Ethbet.io is set to become a peer-to-peer dice games platform with no house edge. The ambitious project started its ICO on Sunday, and the ICO will continue four weeks.
Players Play Against Each Other
Ethbet is a decentralized version of dice games, where players bet each other. When players bet against each other, there is absolutely no house edge. In standard dice games, you’ll have to pay 1% in rake to the house. The house has to take a rake to pay people their salaries and keep the games running.
In Ethbet’s business model, however, there is no house edge when a peer-to-peer bet happens. The house comes into play if there isn’t another player accepting a bet on the other end. Especially when larger bets happen, this may be the case.
Example: John wants to bet 10 Ethereum. He has to wait for someone to accept his bet. He can choose not to wait, and accept the bet instantly with a small house edge.
Gamble.io’s take: The project really comes down to one thing: Do players care about the 1% they’re bleeding bet after bet? It’s such a small portion of each bet, which masses may not care enough for Ethbet’s model to work. It would be a good thing for the players if they did care, but on average a gambler doesn’t care whether the odds are 2.00 or 1.99 (evens or 99/100 in fractional odds).
Overall, we like to see another Ethereum casino added to the mix. And it’s a provably fair, decentralized dice site, which is intriguing. There aren’t too many crypto gambling sites out there only catering to dice players, so there may be a niche for Ethbet to dig into. We will keep an eye on the project and keep you posted on further advancements regarding Ethbet.
More on Ethbet elsewhere: Ethbet Reddit subreddit
While waiting for Ethbet, you might as well start your Ethereum gambling at Betcoin. They’ve got dice games, too. Click below and get the dice rolling!