Half of the site’s 2% service fee is offered in a drawing to the site’s players. Prior to creating or joining a game, users set a wager amount and set a pool of Bits or Points that will be distributed to the winner. Gambit.com uses Bitcoin because without Bitcoin, their business couldn’t exist; Severson explained:
Bitcoin is a vital element to Gambit‘s success for a few reasons. Bitcoin allows Gambit to accept players from all over the world due to its ability to be sent quickly/easily across borders with little to no fees. This means we don’t have to deal with cumbersome and expensive wires. Also, many players like to play for very tiny amounts. With Bitcoin, it is possible to play for as little as 1 bit (1 millionth of a Bitcoin). This gives players the excitement of playing a game for stakes, without having to risk meaningful losses. Bitcoin is an amazing new technology that is easy to integrate, immediately global, and micro transaction friendly.
Also read: Bitcoin will Revolutionize Gambling
Since 2005, Chess.com has grown to become the number one chess related website in the world. The website itself is one of the top 1,300 websites according to Alexa website rankings. Though Chess.com and Gambit.com are sister sites, Severson told CCN that Gambit.com will never feature Chess and that Chess.com will never feature Bitcoin betting. In the future, Severson plans to add very large and publicized Bitcoin Chess tournaments. For now, Chess enthusiasts can pay for their Chess.com membership using Bitcoin, a feature that has been live for almost a year. Severson left CCN with a glimpse of his ideal future:
I hope that over the next year, we are able to attract lots of online gamers who enjoy playing online strategy games but would like the added excitement and fun of playing for bits. I hope that Gambit.com can introduce people to Bitcoin and its advantages over traditional payment systems and fiat currencies.
Have you tried Gambit.com? What do you think? Comment below!
Images from Shutterstock.
Last modified: October 19, 2014 19:52 UTC