A ROULETTE BETTING EXCHANGE?
15th October, 2014 at 03:46:53
George Georgiopoulos and Gianni Galanis have a new approach to online gambling.
By combining a no-house-edge roulette and the broad P2P betting exchange concept in an online format, British entrepreneurs George Georgiopoulos and Gianni Galanis claim they're onto a winning proposition, reports the magazine Quartz.
In roulette the broad odds of the ball landing on an odd number are equal to the odds of it landing on an even number, but the addition of a 0, or even a 00, can give the house a small but statistically important advantage, reports Quartz.
Georgiopoulos, who is an IT expert, intends to eschew that advantage in his new online casino
to be titled bet.tra.de, in favour of taking a small cut from person-to-person action between the punters who will flock to his website to play roulette where the house does not hold an edge, he hopes.
The duo plan to showcase their idea at the Excellence in Gaming conference in Berlin, detailing how their innovative approach can generate fun, and of course profits for them.
We don't have the zero, Georgiopoulos told the magazine, categorising the action as P2P betting and explaining that bet.tra.de aims to connect someone who wants to bet on red with somebody who wants to bet on black.
He plans to make a profit by offering his players what is essentially a secondary market to trade bets.
For example, if a player changes his mind halfway through a roulette or slot spin, he or she can sell the bet or the risk on to another gambler at a lower rate...and it is on those small transactions that Georgiopoulos will take a small cut, a la the betting exchange business model.
Bet.tra.de will only offer games of chance, eschewing any sports, poker or other skilled games betting. Once the project is a proven success, he intends to market and licence the idea to online gambling companies, creating a B2B business stream for his enterprise as well.
Shrugging off pessimistic views that his idea will not fly, Georgiopoulos claims that the idea will appeal to online gambling site operators as a low-risk, low-cost and innovative concept....once he can show that the format works.
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