Funding project development through slot gaming token

[Steamtyme]

I know some casinos have in the past created their own tokens to raise funds. Sometimes offering discounted fees, or other benefits for using the token on their site. The project I looked into is different.

The pitch at launch is that once the network they are building on goes live that this token will serve as the only means for participating in their deflationary odds based slot based game. This was created by a launchpad platform, and all prizes are in the form of their launched IDO's. The project is set up in a way that it isn't a money generator for the launch team but to support the ecosystem - I think this is aminly through buying and using launchpad tokens as the prizes.

I found this interesting as I was already invested in projects that were linked. I wanted to see what the gambling community thought. If you aren't already linked to these projects in some way does this sort of game interest you? If one of the prizes was a project you were interested in are you more likely to "invest". To make it a bit easier, currently they are on the ETH network, and plan to go live when Cardano mainet in launched. Not to say something similar couldn't be used on differnt networks.

[1714038674]

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[AverageGlabella]

Let me get this straight they are allowing the purchase of tokens that you can gamble with? That just sounds like a gimmick to me instead of anything actually valuable. Unless they offered better odds or a price boost with the use of the tokens I cannot see this being anything more than a gimmick. Are you able to provide a link so we could look at it in greater detail?

[dbc23]

Certainly if it's a project I'm interested in why not I would give it a big shot it could be an avenue to accumulate as much token as I can. But most of this casinos give irrelevant conditions for this tokens mostly if massive bonuses are given upon registration and and a win. I would closely study what I'm about investing in although maybe starting with a little token for a start.

[Yogee]

You buy their native token to play in their slots. I'm assuming part of the tokens you bet will be burned when you said "deflationary".

This is where it becomes confusing. You will get some sort of a ticket to join their partner start up projects or you will be rewarded in another token if you win?

I'm just trying to break it down to make it clear as this sounds new to me.

[Alisha-k]

I know some casinos have in the past created their own tokens to raise funds. Sometimes offering discounted fees, or other benefits for using the token on their site. The project I looked into is different.

Most of this tokens are nice projects and could sum up to huge funds in the near future. But my issues arises mostly when discounted offers are given because most often it's difficult to withdraw them especially when deposited amount doesn't qualify for such offers and we end up watching this tokens taken back by the sports book

[Stedsm]

I had been into some projects where I used to earn interest through farms and pools, but there's just one thing that I've seen, either most of them rug-pulled their investors or the other way around, where investors duped their money quickly. There were so many good projects that failed like hell due to this. If this is different from them and has a risk management factor that allows us to see if their buyback strategy works out better, then I'd definitely be investing in it.

[nakamura12]

Does it pay other crypto when you withdraw or not?. Well, if the use of their own token is for their site alone then I don't think I would love to play but if they support other crypto as payment in withdrawal then why not give it a try to invest or play. It would also be good if you can deposit eth since they are on ethereum network and able to buy tokens on their site and when you withdraw, you can choose either the token or eth then it's good to go. If it is their tokens only that is used to play then In my opinion this is going to be so hard to attract people to play slots as they only used their own tokens unless they want their own tokens used to play but players are able to deposit other crypto and then need to use it to buy tokens then play and to withdraw they need to sell their token to cryptocurrency they want to withdraw. More like a gambling site with a feature to exchange crypto to play and withdraw.

[Mahanton]

Let me get this straight they are allowing the purchase of tokens that you can gamble with? That just sounds like a gimmick to me instead of anything actually valuable. Unless they offered better odds or a price boost with the use of the tokens I cannot see this being anything more than a gimmick. Are you able to provide a link so we could look at it in greater detail?

Its just a redirection but totally an another way of funding out projects through this kind of gimmick and people wont be finding it interesting since those slot gaming token wouldnt really be valuable at all.
This do just act like that people are paying up into something into their leisure time and wont really be getting anything at all.You cant really even be sure if those tokens would really
be having some value after that and as an investor you would really be minding off about that.

Most of the time.. in house tokens are just pure shit.

[just_Alice]

If the aim of the project is not to generate money but rather to support the ecosystem, as you said, then what's the profit in it for the users? I get how this is convenient for the platform, they get customers by making certain slot games privileged and available only for those in the network, and through it they reach stability. But why would the players want to participate in this?

[arallmuus]

The pitch at launch is that once the network they are building on goes live that this token will serve as the only means for participating in their deflationary odds based slot based game.

The only thing that catch my attention is the bolded part, I dont think I have seen this ever or was there anything similar to this before?

Anyway this looks like a decent project and it is a new concept compared with all other gambling token that offer some sort of profit share so far however the crypto gambling market share is actually pretty small compared with fiat gambling market so this project might not actually take off unless it is some sort of unique breakthrough in this industry but this is a pretty interesting concept though

If the aim of the project is not to generate money but rather to support the ecosystem, as you said, then what's the profit in it for the users?

Well this is a token so once if you participate in the early IDO then there is a good chance that you can sell those token at higher price at some point if the project is a good one

[magneto]

Inevitably, a lot of the benefits from the token still would flow onto the development team.

