Gambling with Ethereum / Ether
Update 21st April 2016: We have launched a comparison of all available ether gambling sites here.
Update 12th March 2016: Ethereum price penetrates $1bn market cap.
Ethereum is a crypto-currency much like bitcoin, however its purpose is largely computational as opposed to financial. While bitcoin may decentralize many aspects of the financial system, Ethereum (or Ether) has its sights set on decentralizing computational power. As with bitcoin, the power of the cryptocurrency Ethereum is yet to be realised fully, however a number of applications are appearing, including the highly anticipated use of ‘smart contracts’ – contracts that eliminate bureaucracy and the need for trust.
Ethereum’s presence in gambling is very much in-line with that of bitcoin’s. The two currencies both offer the same advantages when it comes to playing at a casino, poker room or sportsbook, and Ethereum is simply another way of betting.
Buying Ethereum For Gambling
While there are few Ethereum exchanges when compared to bitcoin, getting hold of the currency Ether (ETH) is not difficult at all. Simply download the Ethereum wallet from ethereum.org and use a website like shapeshift.io to convert any one of your crypto-currencies into Ether.
Please note, at this time Ethereum is still in early testing stages. While it is largely reliable, you handle Ether at your own risk.
Once you have your Ether, simply register at any one of the gambling sites accepting Ethereum and make a deposit in the same way that you would make a bitcoin deposit. Ethereum wallet addresses differ slightly to bitcoin’s, however the process is very much the same.
Which Gambling Sites Accept Ether?
Currently there are not many gambling sites that accept Ether, in fact only Crypto-Games.net will accept Ethereum deposits and bets. However you can view a full list of them here which will be added to as and when new casinos and gambling sites open up to Ethereum.
Why Should I Care About Ethereum?
The market cap (the total USD amount in circulation) of Ethereum is currently more than twice the amount of the two next largest crypto-currencies on the market, Litecoin and Dogecoin. Ethereum launched publicly in August 2015 while Litecoin and Dogecoin had already been established for a number of years – this rapid growth has led to two very positive outcomes for Ether – investment and development. As Ether’s value rises, the use cases of the currency will continue to increase and leading to a positive feedback loop – and as a gambler, Ethereum promises access to a whole new market of casinos, poker rooms and sportsbooks with a new form of currency that is set to become as big, if not bigger, than bitcoin itself.