EOS Gambling dApp EOSBet has announced that Curacao's online gambling industry regulator Curaçao eGaming has granted it a gaming license. In an announcement posted on its official blog, EOSBet revealed that the accreditation will enable it to offer all existing forms of interactive online gambling…
EOS Gambling dApp EOSBet has announced that Curacao’s online gambling industry regulator Curaçao eGaming has granted it a gaming license.
In an announcement posted on its official blog, EOSBet revealed that the accreditation will enable it to offer all existing forms of interactive online gambling under the regulator’s Master Gambling License issued by Curaçao’s Ministry of Justice.
With the announcement, the platform which prides itself as the oldest EOS gambling dApp and one of the most popular decentralised gambling platforms has achieved another milestone in its strategy to make itself a fully licensed and legitimate gambling platform. It now becomes the only fully licensed EOS-based gambling platform.
According to the platform, the benefits of Curaçao eGaming’s decision to grant EOSBet a license largely revolve around increased stakeholder confidence and enhanced credibility and trustworthiness all round. In particular, the move permits the platform to establish what it describes as “important banking relationships” as well as enable it work with larder and better recognised partners.
It will be recalled that EOSBet suffered a damaging public hack in September that negatively impacted on user and investor confidence. At the time, CCN reported that the platform lost 44,427.4302 EOS worth $236,000 after a hacker exploited a flaw in its code that made it possible for funds to not be deposited to the smart contract.
With the granting of an official regulatory license, there is also elimination of the possibility of the domain being seized or the platform being shut down for operating outside of legal permissions. Significantly, the possession of a license from a recognised government entity will substantially improve investor confidence in a space that has already seen quite a number of exit scams.
In the announcement, EOSBet revealed that while users’ everyday experience of gaming on the platform will not change with Dice and Baccarat games offered as usual, the license means that the platform will henceforth be able to implement new features and updates more quickly. Whereas previously, the development team was constrained to sit on updates for a number of reasons, the coming month will see a raft of changes including a Baccarat game revamp, a new unified site, a player resource troubleshooting fix and a fixed token airdrop schedule.
Going forward, EOSBet also revealed that the license substantially improves the likelihood of BET – EOSBet’s native token – being listed on a major exchange as it continues negotiating with a number of large exchanges including an unnamed Top 3 exchange. For the moment, placing bets on the platform remains the only way to obtain BET tokens which are currently non-transferrable because according to EOSBet, this gives BET the highest chances for a favourable listing on a suitably large exchange.
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Last modified: January 24, 2020 10:54 PM UTC