Top Ethereum Casinos in Canada
Ethereum (ETH) is the world's second-most popular cryptocurrency, so it’s only natural that it would be popular in e-gaming, a growing crypto market. Many online casinos in Canada allow Ethereum as a payment method, allowing you to go for crypto instead of fiat currencies.
Ethereum casinos usually come with much lower fees, faster and safer transactions, and other advantages we’ll discuss in this guide. Naturally, we’ll also cover some disadvantages — no payment method is perfect.
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What Is Ethereum?
Ethereum is an open-source, decentralized blockchain platform with its native cryptocurrency called ether or ETH. It’s similar to many other cryptocurrencies as it’s blockchain-based and decentralized.
However, Ethereum is unique because it’s used as a network to create and launch decentralized applications (DApps) and execute smart contracts. It has become the default network for launching new cryptocurrencies, tokens, and Web3 projects.
Vitalik Buterin, the founder of Ethereum, introduced the project in 2013 with the initial whitepaper. Although he is not the only founder, he is the most well-known. Ethereum has as many as eight co-founders, including Gavin Wood, a former Microsoft research scientist, and Charles Hoskinson, the name behind the Ethereum Foundation.
The Foundation launched the Ethereum blockchain on July 30, 2015, a year after the ICO that garnered $18.3 million. As many as 60 million ethers were sold for $0.311 per ETH. Due to the massive growth of the crypto, initial investors benefited from an annual ROI of 270%. For instance, a person who invested $1,000 at the Ethereum ICO now has almost $6.5 million worth of Ethereum.
Ethereum has been undergoing a massive change for the last few years. The goal was to switch from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. The new coin went live in September 2022, but the developers took a few more months to iron out everything.
This is important as PoW is considered inefficient and runs on miners, like Bitcoin. On the other hand, PoS doesn’t use miners and functions under a staking system, where coin holders stake their assets to get a say in where the whole network is going and to obtain rewards through gas fees.
Consequently, PoS is more energy-efficient, as staking doesn’t require computers that spend massive amounts of energy to mine new coins. Essentially, Ethereum 2.0 reduces the network’s carbon footprint by up to 99.9%.
In layperson’s terms, this change has enabled every Ethereum holder to earn rewards by staking part of their assets to participate in transaction validations.
Every transaction made on the Ethereum network carries so-called gas fees, just like every other blockchain crypto network does. The gas fees pay Ethereum’s validators, who review and approve transactions and are there to keep the network secure.
The gas fee on each transaction differs, but it’s usually lower than 0.005 ETH. Several factors, including supply and demand and the network’s capacity at the time of the transaction, determine the exact value.
With the new PoS system, every Ethereum owner can earn a fraction of gas fees. You only need to stake a certain amount of ETH, which locks them away. The more ETH you stake, the more you’ll earn.
Gas fees can also include a tip. A person making an Ethereum transaction can pay more to speed up the transaction. This incentivizes a validator to work faster. The higher the tip, the higher your transaction is placed in the overall transaction queue.
Pros and Cons of Ethereum Gambling
Using Ethereum in online casinos has many advantages, especially compared to fiat currency. However, it has some downsides as well. Let’s discuss both.
|Low fees||Lower availability compared to fiat currency casinos|
|High privacy||Legal uncertainty|
|High number of Ethereum casinos|
|Provably fair games|
|Potentially higher payouts|
- Near-instant payments — Ethereum payments are usually near-instantaneous. The network takes a few minutes to process a transaction, while casinos usually require no time to process deposits. Some Ethereum casinos need a few hours or a day to process a withdrawal, but most are much faster.
- Low fees — Ethereum casinos rarely charge fees, so you’re only left with the Ethereum network’s gas fees.
- High privacy — Ethereum, like most other cryptocurrencies, offers high privacy, especially in online gaming. You don’t have to use your primary payment method if you use Ethereum for payments, so you don’t have to worry about your payment details. Moreover, if you’re using a crypto-exclusive casino, you’ll have fewer, if any, personal details to provide.
- High number of Ethereum casinos — Cryptocurrency betting is incredibly popular today, and many online casinos support crypto payments. As Ethereum is the second-most-used crypto in the world, it’s the default together with Bitcoin.
