Trying to find your feet in the crypto esports betting world? If so, there may be a lot more you’d like to know about cryptocurrencies like Ethereum. And that’s perfectly understandable, especially given how rapidly digital currencies have changed up the online gambling space.
But is it safe? And legal? In this guide, we’ll cover everything to know about Ethereum, from the basics, like what it is and how it works, to pressing topics, such as the risks and benefits of using this blockchain technology on crypto gambling sites.
Disclaimer: The content in this blog is not to be interpreted as professional legal, financial, or betting advice.
Esports Betting With Ethereum
What Is Ethereum?
Ethereum is a programmable blockchain platform upon which communities, applications, and digital assets are built. It is not controlled by any central authority, making it highly resistant to censorship.
Among its many features, Ethereum boasts the unique functionality of running decentralized apps (known as dApps) via self-executable “smart contracts. The code for these apps is written in the network’s native programming language, Solidity, and runs on the blockchain with no downtime.
What Is Ether?
Ethereum’s blockchain is not to be confused with Ether (ETH), the transactional currency of Ethereum-based apps. Since moving to a proof-of-stake consensus protocol, participants (or “validators”) stake the Ether as collateral to validate network transactions.
These digital “record keepers” are randomly selected and incentivized with newly issued Ether to process and verify Ethereum transactions performed on the blockchain. In short, ETH powers Ethereum. So, when you place bets, you’re actually using Ether.
Every ETH transaction, whether the Ether was acquired via a peer-to-peer or crypto exchange, is recorded on the Ethereum blockchain, which (like Bitcoin) is distributed across many computers. This ensures the security, immutability, and decentralization of all data and transactions.
What Is Ethereum Esports betting?
Ethereum esports betting is a type of online gambling where bettors use Ether (i.e., digital money) rather than fiat currency to wager on tournaments. It is only available on ETH betting sites, or crypto casinos that accept Ether as a payment method.
Thanks to Ethereum’s rapid transactions and anonymity, it has rapidly become a common payment option in esports betting. The same is now true in many online sportsbooks, too, with lines available in popular sporting events like the NBA and NFL.
How Do Esports Betting With Ethereum Work?
Ethereum betting sites function similarly to regular online sportsbooks and esports betting sites. However, instead of using “real money” (e.g., USD, GBP, or EUR), you’ll use Ether to stake your bets. Some sites accept fiat and cryptocurrencies, but others exclusively accept the latter.
Thunderpick is the best crypto-only online betting platform. We accept many cryptocurrency payment options, including Bitcoin, Ethereum, Bitcoin Cash, Cardano, Litecoin, Dogecoin, and even stable coins like Tether.
To get started, you must first create a free Thunderpick account and transfer ETH from your wallet to your betting account’s personalized deposit wallet address. You can then use the ETH to enjoy an array of pre-match and live betting options on your favorite esports games and teams.
What Esports Can I Bet On With Ether?
Top Ethereum gambling sites like Thunderpick will offer competitive odds and a ton of exciting esports betting options for crypto gamblers. Here’s a list of the most popular titles you can bet on:
- Counter-Strike 2 (CS2): The newest entry in the Counter-Strike series, CS2 is the most popular first-person shooter (FPS) game globally. Players engage in intense battles as terrorists or counter-terrorists, and each side must complete different objectives.
- League of Legends (LoL): LoL is a multiplayer online battle arena (MOBA) game where two teams of five players clash in an attempt to destroy the other’s Nexus. Each player controls a hero (or “champion”) and must strategize and synergize with their team to win the match.
- Dota 2: A titan in esports, Dota 2 is a strategic MOBA. Two factions of five heroes each, Dire and Radiant, fight to destroy the opponent’s Ancient, all while trying to defend their own.
- VALORANT: Launched by Riot Games in June 2020, this tactical FPS features thrilling team-based combat with a roster of unique characters called “Agents,” each boasting powerful, unique abilities.
- Fortnite: This battle royale-based shooter drops up to 100 players on an island. The winner? Whoever is the last one standing! It incorporates an open-world shooter with hints of a tactical and strategic approach to survival.
- Call of Duty (CoD): Beyond its rich single-player history, Activision’s CoD series is no different from its predecessors. It continues to evolve, bringing new dynamics to the competitive FPS genre.
- Overwatch: This team-based game blends MOBA and FPS game elements. Each hero boasts abilities that contribute uniquely to the team’s overall strategy to secure the game’s objective.
The fun doesn’t have to stop there. Supercharge your betting experience by wagering on other esports titles, such as Starcraft 2, Rainbow Six, Heroes of the Storm, Rocket League, and NBA2K. Need a change of pace? Enjoy our selection of casino games, from slots to table games like roulette, poker, and blackjack, with live dealers!
How Quick Are Deposits And Withdrawals With ETH Betting?
Most Ether transactions are settled within seconds. This is because ETH transactions are decentralized, autonomous, and fully peer-to-peer, so funds are available immediately after the Ethereum network confirms the transaction.
On the other hand, central authorities process fiat deposits and withdrawals, so they’re subject to major delays due to compliance checks, office hours, and even manual processing in some cases.
The absence of these additional layers in Ethereum transactions not only boosts their speed but also lowers fees significantly. You’ll only incur network fees called “gas,” which are used to compensate validators for verifying transactions on the blockchain.
What Are Gas Fees?
Gas fees are calculated as the product of the gas limit (i.e., the amount of energy or “gas” an operation consumes) and the gas price (i.e., the amount of Ether you’re willing to pay for each unit of gas). The gas price is measured in Gwei, which is one billionth of 1 Ether.
