Category Archives: Blog

Betcoin Poker Will Be Discontinued

Betcoin.ag has been acquired and the new Betcoin will be discontinuing its poker service as of Monday, December 25, 2017.

Betcoin.ag has been acquired and the new Betcoin will discontinue its poker service as of Monday, December 25, 2017.
Betcoin will continue to offer the same excellent service, VIP program, INSTANT DEPOSITS and INSTANT WITHDRAWALS going forward. Their great casino and live casino (where available) will still be accessible to our great members and will soon include many new casino providers and provably fair games. It will continue our tradition of bringing you the best, most exciting new casino offerings, including the virtual games and Provably Fair options. The new sportsbook will also continue to be available and will be upgraded as well, including the addition of a log of pending bets which should complete this month.

What is Provably Fair System

provably-fair-gamblingProvably Fair enables online casino players to verify the fairness of each hand played by themselves. Thanks to Provably Fair system, no one can possibly manipulate the outcome of a specific deck until the results are generated.

Bitcoin casinos that use Provably Fair system allow players to see how outcomes are based on the gambler’s input and a secret number that is disclosed and changed for every round in every game. This allows players to verify that the game outcome was played fair.

The advantage of a provably fair system is that third-party certification and auditing is unnecessary. Results of bets for which the outcomes are mathematically predetermined are harder to scrutinize and thus the system provides a higher level of trustworthiness to a gambling operation.

Hashes: A long string of characters derived from the blockchain. This is a mathematical problem that is extremely difficult to solve However if it was solved it would give you the data it hashes. If a solution is presented it is easy to backward test it to see if the solution is proper or not. Hence hashes are hard to solve yet simple to verify.

Seeds: Extra data (a string of characters) applied to the hash which modifies what it hashes.

Provably fair casino games

The provably fair way to do this is

Step 1: The site shuffles the deck as normal.

Step 2: The site provides you with a hash of the shuffle.

Step 3: You provide a random seed, manually or automatically generated, that the site cannot see or predict. This is done client side in your browser, not on the site’s server.

Step 4: Your seed changes the shuffle to something neither you nor the site can have known. This is the online equivalent of cutting the deck to the dealers shuffle.

Verification part 1: After the hand is dealt the initial deck is laid out and you can check that the deck started out as the hash the site provided indicated.

Verification part 2: The final deck is laid out so you can check that the initial deck was changed in accordance with the seed you provided.

If these are both the case then there was no funny business and you have just played a provably fair hand!

If you are a visual learner these concepts are displayed with pictures here or a more detailed and technical explanation can be found here.

The same applies to games that require a random number such as roulette. This can all happen in the background without you realizing it or you can use third-party online tools such as quick hash.

If you are cryptography and code literate you can check it for yourself by following these instructions. If that is not your idea of fun then you could rely on independent trustworthy experts that have done the verification for us. But then we are back to trusting someone which is what we are trying to avoid.

FortuneJack Casino Launches New Live Dealer Games From Ezugi

Fortunejack casino has some exciting news coming for you! A top-tier Live Casino action! Ezugi brings chic and freshness to the new deal at FortuneJack. Now you can pamper your players with Roulette, Blackjack, Baccarat, Number Betting, Auto Sic-Bo, and more!

Ezugi dealers are skilled and friendly, the games are thrilling and features-heavy, and the winning potential is always hot.

Ezugi is an innovative software developer that has been in the online gambling industry since 2013 and has already earned quite a reputation in the live dealer games industry. The live dealer software provider is fully dedicated to offering their customers an unparalleled gaming experience, with the immersive casino action, streamed live in high quality from studios in Costa Rica, Belgium, and Cambodia.

ICO Underway for DAO.Casino: Provably Fair Gambling

DAO.Casino, the Ethereum-based gambling platform building a decentralized, transparent gambling platform which will offer provably fair games, has launched its crowdsale and reported significant success, with over $12,000,000 worth of tokens sold on the first day of the token sale. The token distribution began on the 29th of June, 2017 and is set to end in 28 days, or when the maximum cap is reached.

The cap on the crowdsale is set at $25 million. The initial price for tokens was set at 2,000 BET tokens for 1 ETH for the first day, and during the following two weeks, 1 ETH will be worth 1,800 tokens. At the time of writing, the total value raised is approximately 13.5 million USD – or 45,090 ETH. Of this revenue, 60% is to be put towards research and development, 20% for operational costs, 15% for marketing and 5% set aside for legal purposes.

