Ethereum is the second major cryptocurrency in the world, trailing only Bitcoin in market capitalization. Ethereum is also the basis of non-fungible tokens (NFTs) which have skyrocketed in popularity. So, it’s not surprising that Canada’s best gambling sites now accept Ethereum as a payment method. We’ll show you the ins and outs of using this cryptocurrency to bet on sports.
Ethereum Sports Betting Sites
Conceived in 2013 and released in 2015, Ethereum (ETH) is a decentralized, open-source blockchain which is essentially a digital ledger system that includes contract abilities. Ether is the actual cryptocurrency generated by the Ethereum protocol, and currently it is second in the world only to Bitcoin in terms of market capitalization. The biggest difference between Ethereum and Bitcoin in terms of usage as a currency is that Bitcoin has a capped limit to the number of coins created while Ethereum does not.
Ethereum is more than just a digital currency, though. It has several other applications, but perhaps its most notable usage today is in the creation of non-fungible tokens (NFTs). Each of these tokens are unique, and have been utilized represent a variety of collectible items including art, sports memorabilia and virtual items in video games.
Despite the volatility in the price of Ethereum, it has started to become accepted for deposits and withdrawals at more and more betting sites, including these Canadian sports books:
- Shangri La
With the introduction of Ethereum 2.0 expected soon, it’s probable that even more sports betting sites will become Ethereum friendly. These same sites that accept Ethereum will also often welcome Bitcoin, Litecoin, Ripple and other cryptocurrency players as well.
Advantages and Disadvantages
- Deposits & withdrawals are instant.
- Transactions are very secure.
- No fee transactions.
- Accepted worldwide.
- Limited acceptance at Canadian sports books.
- Value of Ethereum is volatile.
- Requires creation of a Ethereum wallet.
How to deposit using Ethereum
Although it is a form of currency, Ethereum may take some time to get used to using for betting purposes. With some occasional wild swings in value on the open market, Ethereum has been known to rise and fall as much as 10% in a day, making the value of your deposit potentially change overnight.
But to make a deposit using Ethereum, you must first create a digital wallet, and then acquire Ethereum via the cryptocurrency marketplace. This can be accomplished quite easily via outlets such as Coinbase or FTX. Once completed, you’ll be able to use your crypto at businesses worldwide, including at many Canadian betting sites.
To make an Ethereum deposit at an accepting sports book, you’ll need to follow a few basic steps:
- Log into your account.
- Choose to “make a deposit.”
- Choose Ethereum as your deposit method.
- Link your Ethereum digital wallet to the betting site.
- Choose your deposit amount.
- Click “confirm.”
Your transaction should be completed immediately with your account reflecting the deposited amount of Ethereum. From there, you will be ready to place bets using Ethereum.
How to withdraw using Ethereum
If you deposited Ethereum into your account, you can later withdraw that crypto back to your personal digital wallet. However, you cannot deposit Bitcoin and withdraw to Ethereum or vice versa.
Yet, unlike other currency withdrawals which can take upwards of 3-5 days and include transaction fees, Ethereum withdrawal are instant and cost nothing to complete. This is one of the best benefits of Ethereum sports betting.
To make an Ethereum withdrawal, the steps are basically identical as making a deposit:
- Log into your account.
- Choose to “make a withdrawal.”
- Choose Ethereum as your withdrawal method.
- Choose your desired withdrawal amount.
- Click “confirm.”
Since you should have already connected your digital wallet to your account when you made your Ethereum deposit, there should be fewer required steps to complete your withdrawal. Also, as mentioned, your Ethereum withdrawal should be completed immediately.
Recommended betting sites for Ethereum
Because of their price volatility, Ethereum and other cryptocurrencies such as Bitcoin are not as widely accepted as many other payment methods. However, some of Canada’s best betting sites do allow players to engage in Ethereum sports betting. These are our top recommendations for those of you wishing to bet using Ethereum,
- Bodog: Bodog is an innovative sports betting site, so it’s not surprising that they welcome all types of cryptocurrency deposits, including Ethereum. New Canadian players can receive up to a $400 bonus plus 50 free spins in the Bodog casino when you create an account here and make your initial deposit. Bodog offers several unique sports betting features, including fan favorites like #NameYourPlay, as well as all of the major sports and betting markets. There are plenty of futures and prop bets available, all of which make Bodog a must-stop when looking for an online sports book to call home.
