Single bet payouts based on blockchain technology

Completely solving the trust problem between users and the platform

‼️Exit scams and non-payments can wipe out users and their funds. Being unable to control bets from a user’s wallet has not been classically explored as a disadvantage, therefore requiring users to trust the platform in question.

On traditional gambling platforms, users deposit money to the platform’s accounts to obtain revenue, and therefore withdrawals require the user to trust the platform. Withdrawals can also be problematic in that they may require audits for whatever reason, creating more problems for users in the process.

1. What to do when the platform run away?

1. What to do when a platform exit-scams on its users?

Every year there are large and small platforms that take users money, don’t refund these funds, and then run way with the money, especially in the gaming industry. This is relatively simple to do because overhead is low, and a few different searches online can yield results.

Incident 1: an online casino was running a fraudulent betting platform through a LINE group to participate in gambling activities. One day they stopped talking to users and ran away with the funds.

Incident 2: A certain group, managing 7 different platforms was operating illegally without licensing and wouldn’t return user funds, then the team disappeared.

Incident 3: A certain international group using baccarat as the main game with forged licenses intermingled funds from users and investors, then ran away with the money.

With the general lack of regulation in the online gambling industry, the cost of disappearing with funds is extremely low. At best a user is lucky for never encountering an exit scam, but at worst they could lose all of the funds that they deposited to a platform. However, by removing the element of trust from the platform, users become empowered and never put their funds at risk to begin with.

2.What to do when platforms do not give winners their funds?

Even if the platform does not run away with your money, for various reasons, participants on those platforms may not be able to withdraw their winnings. Platforms may have layers of audits looking for a variety of reasons to delay payouts, or even outright refuse to pay, and the player does not have any method of recourse because their finances are stuck on the platform in question.

💪In order to completely solve the trust issue and examples above, Crybeto has integrated a single payout model based on blockchain technology, which has the following advantages:

1. Single bet payouts

Winnings are paid out directly to the user’s wallet after each bet is opened, the user does not have to worry about the platform pulling an exit-scam or a rug-pull. In the worst case scenario, if a platform were to use this kind of scam, the user’s only loss is the amount of funds placed on that bet.

2.No deposit is necessary to participate on the platform

Users authorize their wallets to bet on the platform with no deposit to the platform. Once the wallet has been binded users can immediately begin betting while ensuring the safety of their own funds.

3. When a bet is placed, it is settled through a smart contract

Without any human intervention, everything is executed by the contract code on-chain. Due to the decentralized and in-tamperable properties of blockchain technology, the platform cannot tamper with the users payment, which further increases the safety of the user’s funds and completely eliminates the possibility of a centralized platform to perform nefarious actions.

With the above innovations, the problem of trust is solved with new technologies with finality.