Designed to provide a bankroll backer and randomness amongst other benefits, the DAO.Casino platform is intended to grant game developers a degree of freedom from casino operators when developing products. It will provide incentives for operators to prove the fairness and integrity of their platforms. DAO.Casino is transferring the different processes required to enable gambling onto Ethereum to take advantage of the benefits of blockchain and to create an interoperable gambling industry entirely on the blockchain.

Some of the existing problems that befall online gambling that the platform aims to solve include: the risk of fraud on behalf of online casinos, the inability to check the result of a draw, high and hidden fees, a prohibitively high entry level for the game developers, high costs associated with running an online casino, and operations overheads such as integrating payment systems and user account balance management.

The initial release of DAO.Casino uses the Signidice algorithm to solve pseudo-random number generation and up to the launch, games released will use this algorithm.

In its whitepaper, DAO.Casino describes the use of the Signidice algorithm as ‘suitable for those Ethereum-based games, where the outcome of every round for the player depends only on the RNG and (optionally) the number, chosen by the player, but not on the action of other players. E.g. it may be suitable for roulette, slots, etc., but not for those games, where the outcome depends on the other players or just their number, as may be the case in lotteries.’

The whitepaper also details the following example of a game of roulette is modeled as a number of rounds, with a single player playing against the casino using the following sequence:

1. The casino generates a new pair of private/public keys (PrivKey and PubKey) for some deterministic signing algorithm (e.g.RSA).

2. The casino creates a smart contract, which contains the public key (PubKey), the maximal number of participants, and the Ether bounty. (Optionally: casino changes PubKey of the existing smart contract).

3. The player chooses the number to bet on (B), and a random number (R) in a certain format (e.g. 20 bytes). The player might even specify the range of numbers B if the rules of the game allow it (odd vs. even, etc.).

4. The player sends a transaction (TX) containing the Ether bet, along with the data: B and R.

5. The contract checks validity and format of the numbers B and R. Invalid TX are rejected.

6. Additionally, the contract checks if the number R has already been used by this player in previous rounds, in which case TX is rejected. (This step is necessary if the contract is reused for multiple rounds of the game).

7. The contract concatenates the random number R with the public address (A) of the player’s Ether account, from which TX was sent: V = A + R. The resulting value V is stored in the contract. The size of V is always the same: size(V) = size(A) + size(R). At this point the outcome of the round (win or lose) becomes deterministic.

8. The casino must sign the resulting value V with its PrivKey, thus producing the digital signature S = sign(PrivKey, V), and send the corresponding TX, containing S.

9. The contract recovers the actual public key (K) from the digital signature S and verifies that it is equal to the previously published PubKey (K == PubKey). If APK does not match PubKey, or if the casino fails to perform step 8 within a predefined time frame, it is tantamount to cheating. In this case, the contract sends the bounty to the player along with the original bet, and the contract is closed via suicide. (In case of multiplayer game, the bounty is shared between all players).

10. The contract uses S as a seed for the predefined PRNG algorithm (e.g. SHA-3 based), which produces the lucky number (L), e.g. between 0 and 36.

11. If B corresponds to L, the player wins, otherwise casino wins. The contract sends the bet to the winner.

12. Now the casino may close the contract and recover the bounty, or initiate a new round of the game. Alternatively, the contract might be programmed to automatically proceed to the next round, unless the casino closes it.

This method shows provably fair gambling and avoids manipulation of the outcome by either side whilst also giving the opportunity to the operator to advance payments in order to generate goodwill.

With its innovative new approach, DAO.Casino aims to create an open ecosystem that anyone can integrate and interact with. Soon it will be looking to collaborate with traditional online casino operators who are prepared to implement blockchain technology. Details of plans to form a consortium for collaborative research and running pilots is expected in the future.

FunFair the world’s fastest Ethereum casino platform.

FunFair Debuts Fastest Online Roulette Game on World’s Fastest Blockchain Casino Platform
Roulette Game Delivers Higher Player Winning Potential Using Pioneering Ethereum-powered Fate Channels Technology.
About FunFair

FunFair is the world’s fastest Ethereum casino platform. It’s also the first blockchain platform and protocol to make online casino games fun, fast, and fair. The company’s combined 40 years of experience building gaming and casino software means players benefit from beautiful, intuitive games that have bigger payouts and are always provably fair. Using its first-of-kind Fate Channel technology and Ethereum smart contracts, FunFair offers the ultimate casino experience – complete transparency, astonishing efficiency, and unrivaled gameplay. FunFair is a developer of the platform, protocol, and games. The company licenses these games to operators and does not operate the games directly. Founded in 2017 by Jez San, Jeremy Longley, and Oliver Hopton, FunFair is headquartered in Singapore with offices in London, Isle of Man and Malta.

