Cryptocurrency gambling is fast gaining widespread adoption thanks to its decentralized nature. Today, a large…
GAMBL: The Blockchain You Can Bet On
There is no doubt that billions of dollars are gambled every year. Out of these billions, the sports betting & gaming industries account for nearly half of the world’s betting volume. Unfortunately, operators and networks spearheading these industries are usually centralized.
It’s clear that centralized operators and networks are far from perfect and cannot be trusted. On the one hand, operators tend to apply excessive fees and unfair limits. On the other, centralized networks offer centralized points of failure and are vulnerable to governments and legislators.
However, one project, GAMBL, is seeking to return power back to the hands of the users. They intend to do this through cutting-edge technology and industry experience. Let’s take a deep-dive into GAMBL & what it’s all about.
What is GAMBL?
GAMBL is a global gaming and blockchain platform that brings together betting, casino, sportsbook, poker and lottery into one single app. It does this through the power of blockchain technology to bring open and fair gaming to a global audience.
GAMBL recognizes the fact that both the gaming and the sports betting industries are fast-growing industries. This is due in part to the continuous legalization of both industries in many regions. However, GAMBL has noticed that for a large majority of regions, these industries are in the hands of centralized players.
This has resulted in a number of problems for both users and operators. For instance, users face problems such as high fees, poor odds, poor liquidity, limitations, geographical restrictions and lack of data and funds control. Operators, on the other hand, are facing issues such as high entry barriers, regional restrictions, high costs, legal obligations and difficulty building users.
GAMBL wants to bring the power back to the users through the use of distributed systems and consensus data mechanisms. The ultimate goal is to make GAMBL a decentralized gambling network by the people, of the people, and for the people.
How Does GAMBL Work?
Typically, traditional sports betting and gambling platforms often manipulate their workforce numbers and maximize average profits on every user to stay ahead. However, GAMBL is providing a different level of solution.
GAMBL’s solution is to completely overhaul the traditional framework of the industry and improve it at its core. The aim is to weed out operator and user problems at the roots, rather than making surface level moves that only cause instability.
For starters, GAMBL offers users highly competitive odds, industry-leading prize pools, fair operation, ability to choose multiple operators and sole ownership and control of funds. Additionally, there are no individual restrictions. Therefore, users can access the platform at any time from anywhere in the world.
Operators, on the other hand, receive a lower-cost solution, higher profit retention, a global pool of players, and a low entry barrier. The decentralized nature of the network will reduce the need and the costs associated with centralized operations.
Key Features of GAMBL
Some of the key features of the GAMBL network include:
- Low Fees/ Fair Odds: GAMBL will allow users to offer their own odds on the outcomes of events and even bet against each other. There will be a 1% fee charged on the profit of all winning bets. Additionally, the GAMBL casino will operate with a 90% reduced fee across all games unlike traditional operators.
- Ease of Use: GAMBL’s ecosystem is free from standard industry predatory practices. It provides a cleaner and transparent UI experience. Users will have access to all the options and features from centralized services minus the clutter and clickbait. All gaming activities such as deposits, withdrawals and ability to convert currency will be at the user’s fingertips. There’ll also be fiat currency conversion integrated into the core wallet.
- Control of Own Funds: Users will have total control over their wallets. Money for bets will be held in smart contracts until the results are in. Therefore, no central authority or third party will be in possession of any user funds at any time. Ultimately, there will be no loss of funds. Additionally, thanks to the nature of blockchain, no personal data can be stolen, exploited, or misused.
- Instant Payouts: As soon as the result is confirmed, the official operator node processes it to the blockchain. All bets are then resolved within one block. All winnings are automatically sent to the user’s wallet. Only users are authorized to access their wallets at any given time.
- Guaranteed Liquidity: Automatic liquidity is done through the official operator node to ensure sufficient liquidity in all betting markets.
- Unlimited Betting: There are no individual limits or restrictions. Users can bet multiple times. There are no limits on casino gamers or lottery entries.
- Unlimited Global Access: There are no geographical restrictions when it comes to using GAMBL and any of its subsequent services.
- Privacy: Blockchain offers privacy and anonymity. No personal details are required to participate.
GAMBL’s roadmap is divided into yearly phases outlined as below:
- Creation & growth of the GAMBL community
- Establishment of market presence and solid partnerships
- Initial pre-order rounds
- Prepare for MVP & marketing for initial offering
- Finalize MVP for initial offering
- Market initial offering
- Conduct initial offering
- Expand GAMBL sportsbook
- Implement the first casino games
- Grow the community & create awareness
- Improve research & development for poker & betting exchange systems
- Implement an offering of full casino games
- Start targeted casino marketing
- Lottery system launch
- Enable external operator compatibility
- Integrate Poker software
- Start & conduct targeted marketing for poker
- Onboard external operators
- Implement betting exchange
- Create a sportsbook to exchange targeted marketing campaign
- Establish GAMBL as world’s first primary gaming product
- Develop platform governance protocol
- Create GAMBL foundation
- Decentralized final components (development, maintenance, governance)
There is no doubt that the GAMBL network is an ambitious project; from its vision and mission down to the team behind it. If you’d like to know the project in detail, feel free to check it out through the following channels:
Whitepaper: Click here