Many would say crypto was still a big gamble, so why not invest in a gambling token until the whole space gets going?!
Gambling dApps happen to be the ones kickstarting the whole blockchain, decentralised scene at this time, and some of them offer healthy dividends as users can easily get a stake in the profits, either by playing the games or by ‘staking’ their tokens (leaving them on the platform).
The main evolution (not yet obvious to the mainstream) is that blockchain enables transparency and trust for all the results and makes these games ‘provably fair’. For example, BetHash.io allows you to place bets on future block hashes of the blockchain itself, which is automatically a random and transparent result. There is also a good overview of all this on the Firelotto.io mainpage, another ‘always-on’ global blockchain-based lottery with transparent results. It’s important to appreciate because many companies and online poker sites – to mention one offender – have been found ‘screwing’ users out of winnings. Blockchain will help protect against this where results are verifiable and human intervention is not possible thanks to smart contracts.
The drawbacks are just that people don’t yet appreciate this difference enough to select away from the mainstream competition. Nevertheless, already these dapps are seeing a lot of activity.
Usage on the popular gambling games on the EOS blockchain have been high, but for how long? Is it just because there aren’t yet a lot of dapps to choose from?
There are some of these that allow betting with a range of cryptos, from Bitcoin, Eos and their native tokens. These could be the dapps that prove good investments long-term.
Here are a few I’ve checked out. The Dice game is the most addictive (I’ve found) and can be found on many blockchain platforms if you’re tired of margin trading. The more crypto you have, the more you can win for less risk, but… if you do lose, you lose it all at once!
Depositing crypto into separate sites (like Firelotto) is fine, as long as they’re not dodgy phishing sites. Personally, I feel safer using MetaMask or Scatter-integrated sites, or directly via my dapp mobile wallet (for EOS, I currently use Meet.One app). These options interact directly with the dapp, without you having to send your tokens to a website account.
BETHASH: Hpoint and HASH tokens
BetHash is an example of exciting token economics in action within a working product producing high ROI for many users on a daily basis. Built on Eos it has a few games, including the blocks-based Hash lottery and Dice game of course.
If everything else to do with blockchain turns out to be speculation, at least we’ll still have BetHash.
You can visit the website and make an account, and deposit ETH. You can also use MetaMask to do this. For EOS users it’s easy just starting it via your mobile dapp wallet.
The Hash lottery allows you to bet on future blockchain blocks. But every time you place a bet, on any game, you will gain Hpoints.
You can turn your Hpoints into HASH at any time, and the more HASH you have, the more daily Hpoint dividends you receive. Passive income! However, you have to re-visit the dapp and ‘claim’ your points, and manually turn them into more HASH.
Yes… it’s a cunning incentive to get you to come back, and of course be tempted to place more bets. So don’t! Just log back in and get your HASH (you will also enter an automatic jackpot for Hpoints.)
You can also buy HASH tokens (an Eos token) via the website on the integrated exchange. You can also use your EOS mobile wallet app (like Meet.One), on the Newdex exchange.
You might find you have enough HASH to swap them for EOS, provided you haven’t been hooked into betting them away. There is also a referral rewards system.
This is a much larger Ethereum-based project with an array of flashy games. You can invest in FUN tokens on many large exchanges and get access to a wide array of nicely-rendered browser games including European Roulette.
Log-in is simply via MetaMask browser extension, which of course stores your FUN tokens too.
There is a showcase section where you can play with TestFun tokens (you still need some ETH to in your MetaMask to get going.)
There are options to get a FunPass, a more serious, verified account, and a new project CasinoFair, has recently launched. I’d suggest that things are starting to heat up with this token project based in London.
Or you could just HODL for the price of FUN, or trade it which might be less like gambling.
This is a dice game on the Steem blockchain. MAGIC tokens are not yet available, but you receive them daily if you delegate your Steem Power and support the project. Currently I receive 50 MAGIC tokens a day from delegation. The referral program is also active and allows you to receive Steem/SBD.
Many more dapps…
List of all live gambling dapps on State of the Dapps.com
List of sites on CryptoSlate.com
Words of Advice
Winning or losing has never been so quick and easy, and now it’s more trustworthy and transparent. That’s good news.
Still, the saying goes that ‘the house always wins’. This is simply because every single gambling game allows for slightly more luck in favor of the house. Hence, the dice bar stops at 97 (on BetHash right now) or less. Therefore: if you play enough then you will lose. The only trick is not to be ‘a gambler’, and play the least times possible, or just for fun, with a set limit.
Or… not at all, and invest your crypto in the staking token itself, and let it accumulate, or see the value rise.
However, there is much competition, to its probably worth checking out the usage statistics on State of the Dapps etc. Although, these may not be accurate when they allow for multiple blockchain account log-in.
There’s little doubt that traditional gambling names are going to see disruption coming from the blockchain space.
Now is still an early time to go ‘all in.’ Your research time has started now.
Disclaimer: This is not professional financial advice. Always do your own research. Everything on the website is personal opinion.