As a cryptocurrency, EOS is relatively new. More precisely, it is the infrastructure for a distributed system built on the blockchain, which makes it possible to create decentralised programmes (dApps). In 2018, the world witnessed one of the most extraordinary ICOs ever. The EOS.io network’s native token, EOS, was able to acquire more than $4 billion in Ethereum before it even went on sale. Indeed, there was some truth to all of the fanfare. The project offers unimaginable speeds for almost no cost.
It seemed unbelievable, but it turned out to be true. The aforementioned benefits, taken individually, make EOS gambling a very alluring choice. However, due to its relative youth as a currency, it is not yet widely accepted by gambling establishments. Thus, you’ll need to do some additional investigating to determine which EOS sportsbook is best for you. To help you stay ahead of the curve, we compile all the data you’ll need, as well as simple, actionable guidelines. We’ll get into the why and how to approach EOS betting sites now.
What makes EOS Gambling unique
EOS is unlike any other cryptocurrency out there. To contrary Bitcoin, its stated goal is to create a robust ecosystem of applications that is both fair and sustainable for all participants. In particular, EOS was designed with the intention of addressing Bitcoin’s inefficiencies, such as the network’s slowness, higher fees, and the dearth of applications that take advantage of Bitcoin’s underlying infrastructure. Smart contracts are a lot more compatible with Ethereum’s goals, but with built-in scalability.
Gambling apps have a lot of room to improve their user interface and user experience as time goes on and protocol gains traction. The same is true for the growing number of EOS betting sites. In the future, speculators will have more opportunities to wager on both large and niche markets. More mainstream betting options, including Live betting, futures, and props, will become available alongside more competitive odds.
Strengths in EOS gambling
There are numerous positive connotations associated with EOS gambling. Faster transaction times, lower or no transaction costs, higher levels of anonymity, and a plethora of gambling-related decentralized apps. Below, we’ll take a look at a few of the most fundamental.
Highly Confidential
Because of its use of cryptocurrency technology, EOS enables completely anonymous transactions. Unless you intentionally or unintentionally connect your personal details with your EOS address (for example, when prompted for verification when making a withdrawal).
The transactions are some of the quickest available
EOS unquestionably offers some of the quickest transaction times on the market. This will be extremely helpful for Live Betting and any other situations where a quick withdrawal is required. When dealing with the latter, keep in mind that some bookies may do the transactions manually, which could add another day to your wait. Even so, it’s a fast connection that’s being offered here.
Absolutely zero cost
There are essentially no transaction fees on the EOS network, which is a novel feature. We know it seems unbelievable, but trust us, it’s real. With EOS gambling, you’ll never pay more than a fraction of a cent for deposits and withdrawals, and sometimes bookies even cover the fees themselves. You won’t find a better deal anywhere else.
Safe Money Transfers
You can rest assured that all of your financial dealings will go through without a hitch. EOS, like other cryptocurrencies, makes use of a blockchain, a distributed digital ledger whose copies exist on computers all over the world and can therefore never be altered or hacked. Furthermore, all of the exchanges on that ledger are open to the public. In the future, if your bookie denies receiving your deposit, you can turn to the blockchain to prove it.
Exciting potential application
The EOS network has the potential to drastically alter the current state of the crypto industry. The potential is boundless, as the final goal is an open-source, publicly available network with the tools for developers of all skill levels to construct upon it. The road to more EOS-accepting bookmakers is also clear.
A Hidden Gambling Paradise (in dApps)
Let’s say you want to gamble freely without worrying that your activities will bring unwanted attention to you in any of the countries in which you find yourself. Then, you can do so with complete freedom thanks to decentralized gambling apps. You can fund your account and start playing without ever having to reveal any personal information, and withdrawals are instantaneous. Even in the most open, decentralized, and centralized EOS sportsbook, none of the aforementioned will ever be a reality. It’s really cool to have that choice.
Exceptional potential for growth
If you’re looking for a young, innovative project with a lot of potentials, look no further than EOS. Since its public debut in 2018, it has only had a short amount of time to gain value and could be considered among the most promising digital currencies. That’s right, if you use it, your profits could skyrocket in the years to come.
Weaknesses of EOS gambling
The topic of EOS gambling is not without its problems. To weigh the pros and cons, you should think carefully before committing to its use. Before committing to a course of action, it’s wise to weigh the benefits and drawbacks. To learn about the drawbacks of using EOS for gambling, continue reading below.
