Topic: Need opinion about Decentralized Gambling and Profit Sharing (Read 446 times)

It is probably truth, now the thing is what do you define as trust in this case?. Because it's obvious that they will use the information to keep track of you but that is something common in internet though.

They do like to play unfairly when they can, those Chinese are pretty smart doing the things they do. A lot of people don't really notice, it's pretty interesting that you do. I do agree with you in this case.

But i think that is truth for practically any authoritarian regime.

I won't say EOS blockchain was alleged centralized in nature because we both know that it node was controlled by some group and the last time I checked EOS bet was hacked 2 time last year which has proof that EOS gambling daPP will vaporize anytime from now. However, I never watch the promote model you mentioned because I just don't like the EOS project due to the flaws involve in it but any promise made by a project which have the Chinese government as back bone shouldn't be trust.

The consistent profit is like offering a passive income to the users.
And we know the truth about this kind of income-generating scheme, they are true in the first couple of months and afterwards, it's not the same anymore.
Though we don't know yet the real impact of employing this decentralized gambling and having this profit sharing feature.
But on my end, I would wait for solid proof that they can deliver their promises to the users in the long-term scenario, not only for few months but maybe at least a year of sustaining the share of their users.
Also, in time, we will know if there are loopholes within this kind of system.

Why do you think project on EOS shouldn't be termed as decentralized projects? Is it because of the alleged centralized nature of the blockchain?

Depends on why you think the profit sharing model won't continue for a long time. I have seen the main developer of EOS blockchain promote the model.
I doubt he will do so if he doesn't think the model is sustainable.

Risking money in a platform which is not yet fully public might always be a major risk and the decentralized markets will not make us run for long term. There are a lot of similar offers and schemes but none of them works for long term so it always remains a temporary hype.

Investing in top coins from the coinmarketcap is always a better suggestion for newbies who want to start into the decentralized field and are hesitating on with their first investments. These are all from my experiences and there could be multiple exceptions are possible hence it would be always recommended to act based on own due diligence and responsibilities.

I think in the future this can one day be big especially if there are regulations being brought into casinos which might force their users to KYC.

The issue with these smart contracts and all is that they got crazy bugs. This is new technology and hasn't really had much mainstream adoption yet and who knows how well the code is done.

So if you are an investor you not only need to worry about the smart contract coding but also any bugs that might be discovered with the underlying coin that it runs off.

Look in the past how many bugs Ethereum had and there were millions of lost funds as a result of it. With these dentralized casinos it will be the same issues.

Actually, some decentralized casinos offer "on-chain betting." In other words, the calculation running on top of smart contracts. This way, after they (casinos) deploy smart contracts, everything is automatic, secure, and transparent.*

*Please correct me if I'm wrong since I don't have the ability to review the smart contracts.

There is no such thing as trust and reputation in relation to online casinos that don't have licenses, not a legal limited liability company, etc.

When $ 1 million bankrolls are safe, there is no guarantee if $ 1 billion bankrolls will be safe. This is the nature of human, i.e., greedy. Since this is the bitcoin community, you should have known that centralization is bad.

Yes we can't be sure about that but like my suggestion, go ahead with those casino's that are reliable and you can trust with your money. Those casino's that has been running for years and has a good track record.

Revenue sharing isn't unique, there's already a system like this even before the crypto days. But like what I'm saying, it's not about the system but it's about the reputation and where you are going to put your money. At the end of it, if one will choose to get along with DAPPS, then choose the most reliable that you ever did research on it.

We cant conclude that most of them would messed up on the end, there might be some who would sustain in the market and this dapp and profit sharing system
is somehow unique tied up with gambling. The more you wager the higher the dividend you would get.When it comes to investment if you do try to compare it isnt
really collaborated with gambling site/house investment.Its a different way other around.