- Provably fair games — Crypto casinos usually have an added number of games that use provably fair technology. It’s a better substitute for random number generators, as no one, not even the game creators, can alter the reward system in the game in any way. If the results are generated randomly, they’ll stay that way regardless of the casino hosting the game.
- Potentially higher payouts — The price of Ethereum constantly changes as it’s a highly volatile currency. However, if you are effective at buying it when the price is low, your subsequent casino winnings can rise in value if the price of ether rises.
- Volatility — As stated, the coin’s volatility can be an advantage but also a disadvantage. That’s especially true for casual gamers unwilling to invest time and effort in following the Ethereum price trends.
- Lower availability compared to fiat currency casinos — Even though Ethereum casinos are widespread nowadays, their number is still lower than traditional online casinos using standard payment methods and Canadian dollars.
- Legal uncertainty — Ethereum is not illegal in Canada, but it’s not legal tender either, meaning its status can change at any point. Thankfully, Canada has an open mind about cryptocurrency.
How and Where to Buy Ethereum
If you’re ready to get some ether, you can do so by following this process:
Find an Ethereum wallet
Find a suitable crypto wallet that accepts Ethereum. Most do, but if you’re a beginner and not looking to store large amounts, we advise you to get a web wallet or a mobile one like MetaMask, Guarda, Exodus, or Atomic Wallet.
Register and install your wallet
Most software wallets require registering an account and installing their app.
Find a suitable crypto exchange
Most exchanges support Ethereum purchases, so you only need to pick one of the more reputable ones, like Coinbase, Kraken, Gemini, or Crypto.com.
Set up an account and deposit money
Once you choose the exchange, register an account as you would on any other website and verify it if needed. Then use one of the available payment methods to deposit the CAD you’ll use to buy ETH.
Once you have the money, visit the buy section and purchase ETH with CAD.
How to Deposit Ethereum in an Online Casino
Here’s a brief overview of how depositing ether works at an online casino:
- Log in or create an account at the Ethereum casino you’ve chosen.
- Visit the Deposit section.
- Pick Ethereum as the payment method.
- Copy the wallet address or scan the QR code with your crypto wallet app.
- Input the amount you want to deposit in your wallet app.
- Double-check the details and confirm the transfer.
How to Withdraw Ethereum in an Online Casino
Withdrawals are similar to deposits, but here are quick step-by-step instructions you can follow:
- Log into your casino account.
- Visit the Withdrawal page.
- Pick Ethereum.
- Copy your ETH address from your wallet.
- Paste the address on the Withdrawal page.
- Input the amount you want to withdraw.
- Confirm the payment.
Using Ethereum for playing online casino games is quite beneficial. You’ll save money on fees and time on transactions and ensure every payment is 100% secure. You only need to worry about using the right online casino.
Ethereum casinos are widespread in Canada, but you must choose one of the most reputable ones to ensure you get your money’s worth. Pick one of the platforms we recommend and start experiencing the benefits of iGaming with Ethereum.
Is using Ethereum for online gambling safe?
Yes, it is. Ethereum itself is very secure, more so than traditional payment systems. You only need to worry about the security of your wallet, and you need to use reputable and licensed online casinos.
Yes, of course. Ethereum is both a payment method and a currency, albeit a digital one. Every casino supporting ETH payments will let you make both deposits and withdrawals.
Ethereum itself doesn’t have limits, but Ethereum casinos usually do, just as they have for all other payment methods. However, the limitations on Ethereum transactions are generally much higher, so even high-rollers won’t have problems.
Yes, every transaction on the Ethereum network has a gas fee distributed to the people validating the transactions. The cost is relatively small but depends on the transaction and how fast you need it to be. The gas fees are between 0.002 and 0.004 ETH or a few dollars on average.
Most Ethereum transactions need a few minutes to complete, but sometimes, you might have to wait longer if the network is busy and you’ve used standard gas fees. It’s also important to mention that some Ethereum casinos take time to process ETH withdrawals, so you might have to wait a few hours or a whole day to receive your assets.
Yes, Ethereum casinos always have bonuses and promotions, as most of them are like all other online casinos — they just offer Ethereum as one in the list of several payment methods. However, it’s worth mentioning that many crypto-exclusive bonuses come with larger amounts than regular ones.