Online casino market is predicted to surpass $52 billion in 2018 which alone provides a considerable potential for the future and growth of the market and yet, the market is by no means without any issues. There is lack of transparency and trust in knowing which online casino sites are safe to play. More than tens of thousands fraudulent websites are estimated to be created each month by which taking advantage of its users and moreover, causing loss of confidence in the market.
It is obvious that the online casino market and blcokchain technologies have an immense potential. The problem, however, is that the rules of the online casino business have remained unchanged for years which in turn holds up the development of the market. By integrating blockchain technology into gambling business, both the users and providers benefit from the permanent record of a verifiable, interference-free transaction ledger. In other words, an online casino platform using blockchain technology provides transparency at both the transaction and gambling level.
DunderBet’s mission is to deliver blockchain-enabled online casino ecosystem. The introduction of the blockchain, reinforced with the technology of DunderBet platform will offer a superior experience to traditional casino systems. This document discusses design goals, implementations and the upcoming roadmap. harnessing the power of the blockchain in the online gambling.
The DunderBet (DNB) Technology Platform is an ambitious project designed to deliver next generation gambling anywhere in the world by providing a fast, transparent, and low-cost gambling platform. DunderBet offers an off-chain engine linked to a public and verifiable blockchain that will contribute to high transaction speeds and most importantly the confidence to use any cyrptocurrency securely in real time. Despite obvious obstacles in the online casino business and immense amount of projects trying to bring solutions only a little can be considered as succsessful. We aim to become a frontier in the market with a smooth experience for our users and by reaching a mass audience with a fair, fast and safe gambling platform.
Despite its long-standing background, online casino market still has fundemantel faults in its applications. One of them is fraudulent activities by some online casino operators which blunts the credibility of the entire market. Users are suspicious on the part of the providers such as unfair random number generators or hacked acounts. This is one of the primary reasons causing a slow-down in the market’s user growth. Another problem worth mentioning is the risk of having one’s account blocked and not being able to withdraw funds from the account. This is mainly because many countries have restrictions on online gambling. This gives banks the right to block the player’s account and even levy player’s winnings after the withdrawal. Beside solving the credibility problem, a blockchain powered decentralized system can be employed to bring down the operating and transaction costs. This will naturally allow us to scale the business and easily expand the DunderBet platform globally.
Beside allowing our customers to gamble with a range of cryptocurrencies DunderBetCoin will be used as the primary currency on the platform. Main idea behind offering a new token along with the platform is to create a less volatile currency. We will employ a buy-back program by which spending the profits we make from each bet on our platform to support the token price on exchanges. This will avoid DunderBetCoin to be affected from instant price drops, and as the DunderBet platform reaches more people, each new user will add up to the value of the token.
2. ISSUES SO FAR ; SOLUTIONS BY DUNDERBET PLATFORM
The online casino industry is missing innovative and revolutionary ideas. While the winning odds are mostly favouring bookmakers, obsolete payment methods generally restrict players from withdrawing their winnings. There are lack of privacy , security flaws, extortion fees, and notwithstanding returns are relatively low. All of them either discourage players or direct them to underground gambling sites. In the online casino business, the application of blockchain technology allows players to safeguard their money before placing a bet and to ensure that the odds of their bets are fairly produced. Below we will discuss some of the problems that both market and users have to face in the current online casinof platforms. Issues mentioned below are determined as the primary faults in the market that can be solved through the usage of DunderBet platfrom along with the DunderBetCoin.
2.1 Lack of Trust and Transparency
Trust is the most valuable asset where lack of trust from players is the biggest obstacle for the market’s growth and palyers are in search of more from their gambling experience. Player’s main concerns are financial anonymity, trustworthiness and transparency in determining which online casino they will play. Blockchain technology is what customers and reputable online gamblers have long been seeking; it is the way to provide verified information that is immune to any form of interference. This will revolutionize the online casino industry which has long been deteriorated by inconvenient verification and transaction methods that are currently in use.
Lack of transparency in the online gambling industry creates the perception that bookmakers are hiding things from players such as winning odds or the amount of payouts in prizes. Integrating blockchain technology into the online gambling industry is likely to eliminate these issues. In other words blockchain adapted online casinos are decentralized where there is no need for an intermediate agent to verify transactions. This will eventually furnish the online casino industry with a fair and transparent platform.
DunderBet technology platform and DunderBetCoin that is based on the Ethereum blockchain enables storage and transaction of digital assets between players and bookmakers. Our platform ensures that the withdrawals and payouts will be cheap however smooth, fast, and problem free.
2.2 Inclusion of Gamers from Restricted Geographies
There are particular territories in the world that have specific laws and legislations that force operators to have licences to run online casino sites. These regions are referred to as online gambling jurisdictions or licensing jurisdictions. In addition to this some regions have prohibitive provisions, not allowing operators to run online gambling sites. Players in these regions have no way to withdraw their winnings even though the online gambling sites are abroad and banks have right to confiscate the player’s account. However, cryptocurrencies do not fit into traditional legaslations that the real money is subjected to.
