Ethereum (ETH) Gambling 2021 – Guide to Best ETH Casinos
A complete guide on what is Ethereum Casino (ETH) gambling and how to access the best ETH casinos in the online gambling landscape
Cryptocurrencies have turned out to be a powerful instrument in an already growing industry. Case in point: online gaming and gambling casinos. The online gaming industry is anticipated to grow at a CAGR of 16.5% from 2020 to 2026. Through digital currencies and blockchain technology, the sector of online casinos is expected to further enhance. Moreover, blockchain technology facilitates decentralized innovation in online casinos enabling trust and transparency in the landscape.
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Growth of Crypto Casinos
Decentralized gambling applications have drawn the attention of users across the globe. An increasing number of players are seeking cryptocurrency benefits to enhance their online gaming experience. Prominent blockchain networks such as EOS report 62% transactional volume from gambling dApps. Additionally, the onset of cryptocurrencies like Bitcoin has transformed the iGaming sector. Ethereum is one of the most prominent blockchain networks and is leveraged by developers to build decentralized gaming applications.
In this article, we explore the advantages of decentralized gaming applications on Ethereum blockchain, which are the different games for users to engage in, and what are the innovative features provided by the best Ethereum (ETH) casinos.
Ethereum (ETH) Casino DApp
Ethereum, launched in 2014, is the second most prominent cryptocurrency after Bitcoin. As of November 2020, it has a market capitalization of nearly $68 billion and remains one of the popular networks for the creation of decentralized applications. Whilst the network is used for building dApps of a variety of industries, Ethereum is one of the blockchain platform leveraged for online casinos.
Recent research studying gambling applications on the Ethereum blockchain network reveals the rising cumulative value of bets from 2018 to 2021. A report indicates that nearly 48% of decentralized applications developed on Ethereum belonged to blockchain games. Developers seek Ethereum blockchain for the development of scalable decentralized applications along with facilitating cryptocurrency payments. Users are also drawn towards cryptocurrency and blockchain dApps owing to multiple advantages of transacting in digital assets.
Online casino platforms use Ethereum (ETH) in two ways.
- Traditional centralized casino providers have started incorporating ETH cryptocurrency in their deposit and withdrawal process to offer advantages of digital asset transactions.
- Developers build decentralized gaming applications (dApps) on the Ethereum blockchain network. This allows a cryptocurrency casino to incorporate smart contracts functionality for operations from placing bets to payouts.
The advantages of leveraging Ethereum blockchain for the development of online gaming applications are as follows:
- Smart Contract Programmability
Ethereum blockchain offers a unique function of automated smart contracts. Online casino DApps are decentralized and use smart contracts for operational activities. The rules of if/then are preprogrammed as codes on a smart contract built on Ethereum. The automated contracts facilitate trust, transparency, and decentralization of online casino platforms.
- Direct Transactions
With Ethereum casino dApps, players can engage in direct transactions by connecting their wallets to the smart contract. Transactions are instant and automatically executed by a smart contract. Cryptocurrency transactions need not require intermediaries to process or execute.
Ethereum blockchain offers higher scalability and thereby greater transaction times to players. In other words, players need not wait for hours to receive payouts or deposit cryptocurrency on Ethereum casino dApps.
Ethereum casino platforms offer lucrative bonuses to players so as to allow them to access their interface and unique features. These bonuses come in different forms including welcome bonus, no deposit bonus, ETH free spins, account reload bonus, VIP bonus, and more. Players can take advantage of this offering to experience online gaming on Ethereum casinos.
- Privacy and Security
Unlike conventional iGaming platforms, a user need not provide their private information or financial details on online casino dApps. This allows players to enjoy privacy and anonymity in online gaming. Additionally, as Ethereum blockchain is a widely accepted network with millions of nodes (participants), it offers leading security measures through cryptographic protocols.
