Topic: Decent.bet online Casino $ Profit Sharing Model $ Slots $ Craps $ Sportsbook $ (Read 382 times)

Great information here, thanks so much for sharing.

18% to founders is amazingly low compared to most projects. BTW they locked their shares for a 12 month period.  With PASPA change in the US, the DBET sportsbook just got a solid "shot in the arm" imho

Decentralization is a buzz word in crypto.  Each crypto has varying levels of decentralization based off of what is necessary.  Bitcoin is likely the most decentralized because it had no pre-mine, no founder tokens set aside, etc.  Most cryptos are beholden to the developers/programmers anyway, so how truly decentralized are they really?  It is the consensus mechanism that aims to be decentralized.  But let us review a few of the gambling tokens and do a comparison (chart attached at the bottom).

WGR will be a sports betting platform that isn't using Ethereum, but is using a fork of the PIVX blockchain.  They have created oracle masternodes.  For what purpose?  To decentralize the sporting event outcomes.  Each oracle will scrape scores, outcomes, etc from varying sources and the network will reach consensus on each sporting event based on a percentage of oracles agreeing with a certain outcome.  This is a lot of work, for a questionable amount of payoff.  How many sporting outcomes are really being contested?  If a company simply uses standard Las Vegas sporting outcomes, they will be in line with 99.99% of all other outcomes.  Creating their own blockchain and oracle masternodes has a lot of hidden downsides though.  It creates additional work, downtime, wallet creation, etc.

Projects like DBET, FUN & EDG all run on the Ethereum Virtual Machine (EVM).  They do not run their own blockchains, and save that work for the big dogs like Vitalik.  This frees up their time to develop their platforms, market their products, etc.  DBET is the only one of these three that will have a sportsbook in 2018.  The question becomes how decentralized are each of these?  From a token/ownership perspective, DBET is the most decentralized holding the least amount of tokens for the founders/advisors.   But that isn't the most important feature.  If you listen to the DBET CEO & founder Jedidiah Taylor in many of his videos, the most important aspect of decentralization to him is casino ownership.  Understanding that "the house always wins" and that only the rich can create/own/operate a casino, his desire was to allow for an opportunity for the common man to be a part owner of a profitable casino.  100% of the profits of the casino are distributed to the DBET token holders who "lock-up" their tokens in the house each quarter.  The true decentralization is in the ownership & profits. 

Many other cryptos have founders/owners dump the token/coin on their community (Litecoin?) after the value increases.  But if the founders sell off their DBETs, they no longer receive a portion of the profits from their own casino.  Everyone is incentivized to either hold in the house, or gamble with the token in the casino.  There is no other token economic structure like this anywhere else in cyrpto that 1) has a revenue generating income stream, and 2) gives 100% of the profits back to the holders of the token.

Here is a chart comparing the features of: DBET, FUN, WGR & EDG
https://www.reddit.com/r/CryptoCurrency/comments/8icx2u/decentbet_mainnet_release_imminent_any_day_now/

The DBET team already has one casino license (Dominica), and is applying for others.

Not exactly sure what you mean by affiliate program.  They will offer white label solutions for outside casino operators who want on the platform though.  Each white label is required to purchase 2 million DBETs initially.

For those that don't know, DBET added some more rock star team members in the past few days. Here is the press release:


FOR IMMEDIATE RELEASE

Decent.bet Strengthens Management Team with Trio of Gaming Industry
Veterans

Brian Balsbaugh, James Sullivan, and Steve Preiss Bring Decades of Gaming Experience to Guide Platform into Regulated Markets

LAS VEGAS –April 24, 2018–Decent.bet today added further depth to its management roster with the hiring of three seasoned gaming industry experts—Brian Balsbaugh, James Sullivan, and Steve Preiss.

Collectively the new hirings bring over 40 years of gaming industry experience to Decent.bet, a critical step in helping the company navigate relevant regulatory markets and frameworks. Set to launch in May 2018, Decent.bet is a transparent, smart contract based gaming platform that distributes 100% of its profits to house credit holders. Unlike other decentralized gambling platforms which primarily use Ether and Bitcoin for transactions, Decent.bet makes use of specialized ERC20 tokens –DBETs –to facilitate wagers as well as buy credits in the house.

Brian Balsbaugh joins the Decent.bet team as VP of Global Strategy. After starting his career as a golf agent, Brian foundedPoker Royalty in 2003. Since then, Poker Royalty has become the world’s premier gaming agency, representing brands, technologies, and personalities across the globe.

“Over the past 15 years, I’ve been at the forefront of many emerging trends in poker and gaming,” said Balsbaugh. “The Decent.bet platform is revolutionary in its approach to online gaming. The concept of being the house coupled with the transparency of smart contracts is the next wave of online gaming.”

Joining Balsbaugh on the Decent.bet team are James Sullivan, In House Counsel, and Steve Preiss, VP of Marketing.

James has served as President of Poker Royalty since 2005. In that time, he has negotiated and managed tens of millions of dollars in gaming and technology contracts.

“Guiding Decent.bet into regulated markets is an exciting challenge,” said Sullivan. “This is a new frontier, and we will make sure to establish the proper framework for successful market entry and sustained growth.”

Steve has a wide breadth of gaming industry experience, helping launch multiple platforms and brands into regulated markets, overseeing marketing and business development of free-to-play apps, and managing the overall positioning of new gaming products.

