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Why Ethereum Betting Might be the Future for Crypto Casinos

By August 19, 2022 No Comments

One of the few fields in which it feels like cryptocurrencies are being treated with due respect is the world of casino betting. It only takes a few minutes of searching online to find a plethora of crypto-friendly betting sites, and their number includes some of the most respected casino sites of all. While the term “Bitcoin betting sites” is used almost reflexively as shorthand, it’s not uncommon to see sites offering crypto betting opportunities for fans of altcoins, too, with Ether, Litecoin and Doge being some of the most commonly accepted.

Among the altcoins attracting a lot of attention in casino circles, Ether is arguably the most interesting. While there will always be some measure of tracking, and rises and falls in the price of BTC are frequently mirrored in altcoins, ETH is coming into its own more and more as a coin in its own right. This is something that is certainly demonstrated in crypto casinos, with leading lights such as Cloudbet providing Ethereum betting as a major strand of their provision. As time goes on, while we can’t say for sure that it will outstrip Bitcoin among crypto gamblers overall, it’s easy to see how ETH could carve out its own sizable niche.

Smart contracts breed confidence

From the get-go, ETH has had its own USP in its facility for smart contracts. In casino gaming, which makes a key point of security, this technology is more useful than ever. There is never a concern over getting paid winnings when betting with ETH at a casino – you bet, you win, you withdraw, and there it is in your wallet. This makes for enormous peace of mind and is a significant reason why any crypto casino that wants to be considered one of the elite will offer ETH as a payment method. 

That speed of transaction can’t be overlooked, either. It’s something else that sets Ethereum out in front of Bitcoin for online casino players – while all crypto payments are swifter than fiat transactions involving banks, BTC withdrawals will generally take at least half an hour, and more in some places.

Continuing innovation

The process of mining Bitcoin has come in for some criticism regarding its energy usage among other issues, and Ethereum has shown agility in this respect by moving to a proof-of-stake verification mechanism. Users are finding that staking Ethereum, as well as validating new blocks, is an increasingly good idea because of the increasingly varied ways that they can use staked Ethereum (stETH). Thanks to staking platforms such as Lido, it is now possible to bet with staked Ethereum (and soon staked Solana (stSOL), which also makes use of smart contracts)at sites like Cloudbet. When you win bets made in this way, you will gain the interest on your stake alongside the usual payout.

Ethereum has been viewed for some time by its advocates as having qualities above and beyond other cryptocurrencies, and as time goes on those benefits make themselves more and more apparent. With speed, security and versatility that are the envy of other blockchain assets, it will be worth watching the pathways of Ethereum and crypto casinos to see how the two link up in future.