EOS is one of the most popular blockchain platforms and its cryptocurrency of the same name. Since its decentralized nature offers enhanced transparency, fairness, and protection, numerous online crypto casinos are taking an interest in this coin.
The platform gained widespread popularity during the first six months after being released. It is quite user-friendly and fairly intuitive for those who want to create their own decentralized application. These characteristics make the EOS ecosystem grow much faster.
This cryptocurrency is pretty young, and the online gambling industry has not yet gotten to truly appreciate the advantages of its technology. That being said, some websites have already come to realize its benefits and made it possible for their users to gamble with EOS.
So far, EOS is still far from being called “popular in gambling”, but more and more cryptocurrency casinos are starting to keep an eye on it. It is obvious that this altcoin will become an accepted payment method for most gamblers as time goes on.
Furthermore, at least one crypto casino has already implemented EOS payments on its platform. We are talking about FairSpin, an online resource that supports dozens of virtual currencies. There, you can make bets with EOS in the provably fair games and slots.
At the moment, EOS is one of the several cryptos that are considered as possible new payment options in online casino FortuneJack. It may well be that FJ will adopt this altcoin and allow its users to gamble with EOS at some point in the future, so let’s stay tuned.
In fact, there are more than dozen online casinos accepting EOS, but they have not passed the test of time yet so we won’t name them to keep unexperienced gamblers safe.
Some of these platforms are decentralized, and it is especially appealing for crypto enthusiasts. For now, it makes sense to treat such resources with caution but you can easily google the names of such websites if you want to have a look at new EOS casinos.
Most cryptocurrencies can boast of having fast transfers. They are usually compared to fiat money so there’s no wonder that digital currencies are taking the lead in this regard.
However, the history of Bitcoin has known periods when its network load was incredibly high, making transactions much slower and more expensive. While people were used to pay $1 or less as a transaction fee, it was much higher during these periods. One transaction could cost $10, $20 or even more while blockchain confirmations were taking several days at times.
Therein lies the main advantage of EOS as compared to other cryptocurrencies. Transactions are totally free on its native blockchain. If that’s not enough, here’s another fact: the average transaction speed is less than a second.
EOS’ smart contracts make it possible to automatically transfer funds from the casino’s account to the account of its player (and vice versa) in accordance with the outcome of a game or bet. It is another benefit if compared to traditional gambling websites. Just think of all those stories about withholding winnings and blocking deposits. The betting history can be stored directly in blockchain as well.
Here are some obvious benefits of EOS in gambling:
• Very fast money transfers
• Zero transaction fee
• Ability to use smart contracts
• Ability to store bets in blockchain
• Anonymity
But EOS offers at least one more advantage — perhaps, the most important one.
Some casinos accept EOS as a payment method. We have already mentioned them: FairSpin and, in the near future, it may be FortuneJack. In case of these casinos, users can take advantage of surface-level benefits of the cryptocurrency.
But there are also casinos that are working with EOS from the get-go. How is it possible? The thing is, the EOSIO blockchain allows using smart contracts and deploying decentralized applications. For the online gambling industry, both of these features are of extremely high account.
Even the Provably Fair concept is perfectly combined with the blockchain technology. Every played game can be stored in the sequence of blocks, making it possible for users to check it all on their own and make sure that everything is fair. The Bitcoin blockchain would not be capable of that.
DappRadar.com shows the ranking of the most popular decentralized applications for such cryptos as EOS, TRON, NEO, Waves, and others. Have a look at top 25 EOS apps, and you’ll see that 9 of them are online casinos or sportsbooks, while 8 more are various EOS games.
Browse through a few more pages of the ranking, and you’ll see that most decentralized apps on the EOS blockchain are related to gambling. It gives a good idea of the convenience of this technology for gambling industry representatives.
Dealing with various Internet companies, it’s only reasonable to be concerned about the safety of your personal data and funds. Online casinos are no exception as you’re entrusting the resource with your finances and sensitive information.
With big crypto websites like FairSpin.io or Fortunejack.com, users understand that the casino puts its reputation on the line with respect to fair play and customer data protection. Few people would want to play games with EOS, should there be any nasty rumors.
Here are several factors you should pay attention to when choosing a casino:
1. Impeccable reputation
2. Provably Fair algorithm
3. Absence of conflicts with users
4. Instant payments
5. Brand’s history
If you want to gamble with EOS on unfamiliar websites, you should check all possible information. This way, you’ll minimize risks and, possibly, avoid unpleasant situations with online fraudsters.
It just so happens that big bonuses and promotions are usually found on large gambling resources only. Therefore, we cannot but wait for the moment when FortuneJack will finally implement EOS on its website.
Should you be upset because of it? That’s up to you. Some smaller EOS casinos make up for the lack of bonuses by offering a low house edge and various nice goodies.
In order to buy EOS, you may create an account on a popular crypto exchange that supports this coin, and then deposit some amount of fiat money (dollars, euro, etc.). After that, you would be able to exchange it for EOS.
Here are some exchanges:
• Exmo
• Kraken
• Poloniex
• BitFinex
This way, you will be able to send tokens to other wallets and use them at online casinos and sportsbooks.
