Online gambling games are increasingly prevalent on the internet due to the presence of cryptocurrencies. This sector offers the pleasure of playing online games while teasing users' adrenaline with betting. According to Statista, this industry is a 59.79 billion dollar industry that is very tempting for new casinos to come and reap the profits. However, this does not mean that the industry does not have problems. Online casinos are known to be unsafe or vulnerable to manipulation, theft, hack, and embezzlement. All of these because of poor casino operations. Therefore, EOSBet.io which is a licensed online casino is here to solve these problems with the concept of a decentralized casino.
Of course, as a betting house, EOSBet has a mathematical advantage or often called "house edge," which depends on the types of games. For example in a dice game, the house has a 1.65% advantage. It means that if there is no house edge, then the probability of a player winning is 50%. However, due to the house edge, the players' possibility of winning is only 48.35% so that in the long run the 1.65% advantage will materialize into the house's profit. By the way, you can decrease the house edge with this referral.
Different from other online gambling games that often manipulate the results, EOSBet is a licensed casino that implements a "provably fair" system. It means that users could verify the calculated results. This feature act as a form of accountability which is rare in the gambling industry. Moreover, users could also check the game codes since the codes are available on GitLab. Thus, the concept of this online casino business is valid, without shady activities. These games are run with smart contracts on the EOS platform so that the house is less likely to run away with the funds. Therefore, this casino can solve the main problems of online gambling, namely: suspicious winning probability, high house edge, and greed (will be explained in the next discussion regarding dividends). Currently, EOSBet has three games, i.e., dice, crash, and baccarat; however, the developer will surely add more games in the future.
BET Token and Dividend
In most case, the house enjoys tremendous profits by itself. However, this does not occur in the EOSBet. EOSBet has a profit-sharing system utilizing the BET token on its platform. This token is currently not traded and can only be "mined" by betting on the EOSBet dapp. This token has details, as follows:
- Ticker: BET
- Price: currently not for sale, 1 BET for every 20 EOS wagered
- Total supply: 88,000,000 BET (53% in circulation)
For example, on some day the EOSBet platform gains 3,000 EOS, then the dividend of 1 (one) BET token would be (1 / 88,000,000) * 3,000 EOS = 0.0000341 EOS. EOSBet will continue to give dividends forever, well, at least as long as the platform is still running. This profit-sharing concept resembles the concept of a security token or STO, which is good for the platform's growth in the long run. Also, players would feel that they have the shares on EOSBet casino, so they would care and would not hesitate to do small promotions.
The EOSBet team is very active on social media campaigns and always provides updates on the platform developments regularly. All their social media channels, i.e., Medium, Twitter, and Reddit look very well maintained and neatly arranged. It gives the impression that EOSBet is a professional company. Even though the development team is anonymous, they are doing a pretty good job. This anonymousness is common in the open source world, and users could see their codes on GitLab (or GitHub).
The BET token campaign has made EOSBet listed in the top-10 most used dapps across platforms, not just on the EOS platform.
Although EOSBet has many competitors, I see that this project is one of the betting platforms that can survive and compete for success. I base this statement from:
- It has fully functional and fully decentralized apps;
- It has a large user base. EOSBet is listed on the top-10 most used dapps across platforms;
- It has great communications through social media channels; and
- It has a very attractive dividend system.
And finally, I conclude that this project is NOT a scam, because:
- Users can verify all codes on GitLab; and
- EOS blockchain stores all transactions and users can check it manually.
The above facts show that this BET token is worth to be collected and is pretty unlikely that this is a scam project. But you cannot buy this token yet. You must gamble to get it. Also from the ethical point of view, some people frown a gambler (and gambling industry as a whole). Therefore, I think these tokens (and games) are for some niche market, for some people who are more liberal. Nevertheless, from the technology perspective, the trend of online gambling is interesting to discuss.
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