Is Gambling with Bitcoin Legal?

In countries where gambling is legal, bitcoin-exclusive casinos are becoming more popular because of all the benefits associated with the currency. Here’s what you need to know about Bitcoin gambling in countries where it is legal, and even where it isn’t.

Are Bitcoin gambling sites and casinos legal?

In countries where gambling is legal, most currencies and payment options are accepted, fiat or not, but this doesn’t mean that Bitcoin is automatically legal, because some countries have placed restrictions and taxes on Bitcoin cash-outs. But, even where gambling is illegal, there are still ways to gamble online via sites being offered and run from other countries.

What users love about online gambling sites, and particularly those that offer Bitcoin as a currency, is the benefit of anonymity. This makes it difficult for authorities to trace players, which is why, as a general principle, governments usually impose a penalty on those who operate gambling enterprises illegally rather than the players.

 

There are two main areas that majorly influence the legalities around online gambling with Bitcoin and cryptocurrencies in different countries:

 

Where is online gambling allowed?

 

If online gambling with fiat money is declared legal in your country, then it’s more than likely that gambling with Bitcoin is legal too. Here’s a look at a few of the most online gambling and bitcoin-friendly countries to date.

 

Australia

Online gambling status: Friendly

Bitcoin status: Very friendly

 

It is legal for residents in Australia to gamble online, but it is illegal for gambling operators to offer their services from within the country. That means that online casinos operating in legal jurisdictions can offer their services to players in Australia.

The Australian government is all for the use of cryptocurrencies – if it is properly regulated for the safety of its citizens and there are systems in place to prevent money-laundering. On the topic of Bitcoin specifically, the governor of the Reserve Bank of Australia has commented that using Bitcoin is completely legal, adding “there’s no law against that”. Click here|More info|Show more

 

Canada

Online gambling status: Friendly

Bitcoin status: Very friendly

 

Like Australia, Canada allows its residents to gamble online, however, it prohibits gambling that is offered by a company that isn’t owned or licensed by a provincial government. When it comes to Bitcoin use specifically, it seems the Canadian government has made no formal ban on the cryptocurrencies’ use.

A light restriction is a positive gain for Bitcoin users since Canada was the first country in the world to pass legislation surrounding Bitcoin, they seem to have paved the way for introducing ways to protect users while allowing the cryptocurrency to flourish. Many top-ranking Canadian casinos accept payments in bitcoins. In 2013 the first Bitcoin ATM was installed in Vancouver and today there are approximately 205 bitcoin ATMs and tellers in Canada, with Toronto and Vancouver dubbed the “Bitcoin hubs”.

In summary, if you are gambling online in Canada with Bitcoin, you are not subject to any regulation, unless you are an online gambling vendor or Bitcoin broker.

 

The UK

Online gambling status: Regulated, friendly

Bitcoin status: Very friendly

 

It is legal to gamble online in the UK, provided that the gambling service provider has applied for and has been granted a UK Gambling Commission (UKGC) issued Remote Gaming Permit. And in August 2016, the UKGC officially gave the UK licensed online casinos permission to accept bitcoin as a deposit and cash out method.

To lessen occurrences of money laundering, and because of bitcoins huge impact on online gambling’s popularity, the Bank of England has been keeping its eye on Bitcoin technology and innovations, even asking citizens to share ideas on ways to better its monetary system.

In the UK, Bitcoin is considered “private money,” and VAT is applied as normal. All exchanges of services and goods that accept Bitcoin and other cryptocurrencies are taxed.

 

France

Online gambling status: Regulated, friendly

Bitcoin status: Friendly

 

From the creation of the roulette wheel to the original version of baccarat, France has contributed to the birth of several forms of gambling we use today. But, any form of gambling in France requires a license, even though the regulations are not particularly strict – authorities that monitor gambling do so mainly to keep French residents from becoming addicted.

Is it legal to gamble online in the States?

