Edgeless.io is a new blockchain-based casino that’s planning to improve transparency and fix the problem of online casinos cheating against their own players, according to a press release issued by the venture.
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The Edgeless team announced earlier this month they had raised $960,000 following announcement of an ICO. The ICO is an event an in which a new cryptocurrency project sells part of its cryptocurrency tokens to early adopters and enthusiasts in exchange for money today. A beta announcement was announced just days ago.
Edgeless casino is based on Ethereum Smart contracts and, as a result, considered fully transparent. All Ethereum smart contracts are non-changeable and publicly available for everyone to see and examine.
The group behind Edgeless Casino claims that traditional online casinos have the ability to manipulate their random fairness checks.
But with a 0 percent house edge, how can Edgeless Casino possibly be profitable?
Here is an example of how they do it:
The first two games provided will be Blackjack and Video Poker. Both games are played with a combination of LUCK and SKILL. That means players make choices and either play well or poorly. To give an example of such a situation:
House has a 6 card.
The player has 16.
The player wants to collect at least 17 and hits for one more card. - BAD MISTAKE.
The player just made a huge error, because, 12+ against 6 ALWAYS STAYS. (according to Blackjack basic strategy)
An average player does not play ‘the perfect game’ therefore, in the long run the casino makes a profit from his mistakes.
An analogy can be taken from poker. A new player is playing against a Pro. Both have equal probability conditions - 50% vs. 50%. However, the Pro player makes better choices and the new player makes bad decisions, and in the long run, the Pro wins.
Look at this EXTENSIVE RESEARCH from players’ mistakes in Blackjack - on average they give away an 0.83% edge to the casino.
And that's exactly what the casino will earn - 0.83% which is the same as playing dice with an 0.83% house edge.
Edgeless Casino will also rely on sports betting, charging vig / juice / rake from each side for their bets, similar to that of a traditional sportsbook. In this area, the casino will earn 4 percent from all money wagered.
- Aaron Goldstein, Gambling911.com