Online gambling is one of many industries pushing the use of blockchain technology further into the mainstream, with new companies in the lucrative (think multi-billion dollar) sector embracing decentralisation, and offering services that previously didn’t exist.
Enter EOSBet, which at the end of last year became the first on-chain blockchain casino to be granted a gambling licence. As if that wasn’t enough, EOSBet has hit the ground running by releasing an innovative decentralised account system and introducing bitcoin betting. An announcement regarding these devolopments came last week in Willemstad, Curacao.
EOSBet Decentralised Account System
Using blockchain technology for transactions generally requires the user to set up a cryptocurrency wallet. In addition, the effort of actually acquiring cryptocurrency in the first place acts as an entry barrier for people who may otherwise be interested in getting involved.
Hoping to change this situation the team at EOSBet have developed a system which allows the user to deposit funds from any source and place bets – all without the need for a wallet or 3rd party software. All transaction costs are covered by the system, leaving players free to enjoy a decentralised casino just as they would the traditional variety.
All aspects of the EOSBet platform are decentralised and fully on-chain, with all actions permanently recorded on the EOS blockchain and able to be viewed on any block explorer. The system also has the advantage of being non-custodial, meaning players retain sole and total control over their crypto funds.
Ease of Use
EOSBet’s system has been geared towards non-technical gamblers, with a quick and easy sign-up process that is more user-friendly than many traditional online gambling sites. This means that non-EOS account holders can place secure bets with ease and take advantage of EOSBet’s generous player rewards system, thereby enlarging the userbase. Just a month after launch, EOSBet boasts over 280 new users, with a total of $1.3M USD bets placed since the present developments.
Bitcoin Betting with EOSBet
EOSBet claims to be the first on-chain casino to natively accept Bitcoin, and that many more cryptocurrency options (for example, BCH, BSV, LTC, DASH, DOGE, ETH, TRON, and XRP) are planned. Again highlighting the simplicity of the system, players simply deposit BTC funds to their accounts for instant play, with the ability to withdraw at any time.
According to publicity material, BET token holders will receive dividends for life (in all currencies offered). So far, over $2M USD has been given out as part of its Player Rewards Program.
The EOSBET platform has further developments planned for 2019, including two new games, a leaderboard and a token distribution program.
EOSBet’s recent developments mark a major step forward in the company’s evolution and its stated goal of bringing in thousands of new players. With online gambling already enjoyed by huge numbers of players worldwide, it was only a matter of time before blockchain technology was added to the mix.
If EOSBet plays its cards right, its combination of crypto funds compatibility, fairness, solid security and ease of use could prove to be a major winner as more users are tempted to sign up to the new and decentralised casino.
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