Bottom line is that we need to take risk if we wish to make some higher profit. Investing in reputable casino, for example 100 dollars, will not make you a lot of profit, it`s too small amount for big casino, you need to have a lot more for that. On other side investing same amount in some new casino, and I see many new casinos created on different platforms, can bring huge profit if you invest in the one that will be successful in the future. How to know which one will be successful, well we don`t know, that`s the risk, we choose according to some criteria, each of us have different, and we hope for the best. Same like in gambling, you put everything on red and wait for positive outcome. For me everything is gambling, investing, trading, living, everything can happen or not, everything is a gambling cause everything we do demand some investing, time, energy, money, you name it, and we always hope for the best.

Instead of looking to those kinds of DAPPS, if you are investing you better trust those reputable casino's that are offering bankroll investments. You're more secure with that kind of investment scheme that these established casino's are offering. You have the trusted casino with trusted people operating the business.

Unlike with those dapps, many of them are just hype makers and working good at the beginning of their operation. But on the latter, they will start to decrease in terms of players/users which will result to lesser profit.

Taking risk is always giving the result so I also think that the gambling should also been very risky to everyone who are in the current scenario so I think it could also been a very important decision to make while you are talking at a position then it will definitely come to you

Most of these 'decentralized' gambling sites linked in the OP also don't seem to offer anything new from what more centralized casinos offer and are often less user-friendly than centralized casinos as well. I'm all for decentralized crypto services, but I just don't see any significant advantages of these newer sites over traditional centralized crypto casinos at the moment, and some sites even seem to try to hide where the site code is so the few people that want to check the site code can't do so easily. Seems like a gimmick to me for now, but I'm still keeping an eye on decentralized gambling in case things improve in the future.

You said it right, scammers are also waiting for the opportunities to come in and create their own versions of the house where investors who's
aiming for a good dividends are easily being tricked, there's a need for anyone who's willing to take the risk to be more curious studying the
projects that they will going to support.

This types of investment is really tempting as you can read some information regarding to the success of coins being hold inside the gambling business.

Agree, that the more you gain experience on the cryptoworld determine how you find the best platform for profit sharing. Although the decentralized platform has more profit sharing than the centralized platform, just base my judgement on my past experience on the two side. Be caution on newly launched platform for gambling because they might end up sweeping all the deposit away and lost into the till air.

House profit sharing seems something interesting and profitable but it might not be permanent. Decentralized applications doesn’t have much time to spread their existence and the one’s who quickly get into them and also move out on time are the ones who bear profits.

For new peoples it is always difficult to understand how the things work out and by the time we understand everything, the profits turn into loss. This might be a temporary HYPE so always think before you go for it.

It’s very risky actually investing in a new coin and that idea of profit sharing is usually what most of this new coin use in enticing new investors and would later end up failing. Please kindly help share one of those things to investing for higher return because I really need other streams of income. I am tired of all making wrong investments.

I know, it looks tempting, right? The problem is that the gambling industry also attracts scammers and we find it difficult to make a distinction between good developers and evil developers. Moreover, besides good developers, we also need competent developers to make sure that the smart contract is running properly.

In my opinion, KYC/biometrics wouldn't solve this issue and perhaps only make it worse, just like @leea-1334 said.

First you have to understand that biometrics is extremely personal and private. One name can be shared by many people, even addresses and phone numbers can be recycled, so yes, these are all personal details but, your fingerprint, your retina scan,,, all these types of biometrics are only unique to one person.

So if somehow that biometric data is stolen it can be used as if the actual person were doing it.

Yes there can be creative ways for blockchain I agree, but I think if you introduced biometrics, people would think hard. Do I want my bio data to be forever put on blockchain?

I saw the apps list and I truly believe that this is a game changer in the field of gambling as when you don't need any KYC issues to be resolved and can get paid directly to your wallet without any hassles or country-specific restrictions, this is going to be a revolution in the gambling industry. It's just that the coins being used here are of least importance after all the mess happened before.
Profit sharing had been there already and it depends on the % the vendor allows its affiliates, as well as you should also understand the risks associated with it that it is not guaranteed because house gives you some options to choose from and if some users win big against the house under that category, you get nothing.

I think that over time you will gain more experience in finding the right solutions

I do not think any project making use of EOS block chain should be termed as decentralized project.
Profit sharing is what most of this new projects will begin with but it might not continue for a longtime.

