Play at Ethereum Casinos: How to Deposit, Gamble & Win ETH

How to Deposit and Play with Ethereum at Online Casinos

With a market cap of over $300 billion, Ethereum (ETH) is the second most valuable cryptocurrency, right behind Bitcoin. Withdrawals take as little as 10 seconds to process, and the average fee is $0.20, so it’s not surprising that Ethereum makes up 9% of all crypto gambling transactions.

Stick around as I show you exactly how to deposit and play with Ethereum at online casinos and share some tips that’ll have you crypto gambling like a pro!

How to Set Up an Ethereum Wallet

Before you get your hands on ETH, you need to set up a wallet, which essentially acts as your Ethereum bank account. Your wallet securely stores your crypto and allows you to send/receive ETH.

Fortunately, Ethereum wallets only take a few minutes to set up and can be downloaded for free from the App Store or Google Play. I recommend using MetaMask, which allows you to store, swap, buy, and stake thousands of cryptocurrencies, including ETH.

1. Open the App Store or Google Play Store
2. Search for “MetaMask” by MetaMask Web3 Wallet
   
3. Tap Download and install the app
4. Open MetaMask and tap “Get Started”
5. Tap “Create a New Wallet”
6. Choose whether to enable Face ID / biometrics 
7. Create a secure password
   
8. Agree to the terms of use
9. Tap “Start” to view your Secret Recovery Phrase
10. Write down the 12-word phrase on paper and store it offline
11. Confirm the phrase by tapping the words in the correct order
    
12. Tap “Complete Backup” to finish setup
13. You’re now in the wallet dashboard with your ETH address
    
14. Tap “Receive” to copy your Ethereum address for deposits
    

Now that your Ethereum wallet is up and running, it’s time to actually purchase some tokens. The fastest way to buy Ethereum is through your wallet. All you need to do is:

1. Open your Ethereum wallet
2. Hit the “Buy” button
3. Select your currency
4. Choose ETH
5. Enter the amount of ETH you wish to purchase
6. Choose your payment method (credit/debit card, bank transfer, Apple Pay, Google Pay)
7. Accept the exchange rate offered
8. You’ll then be securely connected with a 3rd party provider like MoonPay
9. Enter your payment details
10. Ethereum will then be instantly credited to your wallet

While buying Ethereum via your wallet is quick and easy, it does come with hefty fees. Typically, you’ll be charged anywhere from 5% to 10%. That’s why I usually purchase ETH from exchanges like Kraken, Coinbase, or Binance.

To create your crypto exchange account, follow these steps:

1. Head to the exchange’s official 
2. Click “Register”
3. Enter your email, username, and password
   
4. Verify your email address via the link sent
5. Log in and enable 2FA (two-factor authentication) for security
6. Complete identity verification (KYC) by submitting ID and personal info
7. Log in and go to the “Funding” tab
8. Click “Deposit” and select your local currency
9. Choose Bank Transfer as the deposit method (cheapest method)
   
10. Follow instructions to send funds from your bank account to the exchange’s bank account
11. Once the deposit clears, go to the “Buy Crypto” tab
12. Select Ethereum (ETH) from the list of cryptocurrencies
    
13. Enter the amount you want to buy in your local currency
14. Choose “Buy” and confirm the transaction

How to Deposit Ethereum at Online Casinos

After you’ve successfully purchased Ethereum, it’s time to send it to your online casino account. If you haven’t found a site yet then check out our top-rated Ethereum casinos.

First, log in to your online casino account and hit the deposit button, which is typically located in the top right-hand corner. Then scroll through the different payment methods and click on Ethereum. Enter the amount of Ethereum you wish to deposit and copy the wallet address displayed.

Now open your Ethereum Wallet and tap the “Send” button. Paste the online casino’s ETH wallet address and enter the same amount of Ethereum that you told the casino you would deposit. Confirm the transaction, and your ETH should hit your online casino account within a few minutes.

If you don’t want to get in trouble with your exchange and have your account shut down, remember to first transfer your Ethereum to your software wallet and then send it to the online casino. This is because some exchanges don’t want to be associated with gambling transactions.

How to Play Casino Games Using Ethereum

Playing casino games using Ethereum is just like gambling with any other cryptocurrency. To get started, sign in to your online casino account, where you’ll find your ETH balance waiting for you.

Browse through the casino’s game library until you find a game that catches your eye. Click on the title and wait for it to load. Then, set your stake and spin the slot reels or watch the dealer go bust in blackjack.

