With their volatile shifts in value and breakthrough formulas, cryptocurrencies are constantly in the news these days to ensure that online transactions are completely safe. The online casino scene also regularly plays its part in the crypto news world, but it isn’t often that we hear of land-based casinos trying their hand at the blockchain.
However, a recent report on Forbes.com uncovered a new company on the blockchain that is trying to use a custom cryptocurrency for high-stakes casino games. Some of the newer forms of blockchain casino entertainment offer crypto enthusiasts the opportunity to earn bitcoin for free, along with other methods found on sites like Coin Airdrops. This website is designed to help people get their hands on free BTC.
Macau Crypto Solutions
High stakes games are all over Macau as billionaires in the area regularly visit the former Portuguese colony to blow off steam and lose a few million dollars. Other obvious destinations for wealthy foreigners are Monaco, Las Vegas, New Jersey, and London.
In places like Macau, private rooms are usually organized for high rollers. These rooms or areas are known as junkets and can charge 5% to 7% for services rendered, including cash handling. This is not as common in places like Las Vegas or London as the casinos in these areas are always on the lookout for whales as the wins from the individual session are huge – if the house wins – as the casino is more ahead of the curve often than not.
One of the problems with large sums of money is transferring money to a land-based casino abroad quickly and efficiently. A question is also raised regarding the privacy of these transactions.
Although privacy is not the main concern here, the blockchain also offers the added benefit of allowing incomprehensible and completely private transactions.
The blockchain is the obvious solution in both cases
Cryptocurrencies can be transferred from one wallet to another almost instantly using the blockchain as there is no middleman. B. a bank that holds up the transaction by taking the money from A and then holding it for a while before sending it to B.
As long as the person who owns the wallet (in this case the “whale” who wants to play high stakes games in Macau) can also transfer the fiat currency to the wallet, that person can quickly transfer the digital currency to any casino send abroad it accepts.
Dragon Inc is one such company that deals with technology that enables whales to quickly transfer money into a specialized cryptocurrency. The new crypto is specially designed for high stakes casino players who want to play abroad. If the company is successful, this new revolutionary idea will change the face of land-based gambling.
Dragon Global Chips
The way the cryptocurrency works is quite simple. High rollers must purchase tokens. Once you have the tokens, they will be transferred to the overseas casino where you want to play.
In the casino the high roller can exchange tokens for “Dragon Global Chips”. This can be done using a smartphone with the wallet app installed. At this point, the high roller can use chips to play at their personal table or junket.
For both the player and the junket, the process of bringing cash to the table is significantly simplified. Instead of costs of approx. 7%, the costs are reduced to approx. 1%. If you consider a player bringing between $ 1 million and $ 10 million to the table, the 6% cost savings are roughly $ 60,000 and up to $ 600,000.
Another benefit could be the privacy of transactions or even the traceability of transactions. The latter helps curb activities like money laundering that have plagued the casino industry since the beginning.
Currently, Dragon Coin is only targeting the Macau casino scene. Since Macau took over the gambling capital of the world in 2017, despite being 1/10 the size of Vegas, Dragon Inc has been aiming for the most likely place to find high rollers, as well as a place that will attract large numbers of gamblers from the Attracts abroad.
It is not surprising that this happened given that Asia has a larger population than the continents of Europe, South America, and North America combined. Macau’s gaming industry generates $ 28 billion annually. Vegas spends $ 6.4 billion annually.
Another problem for Dragon Inc is the US rules regarding gambling. It could come under fire from remote gambling laws, which come with several complex financial laws that can negatively impact or slow down the process of introducing a virtual currency used for gambling purposes.
However, Paul Maunan, co-founder of Dragon Inc, said that Dragon Inc plans to take the entertainment industry by storm in what could be the gateway to the US gambling market.
Dragon Inc First land-based crypto on the blockchain
With all of this, it’s surprising that this is the first time we’ve heard of it. With innovative thinking and some of the smartest people in the world working on the blockchain, we would have thought that an idea like this could have gotten into the spotlight much earlier than 2018.
On top of that, high stakes gaming is a billion dollar industry – with so many brain tanks also operating in the casino industry with the sole aim of finding new ways to attract high rollers to their casinos. Once again it is quite surprising to believe that nobody in this sector has looked at cryptocurrencies either.
This applies to Macau, Las Vegas and New Jersey. These are all the largest land-based casino areas in the world known to attract a fair share of wealthy Asian, Saudi, and Russian billionaires.
Even so, the solution is now being touted by Dragon Inc. With casinos putting so much money into high stakes games, you can assume that this is a well thought out and quickly developed project.
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