Are There Any Legit & Legal Ethereum Sports Betting Sites?
Ethereum sports betting has been rising in popularity for a few years now. Unfortunately, there have been a few scams and hacks on betting…
Ethereum sports betting has been rising in popularity for a few years now. Unfortunately, there have been a few scams and hacks on betting sites and other Ethereum based platforms.
It makes you wonder if there are any legit and legal sports betting sites out there where you can use your Ethereum, Bitcoin, or other cryptocurrency.
How to Find Legit and Legal Ethereum Sports Betting Sites
The technology is there if you want to track and accept Bitcoin payments and if you’re comfortable with that, then you should be comfortable finding a good Ethereum and Bitcoin sports betting site.
- Do They Have a License?
The first test to see if the sports betting site is legitimate and operating legally is to see if they have a license. Even if they are located offshore in a small country, they should still have a license to operate there.
Having a license shows that the site provided and verified their information with the proper authorities. That way if they perform an exit scam and take all the user’s money, at least there will be a place for the authorities to start in their search.
2. Do They Offer Provably Fair Gaming?
You might not need Provably Fair standards if you’re betting on sports, but if you choose to diversify and play casino games or poker or other types of online games, then you might want to check and see if the site offers you the chance to verify that their systems are operating fairly.
“In a provably fair gambling system, a player places bets on games offered by the service operator. The service operator will publish a method for verifying each transaction in the game. This is usually by using open source algorithms for random seed generation, hashing, and for the random number generator. Once a game has been played, the player can use these algorithms to test the game’s response to his in-game decisions and evaluate the outcome by only using the published algorithms, the seeds, hashes, and the events which transpired during the game.”
When an online sports betting site offers systems that prove they’re playing fair, then it shows they go the extra mile to provide all their clients with a legitimate site.
3. How Long Have They Been Operating?
A long reputation and relationship with customers is valuable. The longer a site has been around (and some of the sites on the list linked at the top have been around for a while) the more legitimate they are — because they’ve been through challenges and have hopefully helped their customers.
Top Tips When Using Ethereum on Sports Betting Sites
Once you’ve found a sports betting site that accepts Bitcoin, Ethereum, or your favorite cryptocurrency — and you believe the site is legit and legal — it’s still wise to follow a few tips.
4. Always Double-Check Your Address
Moving your cryptocurrency can be a risky endeavor. Unlike fiat funds, there are no chargebacks with crypto. Once you send it, it’s going. If you send your hard-earned funds to the wrong address, they very well might be lost forever.
The best method is to use a QR code scanner. After that, copy-paste. And finally, if you must input manually, be sure to triple check you put everything into the fields correctly.
5. Be Aware of Your Withdrawal Limits
Check the sports betting site you’re using and write down the withdrawal limits.
You don’t want to be in a hurry to withdraw your funds only to find out you’re restricted to a small number of withdrawals each day, week, or month. Then your funds will be locked up.
6. Keep Updated on Bonuses
Many Ethereum sports betting sites offer bonuses for deposits, VIPs, and more. Don’t miss out on free plays and other bonuses simply because you’re too busy making bets or paying attention to other things. Bonuses can be a great way to increase your winnings or mitigate your losses.
At the end of the day, the best way to find legit and legal sports betting sites is to look at the facts: are they licensed? Do they stick to strong security measures for customers’ funds? And other verifiable facts.
Best of luck and enjoy those sports bets.