About 3 months back, I first ventured into the world of betting and gambling. I had shared my initial brush up with gambling games on EOS blockchain here. But I couldn't stop at just gambling and found it better to hold stakes in the casino itself 😉 In the coming week I'll share my experiences of my journey from becoming a gambler to a casino owner.
But briefly, almost all online casinos on blockchains have their own tokenized economics and pays out a pre-defined percentage of their profits to their "long term" investors or token holders. This "long term" could be as short as 0 minutes to as high as 3 to 7 days. But mostly it's 24 hours.
After the success of several online casinos on EOS & Tron blockchains, blockchains like STEEM & WAVES too introduced such games. Magic Dice is one such popular Dice game on STEEM.
According to dapps ranking website SteemApps, Magic Dice is the highest volume generator dapp on STEEM blockchain with about 3.8 million STEEM in last week. With 182,714 transactions in last week, this dapp stands second only to Steem Monsters. Obviously, this is a very popular dapp on STEEM blockchain right now.
And this is just the beginning. Considering the success of gambling apps on other chains, I'm quite confident that this or some other gambling app will lead all other dapps on STEEM soon. Despite knowing this fact, I wasn't using this dapp until now. The only reason was that it didn't come up with its own token and hence it wasn't distributing any dividends. So without any mining or profit sharing opportunity, I abandoned this platform. And so did many others.
But today, it has announced its own MAGIC tokens and a dividend plan for its holders. Not only that, it has rewarded all its players with MAGIC tokens retrospectively. Now this is a cheating with people like me, who would have played here if they knew they will get some tokens later 😉
Well, you ain't missed the opportunity yet. You can still play and earn 200 MAGIC tokens for every STEEM wagered. In addition to it, they have come up with some very innovative approach on STEEM platform, which other gambling platforms lack of - they are giving away MAGIC tokens even if you don't play out there. You can earn MAGIC tokens for delegating some SP to this dapp. For every SP delegated, you earn 50 MAGIC per week. Now this is magic to my ears!
According to their post 7 million STEEM & 30,000 SBD have already been wagered in about 400,000 bets on its platform since its launch. It's already the fastest growing dapp on STEEM. And this was without any tokenomics in place!
Now that they have announced their own token and dividend plan, I hope a rapid acceleration in its user base. They are offering to share 70% of their profits with the community. So 70% of its 7 bn tokens will be distributed to the community over time. It will distribute 100% of the rewards to all token holders. So in effect, you will receive as much share of the profit as the share of total tokens you hold.
Isn't it great! I hope, at some point, it will become the most rewarding token in return for your SP. But you need to do your own risk-reward assessment before you decided to invest or play on this platform.
Personally, I'm thinking to delegate some SP to see how it goes. But at the moment, I'm waiting for some clarifications from the team.
Nevertheless, I'm happy to see this development on STEEM chain. This will bring in more attention to STEEM blockchain if this platform is publicized well.
Good times are coming for Steemians!
N.B.:
1. Before you decided to invest your time and money into this game, do not forget to read my upcoming posts where I share my personal experiences and thoughts on such games.
2. Links to the Magic Dice website in this post are my referral links and you're requested to use it whenever you want to use this website 😉
3. Check the legalities of participating in this ecosystem on your own.
4. This post is for sharing my personal opinions and is for informative purpose only and not a financial advice.