Ethereum Casinos

How do we rate an Ethereum Casino?

Our team here at HotCryptoCasinos have a lot of experience when it comes to online gambling. We’re seasoned veterans and were quick to discover cryptocurrencies and the different casinos accepting them as a means of deposit. We have all learned that, whether through events in the past or simply marketing, to never trust the words of a casino but rather their actions. Sadly, it has become common practice for a casino to pay review sites to get a better ranking. In other words, a lot of the stuff you see out there are simply undisclosed paid advertisements. This is something we would never taint our name with, which is why we anonymously sign up, deposit and play at each site we review. We try to mimic the experience of our readers in order to get a fair and reflective ranking.

Let’s take a closer look at some of the stuff we analyze when we first enter a new casino.

Licensing, Fair odds and security on Ethereum Casinos

Crypto casinos are a new phenomena to the gambling scene, especially casinos accepting other currencies than bitcoin, like Ethereum casinos. Being based on blockchain technology, these casinos are known to be way safer and secure than a regular casino. As much as this is true, it doesn’t mean there are no bad actors out there trying to scam you of your cryptocurrencies. In fact, the crypto scene is filled with different types of elaborate scams.

In order for an online casino of any kind to be trustworthy, it needs to have a license distributed by a legitimate gambling authority. This is one of the first things we look for when we enter a new casino. By having a license from a gambling authority, you have to keep in line with their requirements and rules. Without a license, it’s hard to find someone to hold accountable. Therefore you should always confirm the license on a gambling site before you make a deposit. In our analysis, we make sure that the individual license is valid with the authority who issued it.

The bottom line for the security analysis is that all personal or account details are encrypted with at least SSL 128-bit encryption, which is the industry standard. There should also be additional security measures in the cashier, such as two factor authentication.

Bonuses and Promotions

One important thing for us and many of our readers is the bonuses and promotions available at the casino. There is no question a lot of players like taking advantage of bonuses when they play at an online casino. That’s why many operators use them as marketing, in order to get people to try out their site. Ethereum casinos, and crypto casinos in general, are being held to a higher standard when it comes to bonuses and promotions than a regular casino. When we review a casino, the bonuses and promotions offered is a major part of the overall ranking. In some cases, we are able to give our readers access to exclusive offers, negotiated by ourselves with the casino in question.

Accepted Payment options & withdrawals

Another big part of our analysis is the cashier. We like to see many different options for deposits and withdrawals available, and especially cryptocurrency options. A big majority of the Ethereum casinos we review actually have multiple crypto options open for deposit, which is perfect for people meddling in multiple coins. The most common ones are of course Bitcoin or Ethereum, but other coins such as Litecoin or Cardano are growing more and more popular. In our eyes, the more the merrier!

Briefly about Ethereum

While the enormous growth and adoption of cryptocurrency continues, coins other than Bitcoin are gaining more traction. Ethereum was created in 2015, and is the world’s 2nd largest cryptocurrency. Unlike Bitcoin, Ethereum has no cap on the amount of tokens that can be created. This is being countered by Ethereum actually being deflationary in periods, depending on network activity.

Ethereum is providing a scaling solution to Bitcoin and is the home to many unique applications based on the blockchain. The main thing that seperates Ethereum from Bitcoin is the fact that Ethereum supports the creation and utilization of smart contracts. Smart contracts are pre-coded contracts that execute X when Y is achieved, eliminating the need for trust between parties. This allows for whole new industries to be created within the blockchain. One of those industries is of course the gambling market.

Many casinos were quick to accept cryptocurrencies like Bitcoin or Ethereum, and many more operators are starting to get involved with digital currencies. On this page you will find everything you need to know about Ethereum casinos and how the coin works. Let’s get started!

Payments on online Ethereum Casinos

As with most other cryptocurrencies, Ethereum is completely anonymous and safe to use, which for many is a great advantage. In addition, there are no fees except the transaction gas price, or limits for deposits and withdrawals.

Deposits

Deposits with Ethereum are made in a flash. Many cryptocurrencies are designed with smooth transactions in mind, and this also applies to casino payments. When you choose Ethereum as the payment method, an address is generated to which you send your ETH. Your deposit is immediate and it is thus possible to play immediately after.

The transfer is carried out via your own crypto wallet and is completely secure. The most important thing is that the address you fill in matches the one generated by the casino. It is recommended to copy the address straight off and paste it into your wallet app or similar application.

Withdrawals

Casinos that offer Ethereum as a payment method should in connection with it also offer immediate withdrawals. If they can’t do that, it’s a bit of a warning flag.

Any winnings are made at the same place as the deposits. You can request a withdrawal to your account and fill in the amount you want to withdraw, provided it is available. Have you used smart contracts on e.g. a betting site, everything will happen automatically as soon as the conditions are met.

As with all cryptocurrencies, there are no unexpected fees to consider except the original transaction cost on the network. In Ethereum specifically, this can vary. The transaction fee on a blockchain is called “gas”. A gas fee is the price to successfully processs a transaction or execute a contract on the Ethereum blockchain platform. The gas fee is usually priced in small fractions of eth called gwei, or nanoeth. These are used to allocate the resources needed from the network in order to execute the actions requested. It might sound a bit complicated at first, but it is an automatic process and the current gas price will show before you make the transaction. Depending on network activity, the gas price may go up or down.

Ethereum Casinos – Bonuses

As Ethereum has been gaining recognition from all around the world, more and more crypto gambling sites are starting to accept the currency for deposits. As many of you know, the crypto gambling scene offers very generous bonuses, cashback programs and loyalty systems. Of course, playing with Ethereum does not block access to these rewards. When playing on Ethereum Casinos you can expect to have instant access to a generous cashback system, matching deposit bonuses and tons of free spins. Generally, the cashback is set to a generous 10-15% of your wagers or losses, which makes a huge deal if you’re playing on a regular basis.

