Using a cryptocurrency, especially a well-established one like Ethereum, in a sweepstakes casino provides more than just added privacy â you also get fast transaction times, minimal fees, and higher limits. If all that sounds like a bunch of benefits you donât want to miss out on, letâs see just how Ethereum sweepstakes casinos work, what the best options are, and what you should look out for.
Before you can confidently say that a payment method will work for you or that itâs not worth the effort, you need a good basic overview of all the features and key details that affect day-to-day use. These are the common benefits and drawbacks you can expect with Ethereum.
If you think that the pros mentioned above outweigh the cons and are considering giving Ethereum social casinos a shot, hereâs a quick look at what the transactions will involve and what youâll need.
To make Ethereum deposits, you will first need to:
There are several software, hardware, and exchange wallets you can use, e.g. Trustwallet, Trezor, and Coinbase, respectively. Pick one that you prefer and then buy Ethereum and transfer it to your personal wallet.Â
On the sweepstakes casino site, there will be a deposit section, sometimes under the name banking or cashier, and choose Ethereum as your preferred payment method.
You will see a long line of numbers and characters representing the ETH deposit address. Thatâs where you will be sending your deposit.
Click âtransferâ in your ETH wallet and enter the address the casino provided, just be extra careful to get it right, as you canât reverse these transactions, and set the amount.
You can choose how much to pay for network processing, the higher the fee, the quicker the payment will go through, but itâs up to you.
Double-check everything, and then confirm when youâre ready.Â
It will usually take a couple of seconds to a few minutes for the network to process the transaction and for it to appear in your casino account, depending on how high you set the gas fees.
When it comes to Ethereum withdrawals in sweepstakes casinos, youâll need to follow these steps:
Go to your wallet and click âreceiveâ to get the address and copy it.
As with depositing, youâll need to go to the banking section, choose ETH, and enter your address.
Set the amount you want to withdraw and confirm.
It can take anywhere from several minutes to several hours for the withdrawal process to finish, which is a lot faster than using credit and debit cards, for example.
If you are having issues finding a casino you like that accepts Ethereum, or you prefer an alternative for some other reason, you can turn to Litecoin.
The transactions are quite fast, at 2.5 minutes per block and it has low fees, unlike ETH, which requires higher gas fees for faster processing. It is also supported by a lot of casinos and is easy to convert to your preferred fiat currency.
In general, you are looking at two basic types of fees when making Ethereum sweepstakes payments, and weâll go over both in some detail.
There is some leeway here, as you can choose to pay a higher fee to get more speed, but the final price will also depend on how much traffic the network is getting. They can typically be around $2 to $15 dollars, but if the network is âclogged upâ, these numbers can skyrocket.
However, you can keep track of the congestion and then make your deposits or withdrawals when the fees are more reasonable.
Most Ethereum sweepstakes casinos will have a fee for using ETH, and it all depends on the particular site. Another thing to consider is that there can be a set fee or a percentage of the total transaction â the former is usually for smaller amounts and the latter for higher ones.
Some rough averages are $5â$10 or 1â3%, but again, you should check with the casino.
When you factor in both of these, you can expect to pay an additional $8 to $25 in fees for Ethereum casino transactions.
Now we come to the most important part â ensuring that you are getting fast and reliable transactions when you play at Ethereum social casinos without wasting money or running into any issues.
Here are a few crucial tips you should follow to get the most out of ETH.
There will be ups and downs in the price of fees, and you can use tools like Etherscan or Tenderly Gas Profiler to track these fluctuations. That way, you can bide your time and make deposits and withdrawals when the fees hit a low point so you can get more of your winnings.
Itâs important to hammer this point home because transactions at crypto casinos are non-refundable and irreversible, so if you make a slight mistake and get a single symbol wrong, you risk losing all the money from your Ethereum deposit or casino winnings.
Copying and pasting will help minimize human error, but always double-check to make sure everything is good to go.
Youâll want to stay on top of your spending and plan your next deposit accordingly, and the easiest way to do that is by accessing the blockchain data about your previous transaction, either with Etherscan or a crypto wallet like Zerion. It will save you a lot of headaches down the line.
There are a lot of scams and shoddy sites around the web, and your first line of defense is knowing which sweepstakes casinos you can trust. We have a regularly updated list of only the best Ethereum social casinos that have a proven track record and a solid reputation, so pick any of those, and youâre set.
If youâve never dealt with Ethereum or any other cryptocurrency up to this point, donât worry. We will ease you into the whole process with this quick and easy guide.
Step 1. Find a suitable Ethereum wallet.
There are many available options that fall into either the hardware or software types. Some brands to look for are Ledger Nano S, Trezor One, Exodus, TrustWallet, and MyEtherWallet.
Step 2. Download the wallet from the app store.
Once youâve picked an option you like, head over to the app store and download it on your phone, or install a desktop version if you prefer and follow the instructions to install it.
Step 3. Create an account.
Go through the steps required to open an account, and be sure to write down the recovery phrase on a piece of paper and keep it somewhere safe, as it will be the only way to recover your account if you forget the password or your device is damaged or stolen.
