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Slotie Aims To Bring Innovation To The Gambling Industry By Introducing DeFi

Cryptocurrency Nov 10, 2021 10:30AM ET
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Slotie Aims To Bring Innovation To The Gambling Industry By Introducing DeFi

Betting and gambling have long been popular social activities throughout history. From the days of the first playing cards in 9th century China, the Romans betted on animal fights, or Poker, a 17th-century card game based on the Persian game As-Nas. The internet also impacted the gambling and betting space, as we saw betting take on a new dimension, such as people being able to bet on a live boxing or football match.

One constant between the pre-internet era and the internet era is that the betting system has always been centralized. An intermediary, in this case, a bookmaker who offers the odds and books a gambler's stake, is always required. As a result, tampering and collusion in the system are possible. However, the advent of Decentralized Finance has enabled betting to take place without the need for a middleman, i.e., bookies. Smart contracts, pre-determined agreements, and conditions are now employed in place of a bookie, which helps to assure transparency and eliminates the possibility of collusion. In addition, instead of the bookmaker providing the odds, decentralized oracles are being used to provide and update the necessary information in real-time.

Decentralized Finance: Transformation Of The Betting Industry
For years, the gambling business has been plagued by fraudulent and unfair practices. For example, there are various instances where a user does not receive their pay-out immediately after placing a winning wager due to several needless verification processes and unfair payout procedures. In addition, some bookmakers have taken advantage of the system by controlling and changing the odds for gambling events. However, the advent of decentralized finance has enabled the gambling market to exist without the intervention of a bookmaker.

The usage of decentralized apps in the gambling industry has enabled the entire betting system to run on decentralized protocols that employ smart contracts to automate the necessary operations. Decentralized gambling apps are changing the betting business by increasing transparency and providing a seamless user experience.

Benefits of Decentralized Apps(DApps) in the Gambling Industry
Decentralized Apps have incredible features and advantages that make them ideal solutions to the faults plaguing the gambling industry. Among these advantages are:

  • Transparency in the system: Every bet placed on the Gambling DApp is recorded on a public blockchain ledger accessible to all parties. Because what is recorded on the blockchain cannot be altered, and an intermediary cannot interfere with the operations, the public ledger helps to eliminate fraudulent actions and collusion.
  • Smooth user experience: Every transaction on gambling DApps is frictionless, and cryptocurrencies can be used to place bets instead of fiat money. That is, there is no need to provide sensitive financial information or wait for bank verification before placing a bet. Furthermore, with cryptocurrency as a payment option, it is now possible to get fast rewards for winning bets.
  • Accessibility: Gambling DApps have enabled anyone anywhere globally to place a bet regardless of location. Regulations and policies no longer bind users because governments and regulators cannot shut them down.
  • Introducing slotie, A Decentralized Betting Platform
    According to playtoday, 17 individuals out of every 100 enjoy betting, and 26 percent of the world's population has gambled or placed a wager at some point. This data demonstrates how the gambling business is an integral part of society; making it easier for people to experience the benefits of gambling by reforming the current flawed system is unquestionably a "game-changer."

    Slotie, an "innovative" decentralized betting platform, intends to bring innovation to DeFi by uniquely utilizing blockchain and NFTs. The slotie platform transforms the betting ecosystem by allowing users to stake their NFTs to earn passive revenue while simultaneously enjoying the perks of gambling.

    Sloties NFTs, 10000 unique NFT tokens based on the ERC-721 standard, are like tickets to Slotie's new world of DeFi gambling. Sloties has an expanding online casino network that includes over 150 casinos worldwide. The rarity of the Slotie NFT influences the revenue split a user receives from casino partners; the rarer the slotie, the higher the passive income.

    How To Stake Slotie NFTs?
    Slotie enables its community to earn rewards and become the “house” in 150 casinos by adding NFTs to the slot machines. By staking slotie NFT, the user invests in slot machines and earns big returns on their money. If a player wins a User's Slotie NFT, the user receives a full refund and additional money for having the NFT.

    It is also worth noting that Slotie NFT holders will become VIP members of each of the 150 casinos with which the Slotie platform has a partnership. Every Slotie NFT holder is also entitled to a 20% Rakeback. WATTs, the Slotie platform's native token, is also available. Every Slotie NFT owner receives up to 10 WATTs tokens every day.

    Slotie appears to have positioned itself in the gambling business as a "game-changer." It empowers its community by providing the same benefits as the "house" at over 150 casinos by presenting a fresh and unique approach. In addition, the Slotie platform has also created ways for its users to make passive revenue simply by staking their Slotie NFTs.

    You can learn more about this “innovative” project by visiting their website

    Continue reading on BTC Peers

    Slotie Aims To Bring Innovation To The Gambling Industry By Introducing DeFi

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