This is a dwindling choice
You might have a hard time finding other investments that compare to the rarity of EOS. There aren’t many betting establishments that will accept it because it’s so new. It is hoped that things will improve soon. However, at the moment, your choices are rather restricted. It’s possible you won’t be able to find every type of wager you’re looking for. This would include exotic wagers, rare exchanges, and competitive odds. At the moment, however, one must beg rather than choose.
Potential Legislation
The prospect of further crypto regulation is always something to keep in mind. Authorities have not yet decided how to deal with cryptocurrencies due to their novelty as a betting option and asset in general. However, while the decentralised nature of EOS provides some cause for optimism, it is impossible to predict whether or not governments will crack down on cryptocurrencies with intolerable regulations.
Price fluctuations
Cryptocurrencies, like any other emerging market, are notorious for their price volatility. For instance, EOS’s value quadrupled in its first year before crashing to its current levels. For the subsequent two years, prices drifted sideways before finally beginning to rise again. Think of how that impacts your EOS holdings.
As of yet, there is no functional product.
When it comes to false promises, EOS is near the top of the list. It has not yet produced a fully functional product, despite having raised over $4 billion in public funding in 2018. In time, we’ll know if this turns out to be a successful venture on the part of the developers or a costly failure.
Conclusions Cannot Be Changed
Avoiding middlemen is a defining feature of cryptocurrencies, so be cautious when using them. That is because if you send money to the wrong person or to the wrong address, you will lose it forever. Due to the irreversible nature of crypto transactions, there is no room for error or recourse for lost or stolen funds.
Curfews on Cash-Outs
Cryptocurrencies’ decentralised nature theoretically allows for limitless monetary transactions, but in practise, this is not always the case. It is common practise for bookmakers to impose daily or weekly limits on the amount you can withdraw. Something to think about, especially in the event of a substantial win. The terms and conditions of any withdrawals should be read carefully.
A lot of gambling apps are just scams
There was a brief discussion about using EOS for under-the-radar betting and how to use decentralised gambling applications. The catch is that if you don’t do your homework before using one of these apps, you could end up losing money.
Extremely cumbersome to operate
When working with cryptocurrencies, a certain level of knowledge and expertise is required. Unfortunately, there is a fairly steep learning curve required to achieve that. This is especially true with EOS due to the unusual manner in which transactions must be carried out on the EOS network.
Are EOS betting sites safe
It’s true that EOS gambling sites are secure, but you still need to exercise caution. It’s a good idea to make it a habit only to use reliable bookmakers when placing bets. Find bookmakers who are legally allowed to operate in your area. They need to have generous bonuses and a wide variety of wagers on the market you prefer. Lastly, they need to employ effective channels of communication with customers (i.e., chat and email). However, fundamental choices like Moneyline, WDW, and parlay are available in the vast majority of them. Second, we must factor in the law and taxes.
Gambling on EOS and the Law
The legal age and availability of gambling in your area will determine how specific this statement needs to be. Remember that the law is fine as long as you play at a reliable bookmaker, and that it’s probably fine to use a bookmaker as long as he or she is accessible from your country.
Does using an EOS Sportsbook result in tax liability?
For the time being, you can ignore the possibility of paying taxes on your winnings from gambling. Keep in mind that you are not subject to taxation on cryptocurrency holdings or cryptocurrency conversions under most circumstances. Talk to an expert whenever you’re unsure of something.
EOS Sports Betting: How to Play
We recognise the challenges of starting out. That’s why we went ahead and did the legwork for you, compiling everything you need to know to make a swift entry into the exciting world of EOS gambling. It’s important to keep in mind that this is not rocket science and is actually much simpler than you might think. Generally speaking, all that is required is that you stick to a few simple procedures. You can learn the ropes of EOS sportsbooks in no time at all with some hands-on experience.
EOS.io: What Is It
The EOS token was developed specifically for use with the EOS.io blockchain. The goal of this smart contract platform is to make all transactions free and speed them up to a million per second. Dan Larimer, a famous early investor in Bitcoin, founded EOS in 2017. Before launching EOS, Larimer was already behind a number of thriving ventures. Moreover, he developed the promising delegated proof of stake algorithm, which is widely regarded as a game-changer and the most democratic way yet for blockchains to reach consensus and ensure that their records cannot be disputed or changed.
The EOS coin came out during the 2017–2018 ICO craze, when investors were willing to pay absurd prices for a chance to get in on the ground floor of new and exciting ventures. Some have criticised EOS, and rightfully so, for having an ICO that is too large. They needed too much money and it took them too long to get it, a full year. Adoption is happening, albeit slowly and steadily. Despite being so young, EOS is a top-30 coin, and if it delivers even half of what they promise, at the very least, bookmakers that accept EOS will become more common.