That in itself is nothing wrong. But when you have large amounts of capital from the initial offering flowing developers who give you a gimmicky product in return that didn't take half an hour to whip up, that becomes a problem.

I personally still think that we're quite a while away before we can have a mainstream casino through crowdfunding. The development team definitely needs to show a certain degree of competence and ability to commit capital themselves before any investor would jump into the ecosystem with them.

[Zilon]

What if this tokens aren't listed on any exchange yet how do you utilize them? I'm considering this mostly for newer projects except the gambling site comes up with it's own exchange so that winnings could be withdrawn but of course before a gambling site should think of generating tokens an exchange should be available. I guess  the project supporting the ecosystem should possibly mean every gambler has a stake in the project just thinking.

I haven't seen an offer as this so I'm trying to wrap my head around the pros and crons of this offer given

[Wexnident]

I wanna know what the rewards are though. Cause if it's just the same tokens, then I don't think there's a sense for them to use the tokens as methods to participate in the game. Are they trying to create an economy based/centered around the game? If so It's still kind of confusing on how it would actually go since it's a slot game and not really the usual ones like an rpg experience or something similar. Or is it that they're planning to create one centered around their projects? If so, then that might be interesting.

[electronicash]

the benefit of having their token is just so we can participate in their games and also profit when the token is on the market. it sounded no different to other projects actually. there are even casino tokens like that today. betfury, bethash or the earnbet tokens has these properties which are also created by the casino which also have a slot game.

there has to be a new feature for it just to hype it up. but why chose cardano?

[ethereumhunter]

What if this tokens aren't listed on any exchange yet how do you utilize them? I'm considering this mostly for newer projects. I guess  the project supporting the ecosystem should possibly mean every gambler has a stake in the project just thinking.

I haven't seen an offer as this so I'm trying to wrap my head around the pros and crons of this offer given

Then the token will be useless because that token is only available in that casino and only can be used for gambling. That will be different if the casino has its own exchange so when people win so many token amounts, they can sell it and convert it into ethereum or even bitcoin. I think that token is hard to expand to the exchange, but they can list their token in the exchange to attract more investors and buyers.

[robelneo]

If you want a full consensus a poll will serve this, for me, it sounds interesting but we know gamblers want rewards in tradeable tokens if you can get it in the market with liquidity there's no issue inviting gamblers to play, we'll wait for the update of that project, gamblers are always on the look for something new, interesting and profitable, one of this is Betfury, but a new concept is very much welcome in the gambling community.

[tulusikhlas]

For me it depends on guaranteeing this project when it first launches. because there are not a few gambling sites that offer past projects with crypto bonuses or their own tokens. In the end it has shown a profit in 2x greater. With a record of their crypto projects succeeding in the market. especially the IDO program which of course has brought their crypto to a sales system that recruits many investors.
I will certainly put some capital in it with a compatible profit of above 10x.

[Hydrogen]

deflationary odds, launched IDO's.

IDO? Initial Deflationary Offering? Does it resemble the structure of an ICO (initial coin offering)? Not certain what country their launching out of. The united states regulated and limited ICOs to higher income brackets awhile ago. If IDO falls into a similar category regulatory restrictions could apply.

As a gambler, I favor games of skill that are somewhat deterministic. Gambling on sports where there is a degree of consistency that can be utilized to identify patterns is an interesting gambit.

Slots and algorithmic gambling are betting against whatever backend calculations occur. Everything interesting and informative about that process is normally concealed from view. There's no way to tell what you did right with your gambling approach or what you did wrong. The lack of skill, strategy and thought make it less appealing.

[Vaskiy]

We've got more number of similar gambling platforms having their own tokens for usage. These kind of usage help with the circulation of the respective tokens when the gambling site starts to get more and more traffic and users. It is an investment, and we're getting the access to gamble which is quite interesting. By the time if we loss, then it is gonna be a wasted money.

[avikz]

I know some casinos have in the past created their own tokens to raise funds. Sometimes offering discounted fees, or other benefits for using the token on their site. The project I looked into is different.

The pitch at launch is that once the network they are building on goes live that this token will serve as the only means for participating in their deflationary odds based slot based game. This was created by a launchpad platform, and all prizes are in the form of their launched IDO's. The project is set up in a way that it isn't a money generator for the launch team but to support the ecosystem - I think this is aminly through buying and using launchpad tokens as the prizes.

I found this interesting as I was already invested in projects that were linked. I wanted to see what the gambling community thought. If you aren't already linked to these projects in some way does this sort of game interest you? If one of the prizes was a project you were interested in are you more likely to "invest". To make it a bit easier, currently they are on the ETH network, and plan to go live when Cardano mainet in launched. Not to say something similar couldn't be used on differnt networks.

It makes sense for the developers and probably that's why a new term is coined as IDO! Not sure about it though. But yes, it's a developed version of ICOs where the developers team is raising funds by selling their own token against a payment through bitcoin or other known cryptos. The promise here is that when their platform goes live, this token will be the sole method of play money. The concept is not new!

So I would suggest you to invest in such projects only if you know the developers are trustworthy and capable enough to successfully run the project they are thinking about. Otherwise it's better to stay away!