Ethereum Roulette: How Does It Work & How Can You Get Started?
The online casino industry is expected to grow to a reported $81 billion by the close of 2022, illustrating a strong appetite for remote gaming. And rightly so, as it is now possible to gamble on virtually any casino product within the comfort of your own home. Moreover, with the growth of mobile capabilities – players can also wager on the go.
This demand for digital gambling has also coincided with the rise of blockchain technology. As a result, there are now a plethora of online casinos that specialize purely in cryptocurrency deposits and withdrawals. Popular games such as blackjack, craps, dice, slots and baccarat are all available to play at crypto casinos, as well as a range of sportsbooks and poker rooms too. However, as of 2018 – it appears that Ethereum roulette is leading the way.
This article will take a look at what Ethereum roulette is, how it works and why the underlying technology benefits both the player and the casino.
Roulette – The Basics
Before delving in to the many benefits of Ethereum roulette, we thought it would be a good idea to present a brief overview of how the game actually works. If you are already a pro at roulette and need no further guidance – simply move on to the next section! It is worth mentioning that the fundamental rules of roulette remain the same at both crypto and fiat casinos.
European vs American Roulette
Before the roulette wheel is spun, the player has a variety of betting options available – all of which display their own pre-defined odds. There are many different variations of a roulette table layout, however the two most popular are European roulette and American roulette.
Both variations have 18 red numbers and 18 black numbers, ranging from 1 up to 36. The key difference between the two versions is that a European table has 1 green zero and its American counterpart has 2. In effect, European roulette is more beneficial to the player as it offers a lower house edge.
For example, if you gambled $50 on the roulette wheel landing on red, at a European table you would have a 48.6% chance of winning. This is because you have 18 possible red numbers, against 18 black numbers and 1 green zero.
On the contrary, if you placed the same bet on an American roulette table, then you would have a lower chance of winning at 47.4%. The reason for this is that you would have an additional green zero to content with.
When playing at an Ethereum casino, there are also other versions such as French roulette. This variation has exactly the same layout out as a European table, however the fundamental difference is that the green zero offers a 50% refund if the ball lands on green zero.
Continuing on from the above example of betting $50 on red, if the ball landed on green zero then you would receive $25 of your stake back. As a result, French Ethereum roulette is probably the best variation to play!
So now that you about the three main variations available at an Ethereum casino, the next part of our article is going to explore why Ethereum roulette is becoming so popular within the cryptocurrency community.
Why is Ethereum roulette so popular?
Before the days of cryptocurrency casinos, the online gambling industry was rather murky to say the least. Fiat casinos are rife with regulatory burdens, they are slow to payout and there are no mechanisms in place to guarantee the platform is playing fair.
Firstly, when a player opens an account at a fiat casino, they must supply a full range of personal information – such as their name, address and date of birth. After that, they will also need to upload some documents such as a passport, as well as a bank statement or utility bill to prove their address.
On the contrary, Ethereum roulette casinos do not ask their players for any personal information at all, nor do they demand any ID. Therefore, they allow the player to gamble anonymously.
Next, when it comes to cashing out, fiat casinos take an incredibly long time to process a withdrawal. Not only do they first need to verify the KYC (Know-Your-Customer) documents that the player uploaded, but the request also needs to be authenticated by the payments team, which in its self can take up to three working days. After that, if withdrawing back to a debit/credit card or bank account, this can then take an additional three-to-five working days before the financial institution credits the payment.
Ethereum roulette casinos process withdrawal requests autonomously, meaning that players often receive their funds back in to their personal wallet in just a few minutes. This is a significant advantage that fiat casinos cannot match.
Finally, when it comes to trust, fiat casinos keep all of their gameplay data behind doors, meaning there is no way to verify that they are playing fair. On the other hand, Ethereum roulette casinos install something called provably fair – which guarantees that each and every spin of the wheel is true and fair.
Are there any other benefits to using an Ethereum casino?
If the aforementioned benefits were not strong enough reasons to ditch fiat casinos, there is one more thing to consider. Do you remember how we mentioned earlier that French roulette offers the lowest house-edge? Well house-edge is really important as it indicates the mathematical advantage that the casino has over the player. The higher the house-edge, the less chance you have of walking away a winner.
It is important to remember that fiat casinos have a lot of underlying costs – mainly due to the regulatory red-tape that they must adhere to. They must install a payments department and an anti-money laundering team – and they also have to adsorb the transactional costs that are associated with fiat money deposits. As a result, they pass on these costs to the player in the form of increased house-edge.
However, Ethereum roulette platforms do not have the deal with any of the above, meaning that they can pass on these savings to their players by lowering the house-edge. Don’t forget, Ethereum casino operators use a provably fair protocol, which guarantees that the pre-defined odds are true and fair. This means that the stated house-edge cannot be manipulated or changed by the casino, subsequently allowing users to gamble in a safe and secure eco-system.