The FBI has said: “You can go to Vegas. You can go to Atlantic City. You can go to a racetrack. You can go to those places and gamble legally. But don’t do it online. It’s against the law”.  While gambling is legally restricted in the USA, the number of sites available and interest in online gambling hasn’t slowed down, and gambling under federal law is legal, leading to the USA being dubbed by some as “the most bitcoin-friendly country in the world”.

To be sure that the site you’re betting on is licensed by the US, look out for whether it’s registered on the gaming board’s website, the Unlawful Internet Gambling Enforcement Act (UIGEA). If that isn’t enough to put your mind at ease if you’re gambling using Bitcoin online in the States – the FBI has made it clear that they’re, “going after the people making the money”, so unless you run an illegal gambling site, chances are you’re safe.

 

Countries that regulate the use of bitcoin and cryptocurrencies

 

 

Bangladesh

The Central Bank of Bangladesh is mainly concerned over Bitcoin’s lack of “a central payment system” leading to citizens being “financially harmed”. Bangladesh has restricted the use of Bitcoin, regulating the trading of the currency as payments.

 

Bolivia

In Bolivia, the central bank has declared Bitcoin use illegal as well as the use of other cryptocurrencies. The El Banco Central de Bolivia declared that: “It is illegal to use any kind of currency that is not issued and controlled by a government or an authorized entity.”

 

Russia

In 2016 the Russian government’s stance on cryptocurrencies seem to shift – a new law that would see Bitcoin regulated as a foreign currency was revealed by Deputy Finance Minister Alexey Moiseev. Bitcoin use isn’t officially legal, for example, Localbitcoins.com is still blocked for Russian users, which could reveal regulations and laws placed on Bitcoin and other cryptocurrencies at any time.

As more people use bitcoin to gamble with online, or as payment for services and goods, the currency will no doubt continue to grow in a manner affecting local and international economies.

The officials implementing laws struggle to understand how to regulate the use and taxing of bitcoin – supporting a revolution of the economy online and the ‘internet of money’ could foster better growth.

 

Remember, while gambling laws generally pertain to the operators and casinos, individual players are free to enjoy playing online, as long as you make sure the casino is licensed, credible, and offers great support.

Gambling companies are cashing in on one of the hottest trends sweeping crypto

Investing in an initial coin offering (ICO) is a bit of a gamble in and of itself, so it’s fitting that more gambling and gaming companies have raised money via the fundraising method than any other category.

ICOs took off in 2017 in tandem with the entire market for digital coins. It’s sort of like a crypto twist on the initial public offering process, but for younger companies. Celebrities have played their part in hyping up space, with entertainers from Paris Hilton to Floyd Mayweather Jr. promoting the fund-raising method for some companies.

A wide-ranging report by Credit Suisse, the Switzerland-based bank found, found a “high number of gaming and gambling companies” have used the mechanism to raise money. Here’s the chart from the report:

“Momentum is such that ICO funding in the tech sector almost surpassed traditional angel and seed funding in 3Q17,” the report said. “This trend shows no sign of slowing, leading to concerns from industry experts and regulators of over-capitalization.”

In total, more than $4 billion has been raised via ICOs, according to estimates by Autonomous NEXT. Business Insider reported about the massive $500 million ICO to build a floating cryptocurrency casino in Macau.

According to the Credit Suisse report, gambling companies such as casinos have a lot to gain from blockchain and cryptocurrencies. The anonymity of cryptocurrencies is one such benefit.

“Demand for anonymous gambling is evident in the relatively high usage of pre-paid cards – such as the paysafecard– on gambling websites and in consumer behavior surveys,” the report said. “Gambling with cryptocurrencies – as opposed to fiat money – can currently be conducted without the need to provide identification documents, or in some cases, without the need to create an account.”

Still, regulators are ramping up efforts to clamp down on initial coin offerings. China and South Korea are among the countries that have flat out banned ICOs. The Securities and Exchange Commission’s recently launched Cyber Unit has halted a number of ICOs for not following securities laws.
http://www.businessinsider.com/gambling-companies-biggest-presence-ico-market-2018-1

LetBet Announces ICO to Revolutionize Online Gambling

LetBet will issue its cryptocurrency named LBT to enable a decentralized, trustless, and fast online gambling protocol powered by blockchain.

Belize: Blockchain-based online gambling platform LetBet is releasing its own digital currency named LBT to disrupt the status quo of traditional online gambling systems – delays, unfair payout systems and the innate trust on a potentially corrupt third party. Hence, it will revolutionize the online gambling industry and aims to bring the industry to a new future in the next few months.

