- Funds will help launch casino with 0% house edge
- Casino will make money from ‘human error’ and be 100% transparent
An online casino which claims to have no house edge over its players has just raised $2 million in crowdfunding to get the venture off the ground. The casino claims players will benefit from full transparency and, of course the improved odds of winning that comes with no house advantage.
The Edgeless online casino concept has been backed by 700 supporters who will receive special tokens to allow them to enter monthly prize draws, which are funded by 40% of the online casino’s profits.
The money will be used to fund the launch of Edgeless Casino.
So how does an edgeless casino make money?
In order for the casino to make money, profits will be drawn on sub-optimal play from players in games such as blackjack, as well as sports betting. In other words, instead of the casino relying on an in-built edge to make money, it relies on good old fashioned human error to generate returns. It estimates that as an edgeless casino, it will in fact have a 0.83% edge, thus providing potential profit.
As well as having an effect on the gambling industry, the move could well be a crucial stage in the development of Ethereum-based currencies, the software on which this casino will be based. Gambling has historically been important in the development of other cryptocurrencies, most notably Bitcoin, as it helped to stabilize and grow the currency in its earlier stages of development.
“It is a great time to be in the Ethereum gambling industry because the cryptocurrency is still relatively new and yet its features are literally game changing”, said Tomas Draksas, co-founder of Edgeless.
“A universal currency that offers fast, hassle free transactions – who wouldn’t want that? – and now of course Edgeless casino is offering fully verifiable game play and 0% house edge, these are significant draws for the wider gambling community and through which we hope to attract more gamblers into Ethereum.”
As well as receiving tokens in the crowdfund, technically known as an Initial Coin Offering (ICO), tokens are also available for those who help to publicize the platform through social media. Plans to return profits to investors are also allocated a clear plan to grow as the casino attracts more players and launches more games.
A casino that offers a 0% house edge? Who wouldn’t want that? Edgeless Casino’s main selling point surely is marketing gold, but let’s hang on for a second. The Ethereum-based ‘smart contract’ software on which this casino will be based may be known by a hardy group of cryptocurrency casino fans, but for most players, a bit of research will need to be done before dipping in.
It remains to be seen how this online casino concept will fly with players – afterall, there’s a lot more to people’s gaming experience than simply the mathematics of the odds. What about player experience, customer support and the quality of the games? At the moment, we watch on with interest.
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