Game changer: How Ethereum sportsbooks are redefining betting

The crypto and online sports betting industries are changing the game again by bringing bookmaker services to the Ethereum (ETH) blockchain. This move lets sportsbooks and bettors enjoy the benefit of decentralised ledger technology, giving them the best of both worlds.

So, why choose an Ethereum sportsbook like Sportsbet.io over traditional online betting websites? While the difference between Web 2.0 and Web 3.0 might seem minimal, the new blockchain-based betting services have some clear advantages. In this Ethereum sportsbook guide, learn five of its benefits and what they could mean for the future of sports betting if this trend catches on:

Bet using Ethereum on football matches

1. Blockchain security and transparency

All blockchain projects offer transparency because users can peek into the decentralised app’s (DApp’s) code. This way, you’ll know when the odds are fair or if payout calculations are correct. Security, meanwhile, is ensured using SSL encryption to counter data breaches, protecting user data at the same level as ETH.

As a centralised bookmaker, we, at Sportsbet.io, have great auditing and security measures to protect our clients. There are bookmakers that can’t match these standards. This is not a problem with an Ethereum sports betting site as it uses one of the most robust blockchains. As a result, all services built on it benefit from the same security and transparency standards.

2. Smart contract application on betting and payment

Sportsbet.io offers robust features that some bookmakers can rival in supporting crypto for sports betting. Ethereum sportsbooks are exploring ways to use smart contracts to provide trustless betting services. That includes self-executing payments for winning bets and self-termination for wagers on cancelled/withdrawn markets.

Using smart contracts in betting can lower cases of delayed payments compared to bookmakers run by companies that do not invest in infrastructure. Ethereum’s ever-evolving platform benefits every ETH sportsbook, improving the quality of services for all gamblers.

3. Full decentralisation

Decentralisation in Ethereum sports betting means the bookmaker is accessible without border limitations. There’s no need for operators to licence their platform to reach users worldwide. Users also get full control over their funds rather than having to trust a payment method owned by a third party.

However, most countries are developing new crypto frameworks, DApps, and gambling. The sports betting laws can change to make ETH bookmakers have the same limits as Web 2.0 sportsbooks. Thus, it’s unsure if Ethereum sportsbook benefits from being borderless all the time.

4. Pseudonymous gambling

It’s important to clarify that the blockchain does not keep its users anonymous. You can only be pseudonymous because your wallet address serves as your identity as a network user. People won't be able to tie your address to your name, unless you make the connection public yourself.

Pseudonymity is one of the most interesting Ethereum sportsbook features because no Web 2.0 bookmaker can offer the same service. Most of the time, they will need to follow a know-your-customer (KYC) protocol. Crypto bookmakers like Sportsbet.io still require KYC for legal reasons but you can still enjoy your pseudonymity in your crypto transactions.

Learn how to deposit using crypto here

5. On-chain seamless transaction

Crypto betting websites like Sportsbet.io gave you the first glimpse of virtual assets’ efficiency for online sports betting. The same can be found in Ethereum sportsbooks albeit with a few key differences. One big change is that Ethereum can’t support off-chain assets like Bitcoin (BTC), so you must choose between BTC vs ETH and ERC-20 tokens as payment options.

Another difference is that you can bet directly from your wallet for a seamless transaction. This feature is available if your wallet is supported by Ethereum and its layer-2 systems. For example, MetaMask, an Ethereum-based open-source wallet, allows you to bet without depositing your ETH or ERC-20 tokens on the Ethereum bookmaker. Your wallet acts as a bankroll and you keep custody of your assets.

Explore optimal crypto sports betting experiences at Sportsbet.io

With Ethereum sports betting explained, now is the time to start your crypto betting journey at Sportsbet.io. By using your digital assets for placing bets, you can enjoy the following features to boost your winning chances:

• Price Boost: Every bet is paid with an amount corresponding to your stake and the bet’s odds but Price Boost can give you a better payout for no extra cost. Toggle it on before finalising your wager when it’s available.

• Bet Builder: This feature allows you to combine different predictions into a single bet on select matches or tournaments. The payout is multiplied, giving you a better possible payout than their sum if you staked individually.

• Rapid Betting: Get into the excitement of live betting even further with this feature. Choose any ongoing match in the Rapid Betting section, answer the displayed question and cash out your winnings for every correct answer. You can easily play and wager using this feature as you watch the match unfold.

Ready to place your bets? Experience the future of online sports betting with Ethereum at Sportsbet.io, where innovation and reliability benefit every bettor.

Frequently asked questions

Here are some of the most frequently asked questions about Ethereum sports betting:

What are the advantages of Ethereum sportsbooks?

Ethereum sportsbooks offer numerous advantages that revolve around the blockchain’s capabilities. These include seamless money transfer technology and network security to protect virtual asset ownership. There are also tons of uses for smart contracts that can make sports betting more automated and reliable than ever before.

Why bet on Ethereum sportsbooks?

Betting on Ethereum sportsbooks allows you to enjoy the benefits of the world’s leading blockchain for Web 3.0 development. ETH is the second most valuable virtual currency in the world after Bitcoin and its ERC-20 tokens have a rapid growth rate.

Are there any legal considerations in using Ethereum sportsbooks?

Ethereum sportsbooks are both layer-2 applications and gambling services, two trending topics among policymakers in governments. Thus, some specific restrictions and regulations differ from other online gambling platforms.

Bet on live sports here

DISCLAIMER

The information provided by the blog above on Sportsbet.io is for general information purposes only. All information on the Site is provided in good faith, however we make no representation, warranty, or guarantee of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, or completeness of any information or betting tips on the Site.