EOSGO DApp Reviews: BetDice
Dice is a new profit-sharing gaming platform on the EOS.IO blockchain. The platform provides various gaming activities, mainly focused on gambling, such as Dice, Lottery, Lucky Draw and Baccarat. The real competitive advantage of this new Gambling Platform is the profit-sharing mechanism.
How does the profit-sharing works? The platform has been designed to redistribute 50% of its profits to token holders. Since the 14th October until the 10th December, it has successfully shared 1,765,931 EOS with its community, or 30,447 EOS per day without taking into account all the other tokens available to play with.
In order to receive a share of the profit, you just need stake your DICE token on their website betdice.one. Thereafter, every hour you will receive returns visible via your BetDice Balance on the site. You will never lose the ownership of your DICE token, as they will stay secure on your EOS Account.
Whenever you want, you are allowed to claim your balance and it will be sent to your personal EOS Account.
This payout system ensures that resources are not squandered on CPU to make payments and guarantees that users won't miss their payouts.
If users change their minds and want to use their DICE tokens to gamble on the platform or sell some tokens on an exchange, they need to undertake the unstake process. The unstaking process takes 24 hours, then DICE will be refunded and will be disposable.
GAMES
There are various games available on the platform: Dice, Lottery, Lucky Draw, Baccarat and SicBo.
Dice
The Dice game is the first implemented by many gambling dApps, as it's the easiest to develop. This game is just a basic dice game, where the user sets a BET amount and a random number. Then he will win if the number rolled is lower than the number selected, and the payout is based on the probability of rolling lower than the number selected.
Lottery
The Lottery game consists of an hourly lottery. The lottery pot is shared with some lucky ticket number owners. Every time a bet is placed, the player receives 1 lottery ticket for each token they bet, and 10% of the fee is placed in the lottery pot. There is one lottery for each token available to play, in this way users are incentivized to play with different tokens as they are more likely to win a lottery pot. Is it also possible to directly buy lottery tickets, 10,000 tickets for 1 token. When you directly buy lottery tickets, 80% of the income goes to the lottery pot and 20% is used as profit.
Lucky Draw
With Lucky Draw users can roll a number to win up to 50 EOS daily without any cost and any risk. Moreover, whenever a user bets more than 1 EOS on any game in the platform, that person gains the right to roll once more on Lucky Draw. This mechanism is an extremely effective way to retain and attract new users, even when considering the platform needs to pay for the token won.
Baccarat
Introducing Baccarat before any other complex games was a strategic decision for the BetDice team, as this game is the most popular Casino Game in Asia and the first of its kind on the EOS Blockchain.
According to Forbes:
"Last year, Macau's 40 casinos made more than 88 percent of their $33.2 billion from baccarat. […] over the past twenty years, Asian high rollers have almost universally made baccarat their game of choice because it is uniquely suited to their cultural preferences.
[…]In addition to the cultural reasons, the game has one of the lowest hold percentages in the casino, with an average house advantage of about 1.2 percent on banker and player bets. There is a third bet, tie, which, if both hands equal the same number, pays off eight to one, but it has a much larger house edge — over 14 percent. Most serious players, then, stick to player or banker."
From Forbes.com
To read full BetDice Baccarat rules browse to: BetDice Baccarat Announcement
Future Games
In a recent announcement, the BetDice team has revealed some of the games they are going to develop and release on their platform . Sicbo has already been released at the end of November, while Blackjack should be deployed during December. Slots , Millions (Mega Lottery), Texas Hold-em , Five Card Stud and Roulette are currently under development.
SicBo — the newest game released by BetDice
Other Activities
In addition to these core games, the platform provides many other features that help retain customers and increases users' engagement. The team organizes weekly events for users, such as the Hourly Contest and the Payout contest.
DICE Token Mining
This feature is probably the one that is most successful in attracting users. It allows users to earn DICE token by wagering EOS on the platform. When the platform was first launched, for every EOS bet, users gained 100 DICE token, thereafter the token rewards got halved after every 5% of tokens have been issued. Currently we are at the 6th Mining Stage, were for every EOS bet users gain 3.125 DICE token. By using this strategy the BetDice team ensures that DICE token are released to customers who are directly involved and devoted to the platform. Therefore, they probably won't dump the coin, but stake it to get shares from the profit-distribution mechanism.
Hourly Leaderboard
On the Hourly Leaderboard is it possible to win up to 100 EOS per hour by being the user with the most EOS wagered during the last hour.
Hourly Leaderboard example
Referral Rewards
By inviting friends in the platform, users will receive 10% of the House Edge on all their wagers. This Bonus is paid directly to the "Account Balance" tab.
BetDice VIP
By wagering EOS, users can level up their BetDice VIP rank. As a BetDice VIP, users will receive a bonus on all bets they place in any games on the platform. The higher the VIP Level, the greater the rewards! Also the VIP Bonus is paid directly to the "Account Balance" tab.