Gambling Apps on EOS and the Blockchain
When it comes to crypto, a whole new world of cutting-edge uses opens up. It appears that a sizable proportion of early-stage app development in new ecosystem coins like EOS and TRX (TRON) is focused on gaming and gambling. Gambling decentralised applications are what we mean here. Completely independent and untraceable. These decentralised applications (dApps) run on a smart contract and don’t require any human intervention or processing. When there are fewer people trying to make a profit, they can focus on providing players with better bonuses and perks instead of trying to make a profit themselves. El Dorado of underground gambling, it’s also on the rise and becoming increasingly mainstream.
How to Buy and Deposit at EOS Gambling Sites
Learn the ins and outs of using UnionPay at online bookies. You shouldn’t have too much trouble acquiring EOS because it is a widely used cryptocurrency. But if you want to make sure you get your money’s worth, you need to stick with reputable trading platforms. Binance, Coinbase, and Kraken are just a few of the exchanges we recommend. Now, just stick to the simple instructions down below:
- Create an account. There is typically a minimum trading threshold above which Know Your Customer (KYC) checks are not required.
- Make a fiat deposit
- Acquire some EOS and move it to your virtual wallet. Mind the EOS wallet’s quirks.
- Create an account at the EOS Sportsbook; all you need is an email address. The EOS cryptocurrency can be chosen as a deposit type. Then, you can take note of the special URL that is generated. Never blindly send cryptocurrency without verifying the receiving address first.
- In your wallet, copy the above address and paste it where it says “To.” Finalize the deal by confirming it.
- So long as it has been thus far. You can fund your account in a matter of minutes and then start placing bets.
Tips for Cashing Out at EOS Gambling Sites
Money-back Similarly to making a deposit, the withdrawal procedure is straightforward and easy. Before requesting a withdrawal, be sure to review the terms and conditions of your EOS sportsbook. By doing so, you can avoid having your request get stuck and have to wait for the bookie to process it manually.
- Navigate to the cash-out menu.
- Make a withdrawal to get your money back the same way you deposited it.
- EOS can be kept in a wallet or traded for other cryptocurrencies or fiat currency on a reputable exchange.
What other games can you play with EOS gambling
As is customary, bookmakers were early adopters of various electronic payment systems. This is also correct when talking about betting on EOS. Even more so, considering the abundance of DGAs, which continue to account for the vast majority of traffic on the EOS network. As a result of the lightning-fast processing times, you can have your funds replenished almost immediately. The absurdly low fees, which are the same for both EOS gambling dApps and EOS gambling sites, make gambling on EOS a compelling option.
Our take on EOS gambling
SpyEOS from Payoneer is an unusual instance. As such, it aspires to enhance your crypto experience overall. Both the vision and the methodology it employs are novel and ground-breaking. And let’s say Larimer and his team pull off a flawless delivery that the public enthusiastically embraces. If that happens, it will be a watershed moment in the development of cryptography because it will make it more widely available.
Although there are not yet very many EOS sportsbooks, bookies recognise the enormous potential in this market. When depositing funds or cashing out winnings, you’ll appreciate the lightning-fast speed of the EOS network. The almost nonexistent fees also make numerous transactions possible without worrying about draining one’s finances. Make sure the EOS gambling sites you choose are reputable, have a wide range of wagers available in active markets, offer competitive odds, are properly licenced, and are accessible via live chat and email.
Frequently Asked Questions
Is it safe to bet on sports using EOS?
Of course, it is. So long as you take the necessary precautions, like checking the address you’re sending your EOS to, and playing only with reputable bookmakers, then yes.
Compared to Bitcoin (BTC), how does EOS excel?
In contrast to Bitcoin, EOS intends to foster a robust ecosystem and infrastructure for the development of smart contract applications. Compared to Bitcoin, it is both quicker and cheaper to use.
The question is, “Does EOS have a future?”
If the developers behind EOS can even come close to delivering what they’ve promised, then EOS.io will be the future of crypto adoption because of how easy it is to use, how fast it is, and how cheap it is.
Whether or not EOS is quicker than Bitcoin?
Yes. The speed of EOS transactions can be thousands of times that of Bitcoin. For comparison, Bitcoin can handle up to 7 transactions per minute, while EOS hopes to handle tens of thousands per minute.
What are some of the best EOS bookmakers to play at?
Since EOS is currently a rare option in the gambling industry, you should be wary of any bookies offering it, as there may be many scams among them. Here is a shortlist of the top EOS sportsbooks that you can trust.
