In this day and age, there are more and more ways to gamble. With the advent of the internet and blockchain technology, gambling can be done from pretty much anywhere you have an internet connection.
And now with digital assets starting to make their debut in recent years, you can now make the most of your gains through gambling with cryptocurrencies such as Ethereum.
Before you proceed, keep in mind that gambling involves an element of luck, and considering the volatility of cryptocurrencies, it would be wise to always be aware of your risk levels and limits before proceeding.
That being said, how can you make the most of your gambling chances? Learn how you can maximise your chances of winning from Ethereum gambling in this article.
Before you proceed, keep in mind that the tips and guides that we share in this article are meant to help you get started.
Be sure to do your own research on both the casino games you play, and the crypto asset you wish to use for gambling. The tips we share are not meant to be interpreted as financial advice.
What is Ethereum gambling?
For those unfamiliar, Ethereum, also known as ETH, is a digital cryptocurrency asset that currently holds the second largest market capitalisation just after Bitcoin.
Just like other cryptocurrencies, Ethereum (ETH) is secured through cryptographic encryption and utilizes blockchain technology to operate its network and its many functions.
One of its fundamental functions, like many other crypto, is for secure peer-to-peer online payments and transactions. This makes Ethereum an ideal medium of exchange to facilitate gambling purposes.
That said, Ethereum gambling simply allows the user to participate in online gambling casinos that support the asset, taking advantage of its inherent cryptocurrency traits such as security, anonymity, and practicality when compared to fiat currencies.
Why should you gamble with Ethereum?
Gambling with cryptocurrencies, in this case Ethereum, has several advantages, some of which were prefaced above. There are three distinct advantages of gambling with Ethereum, elaborated below.
Privacy
One of the main advantages of gambling with Ethereum is the privacy and anonymity that the user gets. Cryptocurrencies such as Ethereum make use of decentralisation and blockchain technology to send and receive online payments that are anonymous on both ends. All that’s being disclosed is the public key of the user’s crypto wallet, which has no identifying personal information.
Low fees
Cryptocurrencies like Ethereum send and receive payments directly between the two parties involved, or peer-to-peer. This removes the traditional middle man in a conventional online translation where the user has to go through a payment gateway that introduces additional fees for using their network, before the recipient receives the funds. Hence, lowering the overall fees involved.
Fast withdrawals
Similar to the previous points, blockchain technology and decentralisation enables users to withdraw their Ethereum funds and earnings quickly and securely. As mentioned above, cryptocurrencies remove the need for a third-party to be involved during the payment process and settlement which results in much lower fees and faster overall processing of payments.
Tips and tricks to maximise your wins
Below are some tips for those considering to gamble with Ethereum.
Check the current rates for Ethereum
Make sure to check the on-going live rates of Ethereum before participating. While Ethereum is arguably one of the more stable cryptocurrencies, it is still subject to volatility as with any other crypto assets. It’s best to participate when prices are relatively stable so you have a more predictable outcome of your earnings.
Participate in gambling activities that you’re familiar with
Every gambling user will have their own preferences when it comes to the games they participate in. Stick with something you’re relatively comfortable and confident with to minimize your risk of losses and net more earnings.
Check the platform and support
It goes without saying, but the platform for Ethereum gambling that you play is also worth checking before you participate. Make sure that the withdrawal process is clear, the site is secure, and that the platform has solid customer support that can aid you should you have an inquiry.
How to gamble with Ethereum
Open or create an Ethereum Wallet
The first step is to create a crypto wallet that supports Ethereum (ETH).
ETH being one of the highest crypto market caps, means that many crypto wallets that support it. To get started, you can open an Ethereum crypto wallet with Trust Wallet, or Metamask.
Buy Ethereum from crypto exchange
To gamble with Ehereum (ETH), you will then need to buy Ethereum from a crypto exchange and have it sent to your crypto wallet.
Once you have the ETH funds, prepare to allocate the amount of tokens you wish to spend and follow the next step.
Create an account at Gambulls
If you’re new to Gambulls – welcome! Creating an account is quick and easy. Click the Sign-Up button on the top left of the homepage, and proceed with your details.
You’ll be prompted with a welcome bonus (for first time users), followed by your account details. Once those are complete, follow the instructions to complete your account creation and verification process.
Deposit your Ethereum to your Gambulls account
Once you’ve created an account and finished the verification process, you can proceed with depositing your crypto assets from your wallet to Gambulls.
Make sure to double check the deposit address before you proceed. After you’ve sent your ETH tokens, confirm on both your transaction history on your crypto wallet and also on your Gambulls account balance.
Start gambling with ETH
Once you’ve deposited your ETH funds on Gambulls, you can then proceed to browse the selection of casino games on Gambulls and choose one to gamble in.
In most games, you have the option to demo the games first before continuing to gamble with your real funds. Be sure to take advantage of this and familiarise yourself with each game before gambling with your real crypto funds.
Withdraw your winnings
To withdraw your earnings, you will essentially do the same steps as the deposit process but in reverse. Navigate to the wallet menu on Gambulls, and then you’ll input your own Ethereum crypto wallet deposit address.
You will then have to enter the amount of Ethereum you wish to deposit back into your wallet address. There will usually be a minimum amount of withdrawal, so be sure to meet the required amount before you proceed.
Takeaways
On a closing note, it’s important to keep in mind that as with any casino game there will always be an element of luck in the game. Despite the RTP claimed in the casino games, you still should be aware of your limits and set a target for when you want to fold and cash in your gains.
Gambulls is not responsible for any loss in funds caused by personal errors, such as but not limited to, transferring crypto assets to the wrong wallet address. Be sure to double check everything, and do your research well.
Additionally, cryptocurrencies including Ethereum (ETH) are volatile assets with price and market movements that can fluctuate greatly depending on many factors. Be sure to assess your risk levels and do your own research on the crypto coins you decide to use before proceeding.
