If you want to win at an online casino – become its co-owner. The emergence of the Blockchain technology and smart contracts actually made it possible ensuring transparent and automatic distribution of digital shares and profit between players and investors.
How to let everyone win
Relying on advantages provided by smart contracts, the SmartPlay dev team has launched an online gaming platform where everybody wins because ownership of the platform is shared between the users.
The owner of the game platform has a certain advantage over a player. Let´s say a player in European roulette bets $1 on each number of the wheel, the total amount of bets is $37. Let’s imagine the spin result is 7. The winning is calculated at the rate one to 36 and comprises $35. The player gets $1 bet back together with a $35 winning – $36 in total, though a player spent $37. Therefore, player’s total bankroll gets lower by $1 which equals to 2.7 percent house edge. It’s obvious that no matter how perfectly one plays, the game always has a 2.7 percent advantage.
Knowing this simple principle and wishing their players cannot lose, SmartPlay credits its players with digital shares of the game providing them with 0.5 percent of all bets made which equals to 20 percent return of 2.7 percent house edge if the game is lost. This return allows the player to get profit from all future bets placed in the game or exchange digital shares to any currency.
As the popularity of the game is growing a player will be able to get the amount of all the bets placed back and even get the profit.
Launch of European Roulette
The idea of backing up online gambling platforms with smart contracts technology is far from new and has already been implemented. SmartPlay approaches it from a different angle, sharing the ownership of the game platform between players.
The company has developed and launched the prototype of the “European Roulette” game based on Ethereum smart contracts. A game offering various types of bets and automatic payment of winnings is now available in Mainnet and test network Testnet. To start playing players are asked to install a Metamask extension for Google Chrome browser which allows interaction between the client browser with Ethereum network and SmartPlay smart contracts via SmartCasino interface.
Smart contracts reimagining the game industry
The SmartPlay game platform backed by smart contracts has a number of technical advantages. First of all, the platform does not require any deposit from a player, giving freedom in managing and controlling the funds to a player.
Accepting and processing bets is fully transparent and visible to players and investors, as information about all transactions is stored on the Ethereum Blockchain, it cannot be removed or changed. The cost for maintaining a platform is significantly lower, as basically, the network is self-operating.
Besides, there is no need to register and verify one’s identity. Network operations are transparent and being controlled by the smart contract technology, with the source code being open and fully secured from any attempt to alter or falsify.
New business model
Having analyzed the experience of a similar projects company they came to a conclusion that existing business models are rather risky for both investors and players.
Basically, the gap lies often between too ambitious plans and later the inability to implement them:
“After raising funds for simultaneous development and promotion of a set of games or even platforms, the developer inevitably faces technical difficulties that can lead to long-term inability to run the project or the game and even to the collapse of the whole project. The industry of smart contacts is still very young and we see both benefits and risks, which are inevitable in the process of researching new technology and related methods of work.”
The SmartPlay team is dividing the launch of the project into separate subparts, therefore, aiming to minimize the risks of possible losses of time and investors’ money solving the difficulties that always arise during the implementation of any project.
SmartPlay is planning to carry a limited sale of Roulette tokens (RLT) in upcoming weeks. RLT tokens will be transferrable between participants using the Ethereum network addresses. Once the token support of the stock market is introduced, it will be possible to transfer RLT tokens into accounts of cryptocurrency exchanges.
The SmartPlay team does not support the idea of collecting hundreds of thousands of dollars for vague purposes, therefore it will embark on ICO with clearly defined goals which mainly focus on carrying out an advertising campaign, launching affiliate program, promoting RLT token into exchange markets, advancing graphic interface of the game, developing and launching additional Roulette versions with various types of bets and options.
The ICO will be initiated later in March, will last for seven days and will be considered valid, if all 6,000,000 RLT tokens (1RLT = 0.0015 ETH) are sold. Otherwise, all collected funds will be returned to depositors and RLT tokens will be destroyed.
SmartPlay has sketched a number of bounty programs for translators, reviewers and bloggers, as well as meticulous bug seekers.
For more information please consult the White Paper.