5 Reasons Why EOS Casinos Beat Bitcoin Casinos
While bitcoin casinos are already great alternatives to traditional online gambling sites due to the ease of transferring funds using the popular cryptocurrency, EOS casinos takes it five steps further to provide an even better overall gaming experience via it’s high performance decentralized smart contract capabilities.
The benefits to the online gambling industry that the EOS smart contract platform brings is nothing short of revolutionary. Here are the five major advantages that EOS casinos have over traditional online casinos as well as bitcoin (BTC) casino.
1. EOS Transactions are Fast and Free
The average bitcoin transaction takes about 10 mins to confirm and cost roughly $1 to $2 per transfer. However, historically, there were times when fees can hit as high as $50 and transaction confirmations taking 2 to 3 days to complete during extreme peak periods.
Comparatively, transactions on the EOS blockchain are always free and takes less than 1 second to complete.
2. Provably Fair Games Directly On-Chain
As transactions complete within 1 second on the EOS blockchain, every single casino game can be processed directly on the blockchain with no performance lag. This enables EOS casino game operators to provide a completely verifiably fair gaming experience to the end user for every bet placed.
With every single bet recorded on the EOS blockchain, all parties can verify for themselves that the games have been conducted in a fair and proper manner in accordance to rules laid out.
Bitcoin casinos are unable to provide this important feature as the bitcoin blockchain does not support complex smart contracts the way EOS does.
Example: The Banker's hand in Big.Game's PvP Poker game is selected using the last digit of the EOS Block Hash a few seconds after bets are placed, thus guaranteeing absolute fairness.
3. Custody of Funds Not Required for EOS Online Casinos.
Since every single game can be processed by the EOS smart contract in less than one second, there is no need for the EOS casino operators to hold on to the players’ funds the way bitcoin casino sites do.
This means that customers do not need to deposit any money into a separate account or wallet held by the casino operator in order to play any of the games.
A Quick Example:
On a typical bitcoin casino, before a player can start playing a blackjack game, he will need to first make a deposit. Since bitcoin transactions take such a long time to confirm and fees are high, the player will usually deposit a significant amount to save on transfer fees and time. Suppose he wishes to play a $10 blackjack game, it would be normal for him to deposit at least $200 worth of BTC.
After the initial deposit, the BTC casino operator will be solely responsible for tracking the player’s funds on their own off-chain server after each blackjack game. This means that the BTC casino will be holding on to all $200 of the player’s funds at all times.
On an EOS casino, the player will only be sending $10 directly from their crypto wallet to the game’s smart contract for each and every hand and depending on the result of each game, either receive $20 back if he wins or nothing if it’s a loss. The EOS casino does not hold onto any of the player’s funds except for the bet that is being made and only for that 1 second when the game is being processed.
This is a huge security win for the player as many online casinos have been known to withhold player funds for all sorts of reasons, usually not good ones. Also, there is no need for the player to trust that the game operator will not run off with the deposited money or the site getting ‘hacked’ and funds ‘stolen’.
4. No Account Signup Necessary
Since all the funds are held at the player’s EOS account, there is no need to sign up with every EOS casino that you wish to play at. All you need is an active EOS account and you are ready to play at any EOS casino.
The so-called ‘sign up’ process for all EOS casinos is typically just a simple login button to connect your EOS account to the site and you are good to go in about 2 seconds flat. This is very much like the Google or Facebook login that we are used to nowadays except that with EOS accounts, your identity can still be kept private.
5. Profit Sharing Casino Reward Tokens
With just the 4 great advantages that we’ve shown you above, there is already no reason why you should not be playing at an EOS casino instead of a bitcoin casino. Seriously, if you are going to be playing at a bitcoin / cryptocurrency casino anyway, you might as well just play at an EOS casino.
However, if you just need one more reason to check out an EOS casino, then it’s definitely going to be the reward tokens that almost all EOS casinos offer their players.
Most EOS casinos offer a loyalty program where players gets to earn reward tokens when they play their games. Very much like the VIP points we see at land based casinos, these reward tokens are unique in the sense that they usually also offer some kind of profit sharing benefits.
The more reward tokens you have, the more share of the casino profits you will get. These reward tokens are usually sent directly to your EOS account after every game or every bet you make. You can also sell these tokens on the exchanges if you wish.
List of EOS Casinos and EOS Games
In conclusion, if you are an avid online gambler, then you should definitely check out an EOS casino. At EOSgames.guru, all known EOS gaming sites out there are listed along with qualified player reviews so everyone can feedback on the games, either giving shoutouts to great developers while calling out the scammy ones.
Click on the button below to explore the full list of EOS games.