EOS
$4.90 -8.43%
EOS · 22w

Profit Sharing Crypto Casinos: How They Work and Why You Should Pay Attention

Over the past few months EOS has seen a huge influx of activity coming from a new wave of gambling DAPPs. It all started back in early September of this year when eosbet released its simple but addictive dice roll game. Since then, over a dozen clones and altered takes on the concept have popped up, as well as other gambling games such as blackjack, lotteries, and baccarat, to name a few.

The dice game that started it all

The fact that gambling is turning out to be one of the first big real-world use cases of the blockchain should come as no surprise to anyone, but it’s their profit sharing business model that has been the underlying cause of the boom. Casinos have something called an edge on most of the games they offer, which means they have a small (0.5-2%) statistical advantage over the player, and this ensures that they will make a profit over the long run. Traditionally, casinos keep 100% of these profits, but what if they shared their profits as a way to keep customers returning?

Something that all of these gambling DAPPs have in common is that they all have their own platform token that yields EOS dividends, which comes out of the house’s profit pool. You obtain the tokens either by buying them from an exchange, or by playing the game: for every 1 EOS wagered you receive some amount of their token in return. In other words, in true Justin Trudeau fashion, if you lose, you win! If you stake these platform tokens, you will receive a certain proportion of the house profit over a given time period, relative to your stake size. The exact mechanisms and formulas used varies between platforms, but the underlying idea is the same for all of them: Stake tokens, receive payouts. Additionally, as these tokens are “mined” by people playing the games, the ratio of wagered money to rewarded tokens declines, similar to traditionally mined cryptocurrencies. This means that they become more scarce over time, which theoretically should drive the token’s va...

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