For example, if a transaction has a gas limit of 21,000 units and the gas price is 50 Gwei, the total fee will be 21,000 x 50 (x10-9) = 0.00105 ETH. In general, the more congested the Ethereum network is, the higher the gas fees will be. You can check the current gas price etherscan.io.
Fortunately, you don’t need to worry about gas fees on Thunderpick! All withdrawals are free, meaning you’ll get 100% of the funds you cash out—guaranteed!
Betting Limits With Ethereum Esports Betting
There are a few limitations with Ethereum esports betting, but these are heavily dependent on the platform’s policies and regulatory requirements. Here are some limits you should know:
- Betting Limits: Most crypto casinos set a minimum limit of around 0.001 Ether and a maximum of around 50 Ether per placed bet. However, on Thunderpick, there is no upper limit to the amount of ETH you can wager—perfect for bettors looking for higher potential winnings.
- Deposit Limits: The minimum deposit is usually ~0.01 Ether at Ethereum betting sites, often with no upper limit for deposits. This is also true on Thunderpick!
- Withdraw Limits: The minimum amount you can cash out is around 0.01 Ether. As for the upper limits, it really depends on the provider. Thunderpick has a high withdrawal limit, allowing bettors to cash out a total of €50,000 per week*.
Important: Due to Anti-Money Laundering (AML) regulations, Thunderpick requires that bettors wager at least 100% of the value of each deposit to withdraw. This is to prevent users from withdrawing deposited funds without placing any bets.
Can I Place Bets Using ETH On My Phone?
Yes! While not all crypto gambling sites have dedicated mobile apps, the web pages are often optimized for Android or iOS devices. Thunderpick kicks things up a notch with its progressive web app (PWA), offering gamblers a secure, fast, and resource-efficient betting experience on their phone.
Is ETH Esports Betting Legal?
The legality of using cryptocurrencies in online casinos varies by country and state. Some countries like China and Bolivia have outright banned crypto, while others like the United Kingdom have only outlawed gambling sites accepting crypto as a direct payment method.
You’ll need to exercise due diligence to check if crypto-based casino sites are legal in your jurisdiction. Thunderpick is regulated and licensed under the laws of Curaçao, so review the Legal Terms to ensure you’re allowed to register and place bets on our platform.
Are There Any Risks Of Betting With Ethereum?
Yes, there are a few risks associated with betting with Ethereum. They include the following:
Volatility
Cryptocurrencies are highly volatile, and Ether is no exception. This can be a double-edged sword for bettors. If ETH’s value decreases, your bets could cost more when converted into fiat currency. However, if ETH’s value increases, your winnings could translate to higher fiat returns when you cash out.
Scams
Like online banking, the risk of encountering scams and fraudulent websites in crypto gambling is a constant threat. This is because the anonymous, instant, and irreversible nature of cryptocurrency transactions makes it a more attractive target for criminals.
The good news? As long as you use a trusted crypto-only betting provider like Thunderpick, you have absolutely nothing to worry about. That said, always conduct thorough research, check review websites like Trustpilot, and confirm that the gambling site is fully licensed and regulated.
Are There Any Advantages Of Betting With Ethereum?
There are several advantages that come with esports betting with Ether. Let’s review some of them.
Anonymity*
Betting with Ether on Ethereum esports platforms offers greater privacy than traditional gambling sites. This is because transactions link to anonymous wallet addresses, not personal identities.
Note: Complete anonymity isn’t always guaranteed, especially since some platforms conduct compliance checks like Know Your Customer (KYC), which require personal information for identity verification.
Lower Transaction Fees
Since crypto transactions occur independently of intermediaries like banks, depositing and withdrawing winnings between your Ether wallet and esports betting sites typically incurs no platform fees—you’ll only incur a “gas” fee for using the Ethereum blockchain.
Lightning-Fast Transactions
Transactions on the Ethereum blockchain usually take 15 seconds to verify (up to 5 minutes, depending on network conditions). This means that most deposits and withdrawals are processed almost instantly.
What’s more? Thunderpick offers the added benefit of zero-rated payouts, ensuring you can cash out 100% of your winnings! There’s also a high weekly withdrawal limit of up to €50,000, giving you greater control of your money—especially when you secure big wins!
Should I Place Bets On Esports Using ETH?
That’s completely up to you! With all the advantages and risks involved outlined, it’s your decision to place esports bets with Ethereum or not. If anonymous gambling* and low fees sound good to you, then, by all means, you should go for it.
Note: Some Ethereum sportsbooks may conduct compliance checks through KYC to validate the identities of its bettors—be sure to read the legal fine print prior to signing up.
How Do I Get Started?
Visit Thunderpick and sign up for a free account. Next, follow the activation email instructions and log in. From there, all you need to do is fund your betting account with Ethereum and place a bet—it’s that easy!
Just don’t forget to claim your First Deposit Bonus offer in the “Bonus” section of the profile menu. And keep a watchful eye on our “Promotions” page for any upcoming events and promos.
Ethereum Betting Frequently Asked Questions
Do you have more questions about Ethereum? No problem—you may find the answers in the frequently asked questions (FAQ) section below.
Is Ethereum Esports Betting Better Than Traditional Betting?
Yes, but it depends on what you’re after. The main benefits are that crypto esports betting sites offer better perks, like faster transaction speeds (for deposits and withdrawals), more betting options, and lower fees and wagering requirements that reduce barriers to entry.
Are There Better Odds On Ethereum Esports Betting?
No. The odds on individual bets aren’t different with Ethereum than with fiat currency. However, betting odds for the same bets may differ between bookmakers, which is completely normal. Every bookie performs their own risk assessment, resulting in different odds.Want to know more? Contact our friendly customer support team at [email protected] or via the 24/7 Live Chat. You can also learn more at the Thunderpick FAQ section.