Just be careful as I see that this is a new project, it can fail if they do start experiencing financial challenges or maybe they don’t get  enough people who pick interest in the project but from the followers they have i would say they have a good prospect and its likely to be successful.

I understand those who are skeptical about profit sharing. Yeah, it sounds too scammy.

However, with the correct smart contract implementations, we don't have to trust the 3rd party to secure the bankroll and distribute the profits. I imagine the world of decentralized casinos that run on top of smart contracts, without having to rely on human's integrity at all.

Maybe it's only a gambler's wet dream.

Its new to me and it can become a successful in the future if they are able to attract gamblers so its hard to say if this is going to be a next big thing or what. If you are new in gambling then better to use the top gambling site just like what’s on your signature, its worth the risk i guess.

I do not understand why the crypto world is avoiding the use of biometrics linked with online reputation scores to checkmate scammers . It does not make sense.
I understand they want crypto to be  anonymous and privacy friendly,.. I believe anonymity/privacy can  be achieved on blockchain with biometrics in a creative way.
It is really sad to see good projects dying off because of mere scammers

Investing in these platforms is like picking up pennies in front of a freight train.  There is a high chance they will just steal your coins in the end and investing in a casino with a very small house edge wouldn't even be worth your time.  There are much better things to invest in to get a higher return.

For EOS I think its permanent I don't know about tron but they do have a lot of gambling dapps indeed. EOS has free transaction fee which is why its very much attractive so house are making it great for their investors.

I don't know since it's a new type of gambling and perhaps, there will be gamblers that would try the games using EOS and TRON. And besides that, I think it could be the next big thing in the gambling business because when the new thing is invented, it could affect the other or the old business so that the old business can try to use the new things.

And if it gets success, then I think there will be many new gambling websites which use the same platform, and it will make people want to use the trend to make money.

I think there will be so many possibilities for gambling dApps to grow more than now if it fits what people want in this year so the new trend will come.

If the profit sharing is related to crypto payments, then there should be delayed payments and most of the casino's see to that they are sharing the profits only when the exchange rates are high so that they have very less to pay for the people who hold these tokens/coins. These are completely based on my understanding of the centralized platforms since they are very much clear in their idea of fooling the gamblers and has a possibility of playing in the life of gamblers more clearly.

Decentralized platforms too are risky since the profit sharing are based on the code of smart contract. If they were thinking to induce a script in their smart contract code which makes the earnings low then that should be a newer problem from them. Introduction of Gambling tokens along with the platforms were quite popular during the bitcoin peak and most of these tokens were based on the Ethereum, Tron and other decentralized platforms. But there is a strong belief among the investors and Gamblers that Game of Chances and iGaming platforms will play a major role in future gambling market.


There aren't much developers who are interested in Gambling and similarly Gamblers are not interested in the Development. Hence gamblers have a blind belief that, those smart contracts written are good and they go by the way they are "Provably Fair" and would increase their gains.

Not just to point them out, but the gamblers should not trust the smart contracts unless and otherwise the sites they are playing are proven trustworthy. Control of repositories too play a major role if these gambling platforms have their own coins and they are based on smart contracts. At the start of 2018, we have seen that Oyster Pearl token had its peak of $4 per token, but the core developer of the token exploited the smart contract and generated coins out of thin air and dumped them in a exchange certainly destroying the whole coin. The negative aspect of the Oyster Pearl was that most of it's core developers were anonymous, hence finding them out was near impossible.

Hence, anonymity and decentralization are one among the core factors in proving that the gambling site works as planned/can be trusted or not/can we beleive their profit sharing facts?

Those are just hype and will die off sooner than you think. As you can see, majority of the project listed aren't that old enough to be considered trustworthy. Beside I don't consider any project making use of the EOS blockchain as a decentralized project. The EOS blockchain doesn't just fit my definition of a decentralized blockchain.

I guess no .  big gamblers are mainly matured or older people and they usually hang out on casinos ( offline ones )  they use fiats not bitcoins .


