No, this article won’t teach you how to become a live dealer, nor will it serve as a how-to guide on exploiting potential security flaws in exchange for money. Rather, it’ll provide readers with a simple, yet lucrative means of earning casino-based profit through minimal initial investments.
Before getting started, rest assured that this method does not employ any potentially-shady practices that could get your account restricted. Rather, it is a completely legal and even encouraged method of banking profits. The catch is that only a few of the next-gen crypto casinos have implemented such a service, so your options are limited.
This method is best explained through a viable case study, and for that, we’ll use
EarnBet- the world’s first on-chain and decentralized crypto casino.
Understanding Profit-Sharing Mechanisms on Crypto Casinos
Casinos like EarnBet are firm believers in the idea that profits should be distributed to users who showcase loyalty or trust in the future of the platform. To reward these customers, EarnBet has implemented a profit-sharing mechanism that’s accessed by staking BET, the casino’s native token.
BET tokens are obtained in two ways - through gambling and via purchase. Gambling-based BET tokens are distributed at a rate of 1 BET for every 0.02 BTC that’s wagered on EarnBet. Thus, BET can be obtained at no cost if you simply play the games. If you’re keen to obtain BET without risking your capital, the token can be purchased from numerous exchanges, including but not limited to Uniswap, Binance DEX, P2PB2B, Newdex, and HOTBIT. At press time, 1 BET token is valued at approximately $0.027. Given the relatively low price, this is an excellent buy opportunity, especially when considering EarnBet’s upcoming features that will be mentioned later on.
After obtaining a fair share of BET tokens, users can simply access the staking interface to earn dividend payouts. Tokens can be locked-up within the staking contract for a variable timeframe. A longer lock-up will give users access to a higher stake points multiplier. For instance, a 7-day lock-up unlocks a multiplier of 1.10x, whereas a 5-year lock-up entails a stake points multiplier of 8.88x.
Your share of the casino’s profits is directly dependent on your number of stake points. As such, a higher number of stake points will unlock a larger portion of the dividend payout.
Estimated Future Growth
Until now, EarnBet has already distributed over $5 million in dividends to BET token holders. Apart from unlocking these payments, BET token holders are also accessing a considerable annual percentage yield. For instance, the all-time BET APY is estimated at 166.7%, whereas the APY for the last two months is approximated at 53.58%.
EarnBet is currently only paying dividends in BTC and ETH, following a community vote. Profits obtained via other cryptocurrencies will be used to buy back and burn a portion of the BET tokens available on the market. This deflationary strategy will reduce the supply of BET tokens, encouraging a price increase. Consequently, this will benefit current BET token holders, whose portfolio value will increase.
However, it’s essential to point out that EarnBet is actively working on launching a massive upgrade. Teasers suggest a ChainLink integration that will allow the platform to access off-chain oracle data for sports betting purposes. Additionally, it’s also expected that EarnBet will introduce a collection of slot games, alongside the long-awaited BET Gaming Network. These future upgrades will likely result in a considerably larger player base and daily gambling volume, thereby leading to higher dividend payouts for BET stakers.
Can Profit-Sharing Staking Mechanisms Be Trusted?
This solely depends on which casino you choose. Some platforms may promise lucrative returns, yet offer no transparency whatsoever on how the funds are used. EarnBet has created smart contracts for its staking and dividend payout mechanisms. These contracts run on the Wax blockchain and can be transparently audited by anyone who’s interested in verifying their authenticity. Furthermore, EarnBet is a licensed casino offering provably fair games, so its entire gambling ecosystem is focused on assuring trust.
Wrapping It Up
Based on these aspects, next-gen on-chain casinos like EarnBet are forgoing traditional gambling practices, by introducing smart systems that allow users to bank profit without wagering their funds. Of course, the BET token also serves as an incentive for players looking to profit off EarnBet’s collection of in-house games. Through BET staking, users can unlock a lower house edge, thus increasing the theoretical return to player (RTP).
Wow, pretty good use case for blockchain. Glad to see some competition for the centralized online casinos!
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