What Is Staking?
To put it simply, staking is the process in which you lock cryptocurrency within a contract to receive rewards. Many regard staking as a better alternative to mining, as users reap rewards without having to purchase energy-intensive hardware equipment. As such, staking promises a lower entry barrier to earning crypto-based rewards.
Staking is generally necessary for cryptocurrencies that run via proof of stake, delegated proof of stake, or pure proof of stake. As a consensus mechanism, the key advantage of PoS is that blockchains can scale and remain decentralized while consuming less energy.
Staking has evolved past its initial function of aiding blockchain network operation. Nowadays, the concept has been introduced on numerous other platforms, including cryptocurrency casinos.
Why Would Someone Stake on a Cryptocurrency Casino?
A number of gambling platforms have introduced the staking mechanism. Some casinos use it to generate a higher bankroll, which can be used to develop new features or make payouts. On other platforms, players can stake native tokens to reduce the house edge or receive a cut of the casino’s profits.
In doing so, users can increase the theoretical return to player (RTP), by accessing better odds. While luck remains a key factor, users who stake can generally obtain a higher profit from gambling. On the other hand, investors can use casino staking to further diversify their portfolio. Forward-thinking platforms like EarnBet have introduced advanced staking mechanisms that actively attract new investors.
An Overview of Staking on EarnBet
EarnBet is a next-gen decentralized, non-custodial, and on-chain casino. It boasts a series of highly-entertaining games like Dice, Blackjack, Baccarat, Crash, and HILO. It’s also crypto-friendly, as it supports over 12 digital currencies for deposits and withdrawals.
As expected, it features a state-of-the-art staking system. To put this into perspective, players earn native BET tokens whenever they play. These tokens can then be locked-up for up to five years - in exchange for doing so, players earn stake points that can be used to reduce the house edge. There are a number of house edge reduction levels, with the highest being 1%. This helps create a considerable advantage for players.
EarnBet has a profit-sharing philosophy, meaning that 100% of the casino’s profits are distributed to BET token stakers. So far, the platform has paid over $4 million in dividends, which is very impressive considering the fact that EarnBet was launched in 2018. With this process, earning a passive income is no longer difficult.
As part of a recent community vote, the casino has decided to only pay dividends in bitcoin and ethereum. The other coins will be used to purchase and burn BET tokens, thereby reducing inflation and boosting the BET price. Holding and staking BET tokens is a highly-lucrative opportunity, especially when considering the fact that a 133.87% ROI has been generated so far. In the last two months, BET token owners have obtained an APY of 48.61%.
It’s important to keep in mind that BET tokens can also be purchased from exchanges like Uniswap, Binance DEX, Newdex, P2PB2B, and HOTBIT.
Bottom Line
To wrap things up, staking represents an opportunity for both gamblers and investors alike. When staking BET tokens on EarnBet, you can expect to earn lucrative dividends, while reducing the house edge and earning a higher gambling return.
