First decentralized Gambling Platform?

[fiulpro]

I recently came across this news where BetDEX apparently made a public statement about how they would be launching *world's first decentralized Gambling Platform*

Few things to note:
Integrating sports betting with blockchain technology.
They are going to launch it in early 2022.
This would be based in Scotland.

A quote from the article:

The trio will offer a fully decentralised protocol built on the public blockchain, Solana, providing customers with fast and low-cost trades. It will allow third parties to build their own innovations and applications on top of the platform

-They are even allowing third parties to build innovations and applications on the top of the platform.

**It's largest ever seeded investment by any uk startup**

Source: https://www.gamblinginsider.com/news/13914/betdex-raise-21m-to-launch-first-decentralised-betting-platform

What do you think the whole hype is about, how would they be any different from the already existing gambling platforms working with Bitcoins and other cryptocurrencies?

[1714007555]

1714007555

[romero121]

This will be same as the gambling sites we've got for usage. Right now the centralized platforms have the support team to solve issues. With decentralized gambling platform the support issues will be integrated with the blockchain. Apart from that the verification of the fair play functioning will happen same as that we have with the centralized platforms. Allowing third parties to develop applications over the platform is good. I find the fee as the positive thing with this innovative plan of open sourced gambling platform.

[iv4n]

“The sports betting industry charges high prices for poor products and limits trades by its most successful users.
  BetDEX is diametrically opposed to this approach, we will successfully compete against incumbents with a markedly superior product and low fees, which is now possible with the advent of the blockchain technology. Winners will always be welcome on our protocol.”

Well, they have a plan... that's for sure! But will it work, and how will it work, we will see I guess! They raised $28 million already, but again, will they deliver what they promised, we will see!

Checked their site, "The global decentralized sports betting protocol built on Solana", looks interesting... I think the idea is good, definitely sounds good... but as with all decentralized services, they simply can't draw enough attention! Centralized ones are beating them with promotions, marketing... volume speaks for itself, as always!

[timerland]

I'm pretty sure that there has been quite a few decentralized crypto casinos already, including prediction markets.

Augur is probably the best example of this.

While this is certainly a noble cause, what matters is if they can actually attract revenue to the blockchain. I doubt this will happen just because of the fact that people prefer the convenience of centralized alternatives right now.

[magneto]

The trio will offer a fully decentralised protocol built on the public blockchain, Solana, providing customers with fast and low-cost trades. It will allow third parties to build their own innovations and applications on top of the platform

Why would anyone use this?

For small amounts, the hassle of setting this system up is going to too great for players.

For big amounts, I doubt that decentralized marketplaces at this point have enough liquidity to even facilitate big bets. So whales wouldn't have any impetus to use this either.

Don't see this going anywhere.

[stomachgrowls]

I'm pretty sure that there has been quite a few decentralized crypto casinos already, including prediction markets.

Augur is probably the best example of this.

While this is certainly a noble cause, what matters is if they can actually attract revenue to the blockchain. I doubt this will happen just because of the fact that people prefer the convenience of centralized alternatives right now.

Yes there are already not only Augur.

https://www.linkedin.com/pulse/crypto-stake-decentralised-gambling-platform-military-army-guns
https://www.gemini.com/cryptopedia/smart-contract-betting-online-gambling
Moonbet
DefiXBet

On a decentralized market then expect that there would be things that would really be impart
on this kind of industry.

[sikke]

I'm pretty sure that there has been quite a few decentralized crypto casinos already, including prediction markets.

Augur is probably the best example of this.

While this is certainly a noble cause, what matters is if they can actually attract revenue to the blockchain. I doubt this will happen just because of the fact that people prefer the convenience of centralized alternatives right now.

Exactly, EOSBet, etc. have also come into existence in the past.

Very dishonest for them to claim that they are the first mover when they clearly are not.

But hey, you gotta do what you need to do in order to secure that $20m+ funding right? Who is even investing in this stuff, lol.

[rhomelmabini]

They got a good backing there by FTX and Paradigm and they get a good amount of funding and I wonder how they would be built differently this time around. Been quite on some decentralized gambling especially on the Tron blockchain and it's pretty cool seeing such platform and the low fees but it isn't really the same as other centralized platform, one issue is the lack of players/gamblers sometimes and the low of liquidity.

[Lanatsa]

I'm pretty sure that there has been quite a few decentralized crypto casinos already, including prediction markets.

Augur is probably the best example of this.

While this is certainly a noble cause, what matters is if they can actually attract revenue to the blockchain. I doubt this will happen just because of the fact that people prefer the convenience of centralized alternatives right now.

Exactly, EOSBet, etc. have also come into existence in the past.

Very dishonest for them to claim that they are the first mover when they clearly are not.

But hey, you gotta do what you need to do in order to secure that $20m+ funding right? Who is even investing in this stuff, lol.

I do remember that EOSbet back in the past, im not just aware about those claims to be the first but well it isn't surprising because if you do look at on the common line which been used on gambling world then you would also see those common lines like;

"most provably fair casino"
"most popular"
etc.

So it isn't surprising that these kind of lines would be make in use once again.

[worldofcoins]

I'm pretty sure that there has been quite a few decentralized crypto casinos already, including prediction markets.

Augur is probably the best example of this.

While this is certainly a noble cause, what matters is if they can actually attract revenue to the blockchain. I doubt this will happen just because of the fact that people prefer the convenience of centralized alternatives right now.

Weren't the casinos like Satoshidice and a few others in past were decentralized?
Surely they were regulated by any government aside from their server which was located in Europe if I'm not wrong.
And what about those sites that used to allow users to place bets on blockchain block's ending letter.

[24Kt]

I'm pretty sure that there has been quite a few decentralized crypto casinos already, including prediction markets.

