Crypto casino games are on the rise. There are even casinos in the Metaverse. Things move fast in online gaming. We break it down for you.
The metaverse called Decentraland is now home to the Holy Temple Casino. The 42-plot 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. Additionally, there will be treasure hunts, which can net players tokens which they can then use for more games. Players can bet against each other or against the house. To play, you must purchase the native token, MANA. Enter here.
It is not the only metaverse casino. In some other iterations, not only can you bet, but you can also buy land inside certain casinos. If a high-paying blackjack table is on your land, you get a share of the profits.
Crypto-casino games are popping up everywhere
An amazing range of online crypto casino games have emerged over 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 against the player and the profits go to the house. In this way, gambling should be viewed purely as entertainment, where you can pay big to be “entertained”.
But all may not be risky and infested with scams. New types of crypto casino games are emerging. These use blockchain and Web3 to gain the trust of their audience.
Web3 Crypto Casino Games
The idea that anything crypto could make betting safer might sound crazy. However, the development of decentralized blockchain-based Web3 technology is progressing.
Platforms are being created that allow users to own their own data and assets, rather than entrusting them to companies. Blockchain does this in an open, trustless, decentralized and transparent environment. This could solve many problems of Web2 platforms.
Although gambling is completely legal in many places, people still invest billions of dollars in unregulated offshore sites.
This leaves players like sitting ducks for bad actors. Such sites can vanish overnight, along with gamer crypto.
Carlos Liang is the CEO of Divvy.bet, a betting site that uses blockchain. Liang says, “Users of blockchain-based betting platforms don’t have to worry about bad guys. Each transaction is governed by a smart contract, an immutable, self-contained program that operates under terms agreed to by the user.
Liang says that rather than handing over the 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 and smoother user experience. There is no more transmission of private data, no more exorbitant withdrawal fees, no more concern about manipulation of spreads by sports betting companies.
Platforms such as Divvy.bet using Web3 protocols provide users with full transparency into the betting pools they use. This allows players to manage their risk more effectively.
Liang says, “You will be able to see your bankroll, have full control of it once the bets are settled, and know there is enough money in the house to pay you out. This is a big improvement over traditional sports betting platforms, which are basically a black box in terms of how your funds are used and how much cash is available.
Other Blockchain Betting Sites
Another crypto blockchain 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 claims to have reworked the traditional betting model to create a betting exchange where users bet against each other rather than against the platform.
“Entrants can choose to be a better or a bookmaker, with Betswap.gg providing a transparent betting model with no hidden fees and minimal gas charges. Betswap.gg does not require users to go through a process of cumbersome onboarding. All you have to do is connect your wallet and within minutes you can start betting. Betswap.gg does not take custody of user funds at any time, allowing players to place individual bets directly from their wallet and withdraw their winnings seamlessly, securely and instantly.
Crypto casino games and influencers
As crypto casino gaming sites have popped up, influencers are getting paid to play the games and broadcast live to their audiences. However, what you find buried deep in the disclaimer is that these influencers received the money they bet, in addition to getting huge payouts for streaming the content.
Max Maher runs a channel with almost a million subscribers. He says, “Many streamers regularly give out disclaimers about the dangers of gambling. However, streamers are paid absurd amounts of money just for playing games on these sites. Streamers often receive the money they play with – they don’t play with their own money. This of course encourages streamers to be more reckless in the game.”
A Youtuber said anonymously on Maher’s site that he was paid a million a month to stream casino games. Maher says streamers fall into temptation and accept deals no matter how morally conflicted they might feel about it.
It’s always the job of viewers to make responsible decisions. However, these streams reach children, especially on platforms like Amazon-owned Twitch, which is full of children. The platform, however, has started to crack down on unlicensed gambling sites.
But, if you like to gamble and want to gamble online, you’re one search engine away from millions of options.
Or you can just stick to crypto trading in a bear market. It’s a bet in itself.
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