Blockchain could be the solution to several problems that the world is facing – but the gambling industry, with its challenging issues, is one of the sectors that needs to implement this technology more than any other.
Let’s analyse 5 different gambling ICOs that aim to solve and change the online gambling using blockchain technology, and if they have what it is needed to really solve the challenges ahead.
What it does:
Marginless is not just a betting exchange, but it is also a social betting network. Users are able to share their betting insights, create their own markets and place bets against friends or other individuals without being overcharged or simply tricked.
- Data Centralization
- Low Commissions
- Few genuinely innovative ideas
- Transparency and fairness lies on the social network aspect of the project – its difficult to really guarantee 100% fairness
- No MVP at this point – which is promised for the end of 2018. This is the riskiest part of this ICO.
Bethereum works with the Ethereum platform so as to deliver streamlined sports betting, instant pay-outs, with transparency in fund management and a possibility to build an online casino.
- The approach is fundamental and Bethereum’s team is developing a platform which is a more viable option for future development and scalability.
- Innovative approach to gambling through smart-contracts – which may actually make the betting fairer.
- Developer kit for those wishing to install their soft on the platform.
- There is no specific date for product release. This is one of the negative points of this ICO.
- There are several similar betting ICOs in the market, but none of them is quite unique jus yet.
The TruePlay platform has been developed in 2017 and gained attention as one of the most viable solutions for the problems in the industry. It is currently functioning, it is fully transparent and it shows a much better work than other platforms.
- This is a fully functioning platform and a token that has already been implemented by some of the top players in the industry. We can mention some platforms, such as Pokedrom, and fairplay.io.
- Limitless scalability potential – TruePLay is an ecosystem in itself that allows for constant improvement and expansion.
- A transparency model that affects everything including pay-outs and game results.
- It’s B2B only
- No SDK or any provider integration until mid-2019
ZeroEdge.Bet is a blockchain gambling platform that offers its players 0% house edge casino games. At the same time, the platform offers a commission-less sport betting exchange and an open source platform for those who want to build and operate their own games on the ZeroEdge network.
- Social Responsibility offering 0% house edge casino games.
- A team that cares about their product.
- It works in the casino format and it is not clear how they are going to develop after the product launch.
- A lot is riding on the Bitcoin rate, and some players are profiting off of it. It seems a practise that is short sighted because Bitcoin can grow one day and fall the next one.
Belotto brings transparency to the lottery business. It was able to do so by eliminating the risk of misallocated money, drawing or jackpot manipulation. The company implemented a decentralized lottery scheme that is powered by blockchain technology.
- It is a transparent platform – it is good to see that companies are addressing the issue.
- It has a unique way to launch: there are three original lotteries that they’re going to carry out. This is important because it can actually work in terms of financing the project.
- It is one sided, lotto is the only option available. Moreover, it is not so attractive and its future development is questionable at best.
- ‘With Belotto, the house never wins. Users do’ says the project. But the reality is that they may be doing some money, that’s something suspicious and to pay attention to.
To summarize all, blockchain is a very absolute necessity in the online gambling industry. There are many projects, but the ones that may seem to have better chances to survive are those who develop entire platforms for casinos. It solves numerous problems with support (KYC), and it allows scalability for different projects. Affiliates are also those who benefit from blockchain technology, allowing for a fair commission and a motivation to bring more players into the game.