So you say you want to gamble but you’re afraid not to have a straight face?
Then go to the metaverse and choose the face you want.
“Picture amazing numbers”
Earlier this year, JPMorgan Chase (JPM) – Get a JPMorgan Chase & Co. report. “Every industry is likely to be permeated in one way or another in the coming years with a market opportunity estimated at more than $1 trillion in annual revenue,” the metaverse said.
Games seem to be part of the mix.
The metaverse is a virtual world in which we socially interact with others through avatars. We could go to a concert, to a restaurant, to an art gallery, all while using virtual reality headsets and other technological gadgets.
Online gambling has grown exponentially with the spread of the Covid-19 pandemic, and now the metaverse is taking the next step towards trying out a virtual casino.
Meta players can find their favorite games including blackjack, roulette and baccarat. They can even roll dice at a crypto-currency crap game.
Metaverse or crypto casinos are “online gambling platforms where transactions are processed with cryptocurrency leading to decentralized gambling,” said Kenny Cheng, associate professor at WPI Business School.
“Theoretically, anyone can play if they have access to cryptocurrency,” he said. “Traditional casino games, especially poker, are currently the most popular. Cryptocurrency is a fledgling game but it has started to attract amazing numbers.
“Reduces the cost of bets”
Cheng said the main appeal of metaverse casinos is that by leveraging blockchain technology, they promise a higher level of transparency, security, and privacy.
“For example, peer-to-peer bet matching in crypto betting eliminates the need for an intermediary,” he said, “unlike traditional bookmakers or bookmakers. This significantly reduces the cost of bets. It’s also clearly more private than the actual casino.”
ICE Poker by Decentral Games is a free metaverse poker game where players earn chips by completing daily challenges and competing on the daily leaderboard.
Decentral Games, which does not have a gaming license, is built in Decentraland, the decentralized virtual world powered by Ethereum.
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ICE Poker is Decentraland’s most visited website, attracting a third of the platform’s 600,000 users.
ICE is the in-game currency that can be used to upgrade in-game items, and players must obtain at least one Wearable ICE, either through purchase or authorization. Clothing includes shoes, jackets, and “sunglasses”.
“100% provably fair”
ICE Poker, which raised $7.5 million in the first three months of the year, currently has more than 100,000 monthly active users.
Miles Anthony, founder of Decentral Games, said he has 1,000 users who play poker at any one time.
ICE Poker recently introduced weekly virtual events with live DJs and back-end video streaming support for their poker room.
EarnBet.io is working on BET tokens, their Ethereum variant, and their website claims to pay out 100% of the house earnings to BET Token holders daily.
“EarnBet is 100% fair,” the site said. All bets are registered on the blockchain.
EarnBet.io said that each bet placed awards users with BET tokens, allowing them to receive winnings from several cryptocurrencies, including Bitcoin, Ethereum and Litecoin, “every second for life.”
trick question
Edgeless.io itself is the first crypto casino powered by Ethereum and offers games like slots, dice, crash, blackjack, and baccarat.
In 2017, Edgeless received a casino license from the Curacao Gaming Commission.
Cheng noted potential legal issues, particularly in jurisdictions where online gambling, let alone crypto gambling, is not illegal.
“Moreover, the tax issue remains a potentially thorny issue on which lawmakers have just begun to provide clear guidance,” he said.
“When gambling occurs through illegal or unregulated channels – whether it’s off-books, unregulated machines, or in the metaverse – it poses significant risks to consumers,” said Chris Silk, senior vice president of government relations for the American Gaming Association.
“Unregulated gambling operations do not provide any responsible protection for gambling, are often associated with money laundering and other criminal activities, and do not generate tax revenue for communities,” he said.