The Blockchain has massive potential, it could help erode and gradually replace our traditional financial system. As of currently, Bitcoin has hit an All-Time-High of $64,000+ and leaves the question of how 'big' the crypto market could be worth.

Well, to start things off you could see retailers like Amazon accepting crypto payments and crypto-based casinos like EarnBet replacing traditional casinos to some extent; if not, at least acting as an alternative for people that cannot go to one physically due to certain constraints.

In this article, I will be reviewing  EarnBet,a completely anonymous and decentralized crypto casino that is starting to make its mark in the Blockchain gaming industry.

Overview

EarnBet-an online decentralized casino initially started off by offering a simple dice roll and operated on the EOS platform and within its first year managed to attract a hefty $500 Million in wagers. However, as a result of the state of emergency, the EOS chain had - i.e. the costs of transactions surging as a result of the hike in fees-EarnBet was forced to look for alternatives and settled to convert to the WAX chain. Moreover, the casino is licensed by Gaming Curacao and offers users non-custodial accounts that they can access with their 24- word key phrases. The casino requires no KYC for users which upholds the casino's commitment to being decentralized.

The casino is regarded as the top dApp in its category by dApp radar and given various rewards for its on-chain platform. 

Games offered:

The casino offers 5 games as of currently and a jackpot of over $162,000:

Dice

Nothing like a good old dice roll that enshrines simplicity as it is easy to understand the mechanisms behind it. A user can change the level of risks that they desire in accordance with their payout desires, a user can select the lowest dice roll, i.e. at 96 which has a payout of 1.04x, or go big at less than 2, having a payout of 98.55x.

Blackjack

The casino's most played game and card lovers will surely love it. It has a low house edge of 0.5% which explains why hundreds of users play it on a daily basis.

Baccarat

Baccarat is yet another popular card game, offering a stylish and enjoyable gameplay interface. The gameplay is easy even for beginners, as the casino provides a thorough overview of the rules. 

Crash

Crash is a next-generation title within which users compete against the house to cash out at the highest level of monetary multiplier. Their challenge is to cash out before the time-based exponential curve crashes. As the exponential curve increases, the curve is more likely to crash. Users have reported winnings of over 888x, reflecting how huge their wagers can yield even with a minimum bet of $0.00825.

To facilitate users that may have a connection issue the casino offers an automatic cashout that can be set up.

Hilo

Last but not least, my personal favorite card game. A user bets as to whether the next card will be higher or lower than the one they currently have. The payouts and risks are determined as to what card they currently have-if they have a high card (e.g an Ace), they will have a higher chance of a win in the event that they go higher. In accordance, the risk is determined accordingly with the payout: 'higher risks-higher reward' is the concept employed in this game.

Jackpot
 
Currently, EarnBet's jackpot pool is over $162K with minimum bets of $0.825. This amount may seem low, however, users can earn 90% of the jackpot pool upon winning. The other 10% is distributed to $BET token holders. Not to mention, a user named g44daojzg4ge was able to win the jackpot back when it was $62K. It has grown exponentially since then.

The following image gives an overview of the jackpot mechanism:

Welcome Bonus 

The casino offers a $50 welcome bonus paid in Bitcoin upon wagering $100 for 50x - a total of $5,000 wagered. This is extremely beneficial to the high rollers which can easily obtain this bonus

Weakly leaderboard giveaway

In preparation for the casino's much anticipated new release in collaboration with ChainLINK and other industry partners, EarnBet has kicked off its 2021 promotion.  For the month of January, the casino will be distributing over $2,000 weekly to the top 50 leaderboards in different currencies for each week which will then increase to a mouthwatering $3,000 for the month of February and an extra $1,000 to the top bettor for the 4th week of January and February.

Supported Crypto Currencies

The casino supports over 14 different currencies including BTC, BCH, ETH, LTC, LINK, BNB, XRP, WAX, EOS, TRX, USDT, USDC, and DAI. 

Yield farming and leaderboard giveaways

All high bettors have the opportunity to benefit from the weekly leaderboard giveaways, paid in $BET-the casino's coin. The highest roller gets 3000 $BET. Moreover, every wager is entitled to yield farming, the $BET farming/mining rate can be viewed on-site for all supported currencies.

Now, what can users do with their $BET apart from selling it on exchanges?

Well, users can stake their $BET for a wide variety of periods, the maximum being 5 years and in turn, get stake points accordingly. Stake points are used to determine a user's share of dividends. The casino has paid out a total of $10 million in a time frame of 2.5 years (cumulatively) while being worth a mere $7 million according to CoinGecko. 

Furthermore, users can earn a sea creature which is proportional to their $BET staked which in turn has multiple benefits such as having a lower house edge. The highest sea creature-i.e. a 'Blue Whale' can earn a house edge deduction as high as 1%. No other casino offers a house edge this low.

The following image represents the ROI as a result of staking $BET for 5 years.

The casino's ambitious buy-back program

EarnBet has reportedly bought back a total of 2.7M bet from exchanges like UniSwap from the altcoin dividends pool (this excludes $ETH and $BTC dividends) with plans to distribute half of that amount to token holders and burn the latter. Nevertheless, this buyback constitutes a staggering 5.7% circulating supply. Read more about it here.

What does the casino have in the future?

The casino is partnered up with ChainLINK in order to further decentralize its platform and ensure an unbiased outcome - reflecting that the casino upholds its commitment of being a 'truly decentralized casino.' According to the casino's Twitter account, it has rumored to be releasing sports betting and other alluring games like 'A trip to mars.' Moreover, the IGaming industry is expected to grow by 70% in 2021 and EarnBet could capture a decent share of this growing market.

Conclusion

In an era of centralization, EarnBet has taken a revolutionary step by being the world's first online decentralized casino. Even though it is licensed, users can still retain their anonymity and independence without the need for KYC of any sort. All in all, the casino's house edge reduction, profitable dividend payout programs, and, transparency make it one of the top casinos of its kind.