Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.
Following an upcoming launch later this year, Ethbet will become the world’s first Ethereum-based dicing platform allowing users to bet against each other.
Online gambling is one of the most rapidly developing industries, which is expected to reach more than $65 billion in the next three years. After a tremendous popularity of cryptocurrency among online casinos, the industry’s focus is now moving towards its underpinning technology blockchain, which is set to transform the overall gambling sector.
Many online gambling platforms are now integrating blockchain in an effort to improve existing issues, like the absence of trust and transparency. The decentralized nature of the technology eliminates the risk of money laundering and lets regulators to check online casinos’ operations and access the necessary data.
Ethbet is a newly developed dicing platform based on the Ethereum blockchain. It the first peer-to-peer dicing service offering bets without a house edge. Unlike traditional dicing platforms, Ethbet will allow users to bet directly against other players instead of against a centralized house. This model allows the startup to deliver its services at lower fees if compared to its competitors.
“Betting without a house edge saves players much more than a trivial amount,” Ethbet wrote in a whitepaper. “Because a player’s expected loss can be zero for every bet they make, they can now make hundreds or thousands of bets without statistically being likely to lose more and more of their money over time. With a house edge of 3 0%, a player’s probability of gaining capital is equal to their probability of losing it – they are no longer making an inherently irrational decision with a negative expected gain.”
Additionally, Ethbet is planning to support gambling via any Ethereum-based token, what has not yet been implemented by any gambling website. The startup is also going to add other games to the platform depending on the user demand.
Taking into account its lower fees, superior returns, provable-fairness, and other advantages, Ethbet has great chances to lead the sector of cryptocurrency dicing. It offers significant advantages over other dicing websites, including SatoshiDice and PrimeDice, which generate millions of dollars in profits. Given the aforementioned reasons, the startup is expected to revolutionize the online dicing sector, which is currently valued at more than $50 billion.
The company is now planning to launch an ICO to distribute 75% of its Ebet tokens. The funds raised during the crowdsale will go on further improvement of the platform, including third-party contract security audits and further web and application development.
The ICO will start on September 17 and last for four weeks. However, it is expected that all the tokens will be sold out long before the deadline as the sale is capped at only 5,000 ETH.
While other ICOs launched by dicing platforms have provided the best returns on investment (ROI), such as Edgeless (1800% ROI), Etheroll (6100% ROI), and vDice (1950% ROI), Ethbet’s returns will likely be as lucrative.