In ancient Greek mythology, the “Ether” was considered a part of the heaven where gods lived. It is not clear if there is any connection here, but in 2021 the course of Ethereum rose to recently unseen heights. This technology offered a new and amazing concept of “smart” contracts — a way to automatically fulfill the terms of the contract, virtually eliminating risks and injustice. The gambling entertainment industry paid attention to such a promising technology. Besides, the interest in online casinos was focused on the ability to play on Ethereum.
What is Ethereum?
Ethereum is not only a cryptocurrency but an entire software platform for decentralized applications. On this platform, you can create so-called smart contracts for the exchange of money, content, and all kinds of assets. Smart contracts are pieces of software code that run on the blockchain. Such contracts are automatically executed and can send transactions within the network. They cannot be secretly altered or faked.
But most of the users are primarily interested in the currency itself. Ethereum is also known as the “fuel” of the whole network. It is free from centralized control (for example, from banks) and is available to everyone. Therefore, the list of Ethereum casino games continues to increase.
Key Benefits of Playing on ETH
Ethereum’s benefits regarding gambling are revealed from two sides. Firstly, it is the use of ETH as a game currency — this opens up many advantages:
- Cryptocurrency allows you to play anonymously, so your personal information will not be disclosed to anyone, including the casino;
- Ethereum transfers are faster comparing to traditional methods of sending money;
- As a rule, the payout rates of cryptocurrency casinos are higher than in conventional ones.
- Your money is free from the control of financial institutions and the state;
- Sending ETH is much cheaper than regular money due to the miner fees;
- The game at Provably Fair casino is fairer — the player can check everything on his own.
Finally, this is a way to improve the very idea of playing for cryptocurrency. As a platform for decentralized applications, Ethereum allows the creation of gaming sites using smart contracts and embedded payments in ETH.
Will Ethereum Make the Future of Gambling?
After Bitcoin gambling gained sufficient popularity, casinos began to switch to other cryptocurrencies. Of course, solutions that would allow players to place bets using the Ethereum cryptocurrency began to appear pretty quickly. After all, this payment method in many ways looked more interesting than other existing altcoins. First of all, crypto casinos are interested in Ethereum contracts.
Smart contracts work in such a way that if two parties have put their “signatures”, then you no longer have to worry that someone suddenly decides not to carry out the transaction. For example, if you place bets on sports on Ethereum, then the end of the session will necessarily be accompanied by automatic payment. There is no other way: the show will continue until the very end. The party that has agreed to participate in the bet will not be able to leave quietly at the wrong moment.
The deposit to the casino account will be a “smart” contract between the user and the virtual establishment. This will significantly increase the level of trust since every gambler will have absolute confidence that the casino will not be able to hold the player’s Ethereum against their will.
There is also a solution in case someone wants to limit their gambling addiction. You can program a contract to limit the number of bets or set some breaks when the system will not allow the player to play on Ethereum and place bets.
Now, you know why Ethereum casinos are so popular among gamblers. Fans of crypto-betting can place bets in Ethereum on popular sports and esports events, as well as in virtual casino games. There are many reasons to say that the future of gambling belongs to cryptocurrencies because they are convenient, fast, and “smart”. Some even consider such institutions to be a perfect investment tool: you receive winnings in ETH, which is very volatile and fast-growing. So, why don’t you try it?