- Lower House Edge
House edge is a percentage that reveals the advantage a casino has over a player in a game. In conventional online games, a developer has complete control over the house edge. The house edge on Ethereum games is favorable to players. This is a lucrative advantage forcing players to shift from centralized providers to dApps.
- Gaming Outcomes
A prominent advantage of Ethereum casino is that the gaming outcomes are true, fair, and can be vetted. Provably fair mechanism allows a player to check the results after a game. This eliminates the possibility of a casino service provider to engage in manipulative activities.
Games at Ethereum (ETH) Casinos
Ethereum dApps integrate conventional games like blackjack, roulette, and innovative games like video poker, crash games, etc. As these games are developed on its decentralized protocol, players can leverage the benefits of provably fair, low house-edge, and attractive bonuses.
Some of the popular games at Ethereum casinos include
Ethereum (ETH) Blackjack
Blackjack is one of the popular games sought by players at land-based casinos. Ethereum dApps also offer players to indulge in blackjack games with multiple variations. Some ETH casinos provide a live dealer via video to engage in a real gaming experience.
Ethereum (ETH) Dice
In crypto casinos, dice has become one of the popular games that are sought by gamblers. The idea behind a dice game is that a player selects a random number from 0-99 and throws the dice. The winning condition is that the dice number needs to be higher or lower than the selected random number. The higher the chances of winning, the lower the payout and vice versa.
Ethereum (ETH) Poker
ETH casinos offer different variations of poker games. With crypto casinos, users can enjoy video poker which allows a player to discard cards with the possibility to receive better cards. Poker on Ethereum casino can be played with multiple players.
Ethereum (ETH) Roulette
Roulette is another land-based game that is widely enjoyed by gamblers. Similar to the land-based casino, players spin the roulette wheel and place bets on single numbers or black and red numbers. Ethereum casinos also offer live dealers to provide a real experience to players while playing roulette.
Ethereum (ETH) Slots
Online slot machines consist of reels that spin and a player is rewarded for the right combination. ETH slots is one of the popular games offered on multiple platforms. Furthermore, players can take advantage of free spin bonuses on Ethereum casinos.
How to Gamble at ETH Casino?
After studying the various advantages of playing at Ethereum casino, let’s understand how a user can select or start playing at one of these platforms.
Step 1: Research on Ethereum Casino
It is advisable for a player to conduct due diligence on Ethereum casinos. This includes researching online casino’s features, its house edge, games offered, legal compliance, payment methods available, and the process of deposits/ withdrawals.
Step 2: Sign up on the ETH Casino
Once a user has selected the platform, a user needs to complete their registration process. Most of the ETH casinos have a simple process of signing up and will be complete within 30 minutes. Additionally, there is no need for a player to undergo the KYC/ AML process and can choose to play anonymously.
Step 3: Deposit ETH
A player can take advantage of the welcome bonuses offered by the ETH casino. To start playing, a user needs to deposit ETH into the crypto casino platform. A unique deposit address can be retrieved from the casino and a player can deposit ETH from their private wallet. The Ethereum is almost instantly reflected in your casino account.
Step 4: Start Gambling
Once ETH is deposited in your crypto casino account, a player can enjoy the variety of games offered at the casino platform. It is advisable to gamble responsibly and never wager more than you can afford to lose.
In summary, the Ethereum casino space offers a number of core benefits in comparison to conventional gaming platforms. Developers can leverage the benefits of Ethereum blockchain to increase trust between the service provider and player. Users can take advantage of ETH casino to gamble anonymously, receive instant payouts, and for a fair gaming experience.
Having said that, the industry is yet at a nascent stage. The Ethereum blockchain needs to address issues of scalability and transactional congestion for mainstream adoption. The cryptocurrency industry is also highly volatile in prices.
However, this space holds the potential for transformation in the iGaming sector. The onset of Ethereum 2.0 will also widen the possibilities of ETH casinos. Overall, this is just the beginning. In the coming years, we are likely to see many online casinos turning to the crypto and blockchain industry.