Before you agree to the use of any crypto bonus you should want to take a look at the site’s bonus terms and rules. This should always be done as there might be terms you don’t like, such as a max cashout or blocked games. We would recommend always reading the terms and conditions to the bonuses you use, especially when playing on smaller sites. Let’s take a look at the different types of bonuses available to you when you play on an online Ethereum casino.

Matching Deposit Bonus

A matching deposit bonus is one of the most common offers that online casinos give their players. It is a match percentage bonus, meaning you get a bonus reflective of your deposit. An example would be getting offered a 100% match bonus up to $1000. This means that you can get an additional 100% on your deposit, up to $1000.

No-Deposit Bonus

What is a no-deposit bitcoin casino bonus? Just like the name of the offer hints, a no-deposit bonus is where you can claim a bonus without the need of having to make a deposit. This type of bonus is usually used in order to try out a new casino, as it is often small in size and limited by a max cashout. All you need to do in order to claim a no-deposit bonus is to create an account and try out the casino!

Free Spins

Free Spins is another common bonus offer in online casinos. Usually, the player receives free spins as a part of a welcome bonus or as a loyalty gift from the casino.
The spins come in a set amount which you can use on a slot machine within the casino. Most of the time, you have to wager your winnings to be able to withdraw. However, some offer wager-free free spins, also known as cash spins. Often the spins come designated to a certain game, and in other cases the casino have chosen a list of games you can use them on.

Wager-free bonuses

The majority of offers from a casino have wagering requirements put in place. This means that you need to wager your bonus a certain amount of times before being able to withdraw your winnings. With a wager-free bonus, you do not have to worry about meeting a wagering requirement to be able to withdraw. Bonuses without wagering requirements or deposit requirements such as the no-deposit bonus are the most sought after offers on the market. They can be pretty hard to find.

Reload Bonuses

Reload bonuses are basically a lesser matching bonus. You get offered this as a means to make another deposit, aka reloading your balance. They work in the same way as a matching deposit bonus, but with a lower matching percentage.

Loyalty Programmes on Ethereum Casinos

One of our favourite things when it comes to Ethereum casinos, or crypto casinos in general, is their generous loyalty programs. It is common for a new crypto casino to give all their players 10-20% cashback on their losses or wagers. However, the cashback function is not the only benefit after being loyal to a certain crypto casino. There are tons of sites that have interactive systems that work by rewarding the player with XP or progress,

For you high rollers out there, tons of generous VIP-programs are waiting for you. You don’t need to be a highroller to take part in most of these, but the rewards get a lot better the more you’ve wagered. The VIP-programs tend to offer larger bonuses, exclusive promotions, random gifts or invites to exclusive events. You don’t want to underestimate a loyalty program from an Ethereum casino, as they tend to be very generous if you’re a loyal customer.

The Pros and Cons of Gambling with Ethereum

There are many things that make gambling with cryptocurrencies superior to the regular fiat currencies we mainly use today. Unlike other cryptocurrencies, Ethereum does not aim to only be a currency that facilitates payments. It is a platform for their revolutionary smart contract technology, which has opened up a whole world of possibilities for all sorts of industries. The smart contract functionality has become popular with betting, as it ensures fairness and a trustless environment.

With a more detailed explanation, smart contracts make it possible to set out conditions defining an if(X) / then(Y) relationship, which is digitally enforced through the code in the contracts. This means that if a trigger event X takes place, then the contract automatically executes Y based on the rules set in the contract.

Thanks to smart contracts, the role of intermediaries in the market ceases to exist. An example of an intermediary would be the casino operators or payment processors. Without third parties involved in transactions, the operational costs will drop which makes it sustainable to have a lower house edge.

Pros

• Security

Thanks to being based on blockchain technology, transactions in Ethereum casinos have unmatched security. The smart contracts and code behind the ethereum transactions are not on the individual casino’s servers, but rather on the decentralized Ethereum network.

With all transactions being immutably recorded on the blockchain’s distributed ledger, there is no possibility of tampering or misinformation.

• Anonymity

A large portion of all available crypto casinos, including Ethereum casinos, do not always require users to go through an identity verification. Since the only information shared is your wallet address in which you deposit and withdraw to, you can remain anonymous while playing at an online ethereum casino.

• Speed and efficiency

Unlike payments made through fiat gateways, payments made using Ethereum takes minutes if not seconds to go through. This speeds up the deposit and withdrawal processes which enhances the overall betting experience.

Cons

• Limited Support

If you were to run into a problem with your funds or wallet, there is limited support to be had. In the end, how cryptocurrency operates is pretty black and white. If you lose access to your wallet or send funds to the wrong address, you are responsible and pretty much nothing can be done.

There are also a lot more online casinos supporting fiat currencies than cryptocurrencies. This might seem obvious at first, but we think it is only a matter of time before crypto / ethereum casinos become the new norm.

• Complicated

For those that have never handled a cryptocurrency before, it might seem a bit confusing at first. Furthermore, Ethereum is on the more complicated side of crypto if you were to compare it to Bitcoin, thanks to its increased functionality with smart contracts.

• Inherent Volatility

Something that’s well-known with cryptocurrencies is their inherent volatility in price. While this can be a big advantage if the price of said crypto increases, it will also work in the opposite way. Some Ethereum casinos credit their players with a fiat currency after deposit, while others let you play directly in ether.