BetDice VIP levels
MARKET ANALYSIS
In the last few years, the Gambling industry has been significantly transformed by the Internet and the massive use of Computers and Smartphones. Online Gambling provides easy access to gambling activities.
Currently, the gambling market demographic is changing, and the stereotype of the classic gambler is no longer identifiable. Moreover, more and more women play on online casinos, making up 40% of the market.
According to analysts, the market is expected to grow up to $81.71 billion USD by 2022, at a CAGR of 10.8%. Furthermore, the smartphone usage in online gambling is increasing considerably.
Although there is a huge growth opportunity in this industry, in some areas of the world it is still a very limited activity due to the numerous and strict regulations.
There is a further risk of entering this market in countries where gambling is completely illegal, such as in the United Arab Emirates or almost all Islamic countries. These risks and restrictions limit the entry and expansion of the market in these particular geographical areas.
Regarding the blockchain niche, since the advent of Bitcoin, various gambling websites have been created, which leverage the use of cryptocurrency. Although such platforms did not exploit the blockchain and were not decentralized, they brought significant new features and benefits to users, such as a lowering of the house edge and a provably fair betting system. From that moment on we have witnessed to a reduction of entry costs into the online gambling market.
Through the implementation of the blockchain on these platforms, it is possible to increase both security for users and the transparency of the platform. In this way it is possible to improve the trust of users, who will not have to rely on a third party, but through the peer-to-peer functions involved in cryptocurrencies and not only, they will be in possession of their own funds and not risk any fraudulent situations of former betting platforms.
Thanks to the advantages brought by the blockchain, and the strong growth of the online gambling industry, great opportunities are hidden behind this union, not just for betting platforms, but for all users.
Strategic Analysis — ERRC GRID
How did BetDice create its competitive advantage? Betdice has quickly climbed the DappRadar rankings, stealing the square from other existing Gambling platforms. At the moment the platform remains stable in the top 5 in the DappRadar ranking, maintaining the highest EOS volumes among all the dApps.
7 December 2018 — DappRadar EOS dApps
What are the strengths of this platform? How did BetDice become so successful? We can identify four factors that have helped BetDice create added value within its platform and differentiate itself from its competitors.
Eliminate:
- Eliminated all deposit and withdrawal issues compared to other gambling platforms. Usually users must deposit their money within the betting sites, paying fees for both depositing and withdrawing, risking fraudulent actions on the part of the platform. On BetDice, the user always remains in possession of their own funds and does not have to deposit anything on the site. In fact, through his EOS account, it is possible to place bets and receive winnings directly and instantly. In addition, you can bet with a multitude of tokens, including EOS, thereby increasing confidence in the platform and eliminating any liquidity risk.
Reduce:
- Reduced the need to collect user data, such as emails, real names, card numbers, ID code, telephone numbers or other. Indeed, to start betting and interact with the platform, you only need to connect to the website via Scatter Desktop. Therefore users' private keys stay secure.
Raise:
- Added a Provably Fair system, so users can directly check how the result of the bet has been extracted and the platform will have no chance to cheat. In this way it is possible to make bets completely transparent. We need to highlight how similar systems were already present in other gambling platforms based on cryptocurrencies, but non-existent in traditional online casinos.
Create:
- A fundamental feature for BetDice's success is certainly the profit-sharing system. As already explained the DICE token-holders can receive 50% of the profits of the platform based on the number of DICE staked. In this way, the BetDice team makes sure that the value of DICE token is never zero, and on the contrary, almost all the tokens will not be liquid, thus reducing the circulation of the currency. To date (7 December 2018), 4.4 billion DICE have been created, and 93.23% of these have been staked to receive profits.
7 December 2018 — DICE token staked
RISKS
Before concluding the analysis on this particular gambling platform, BetDice, it is necessary to identify the risks still existing for users when they interact with the Platform.
First of all it is necessary to clarify that BetDice is based exclusively on gambling, which is a type of hobby or pastime that certainly amuses and excites many people. But at the same time it can be risky and therefore cause an addiction that could prove very harmful for those who play.
In America about 2.6% of the population, or more than 8 million people, are affected by this addiction.
To avoid unpleasant situations, it is necessary to define one's own gambling limits. Try to rely on good discipline.
That said, we must clarify how the DICE token, while having an intrinsic value because it is the only means that allows users to collect 50% of the profits of the entire platform, is a cryptocurrency exchanged in various exchanges. For this reason, it can be subject to strong volatility and price changes.
The last risk regards the BetDice team. The BetDice team is completely anonymous, and the development of the platform is completely in their hands. We can actually understand the reasons that led the team not to show up, as already explained, in some countries gambling activities are illegal. However, to be able to interact with BetDice only one EOS account is required without carrying out further checks. Moreover, the DICE token, distributing the profits of the platform, could be compared to a Security Token, and for this reason complications may arise in the future.
At the moment the team has proven trustworthy, having already created an excellent platform, and continues to produce and develop updates and games. Just read a few messages in the BetDice Telegram group to see how many users already trust the team and their skills.
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