Decentralization and Disintermediation
Unlike other cryptocurrencies, Ethereum is not only a currency. It is a platform for the revolutionary smart contract technology that opens up a whole world of possibilities for betting.
Smart contracts make it possible to set out conditions defining an if/then relationship and digitally enforce the conditions. This means that if a trigger event takes place, then the contract gets executed based on the rules set out in the contract.
With such contracts in place, the role of intermediaries like casino operators and payment processors no longer exists. Without third parties in betting transactions, operational costs drop which means a lower house edge is sustainable.
By virtue of being based on blockchain technology, transactions in Ethereum casinos offer unparalleled security. Smart contracts are not on the casino’s servers but rather on the Ethereum blockchain. All transactions are immutably recorded on the blockchain’s distributed ledger.
Everyone can access this ledger and there is no possibility of tampering or transactional errors. This ensures 100% fairness and the ability to confirm the randomness of results on the blockchain.
A majority of cryptocurrency casinos, including ETH-based ones, do not always require users to undertake identity verification. This means you have the option of playing completely anonymously.
Unlike fiat payments which may take hours or days, payments made using cryptocurrencies like Ethereum take minutes. This speeds up both the deposit and withdrawal process, enhancing the betting experience.
There are a lot more online casinos supporting fiat currencies than those supporting cryptocurrencies like Ethereum. Among casinos that support cryptos, Ethereum does not yet enjoy the widespread support that Bitcoin does.
For those not accustomed to using cryptocurrencies, there might be a bit of a learning curve when starting out. Furthermore, due to the fact that it offers increased functionality, using Ethereum for betting could be a little more complicated than using other cryptocurrencies.
In spite of the fact that Ethereum is becoming more and more popular, it is still not that easy to get your hands on it. You may have to get some Bitcoin first then exchange it for ETH tokens.