It’s important to note that some online casinos will automatically convert your Ethereum deposit into fiat currency at the market rate. Then, when it comes time to withdraw, the casino will reconvert your fiat balance back to Ethereum at the new rate. 

This is not ideal, as you aren’t actually gambling with crypto and are subject to price fluctuations. Online casinos do this because they want to limit their exposure to the crypto market and hold as little crypto as possible.

At more crypto-friendly online casinos, bets are denominated in fiat currency, but winnings are instantly paid out in Ethereum, and your balance remains in crypto.

For example, if you play a slot and select to bet $1 and the current exchange rate is $3,000 to 1 ETH, 0.00333 will be deducted from your balance. If you hit a 20x multiplier, 0.0666 ETH will be credited to your account. 

Withdrawing Your Winnings in Ethereum

If you’re looking for ultra-quick withdrawals, I definitely recommend cashing out via ETH. In my experience, the winnings typically arrive in under 5 minutes. To withdraw from an online casino via Ethereum, you need to:

1. Open your crypto wallet and hit the “Receive” button
2. Copy your wallet address
3. Sign in to your casino account and head to the cashier
4. Tap “Withdraw”
5. Select Ethereum and enter the amount you wish to withdraw
6. Paste your wallet address
7. Confirm the transaction

The top Ethereum online casinos will automatically process your withdrawal request, and within a few minutes, your ETH will arrive in your wallet.

Advantages and Disadvantages of Using Ethereum at Online Casinos

A big advantage of using Ethereum at online casinos is the fast transactions. With bank transfers and debit cards, you can be waiting days for your winnings to arrive, but with Ethereum, your withdrawal will hit your wallet within seconds.

ETH transaction fees are also very low, especially if you use Layer 2s like Arbitrum or Optimism. Thanks to the power of Ethereum’s blockchain, you can send anywhere from a few dollars up to millions worth of crypto for as little as $0.20.

Ethereum puts privacy and security first. You never have to share any personal details when depositing and withdrawing via ETH. Also, your wallet address is a random string of numbers and letters and doesn’t contain any identifying information.

Another cool thing about Ethereum is that you have complete control over your money. Unlike fiat currencies, where you rely on 3rd parties and financial institutions to store your funds and process transactions, Ethereum allows you to transact with whomever, whenever, and wherever. ETH is a truly global currency.

Now, using Ethereum for gambling is not without its flaws. As there are no chargebacks, you must be very careful when entering wallet addresses and do your due diligence when selecting an online casino. The limited regulation of crypto online casinos results in numerous scam sites that have no intention of processing withdrawal requests.

Another thing to consider is the price volatility of Ethereum, where 10% or even 20% drops are common. You could end up in a scenario where you win Ethereum at an online casino but actually end up down in USD due to the exchange rate taking a nosedive.

Safety Tips When Gambling With Ethereum

As Ethereum transactions can’t be reversed and cybercriminals are getting cleverer at accessing wallets, you must be cautious when depositing, withdrawing, and gambling with Ethereum. Here are some tricks that I use to protect my ETH stash:

• Buy a hardware wallet – Hardware wallets are significantly more secure than software wallets because your private keys are stored offline in a fully encrypted chip.
• Set up 2FA on everything – Secure your online casino account, email, crypto exchange, and wallet with 2FA. Basic 2FA can reduce hacks by over 90%! Ideally, you want to use authenticator apps rather than SMS-based 2FA. 
• Play at licensed online casinos – There are some scam Ethereum casinos out there that will run off with your deposit. Fortunately, these sites are pretty easy to spot. I only play at Ethereum casinos that hold a valid iGaming license, pay out instantly, and have partnered with well-known providers like Play’n GO, Pragmatic Play, NetEnt, and BGaming.
• Never click suspicious links – Be wary of potentially fake emails from online casinos, exchanges, and wallets. Scammers often use these phishing messages to infect your device with malware and then gain access to your Ethereum. 
• Triple-check wallet addresses – Before you send Ethereum to your online casino account or withdraw your winnings, ensure the wallet addresses are correct because even if you make the slightest mistake, your crypto may be lost forever.
• Only gamble with money you can afford to lose – Remember, gambling is a form of entertainment, and the odds are not in your favor. You shouldn’t expect to win or rely on winnings to pay for necessities. Always play well within your limits.  

Final Thoughts on Using Ethereum at Online Casinos

If you’re looking for a way to gamble online anonymously and want low-cost and instant transactions, I recommend using Ethereum. 

Thanks to free mobile wallets, user-friendly exchanges, and fiat integrations, gambling with ETH has never been easier. Just follow my instructions above to start winning in Ethereum today!

Ethereum Gambling FAQ