- Edgeless Casino is bucking the traditional model
- Online provider slashes house edge to 0%
- Introduces a Blockchain-based smart contract
When it comes to gambling, the house always wins. Everyone knows that. It’s not a conspiracy – it’s just the way the world works. Every gambling site has to take its cut, otherwise it would soon go out of business. Someone clearly forgot to tell this to Edgeless Casino however, which is determined to shake up the status quo by slashing the house edge to 0%.
How and why would a casino do such a thing? Well, it all comes down to trust. Despite online casinos invariably claiming to have had their games independently verified to ensure fair play and honest payouts, many players remain suspicious.
How do they know that the house edge isn’t being bumped up on the sly? Trust is all you’ve got to go on… until now that is.
The aptly named Edgeless Casino has found a way to not only eliminate the house edge, but to prove to all and sundry that it’s kept its word. It does so with the aid of Ethereum, a Bitcoin-inspired cryptocurrency that has some very clever applications.
“Casinos can be easily rigged for a huge house edge. We want to change that by offering cryptocurrency based gambling mechanics that anyone can audit to see that we are not rigging the game and don’t have a house edge,” explains Edgeless.io co-founder Tomas Draksas.
“For the sake of better gambling experience and industry growth, casinos must be decentralised”
Tomas Draksas, Edgeless.io co-founder
Some casino operators will demur at Draksas’ characterisation of the sector, and may even believe that the Edgeless co-founder is scaremongering.
Nevertheless, Tomas Draksas is adamant that this is the case, asserting “I believe that many major online casinos are abusing their power. For the sake of better gambling experience and industry growth, casinos must be decentralised”.
Edgeless Casino’s solution to this problem is to enable a blockchain-based smart contract that allows for 100% transparency and ensures that there’s nothing untoward going on behind the scenes. In that respect, it’s reminiscent of the provably fair algorithm that many Bitcoin dice casinos use.
Tomas Draksas has certainly been shrewd in choosing to inveigh against the casino competition, his remarks arriving just as Edgleless.io is seeking to raise funds through Initial Coin Offering crowdfunding. With the goal of raising 360,000 Ethereum in return for proprietary gambling tokens, Edgeless will certainly have their work cut out.
Still, if the company can realise its dream of creating a casino with 0% house edge, it’s surely only a matter of time until the gambling world sits up and takes notice.
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