One thing blockchain brings on market is the use of cryptocurrency as an alternative payment tool. Accepting the cryptocurrency allows players to go beyond their legal jurisdiction because they are not dependent on the payment services subject to regulations. DunderBetCoin, by using the adventages of the blockchain technology, totally circumnavigates these restrictions.
2.3 Banking Systems
In the current online business, transaction of funds from one person to another must be verified and transfered via a third-party. For example, the person pays by credit card, the bank deposits money to the related account and transfers it to a third person. Transaction methods are rather different in blockchain. If two blocks within the blockchain receive input from the same cryptographic currency, the transactions are turned down, which ensures that the funds actually exist. The blockchain protocol keeps an invariable and traceable record between two agents that are transparent to public inspection without requiring an intermediate operator to verify transactions.
Within the current payment methods, entire payment verification and payment process is clustered together and has multiple steps. With a fee is charged with each authorization step, the cost of transaction becomes too high for service providers and users. The use of cryptocurrency means that no one can interfere with money transfers and the money is secured at every point meaning that no banking organization or payment provider is needed.
Depending on the context, money is subjected to different treatment so that the money earned by gambling is not seen as neutral, but it is more likely to be perceived as gambling. Considering the fact that gambling is perceived as a negative credit scoring by the banking institutions, using blockchain can elude this effect since users do not need to use a gambling account. In this sense, DunderBetCoin aims to eliminate high transaction costs, any third party requirement for transactions and most importantly, our platform will allow our users to gamble without the fear of being labeled in their banking account or losing funds.
2.4 Problem Gambling
Gambling has been widely seen as a form of socially acceptable entertainment. While for most players gambling is a fun and harmless recreation, for others it can be both addictive and problematic with serious negative consequences Problem gambling worldwide: An update and systematic review of empirical research. As a result, increased number of gambling platforms can become a concern for the public health Gambling and related mental disorders: a public health analysis.
Under the terms of online casino licenses to operate in many countries, such as the United Kingdom, operators should be aware of their users and carefully monitor the overall playing behavior of their customers. Operators have to determine the level of excitement and manage the gaming activity accordingly. Sometimes operators have the right to prevent access to gambling resources.
Since DunderBet platform cares more about its customers’ experience rather the money we can make upon them, we will employe a problem gambling program that provide a betting and loss limits to protect our users from further losses. Thus, the player will not be able to exceed the limit, make a bigger bet or lose a lot of money. It is still possible to contact to DunderBet support team and submit a special request if they wish to change or remove the gambler restrictions.
With the aid of the methods mentioned above,we aim to prevent DunderBet’s users to lose more than they can afford and help them in the early stages of addiction since DunderBets primary concern is it to provide a platform that is controlled and safe.
2.5 Issues Related to Cryptocurrency Market, Buy-Back, and Coin-Burn Program
We are aware that crypto market is quite volatile and particularly projects in their infancy are more subject to crypto whales or P&D groups that are more interested in the price than the value of the project. It is obvious that even the very best projects fall victim to such activities. In order to preclude this, we will limit the amount of DunderBetCoin purchase during the ICO where maximum amount of investment will be arranged to be not more than 2 Ethereum.
We also planned a buy-back and coin-burn program to provide more value to the token and confidence for the supporters of the DunderBetCoin. It is designed to stabilize the token price and protect our users from instant price actions. 40% of the profits generated through our platfrom will be used to repurchase
DunderBetCoin from the exchanges on a monthly basis and in addition, these tokens in the team’s wallet will be removed from the circulation with the coin-burn program after the platform launch. All repurchased and burned activities will be traceable on EtherScan. In addition, we plan to distribute the 10% of the profit for loyalty programmes to reward regular players, tournements in the platform and bounties to attract more players.
3. TOKEN DISTRIBUTION
DunderBetCoin will be used as the official currency on the platform. We start with an ICO where investors can buy 75% of our tokens. 20% of the total will be reserved to be used for marketing promotions, exchange listings and partnerships, and 5% is for the team to keep on improving the platform and add more value to it. We will launch DunderBet platform after the ICO.
DunderBetCoin distribution for the investors will be launched in two phases; Pre-ICO and ICO. There will be 10b tokens in total and we will offer 20% of the 75% of the total amount or 1.5b tokens in the pre-ICO phase. The pre-ICO phase will start 15th September, 2018 and end on 30th September, 2018. During the initial phase price of the DunderBetCOin will be 150K DNB/ETH. Soft cap of this phase is planned to be 500m- and 1b-DNB for the hard cap.
Second stage or the ICO phase of the DunderBetCoin will begin on 1st October, 2018 and end on 15th October, 2018. Softcap and hardcap of this phase are arranged to be 2b- and 5b-DNB. Price of the tokens during the ICO stage will be 100K DNB/ETH. The DNB tokens that are not sold during the ICO, will be burned after end date of the ICO stage and remaining tokens will define the ecosystem of the DunderBetCoin.