The online gambling industry is currently valued at about 500 billion USD. This amount is increasing continuously and is slated to reach nearly 1 trillion USD by 2021. Given the development of internet and mobile, the online gambling industry will become a big boom in the very near future. This sector consists of many business models & technologies, including Sports Betting, Online Poker, Casino Games, Online Bingo and Online Lottery, among others.

The online gambling industry is also filled with lots of perceptions and views from both the players and those who are closely observing the industry. These concerns include illegal tax avoidance, player discernment, security, unreliability, myriad regulations and so on.

Most importantly, in a typical online gambling system, players rely on a trusted third party to carry out the game. A major solution for a fair gambling system is a trustless gaming platform. With LetBet, there is no need for trust. Smart contracts will automatically reward all the key contributors including game developers, referrers, and operators of independent platforms.

The end users (players) are central to the LetBet system. All games would be written in using a smart contract, where no-one could control the game or its outcomes. The platform also extends to developers who are interested in bringing along their business model through LetBet. Bookmakers can join and build a new online gambling platform that is trustless, private, anonymous, reliable, secure, transparent and fast.

These values are achieved thanks to LBT or LetBet coin. All transactions, starting from the funding of players’ wallets, search for games, placing of the bet, to the automatic payout systems, will revolve around, or be powered by, the LBT.

This platform also supports players from countries with strict regulations on gambling. As a result, it will generate a free and fair environment for online gambling on a global scale. Participants including game owners, developers, bookmarkers, players, and bankrollers throughout the globe who take part in the community development of deploying smart contracts can earn LBT. LetBet earnings are shared between contributors. The value of the LBT will grow along with the number of players and games in the system.

LetBet ICO

LetBet will start its ICO crowdsale on 25th February 2018 to allow investors to purchase the platform’s native LetBet tokens. LetBet has set the total cap of its token to 199M for sale during the period, out of which, a total of 20M LBT will be issued during the pre-sale. 70m LBT will be issued out during the crowdsale.

The pre-sale will kickoff on the 20th Jan 2018 and end on 14th Feb 2018.
LetBet will distribute LBT at the starting price of $0.5 per LBT with 70% bonus on first purchase. The price of LBT (i.e $0.5) value of Bitcoin or Ethereum would increase each day throughout the 30 days of ICO.

Note: To benefit earlier investors any leftover coin after the ICO will be burned.
For further information about the LetBet platform, please visit the LetBet official website at www.let.bet. The Whitepaper offers comprehensive information about the project and its strong market potential.

FortuneJack, the Most Advanced Bitcoin Gambling Portal

 
 

A superb creation of the genuine casino game gurus with two-decade gambling experience, FortuneJack Casino is a multi-purpose portal with over 500 advanced casino and slot games for the real high rollers and crypto gaming enthusiasts eager for everyday gambling challenges and discoveries.  Fortunejack.com offers progressive jackpots, provable fairness, and fund and identity security, topped with remarkable 24/7 customer support since the very moment of its establishment in 2014. Fun, fair and unique. That is how the casino describes themselves, and this is fully proven by their numerous global player community consisting of gamblers with different gaming skill levels.

Apart from a broad selection of entertaining  slot games, the casino’s offers a variety of live casino games

FortuneJack Casino recently launched their   Poker platform offering freerolls, weekly grand tournaments, up to 40% rakeback and more. Players can also purchase Bitcoin directly from the website or use the casino’s own cryptocurrency exchange.  games include  Texas Hold`em, OMAHA, and 7 STUD.

Playtech launched HTML5 Based Live Roulette Game 

Playtech launches best-in-class HTML5 Live Roulette

Playtech, the world’s leading gaming content and software, systems and services supplier, has launched the industry’s most cutting-edge live  HTML5   Roulette game.

In partnership with licensees and following extensive user experience testing and benchmarking analysis over the course of 2016, Playtech has launched the most sophisticated live mobile roulette product on the market.

In the first week of the launch of this live roulette game has resulted in superior player engagement levels, longer session times across all devices, and significantly increased revenues for licensees.

For the first time players are able to seamlessly play live roulette on mobile and tablet while simultaneously being able to see their bets as the roulette wheel is spinning.

Within two days of launching the new HTML5 live roulette across Playtech online casinos in parallel with the previous roulette games, the overwhelming majority of players were found to have migrated to the new improved version.