- Shangri La: Shangri La pushes the limits of what’s possible for an online gambling site. Among the many ways they accept payments, Shangri La is very crypto-friendly and accepts deposits in Ethereum. Their sports betting site is chockfull of betting markets, including such features as a bet builder, live betting and cash out. Creating an account here is fast and easy, and new players at Shangri La are welcomed with a 100% bonus match up to $500 plus 20 free spins in the casino. What more can you ask for?
- Fezbet: This crypto-friendly site accepts Ethereum along with several other prominent payment methods. New players can get a 100% match bonus worth up to $150. This relatively new Canadian sports book offers players a VIP rewards program which helps create an excellent sports betting environment. With plenty of betting markets, features, and all of the major sports and leagues well-represented here, Fezbet seeks to make you a permanent customer with all that is available to you.
- TonyBet: Accepting a variety of cryptocurrencies including Ethereum, TonyBet offers new sports bettors a 100% match bonus worth up to $150; however, casino players get a much better bonus: 100% match up to $1,000 plus 120 free spins. But no matter which type of player you are, TonyBet has something for you. There’s a VIP program, several other bonuses and promotions available, and a slew of sports and betting markets from which to choose. Ethereum players will find a lot to like here, but just be warned: cryptocurrency deposits may take up to 15 minutes to process at TonyBet.
Ethereum Bonuses & Promotions
While Bodog does offer a specific Bitcoin deposit bonus, it doesn’t have the same offer available to Ethereum users. In fact, we couldn’t find any special bonuses for those willing to use Ethereum. However, there are numerous other bonuses and promotions available at all of our recommended betting sites, including:
- Welcome Bonus: New players at all of Canada’s top betting sites are welcomed with a variety of bonus offers. This may include a match bonus which will match your initial deposit amount, or you may receive a certain amount of money to use for “free bets” in the sports book. Often times, a welcome bonus will also include free spins in the site’s casino.
- Refer-A-Friend Bonus: Some of Canada’s betting sites will reward you with bonus money should you refer someone to also join your favorite site. You simply email a referral link to a friend or relative, and once they create an account and make a deposit, you will be rewarded with extra money in your own account.
- VIP Rewards Club: A few Canadian sports betting sites offer players the chance to join their VIP or Rewards Club. By doing so, you will accumulate points in your VIP account which can later be redeemed for free bets or other similar incentives. There’s no cost to join the rewards club, so we suggest if it is offered, you should sign up immediately.
Ethereum for Mobile
Because you must keep your Ethereum in a digital wallet, it is always available to you through your smartphone or tablet. Once linked to your sports betting account, you can always make an Ethereum deposit or withdrawal no matter where you are. Cryptocurrencies are 24/7 options, never requiring a bank or another company to certify your transaction. It’s just one of many reasons why using Ethereum at betting sites makes a lot of sense, and why more sports books accept this cryptocurrency.
How secure is Ethereum?
One of the biggest advantages to using cryptocurrencies such as Ethereum is the security attached to every transaction. It’s perhaps more secure using Ethereum than it is to fund your account using a more standard banking method.
Are their fees for depositing or withdrawing Ethereum?
No. There should not be any added fees for making an Ethereum transaction. Cryptocurrency exchange providers, however, may charge a minimal commission for each transaction.
Am I betting with dollars when I deposit my Ethereum?
No. You will be strictly betting with Ethereum and not with cash because the betting site does not exchange one for the other. So, due to the constant change in Ethereum’s value, make sure you understand how much you are wagering when you place an Ethereum bet.
Are Ethereum and other cryptocurrencies interchangeable?
Not through any betting site. You can exchange one for the other (for example, Bitcoin for Ethereum) within a crypto exchange, but not at a betting site. If you deposit Ethereum, you must withdraw in Ethereum.
What are other suggested deposit methods besides Ethereum?
If you don’t feel comfortable using Ethereum or any other cryptos, you can make deposits and withdrawals using Visa, Mastercard, Interac, Skrill, Neteller, ecoPayz and several other accepted payment methods.
- MyBetting Canada
- Ethereum Sports Betting Sites