Provably fair. It doesn’t have quite the same ring to it as “winner, winner, chicken dinner.” Nevertheless, “provably fair” should be music to any high roller’s ears. If you think about it, the odds are already stacked against you enough without having to worry about someone rigging the game. And unfortunately that has been known to happen in the gambling industry. We’ve all heard the sob stories. The loser luck. The bad bets.
What if I told you there was an alternative, and that you no longer had to play by the old rules? It just so happens there is, and you don’t. The Ethereum platform offers a wide variety of games to whet your wagering appetite, including casino style gambling, sports betting, and lotteries. And the best part is, it’s provably fair.
Because Ethereum runs on the decentralized blockchain, it cannot be tampered with and there is no central host. It is only through the blockchain that smart contracts are possible. Smart contracts are programmable contracts which are self-automated. Turns out they can also be used for gambling. Not only that, but they are a more secure method of gambling than the status quo.
Instead of using traditional fiat, these websites go by virtual currency. At Crypto-games, you can roll the dice with slots, blackjack, and the lotto using a number of virtual currencies, including Ethereum’s Ether. Last is me! and EtherPot are both options to play the lottery. To satisfy your sports betting bug, look no further than DirectBet and Esports bet. There’s even a rock-paper-scissors game with a twist at CryptoRPS.
If you’re an accurate prognosticator, you can avail yourself of two prediction markets Ethereum has developed called Augur and GNOSIS. These prediction markets rely upon the wisdom of the crowd to forecast all kinds of outcomes running the gamut, from elections to the weather. Users are able to purchase and sell shares in the outcomes of these events. If the predictions prove to be correct, users are then rewarded with tokens that can be exchanged.
For those Fantasy nuts out there, Intel is currently working on a project that will bring Fantasy Sports onto the blockchain. The concept is still in the testing stage, but a working prototype is available to anyone in the Santa Clara-based location. An Intel representative explained, “We’re actually taking that marketplace out and running an internal trial… which is a football exchange, but it will be an NCAA basketball pool game where you exchange shares of teams.”
Provably awesome. When it comes to casino gambling, they say the House always wins. With Ethereum and its provably fair model, the House may not be so “lucky.”