Since its rebranded launch in 2011, Bovada has been the most popular online sports betting operator for US customers.
After all, the site has a comprehensive sportsbook menu with more valuable betting lines and gambling markets than most domestic outlets can match.
But Bovada’s also led the way on the financial side, with several innovative bet funding options that make it easier for American players to actually move money into and out of their accounts.
For example, Bovada was the first major offshore betting site to accept Bitcoin, and it was the first big sportsbook operator to employ the betting voucher option for deposits and withdrawals.
However, Bovada has lagged behind several sites in one significant respect: Ethereum support.
Yes, the world’s second most popular cryptocurrency – accepted by pretty much every online vendor that accepts crypto at all – has somehow been omitted from Bovada’s stable of supported altcoins.
Fortunately, that’s no longer true.
As of late last week, Bovada Sportsbook now accepts Ethereum for both rapid deposits and same-day payouts.
That said, there are a few things to remember about using cryptocurrency – including Ethereum (ETH) – at Bovada.
First, cryptocurrency is not an instant deposit method.
It’s a quick one, certainly, but while credit card deposits take literal seconds to process, crypto deposits have a not-insignificant delay.
Also, this delay depends on the crypto being used.
Take Bitcoin (BTC): Due to its blockchain verification process, BTC deposits can sometimes take 30-60 minutes to clear.
As a first-gen crypto, Ethereum has the same issue with network congestion.
Thus, ETH transfers can take just as long.
If time is of the essence, Litecoin (3-5 minutes) or Bitcoin Cash (5-10 minutes) are preferable.
Another thing to consider are blockchain fees.
Even though crypto deposits and withdrawals have no added fees when used for online sports betting banking, they have built-in blockchain fees to be aware of.
This is true for all crypto, as these fees are applied by their algorithms and attached to every transfer.
As with processing times, blockchain fees vary from coin to coin.
Bitcoin has the highest blockchain fees, which means that if you want to make a minimum $10 deposit at Bovada, you’ll have to pony up another $5 or so in fees to make it happen.
These fees don’t scale 1:1, so the more money you send, the lower the comparative fees are. Still, it’s important to be aware of this delta on the lowest ends.
Ethereum blockchain fees are among the highest in the industry after Bitcoin, and these similarly have an outsize impact at the minimum thresholds.
In other words, if you’re moving just a few dollars into your betting account, you should go with Bitcoin Cash (BCH) or Litecoin (LTC).
If you’re moving a few hundred dollars into your account, any crypto will do.
As with all supported cryptos at Bovada, depositing with Ethereum makes you eligible for enhanced sign-up bonuses, including a 75% match for up to $750.
Unfortunately, if you want reload bonuses and casino free plays and so on, Bovada’s Premium Bitcoin-Exclusive Membership is still restricted to BTC deposits specifically.
We expect the site to allow all crypto banking to apply to this account upgrade soon, but for now – even with Ethereum on board – Bitcoin reigns supreme.
Oh, and speaking of Bitcoin: Buy the dip!
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