Safety Concern of Ethereum in Sports Betting - Pros Explained

While Ethereum offers advantages like transparency and faster transactions in sports betting, security concerns exist. Smart contracts, the backbone of these betting applications, can be vulnerable to hacks if not coded flawlessly.

Safety Concern of Ethereum

Since its appearance in 2015, Ethereum has been among the top cryptocurrencies in sports betting. It easily replaced flat money and many other cryptocurrencies from numerous casinos.

Due to its value, availability, and speed of action, many bettors prefer Ethereum as their primary currency. It isn’t on the level of Bitcoin, but it has its unique advantages.

However, despite all the benefits surrounding ETH betting, one must still consider the safety concerns. After all, it never hurts to be alert when it comes to online gambling.

This article will cover the points to factor in when choosing an Ethereum betting site or while gambling with it. We also included some features and pros of the currency.

Why Is Ethereum So Popular in Sports Betting?

The rise in the popularity of Ethereum started in 2017 when its value reached a decent level. One coin had the value of $50 at the time. Let’s show you the factors that triggered its popularity-

High Value

As we mentioned, ETH had a good value at its birth. It then slowly increased to around $3,500 in 2024. While the fluctuation is constant, it isn’t going down too much.

Note that the value of Ethereum is nowhere near Bitcoin. The latter has a value of around $67,500, which has seen a massive rise recently as of the time of writing.

However, ETH comes the closest to Bitcoin, making it the secondary option for many. Bettors often look for cryptocurrencies that don’t value too much, as buying or betting with them is easier. Meanwhile, they also want to avoid the absolute cheapest ones. ETH gives that balance.

Practicality and Availability

Ethereum has many uses, as you can often use it in places where other cryptocurrencies are unavailable. Check any popular betting site’s blockchain, and you will likely find ETH as an option.

Bettors look for currencies that they can use in various places. Otherwise, using your price money on another site would be a hassle.

Pros of Using Ethereum

Just like other cryptocurrencies, Ethereum has many advantages. Let’s discuss them one by one.

User Anonymity

When gambling online, most want to conceal their identity to prevent unwanted attention. It isn’t easy to do so in a flat money casino or betting site, as it usually uses a traditional betting system with a middleman.

Meanwhile, when you are using Ethereum (as well as any other cryptocurrency, for that matter), you won’t need to disclose information about you. Anonymity is secured here with encryption.

This high level of security is possible due to the blockchain system. As such, you can create a sportsbook ID, explore the games and features, make purchases, gamble, and withdraw your prize money without needing personal data.

Balanced Value

As we mentioned before, Ethereum has a balanced value- not too much or less. On the one hand, its topper, Bitcoin, has skyrocketed in value.

On the other hand, the third most popular cryptocurrency, Litecoin, has a value of around $75 per coin.

eth vs usd strong

So, as you can guess, if you want a cryptocurrency that costs a few thousand dollars and is not too high, ETH is your best bet.

Faster Operation

Again, the usage of blockchain and the absence of human-handled bookmakers allows any Ethereum sports betting, deposit, or transaction to be rapidly fast.

Previously, you would have to wait for days to weeks for your prize money from a flat money casino. You can get the same winnings within a few hours with cryptocurrencies like ETH.

Because of this faster input, transfer, and output, Ethereum sports betting allows for a highly dynamic experience.

Safety Concerns Surrounding Ethereum Betting

There are various safety concerns for any cryptocurrency, even including Bitcoin. No matter what, you must look out for some factors before and during your betting. Let us explain-

Availability of the Specific Cryptocurrency (Ethereum)

While Ethereum is the current second most popular cryptocurrency on the market, it is not even close to Bitcoin. It creates a mild issue.

You see, not all online casino and sports betting sites have embraced Ethereum yet. You can’t join in the betting if the site doesn’t accept your currency.

Before choosing an Ethereum betting site, check whether its blockchain allows Ethereum transactions.

Availability of Cryptocurrency

The concept of cryptocurrency is relatively new in the gambling field. As such, many casinos are yet to accept them. They still stick to the good old flat money. These casinos and sites don’t have a blockchain since they don’t require it. There are traditional bookmaker systems with a middleman handling the transactions. Luckily, new casinos are starting to accept cryptocurrency day by day.

While this isn’t a safety concern per se, you should check first whether a casino allows cryptocurrency before opening your sportsbook account.

High Price Volatility

Apparently, the value of Ethereum fluctuates way too constantly for Euro and USD, making its price highly unstable. While it is not going too low, you may still get a loss in the middle of a game because of a sudden rate drop. Of course, it also means you can gain a higher value.

eth safety block diagram

Sportsbook Reliability

Even if a sportsbook site allows ETH, that doesn’t mean it is reliable. Many such sites may have issues with their system or information about betting odds.

Only go for reputable betting sites to avoid facing any issues.

Ethereum Wallet Safety

An Ethereum wallet allows its owner to control their personal information and assets. Consider it like a physical wallet: the info is your ID cards, and the assets are your cash.

It is also the tool that lets you connect to your ETH account. Basically, any transaction or interaction you want to make with Ethereum will require an ETH wallet.

Now, not all Ethereum wallets will be secure enough. Various online services will provide a safe and secure wallet with encryption features.

Similarly, there are also those with poor security on their wallets, making your account vulnerable to hackers and other unwanted people and bots. As such, choose your ETH wallet carefully.

Finally, Ethereum is a great cryptocurrency for sportsbooks due to its quick nature and lower fees. In a sense, it is basically the lite version of Bitcoin. However, its unique features make it so different from BTC.

If you want to be responsible with your betting, you need to think about the safety considerations of Ethereum betting first. Thankfully, all of them are easily solvable with just a little awareness and caution.

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