Bitcoin Casino

The recently launched BLUEBET betting website has emerged as the leading crypto gambling platform, according to blockchain usage tracking website DappRadar, barely less than seven months since its launch.

The BLUEBET project is an EOS-based blockchain platform and also currently ranks as the most popular public blockchain project overall with over three thousand daily users.

Designed with a Chinese audience in mind, the makers of BLUEBET appear to be targeting the growing popularity of online blockchain-based casinos in Asia, with a strong Chinese user base attracted specifically by the anonymity of blockchain interactions in a country where all gambling activity (with the exception of state lotteries) is considered illegal.

Cross Chain Functionality

Unlike most other blockchain projects in existence, however, the project team behind BLUEBET are seeking to build cross-chain functionality into its platform.

Whereas most blockchain-based P2P crypto betting platforms cater for the use of several cryptocurrencies at most – usually tied to the same blockchain technology which underpins the platform – the BLUEBET platform is seeking to build so-called “cross-chain functionality” that will eventually allow peer-to-peer betting by users who will not be required to bet in the same cryptocurrency.

The platform claims that it will eventually accommodate a range of cryptos including Bitcoin, Ethereum, EOS and other common cryptocurrencies – potentially giving it a strategic advantage for attracting new users over other crypto-betting competitor platforms.

Numbers Unclear

However, Jon Jordan, a spokesperson for the DappRadar website has pointed out that there is a question mark over the numbers that emerge from blockchain usage statistics: “There is a very high level of bot traffic on gambling dapps. We’re currently doing some research on this subject at DappRadar, but my personal gut feeling is +50% of traffic for some gambling dapps comes from bots.”

Bot interaction with blockchain technologies could be the result of deliberate manipulation to boost apparent user adoption numbers for new dapps (decentralised, or blockchain-based, applications), or may be the result of algorithmic interactions which are perfectly legitimate, particularly in a gambling context.

The longer term adoption of crypto gambling platforms still sit under a regulatory dark cloud given, in part, the lack of clarity that exists in many jurisdictions for the taxation of crypto assets.