Crypto Casino EOSBet, One of the Most Popular EOS dApps, Receives Online Gaming License

Siamak Masnavi
  • 2 Dec 2018
  • /
  • In #EOS

EOSBet, one of the most popular EOS dApps (by daily number of users and 24-hour volume), has become the world's "first licensed on-chain blockchain casino."

On Friday (30 November 2018), EOSBet announced that it had "secured an official certification from one of the world’s oldest and reputable online gambling regulator, Curaçao eGaming," which has a Master Gambling License from the island nation's Ministry of Justice; this means that Curaçao eGaming "has exclusive powers that allow It so sub-license other gambling platforms.."

The Curacao gaming license allows EOSBet to "operate all forms of interactive gambling," and makes the company "the first of its kind to receive a license" and "benefit from the trustworthiness instilled in it thanks to the recognition of a respected gambling authority."

According to DappRadar, as of press time, in the past 24-hour period, EOSBet had 3,522 users, and a volume of 332,954 EOS (approximately, $972,225). Furthermore, EOSBet says that since it went live in late August, "users have made almost 10 million bets, with a total of over 70 million EOS wagered." 

By comparison, the most popular dApp on Ethereum, decentralized exchange IDEX, for the same 24-hour period, had 813 users, and a volume of 2,152.96 ETH (approximately, $251,901).

Crypto casino EOSBet is "an on-chain gambling dApp,in which "players can wager their EOS tokens on either a dice throwing game or a uniquely designed baccarat game."

EOSBet Baccarat Screenshot.png

EOSBet says here's how it uses smart contracts on the EOS blockchain to offer "provably fair betting":

  • "Every bet you place with us is secured by our novel randomness generation technique. You may submit your own seed, or leave it blank. Your bet will receive a unique ID in a smart contract, which will be signed by our server with a predetermined secret key."
  • "This signature will be passed back to the smart contract before being verified that the correct secret signing key was used. The contract will then derive a deterministic random number from the signature, which will be used to resolve your bet."

Finally, this crypto casino wants to be known as the first "community-driven online casino;" holders of its native utility token, BET, "receive instant dividends in EOS, collected from 100% of the profits made on EOSBet." The payouts "are calculated and distributed based on the number of BET a token holder owns." As of 26 October 2018, reportedly, EOSBet had paid out $1 million in dividends (roughly two months after it started its operations).

Images Courtesy of EOSBet