||Yes|
|Provably Fair Games||Yes||No|
|House Edge||Less than 1%||More than 5%|
|RTP||More than 99%||Less than 94%|
|Accepts Fiat Currency?||No||Yes|
Step 3 – Installing the extension
Ethereum gambling sites work using the distributed application support provided by the blockchain. Such sites do not have a centralized server, all of their infrastructure (games, RNG software, payments, etc.) work on the blockchain. If you want to run a blockchain application using your browser, you need to install an extension. Otherwise, you will not be able to take full advantage of the features offered by Ethereum gambling sites.
Step 4 – Deposit Ether
Once you have found an Ethereum gambling site, become a member. Don’t worry, you do not need to share your credentials. You only need to provide an email address and set a password. Take a look at the games and/or types of bets, determine what you want to play, and deposit Ether to the site. For this, you need to know the wallet address of the website. (You can usually see this address on your account page.) Send Ether from your wallet to the website’s wallet by using this address. The process will be completed in a few minutes. Now, you can start playing or betting.
Step 5 – Withdrawing your winnings
If you have already saved your own wallet address, the withdrawal operation will automatically occur through the smart contract infrastructure after a winning. You do not need to verify your identity. If you have not yet saved your own wallet address, do it now. Enter your personal wallet address using the “withdraw” option (usually found on your account page), specify the amount you want to withdraw, and complete the transaction. Your winnings will be transferred to your wallet in a few minutes.
We hope you enjoyed this how to guide, and start off on the right track with Ethereum Gambling!