Crypto casino games are on the rise. There are even casinos in the metaverse. Things are moving fast in online gambling. We break it down for you.
The metaverse called Decentraland is now home to the Holy Temple Casino. The 42-parcel estate will have one of the largest footprints in the virtual world. Launched by a company called Metaskins, the casino hopes to be a destination for gaming, parties and entertainment. Games include a metaverse lottery and card games including blackjack. Plus there will be scavenger hunts, which can earn players tokens that they can then use for more games. Players can bet against each other or against the house. To play, you need to buy the native token, MANA. Enter here.
This is not the only metaverse casino. In some other iterations, not only can you bet, you can also purchase land inside some casinos. If a high-revenue blackjack table is on your land, you get a share of the profits.
Crypto Casino Games Are Springing up Everywhere
An astonishing array of online crypto casino games have sprung up in the past few years. Some of these have been rugpulls, whereby punters hand over money and never see it again.
Others are legal, but as always, the odds are stacked against the player and the profits go to the house. In this way, gambling needs to be seen as entertainment only, where you can pay big to be ‘entertained.’
But it might not all be risky and scam-infested. New types of crypto casino games are making themselves known. These use blockchain and Web3 to garner confidence with their audiences.
Web3 Crypto Casino Games
The idea that anything to do with crypto could make betting safer might seem crazy. However, the development of decentralized blockchain-based Web3 technology is steaming ahead.
Platforms are being created that let users own their own data and assets, rather than hand them over to corporates. The blockchain does this in an environment that is open, trustless, decentralized, and transparent. This could address many of the problems of Web2 platforms.
Despite gambling being totally legal in a lot of places, people are still putting billions of dollars into unregulated offshore sites.
This leaves players as sitting ducks for bad actors. Such sites can disappear overnight, along with players’ crypto.
Carlos Liang is the CEO of Divvy.bet, a betting site that uses the blockchain. Liang says, “Users of blockchain-based betting platforms have no bad guys to worry about. Every transaction is governed by a smart contract, an immutable, autonomous program that operates according to the terms agreed by the user.”
Liang says that rather than handing over crypto to a third party, all players have to do is connect their own crypto wallet to the protocol. “Cutting out the middleman in this way leads to a vastly improved, more frictionless user experience. There’s no more handing over of private data, no more exorbitant withdrawal fees, no more concern over manipulation of spreads by sportsbook companies.”
Platforms like Divvy.bet using Web3 protocols give users full transparency into the betting pools they’re using. This allows players to manage their risks more effectively.
Says Liang, “You’ll be able to see your funds, have full control over them once bets are settled, and know that there’s enough money in the house to pay you out. That’s a big improvement on traditional sports betting platforms, which are effectively a black box in terms of how your funds are being used and how much liquidity is available.”
Other Blockchain Betting Sites
Another blockchain crypto betting site is Betswap.gg which is built on the Polygon blockchain. It is a peer-to-peer decentralized sports trading exchange, and uses a native token, $BSGG. The company say they have reworked the traditional betting model to create a betting exchange where users bet against one another rather than against the platform.
“Participants can choose to be a better or a bookmaker, with Betswap.gg providing a transparent betting model with no hidden fees and minimal gas fees. Betswap.gg does not require users to go through a tedious onboarding process. All you have to do is connect your wallet, and within minutes, you can start betting. Betswap.gg does not at any point take custody of users’ funds, allowing players to place individual bets directly from their wallets and withdraw their winnings seamlessly, safely, and instantly.”
Crypto Casino Games and Influencers
As crypto casino games sites have popped up, influencers are being paid to play the games and livestream to their audiences. However, what you find buried deep in the disclaimer is that these influencers have been given the money that they bet, in addition to getting huge payout for streaming the content.
Max Maher runs a channel with nearly one million subscribers. He says, “Many streamers do give regular disclaimers talking about the dangers of gambling. However, streamers are being paid absurd amounts of money just to play games on these sites. Streamers are oftentimes given the money that they’re gambling with – they’re not gambling with their own money. This of course incentivizes the streamers to be more reckless in the game.”
One Youtuber has anonymously said on Maher’s site that he is paid one million a month to stream casino games. Maher says streamers are falling into temptation and taking the deals regardless of how morally conflicted they might feel about it.
It is still the viewers job to make responsible decisions. However, these streams are reaching kids, especially on platforms like Amazon-owned Twitch, which is full of kids. The platform however has started to crack down on unlicensed gambling sites.
But, if you do like a gamble, and you want to play online, then you are one search engine inquiry away from millions of options.
Or you could just stick to trading crypto in a bear market. That is a gamble in itself.
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