Want to win in a Casino? Become a co-owner! SmartPlay.tech, an online gambling platform based on the Ethereum cryptocurrency and offers you an opportunity to become a co-owner of your business simply by playing roulette on the Website.
The basic mathematical advantage of the roulette game over a player is 2.7%. In other words, if you bet $1 on each number on the roulette table, which is $37 in total, you will get $36 back and lose $1 which equals a 2.7% house edge.
SmartPlay.tech is a pretty average gambling statup based on the Etherum cryptocurrency, except for one thing. All players who place bets at their roulette tables earn roulette tokens (RLT). The starting price of 1 RLT is 0.0015 ETH. The chips are generated according to the following formula:
Your Reward (in RLT) = Your Bet (in ETH) * coefficient / RLT rate
As an example, to check the coefficients, see the table below:
As you can see, if you placed your bet according to the example in the aforementioned table, you would receive 3% in RLT.
If you placed your bet after 4/15/2017, for example, you would earn 0.5% of your bet which would equate to 20% return on 2.7% house margin.
Chips can easily be exchanged for ETH and cashed out or held in the system. In this case, the player will receive the profit from all future bets placed in the game. If the platform becomes popular, the player will receive his money back that he lost at roulette, and may even win some extra value.
To access the game players will have to install the Metamask extension in the Google Chrome browser that organizes the interaction between the client browser, the Ethereum network and SmartPlay.tech’s smart contracts.
There is actually nothing new about using smart contracts for online gambling, but it is still a highly innovative option that makes games fully transparent so that all transactions are stored on the Ethereum Blockchain and visible to both players and investors; no deposits are required from players so that it is easy to manage and control funds; and last but not least, no registration or identification is required so that games remain completely anonymous.
SmartPlay.tech has put Roulette tokens up for sale as the main means of funding the project. Initially they aimed to sell 6 million RLT tokens that would have a value equal to 9000 ETH. If all tokens were not sold within 7 days, all funds collected would be returned to investors and the RLT tokens would be destroyed.
If you don’t want to play roulette or participate in the ICO, SmartPlay.tech offers bonuses and a rewards program for test players, translators, blog authors and online gambling analysts. To learn more, see the white paper.
At the moment, roulette is the only game available on the platform; however, SmartPlay.tech has announced that if they successfully achieve their goals, they will start developing Poker, Blackjack and Slot Machines games.