The bigger picture is that I am overly optimistic about this type of online casinos. As you may know what we do here on Mycasinoindex.com is trying to create a community with selected gambling facilities that are distinct from the greedy mainstream casinos, so I'd honestly like to have more dapp casinos here with us. Because I believe it is the true future of online gambling. Dapp casinos help overcome the critical problems of online gambling that I have been discussing in my addresses, reports, etc including:
1) problems of jurisdictions, authorities and licensing, one of the gravest one
2) greed and overall aggressive capitalist structure of gambling, which is not what the whole community of gamblers want.
It starts from online casino games providers, goes on to casino platform providers (further to operators and onto gambling affiliates, etc) and accumulates an immense pressure on a player, which results in a really big moneys losses, aggressive promos, a shrinking margins on the part of casinos that are in turn laid over to an average player, which is not fair and not good at all.
Other problems are about 3) the problem gambling and the state intrusion measures that are most of the time a bad strategy. You can read up more in my big articles here.
So, there's a whole landscape of big problems that dapp casinos may circumvent, don't even resolve. Decentralised on-chain casinos bring the whole new world of gambling, in what I really believe.
But what's in the centre of it?
Types of dapp casinos
If you look at the types of decentralised casinos you will find there are 3 of them.
- Betting Platforms /Protocols.
- Casual games (Play to Earn, P2E) providers, which most of the time are made in house (or by the ecosystem partners). These are not the usual casino games that we accustomed to though. And finally,
- Casinos games like Instant win games and the usual online slots, bothe made by big names and in-house (or licensed from their respective providers)..
So three big types and all of them that have made them stand out.
Significant features of decentralised gambling app
- No sign-up / no KYC: they never require Know Your Customer procedures, so it's a untempered real money gambling experience;
- 'De facto' lower house edge (among all set of their games): this is one of the main reasons player prefer them.
- In sport betting, the on-chain bookmakers are resilient to profitable bettors / they don't bet against users, so winning accounts/addresses are never banned.
- DAO (Decentralised Autonomous Organisation) / Governance: in whole, these businesses are hopefully better managed as compared to casinos owned by a single entity or company.
Web3.0 or decentralised app (dapp) on-chain casino
So, what is the main word for web3.0 dapp casinos? Partnership. As I was discussing in a previous article, including the HunnyPlay dapp casino review, the Partnership is about giving and taking. So, it is the fine line between give and take.
Likewise, they heavily depend on their Communities. So, the community gives you time and their funds (as a LP, Liquidity Partners), while a casino gives them games & bonuses as well as a percentage of their revenue as dividends and/or return on the money staked. The procedure is simple here too, which helps this interdependence work. Yet, the whole magic (and sustainability) of the dapp casinos revolves around striking a proper balance between the two.
Problems that Dapp casinos purport to solve
Dapp casinos purport to solve several UX problems that are really significant in the online gambling world, including:
1) Betting directly through your wallet (no money transfer, great security)
2) Withdrawing instantly into your address: no middleman fees, no tampering.
3) Anonymity and
4) Greater Transparency in Reporting, including the actual bankroll,the betting volume as well as revenue shared (distributed).
Beat the house or Be the house?
As a player you are not only either about beating the house or being the house - you can do both. If you decide to be the house you can make vesting and, as a result, accumulate real yield from bets and platform fees. Or make staking in order to earn yield from bets and platform fees.
If you like to beat the house, you have lots of option because the system
- lower house edge;
- instant games, that are be definition have higher RTP that most of the slot machines online;
- provably fair
So, you decide which side you want to take. Or both. Some casinos like HunnyCasino say that you can earn more than you can spend with us. It is a sign of more holistic experience, when you make money and then spend this money.
Traditional online casinos -vs dapp casinos: comparison
If you decide to build a comparison table running down the features of the traditional online casinos versus dapp casino, you will probably focus to the following:
| Traditional Online Casino | Dapp on-chain casino |
|---|---|
| in person betting, KYC mandatory | 100% anonymous |
| centralised in nature: risk on losing a bet due to tech failure, fraud risks | provably fair, smart contracts-powered |
| high overheads, including through commision of white-hat casino platforms & giant commission of game providers | lower overheads, especially in case of home-produced / licensed instant win games |
| insolvency cases are frequent, exit scams | liquidity providers back the operations, instant reporting of bankroll & betting volume |
| custodial, casinos are in custody of players betting funds | non-custodial, smart contracts handle all management of funds |
| withdrawals may go slow, pending time, KYC on withdrawing | No KYC instant withdrawal to your connected wallet |
| withdrawal feed, min withdrawal threshold | no hidden fees, only the blockchain fees |
| often, misleading promotion incentives | low number of promos if at all |
| BTC and popular coins available alongside fiat | DAO treasury-powered |
Decentralised on-chain casino with its Swap App, Staking option and NFT marketplace. Working since 2018.
