EOSBet Becomes First Licensed On-Chain Blockchain Casino
Popular decentralized gambling app, EOSBet, becomes the first open-source Casino on the EOS network to receive an online gambling license.
This week, EOSBet announced it has managed to secure accreditation from one of the world’s oldest established online gambling regulators, Curaçao eGaming. This Caribbean island-based regulatory body is one of only 4 Curaçaon companies to be issued with a Master Gambling License from the state’s Ministry of Justice, which grants Curaçao eGaming exclusive powers to sub-license other gambling platforms.
The EOSBet smart casino is a fully on-chain gambling dApp, where players wager EOS on a dice throwing game or a uniquely designed baccarat game. According to statistics, EOSBet is currently the top-rated dApp on the EOS network, with a betting volume of over $5 million. The platform itself has been built to address the fundamental problems of existing centralized online gambling platforms, namely lack of trust and transparency, costly fees, and high house advantages. Leveraging EOS.IO blockchain technology, EOSBet is able to offer its users instant transaction times, near zero latency and zero fees.
The dApp also claims to be the first ‘community-driven online casino’, by allowing holders of its native BET token to receive instant rewards in EOS from 100% of the platform’s game profit. Payouts are calculated and distributed proportionally based on the number of BET tokens each holder possesses. On October 16th, EOSBet paid out over $1 million to token holders after only 2 months of the platform being live.
The platform has been operating in beta the past three months, as the team expanded and worked toward securing the license. Commenting on the development, Frej from EOSBet said, "We've worked relentlessly to make this license succeed and we will continue to strive to be the standard for smart casinos".
The Curacao license entitles EOSBet to operate all forms of interactive gambling. The Company is the first of its kind to receive a license and will benefit from the trustworthiness instilled in it thanks to the recognition of a respected gambling authority. On top of this, the project has also announced that a new game is currently in the final stages of testing before going live, along with a complete website redesign scheduled to take place soon.