EthBet Whitepaper

Abstract

Ethbet is a decentralized, peer-to-peer, and provably-fair Ethereum-based dicing game without a
mandatory house edge. Ethbet is able to offer bets without a house edge because players bet directly
against other players instead of against a centralized house. The disadvantage of this is that in order to
place a bet, there must be another party willing to place the same bet. For this reason it is possible that
a player must wait for their desired bet to take place, especially if it is very large. To combat this, an
additional feature of an optional player-defined house edge is added, allowing players to offer and take
(‘call’) bets with any house edge that they desire. Thus, a player that prioritizes speed over their
expected return can agree to a bet that gives him a slight disadvantage (i.e., a bet that gives his
opponent a small house edge). Similarly, a player that is patient and prioritizes their expected return can
offer bets that the formerly mentioned player may choose to call. This results in a model where players
are effectively able to become their own casinos, allowing market forces to provide players with bets as
quickly as possible at the best possible rates. The Ethbet protocol features an efficient off-chain
matchmaking relay in order to allow players to quickly and cheaply communicate their intent. The
protocol can also be extended to support betting using any Ethereum-based (ERC20) token and for use
with other games.

EthBet Website
EthBet Whitepaper

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