Step 4. Get all the protection you can.
Itâs best to generate a random password with lots of unique symbols and have it memorized in a password manager app or simply written down, perhaps both, and definitely avoid weak passwords that are easy to remember. Use 2FA as well, and keep the software updated.
Step 5. Buy ETH from one of the big exchanges.
The big names in the game are Binance, Coinbase, and Kraken, so open an account on one, provide all the necessary information for identity verification, and then deposit some money in your local currency. You can now buy ETH.
Step 6. Transfer ETH to your wallet.
When you have the amount you wanted in your account, transfer it to the wallet using its ETH address. Moving your ETH balance to your private wallet as soon as you buy it just gives you an extra level of safety.
When all the steps are complete, you can deposit and withdraw Ethereum from any casino that supports this payment method using the steps weâve covered in a previous section.
You will usually have a fairly easy time using this payment method, but some players have experienced a few issues in the past, and these are the three main ones that keep coming up.
The gas fees can be all over the palace, and at times, they can skyrocket.
đ Problem: The network is overloaded, and transactions will cost more.
đ Our solution: Wait for the ârush hour trafficâ to subside and track it with Etherscan to know when to make your move.
đ Problem: The default gas price is set higher.
đ Our solution: If youâre not too concerned with optimizing speed, you can lower the cost at the expense of a few extra minutes or hours.
While normally quite fast, the transaction speed can sometimes come to a screeching halt.
đ Problem: Thereâs a lot of congestion in the network.
đ Our solution: Either wait it out, see the previous solution, or pay a higher fee to speed it up a bit if youâre in a rush and can afford the extra cost.
The blockchain adds a level of security and anonymity, but there can be issues with the platforms people are using.
đ Problem: You are using a subpar wallet or playing at a questionable casino.
đ Our solution: Stick to the big-name wallets weâve mentioned here and the reputable sweepstakes casinos from our list.
Itâs always best to develop responsible gambling habits and try to keep spending at a manageable level â never depositing more than you are ready to lose without it affecting your life. Here are some good ways to do just that.
Now that we have a general idea of the basics like how to make deposits and Ethereum withdrawals, and all the common issues and benefits, letâs take a deeper look at the exact types of players who can get the most out of this payment method.
Those in the IT field or just the more tech-savvy crowd who already use ETH or other cryptocurrencies like Bitcoin (BTC) in their daily lives can have a much easier time setting up a sweepstakes casino account and using an alternative to fiat currencies that they have grown accustomed to.
With instant or nearly instant deposits and withdrawal times as low as 5â10 minutes or a few hours, as well as relatively small fees, if you pick the right time, regular players can reload their accounts in no time and keep playing, and have quick access to their winnings.
Some players just like to go big, and with the higher limits, faster transactions, and excellent security that ETH offers, it has everything they need to have fun and make some strategic bets. They wonât have to split up their deposits or face overly restrictive max withdrawal caps.
Sometimes ETH simply wonât be a viable option, either because a casino you like doesnât support it or cryptocurrencies in general, or maybe you already have another option in mind. Luckily, there are plenty of other options that offer similar benefits that you can use instead.
Those who prefer fast transaction speed will like Neteller, as it has instant deposits, slightly beating out Ethereum because there is no network congestion, but the withdrawals can take a few hours and sometimes even a couple of business days, a bit slower than ETH. It is also widely accepted and has a VIP program, but unlike ETH it is linked to a bank.
Ethereum can be incredibly fast on a good day, but the congestion really slows things down or makes you wait for a better opportunity to make a deposit or withdrawal, while Litecoin casinos usually processes payments within 2â3 minutes. The transaction fees are also lower than with ETH, though the latter is available in more sweepstakes casinos, so you get fewer choices with Litecoin.
This is a very secure payment method, on the same level as ETH, with the added benefits of Face and Touch ID and the sheer ease of use, where everything is done in a couple of screen taps. The deposits are also instant, and a lot of banks and sweepstake casinos donât charge any extra fees. However, unlike ETH, itâs often limited to just deposits.
To start using Ethereum in a social casino, you have to download a crypto wallet and create an account, then buy ETH and transfer it to your wallet. You can then make an account on a casino site, set this as your payment method, and deposit the amount you want using the provided deposit address. It should all be fairly quick and easy.
Ethereum transactions are generally super-fast â seconds to minutes for deposits and minutes to just under an hour for withdrawals. Even when the network is overloaded and things are slower than usual, it only adds a few minutes or up to an hour for withdrawals, though the casino itself may take extra time to process the transaction.
The main thing to worry about with Ethereum are the gas fees, which can vary significantly, and which you can raise or lower yourself to speed up or slow down the process. You can expect about $2 on the lower and $10 to $15 on the higher end. However, the casino may also have a fee for ETH transactions, which will vary.
It will all depend on the casino you are playing in, but youâll mostly see 0.001â0.01 ETH minimums and 1â10 or more for maximum deposit limits. For withdrawals, you can expect a minimum of 0.01 to 0.05 ETH and up to around 1 to 10 ETH for the maximum. Some casinos may have a set fiat equivalent, e.g. $20.