Augur is probably the best example of this.

While this is certainly a noble cause, what matters is if they can actually attract revenue to the blockchain. I doubt this will happen just because of the fact that people prefer the convenience of centralized alternatives right now.

Exactly, EOSBet, etc. have also come into existence in the past.

Very dishonest for them to claim that they are the first mover when they clearly are not.

But hey, you gotta do what you need to do in order to secure that $20m+ funding right? Who is even investing in this stuff, lol.

They are definitely not the first decentralized gambling platform. I am certain, some forum users here already encountered several of these decentralized gambling platforms. But yes, to attract investors, they need to impress them that they are the first but they are not. With their good funding, let us see if they can truly attract gamblers. Because as of right now, centralized casinos are preferred by most players, even if there are several benefits using a decentralized one.

[bitgov]

I recently came across this news where BetDEX apparently made a public statement about how they would be launching *world's first decentralized Gambling Platform*

Few things to note:
Integrating sports betting with blockchain technology.
They are going to launch it in early 2022.
This would be based in Scotland.

A quote from the article:

The trio will offer a fully decentralised protocol built on the public blockchain, Solana, providing customers with fast and low-cost trades. It will allow third parties to build their own innovations and applications on top of the platform

-They are even allowing third parties to build innovations and applications on the top of the platform.

**It's largest ever seeded investment by any uk startup**

Source: https://www.gamblinginsider.com/news/13914/betdex-raise-21m-to-launch-first-decentralised-betting-platform

What do you think the whole hype is about, how would they be any different from the already existing gambling platforms working with Bitcoins and other cryptocurrencies?

Cool and congratulations on raising so much funding for the project. However, I don't see anything special. We will see what the final product will be, but in my opinion it will not be too different from other casinos built on the blockchain.

[cafucafucafu]

I think that is a misleading statement. They are not the first.

Seems like another project that has nothing but vaporware but has managed to get a bunch of funding.

I highly doubt that they will be able to disrupt the market. Many have tried, but the casino industry is just as much about the publicity and market as it is with the actual product.

[johhnyUA]

This would be based in Scotland.

So from that point we can  state that this gambling site will not be decentralized  
EU laws very strict to gambling activity in term of license, KYC, promoting ads etc. They will not allow any nonKYC or decentralized solutions on their territory. So I'm sure that such service before allowing you to do a bet on a decentralized site will ask you a KYC procedure  

[paxmao]

For now, most decentralised platforms built for a variety of purposes such as trading, lending, etc... have not gotten a level of professionalism as the ones that are actually run by a company or similar entity. It is a sad truth, but when something belongs to everyone, no-one in particular seems to take enough care of it. Let's see how the promises of low fees, decentralisation and innovation materialise, yet I am not expecting a revolution there.

[adzino]

So it hasn't been launched and they are looking for funds to launch it? Others over here have stated there are already decentralized gambling platform, so them claiming to be the first is somewhat misleading. Maybe they meant something else, but if they really claiming to be the first one, then no one should trust them. Even decentralized projects can scam people. And I don't think anyone would want to use a decentralized gambling platform and I don't think any government would be happy to see one. All I can think of is how easy things would be for money launderers.

[robelneo]

They are not the first decentralized gambling but they are looking forward to being the most popular ‘world’s first decentralized betting platform’, combining sports betting with blockchain technology, with 21 million dollar funding they have to do it and for new players that only play in centralized gambling this is something new.

“..... we will successfully compete against incumbents with a markedly superior product and low fees, which is now possible with the advent of the blockchain technology. Winners will always be welcome on our protocol.”

we'll have to see this first and see if there will be no flaws in the operation.

[Hydrogen]

how would they be any different from the already existing gambling platforms working with Bitcoins and other cryptocurrencies?

Much of the US gambling market was bought out and consolidated by wall street investors around 2018.

Significant shifts in the gambling industry have occurred as a result. Its much more common now for sportsbooks and casinos to ban gamblers who win.

Winning gamblers are a niche market who are not being catered to. They might succeed in attracting a significant portion of the market who are banned on other platforms for having won a bet or two.

If the decentralized apps their platform supports can be developed around a shared sportsbook codebase with its own api that could be yet another innovation with potential.

[wheelz1200]

I recently came across this news where BetDEX apparently made a public statement about how they would be launching *world's first decentralized Gambling Platform*

Few things to note:
Integrating sports betting with blockchain technology.
They are going to launch it in early 2022.
This would be based in Scotland.

A quote from the article:

The trio will offer a fully decentralised protocol built on the public blockchain, Solana, providing customers with fast and low-cost trades. It will allow third parties to build their own innovations and applications on top of the platform

-They are even allowing third parties to build innovations and applications on the top of the platform.

**It's largest ever seeded investment by any uk startup**

Source: https://www.gamblinginsider.com/news/13914/betdex-raise-21m-to-launch-first-decentralised-betting-platform

What do you think the whole hype is about, how would they be any different from the already existing gambling platforms working with Bitcoins and other cryptocurrencies?

If we are talking decentralized then you can look at wagerr.  The downside is you can only use wagerr as you essentially bet against the chain.  If you win the blockchain mints new coins and if you lose those coins are burned.  Honestly it's pretty revolutionary yet no one knows about it.  Technology works and by nature total supply should continually shrink.

[uneng]

Well, I see the launchment of BetDex decentralized casino is scheduled for 2022, but there is also XFUN (decentralized) Casino, from the same developers of FreeBitco.in, which is scheduled to be launched by the end of this year, featuring fully decentralized peer to peer sportsbook, casino games, social games and financial trading games.

There is going to be a lot of competition on this field and the most prepared, innovative and generous casino will prevail, for sure. However, if this category of casino is going to overcome the traditional ones that is another story which only time can tell.