The fast-growing ($46B in 2016) online gambling industry has a problem: transparency. In 2017 all online casinos have full power to cheat against their own players. They can do it easily, without being spotted. It is also difficult for the casino to prove when they are not cheating. This creates a massive problem for online gambling and casts a shadow on the industry’s reputation.
The new blockchain based casino Edgeless.io is planning to change this.
“There is no way of knowing what happens inside the casino servers and how the mechanisms are programmed” says Tomas Draksas, professional gambler and co-founder of Edgeless.io, a company that promises absolute transparency and a 0% house edge casino. “Casinos can be easily rigged for a huge house edge. We want to change that by offering cryptocurrency based gambling mechanics that anyone can audit to see that we are not rigging the game and don’t have a house edge” Draksas continues.
The problem is real. The Wizard of Odds blog about the online gambling industry has so far black-listed over 50 online casinos. These platforms have been caught cheating in many different ways, including rigging the outcome, failed win payouts, delayed funds withdrawals and many more. Bitcoin casinos are no better: case of famous bitcoin casino caught cheating.
“It is scary how easily online casino can be rigged. With a few tweaks to programming code, the owners can easily influence the casino’s profitability in their own favor” states Tomas Draksas, Edgeless.io co-founder . “I believe that many major online casinos are abusing their power. For the sake of better gambling experience and industry growth, casinos must be decentralised”.
Edgeless.io was founded last year by a group of blockchain and gambling experts based in Germany and Lithuania. First, the team tested markets