Given the name eos and tron , for sure that they mainly use those crypto coins instead of bitcoins because bitcoins is already on the mainstream side while eos and tron are both starters .


Gamblng is indeed popular for all the people not just for older ones but also for the millenials but there are different kinds of gambling games not just provably fair . betting with crypto is cool because its online , its fast , aside from being anonymous .

Personally, I think a lot of the big gamblers are major Bitcoin users. They like gambling, they liked provably fair and they liked the idea of being anonymous,,, which is why Bitcoin was so appealing for them as a form of currency that allowed them to retain their privacy.

If EOS and TRON can do the same for them, and somehow also allow them to still use Bitcoin, cross bridging, then they can be successful. Purely as gambling currency and dapps, too much competition for success. My opinion only.

It's hard to invest expecting a consistent profit on a platform for long term.
This market is still young and no regulation that will control, so there is a possibility that due to bad market condition, the project will fail.
I am more confident with a traditional way of investing in a gambling site now, like bankroll investment and I am not really looking for big profit
as I know it's not gonna work easy.

Honestly, I would just choose to buy major coins, of course BTC and just hold it than risk my money in a platform that is not yet proven.

Not something that I would get into unless you're knowledgeable about the code behind it, the developers, and the companies which are pushing it. If you're not personally able to audit the process (or at least find someone you can personally trust with your money to audit it) then I think you should be avoiding this system. You're setting yourself up to lose money by means of decit, and that's not something anyone wants to see.

That's not even touching the fact that I think most of these altcoins are shitcoins and the 'gambling' ecosystem which is present on them is just an attempt at gaining clout. Bitcoin is the only coin which will REALLY be used for gambling (I guess alongside XMR for privacy) Everything else is just a shitcoin.

no thats not true  . gambling house does not win at all time because sometimes the players also wins alot  . i witnessed a couple of gambling sites that got bankrupt  , so how  can you say that house always wins ?  and if house always wins then why would think that there are still gamblers that plays gambling . ? not all gamblers are playing for fun  , most gamblers are playing for profit  .


i dont think that those are only hype  . sure it can die soon if people wont get interested or if the platform experience a financial issues but all of us heard and see that eos/tron do also have a potential and they already got alot of followers  .

So "waiting" is the consensus?
By the way, some site has smart contracts open for review, but I guess the majority of gambler will not bother to review it, just like the "provably fair" feature.

As far as I remember these dApps was introduced on last year (correct me if I'm wrong) and now on this year they do already proceed on focusing it up
when it comes to decentralized gambling with profit sharing set-up which is something unique and cant really be found into most platforms but I wont say that
this would boom up or would gain traction but who knows if this would drive out in terms of popularity.

For now this is something new, and i would not invest my money in something like this since there are no reason to belive this is going to be the next big thing. You should probably wait at least a few more months to see how people will react to this.

I checked a few of the top gambling sites listed on there and all of them aren't even a year old. I don't think this is the next big thing (for now) those bets could be investors gambling their way to get a bigger portion of the house. Give them a year or two if they continue to progress or maintain their stats then that's enough proof for these decentralize casinos to be successful.

You always have to gamble to maintain your share if not your profit share will slowly reduce because of how many bets are being made everyday and dividends are continuously given out.

I think it depends on the amount of capital you are willing to risk. I haven't tried any of the following but seeing that the house offers some profit sharing would benefit you in the long run. We all know that the gambling house always wins and if there are a lot of players, depending on the casino itself, you might have your ROI already in no time.

It is at its current hype, so maybe it will die down soon, and more people that have experience can share their thoughts.

In this beginning it looks like it will be a success, although I am not confident it will stay this way as time passes.

Profit sharing used to work in the beginning even in the marketing industry but was soon overriden by scammers. I hope it is not the same story in gambling.

Hi, guys.
I notice that many gambling dApps were popping up in EOS and TRON. https://dappradar.com/rankings
And some of them offer house profit sharing.

Since I'm new in this gambling section, what do you think about it? Is it going to be "the next big thing?" or just temporary hype?