Ethereum is a new form of digital currency that is quickly gaining market share. It is only behind Bitcoin as the world’s most recognized cryptocurrency.
This article will evaluate the currency as a deposit and withdrawal method and answer questions about whether you can bet with it and if it is legal within Canada.
What Is Ethereum?
Ethereum is a cryptocurrency and blockchain platform that allows for the creation of decentralized applications. Ethereum differs from Bitcoin because it includes a Turing complete internal code, providing users with the ability to write self-executing contracts and decentralized applications (DApps). However, despite its differences from Bitcoin, it operates on the same blockchain technology.
Is It Legal to Deposit on Betting Sites with Ethereum?
By all means, yes, it is.
The adoption of cryptocurrency in the global marketplace has been gaining momentum as businesses, retailers, and sportsbooks move to accept cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin as payment options.
Can You Deposit and Withdraw with Ethereum?
Since cryptocurrencies are legal to use for sports betting, then Ethereum and other cryptocurrencies are also allowed for depositing and withdrawing from online sportsbooks. However, some bookmakers do not allow payment with cryptocurrency as of yet.
To deposit using Ethereum, you must first get an Ewallet to store your crypto coins. Next, you must go to the market and buy some Ethereum (ETH), which is subject to daily fluctuations in value; therefore, the amount of ETH you have deposited may differ from day to day depending on the current exchange rate. Withdrawals it is almost exactly like depositing and should be a more streamlined process than depositing was.
Ethereum Fees For Betting Sites:
When you use Ethereum to fund your playing account, you’ll get a chance to bet on sports with no fees. Some books may charge a small fee, but it’s negligible when compared to other funding methods.
Pros And Cons of Using Ethereum Betting Sites
When you're looking at different methods of payment, there are always pros and cons to each one. In this case, let's look at the pros and cons of using Ethereum.
Pros
- One of the best things about using crypto to bet on sports is that you can make a deposit and withdraw your money instantly.
- One of the most important aspects of using cryptocurrencies is their security, as transactions are often well-protected.
Cons
- Due to the volatile nature of Ethereum, fluctuations in its value can leave you with fewer funds to play with than you originally deposited. This is a hindrance because it reduces the number of bets you can make during the span of a 24-hour period.
- At present, some sportsbooks do not accept Ethereum as a method of payment.
Best Betting Sites with Ethereum In Canada:
Sports Interaction
Sports Interaction, among the few sportsbooks in Canada to accept Ethereum as a payment method, is open to users who prefer crypto. The site accepts other forms of payment as well, such as credit cards, Skrill and Neteller. (Read More)
Betway
Betway, one of the largest online sportsbooks in the world, offers cryptocurrency payments and has not been phased by recent market trends. The company has years of experience in the betting industry and is not likely to be overtaken any time soon. (Read more)
888Sport
888sport has become one of the first sportsbooks to accept cryptocurrency deposits and payouts. Users can make deposits using Ethereum and other cryptocurrencies, while withdrawals are also processed via Ethereum. The bookmaker offers competitive odds on all major sporting events, including European football, tennis, basketball, and golf. (Read more)
More about Payment & Withdraw Methods
Read the following articles to learn more about depositing and withdrawing winnings at Canadian sportsbooks.