In a press release dated 30th November, first decentralized EOS-based cryptocurrency casino EOSBet announced that it is the first to be licensed as an on-chain open-source gambling site. EOSBet announced that it has successfully obtained an online certification to be an operator of a casino. This license was obtained from the world renowned online gambling regulator Curaçao eGaming. The Caribbean regulator is one of 4 and the oldest and established online gambling regulator with exclusive rights to sub-license its master gambling license which was accorded to it by the Ministry of Justice.
The EOSBet project is an EOS-based casino built as an on-chain decentralized gambling application, that allows players to gamble with their EOS tokens. Two types of games are currently available, the dice throwing game and the baccarat card game. The obtaining of the license is a huge development for the project and will help them operate within legal frameworks. EOSBet Marketing representative Frej said the following about the development of the project:
“We’ve worked relentlessly to make this license succeed and we will continue to strive to be the standard for smart casinos.”
So far, patronage has been growing with over USD 5 million betting volume already recorded. This has set the record as being the top-rated decentralized application on the EOS network. The solutions provided by this platform are meant to address the most fundamental problems of a centralized casino, to include slow gameplay, high fees, and unfair house advantage.
The advantages provided by the platform enables bettors to place their bets through smart contracts on the EOS blockchain, this makes it impossible for bettors to play an unfair game. Other advantages provided by the platform include instant transactions, near zero latency and zero fees.
The native token of the platform is the BET token, which is a utility token that allows holders to earn profit-sharing. As the first ‘community-driven online casino’, allowing holders of the BET token to earn dividends from the profits being made on its platform, EOSBet positions itself as a revolutionary disruptive online gaming entity. Dividends are paid out based on the token holder’s BET balance.
A major milestone achieved by the EOSBet since its launch is having more than 70 million EOS placed as bets in just under 10 million bets. So far, in just two months of operation, USD 1 million has been paid out in dividends to holders of the BET token. To spread the word, a referral program is being run with a 0.5% reward from bettors to their referrers. There’s also the incentive to motive new members to join as 0.5% of their winning bets are also credited to their account.
With this license, EOSBet is able to operate all forms of interactive gambling. With a new game in the works almost completed, the platform is also preparing for a website overhaul. More so, the project is expanding its team, and releasing new tweaks periodically to ensure that it competes with legacy casinos out there in order to fulfill its long-term vision.
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