Want to win at a casino? Become a co-owner! SmartPlay.tech, an online gambling platform based on popular Ethereum cryptocurrency, offers an opportunity to become a co-owner of their business simply by playing roulette on their website. But first things first.
As you know, basic mathematical advantage over a player on European roulette is 2.7%. In other words, if you bet $1 on each number on the roulette table which is $37 in total, you’ll get $36 back and lose $1 which is equal to 2.7% house edge.
SmartPlay.tech is pretty much an average Etherum-based gambling startup except for one thing. All players who make bets on their roulette tables earn Roulette tokens (RLT). The initial price of 1 RLT is 0.0015 ETH. The tokens are generated according to the following formula:
Your Bounty (in RLT) = Your Bet (in ETH) * coefficient / RLT rate
To check the coefficients refer to the table below:
As you can see, if you make your bet now, you’ll get 3% of it as RLT. For example, place 0.5 ETH and earn 10 RLT.
If you make your bet after 04/15/2017, you’ll earn 0.5% of your bet which equals to 20% return of 2.7% house edge.
The tokens can be easily exchanged for ETH and cashed out or kept in the system. In this case, the player will be receiving profit from all future bets placed in the game. If the platform becomes popular, the player will receive his money back lost on roulette or even earn something on top of that.
To access the game players will have to install Metamask extension for Google Chrome browser which organizes interaction between the client browser, Ethereum network and SmartPlay.tech smart contracts.
We have previously mentioned smart contracts speaking of Edgeless.io casino. Indeed, there is nothing new about the usage of smart contracts for online gambling but still it’s a highly-innovative option which makes the games fully transparent so all transactions are stored on the Ethereum Blockchain and visible to both players and investors; doesn’t require deposits from players so it is easy to manage and control funds; and, last but not least, doesn’t require registration or identification so the games remain fully anonymous.
SmartPlay.tech is carrying sale of Roulette tokens in April which is expected to be the principle means of financing of the project. They are planning to sell 6 million RLT tokens which is equal to 9000 ETH. If not all tokens are sold out within 7 days, all collected funds will be returned to investors and RLT tokens will be destroyed.
If you don’t wish to play roulette or participate in the ICO, SmartPlay.tech offers bonuses and bounty programme for testers, translators, bloggers and reviewers. To learn more check the white paper.
At the moment, roulette is the only game available on the platform; however, SmartPlay.tech has announced if they successfully reach their current goals, they will start developing poker, Blackjack, and slots.
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