What is Ethbet (EBET) Crypto Beginner’s Guide
With many decentralized platforms moving into the dicing industry, all of them are hoping to upset the norm and make a name for themselves as the future of online gambling. Ethbet is the highly anticipated peer-to-peer, decentralized dicing project that is rewriting the rules for cryptocurrency betting platforms.
When it comes to betting, the house edge is the statistical bias that favors the house, meaning that the house always has an advantage over the individual placing the bet. House edges can range anywhere from 2% – 25% and are often determined by the type of game they are associated with. With cryptocurrency moving into the gambling industry, decentralized platforms are beginning to offer house edges as low as 1%. However, since the house edge applies to every bet, this can build up very quickly and cost the better a lot of money. It is a great way for gambling websites to make money, and a very easy way for players to lose theirs.
Ethbet is taking a step in a different direction by not requiring a house edge. The players expected loss with every bet will drop to zero, which means they have a much higher likelihood of making much more money with every bet. With a 0% house edge, the playing field is completely leveled, giving players a much better chance of winning.
Other Features of EthBet
Instead of relying on a house edge, Ethbet is employing the technique of having players bet directly against each other. However, this can come with some disadvantages, as that means there must be two active players available to bet the same amount of money against each other. This can cause back up on the platform and result in long waiting times.
Ethbet intends to solve this problem by allowing for a player defined house edge. Players can offer and call bets with their own arbitrary house edge, which also gives them the opportunity to, in essence, become their own miniature casino. The process incentivizes player house edges to remain low and offers alternatives to significant backups that could be encountered by players waiting for other players.
The Ethbet token is an Ethereum based, ERC20 token that will support the decentralization and governance of the platform. As of right now, Ethbet’s only supported currency is EBET; once other currencies are supported, EBET will maintain its value as a currency for uses such as fees and credit. Any fees associated with the platform are directly the result of betting liquidity.
Unsurprisingly, decentralized platforms seem to offer a bright future for gambling sites. These sites, however, have to find a way to entice players so that they are more likely to utilize it. By stripping away the necessity of the house edge and instead offering direct player bets and player defined house edges, Ethbet is allowing players more control over their bets and a higher likelihood of winning. It is possible that Ethbet will be a highly successful platform.