View introductory videos of Brian Balsbaugh and James Sullivan here:
Brian Balsbaugh: https://youtu.be/OvjXvoryCic
James Sullivan: https://youtu.be/ZkmA-ouQ2OE

May be you are wrong on this, there is many people that want to play and keep rolling on slots instead of other games. Indeed they are seldom and most of the site never offer something good for slots but yes, there is players that do this because the jackpot is pretty big enough. And you will never know when to hit it, I am pretty sure that you need to explore more to make sure what you write is for real

Makes sense and thanks! Mainnet launches on May 1st and I think we will definitely be hearing some good news from the team this upcoming week about the future! The main reason I got this post out was for potential investors who want to receive the passive income since there will only be a weeklong period to lockup the DBET tokens in the house. After that weeklong period, you have to wait until the next quarter..so I'm trying to save people from missing out on that.

I'm not going to spend my time on test nets, nor am I interested in that type of slot, I think most crypto gamblers also don't really waste time with slots - but got to say that I've been having a so-so to good experience with all gambling related tokens, and I might want to try this out now too. Not sure this is really decentralized though, not that I quite care at the moment. Everything I have invested into gambling is sort of centralized anyway.

Looks good by the way, just waiting to try other non-slot games in non-test mode.

Can this casino legitimately run without a license, because everything is running based on this DBET token?

Will you have an affiliate program as well?

That completely makes sense. We are just getting the word out right now because mainnet is so close and also if someone wants to participate in the passive income then the House lockup phase is getting nearer and nearer and there will only be a window every quarter that you can lockup DBET's to participate in the profit sharing. Also, you are correct, all winnings will be paid in DBET tokens.

Yes. I was just reading on posts from "decentbet" from last year September 2017 on this project.
Mainnet release should be soon so will wait for that to be released in that mode to try it out. I like to use a casino that is fully operational to test with my tokens/coins. Thank you for this update on the difference of the two modes they are currently in.
Sportsbook is some good news to know about because I am currently looking for a good one to use.
Will keep Decentbet in mind and looking more into their tokens as future reference.

Correct, Casino is in testnet mode and you can play the test net slots if you follow the instructions I posted above, The slots will be live on May 1st, so far there will only be 1 slot released but there are more in the works that will come very very soon after mainnet launch. Also, the sportsbook will also come soon after the mainnet launch.

From what I read in the previous post from OP on the 17th of April they are still in this "Testnet" phase.
So in what I understand of this statement is they are not fully operational yet.
So anything won will not be honored until once the site goes into full release mode?
Winnings are paid in the DBET tokens only and then you will need to make use of an exchange to transfer these into btc/eth if you want?

The token lock up will happen once per quarter (3 months) as per the whitepaper.  While this could change down the road, where investors have the opportunity to lock in more frequently, that is the current plan.  The first lock up period is tentatively scheduled for 01 MAY 2018.  In order to participate and lock up tokens, you need to download a DBET wallet from the official website here: https://decent.bet/wallet   Currently you can only send DBETs into the house from the actual DBET wallet.  Ledger and/or Trezor integration may happen in the future.

Profits will be sent directly back to the ETH address associated with the DBET wallet from which you sent them.  In the future, there may be an "auto-reinvest" option for ease of use.  Is there a chance that the casino loses money over a 3 month period and investors lose some of their DBETs in the process?  Statistically, it is possible.  Though unlikely.  I consider that quite a low risk, and the more people that are gambling, the lower risk that becomes.

Really interesting concept, just a few quick questions :

May you please explain in short words how to lock up the tokens in the house?
Also where will the eventual profit be sent to?
Lastly, if I got it correctly tokens locked up form the bankroll against which the bettors bet : so there is the chance that token holders may see their share becoming smaller in case of loss?

Sorry if I didn't read all the WP but please bear patience.

Well said! As you said, they will be donating a portion of the founders share (i'm pretty certain thats where it comes from) to a charity! I really like how every game will be verifiable by the blockchain as well so you can really see your odds. I think there are a lot of good things coming for crypto this year and there will be many pioneers made, one of which will be DBET with the use case of the token, the profit sharing bit will be extremely nice once the $$$ starts pouring in.

Many crypto projects claim to be decentralized, but in reality the founders/devs control all major decision making.  DBET appears to me as an online gambling casino where it is a company (actually a charitable organization), that is merely using a crypto token in order to share profits with any/all investors who want to invest in it.  The founders/devs still make all the decisions on the business and strategy, but the profits of the casino go 100% to the holders of the token who lock up their crypto each quarter.  This means that the token itself has a double-utility.  Not only do you need it to actually gamble on the platform, but the investors also need it to make a profit.  The casino founders want to use a blockchain casino to have provable fairness, and so gamblers control their money too, not the casino - which will be the future of online gaming. 

This industry is ripe for disruption because online casino scams are everywhere.  I hope that DBET will lead the way for the future of online blockchain gaming.

Well there is the perk that DBET gives back 100% of Profits quarterly to token holders that lock up their tokens in the house..that is revolutionary  95% goes to token holders and the other 5% goes to a quarterly lottery! For every 1000 DBET you hold you get a lottery ticket. To make it fair they made it so that you can only have a maximum of 5 lottery tickets. This gives even the smaller DBET holders to have a chance at the lottery.

I would also like to point out their amazing state channels that the casino games will operate on. Unlike other casino's on the blockchain, you don't have to wait after pressing the spin button! Every time you choose a slot to play you will deposit DBET into a state channel that operates off of the ETH blockchain, like literally off of it. So you don't have to wait for a transaction to go through after you spin each time. The best part is that every bet will be completely verifiable by the blockchain!

Can you explain more detailed how you will revolutionize the gaming industry?

Game Protect itself is a revolution in the online gaming industry and is open for other revolutions.

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