Since the launch of the EOS Mainnet we have seen multiple gambling applications being launched on the platform. Below is a list of some of the more well-known gambling apps on EOS:
You may be surprised to know that 21 out of the top 30 dApps on EOS are gambling applications as on November, 2, 2018. (1)
Many studies have been done over the years on gambling addiction and its negative consequences on the individual, and in many cases on the larger family. It is estimated that problem gambling affects more than 2 percent of Americans. (2)
Even though EOS is less than 5 months old, there are already many stories on social media of users losing big on some of the gambling applications on EOS. Below are two stories from Reddit.
An EOS token holder posted this on Reddit around a month ago: “I am a great believer in EOS and its potential but ended up losing all my holdings to dice.eosbet.io (1500 EOS to be precise). No excuses. Was entirely my fault and hate myself for being so stupid.” (3)
Another posted this on Reddit:
“I played the heck out of this game this week, racking up over 15,000 transactions, playing successfully, winning thousands of EOS. I’m on that list of “HUGE WINS” a couple of times. I should have quit there, while substantially ahead of my starting amount, but the rush and greed got me in the end. This is easy! I’m going to get to 10,000 EOS at this rate!
Out of all those transactions, I once rolled 11 wins in a row. Twice, I rolled 12 losses in a row. Calculating the probability and knowing how small of a chance of these events could occur (<1%), I figured it couldn’t happen, could it? Well, two runs of 12 consecutive losses wiped me out by 73%. I should have stopped after the first major loss but no, it was just a matter of time before I’d win it back.
The strange thing is, before this game, I’ve never really gambled in any substantial manner.”
Most countries have strict regulations and laws regarding online gambling and betting. (5) One of the biggest challenges for the Regulators in different countries are trying to enforce these regulations. Unfortunately, the same will be true of gambling dApps on EOS. I do not think it will be possible to effectively enforce regulations on the gambling dApp teams running the EOS platform. The best we can do as a community is to put pressure on these gambling dApp teams to implement restrictions to protect people from losing all their money; e.g. make the size of the bets smaller, add features that will limit the amount of tokens a user can bet for a time period (day or hour) to be set by the user before starting to use the application, etc.
Regulators unfortunately can’t cure addictions, at best they can try to protect people struggling with addiction. The best advice is to stay away from these dApps should you know you are susceptible to gambling addiction.
Below are some behaviors you may display should you have a gambling addiction:
- obsessing over any type of gambling
- gambling to feel better about life
- failing to control your gambling
- avoiding work or other commitments to gamble
- neglecting bills and expenses and using the money for gambling
- selling possessions to gamble
- stealing money to gamble
- lying about your gambling habit
- feeling guilty after a gambling session
- taking bigger and bigger risks while gambling (2)
There are many organizations ready to help people with gambling addiction. For US citizens, please reach out to one of the organizations as per the link below should you need help.
For non-US citizens, most search engines will return helpful results to links of organizations assisting people that need help with gambling addiction.