Entrepreneurs Envision An Online Casino Where Someone Always Wins
Gamblers everywhere know that the house always wins. But what if you’re gambling at a casino without a house?
A New Kind of Betting
Two entrepreneurs, George Georgiopoulos and Giannis Galanis, are aiming to start an online casino called Bet.tra.de where the house operates as a “market maker” instead of a traditional gambling facilitator. They won’t charge anything for playing and won’t profit in the event of a player’s loss. This is because their casino will pit players against each other instead of the house.
The Theory behind It All
It’s “P2P betting,” explains Georgiopoulos. When a player enters a game of roulette, he won’t be betting against the house; he’ll be betting against other players who have made different choices on the board. For example, if he chooses red, he’ll be matched with a player who chose black. No matter how the ball eventually lands, one of them will emerge triumphant, and the house won’t take anything at all.
“There’s always a winner,” Georgiopoulos says.
So how can the casino stay in business if it isn’t profiting from player losses? Georgiopoulos says that Bet.tra.de will earn its cash from special perks and trades. If a player changes his mind during a roulette spin, he can sell the bet to another player, and the house claims a portion of the transaction. If the horseshoes aren’t lining up on the slot machine, the player can cancel the spin and take a portion of his money back, and the house keeps the rest.
The Start of Something Extraordinary
“Our vision is to create the new standard for games of chance,” the two men explain on Bet.tra.de. It remains to be seen whether the public will bite, but one thing’s for sure: Their idea is certainly original.