Rollbit Casino: gambling, cryptocurrencies and NFTs
Barry Copeland
16 / January / 24
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Combining online gambling, cryptocurrencies and NFT, Rollbit offers an entertaining experience for adrenaline-hungry users.
But what makes Rollbit so special? Why is the platform causing so much controversy? Let's dive into the world of Rollbit to learn more about it.
Launched in February 2020, Rollbit today defines itself as an online casino that combines the world of cryptocurrencies with the world of online gaming. Indeed, Rollbit offers its users the opportunity to play various gambling games - such as slots, table games (poker, blackjack, etc.) or sports betting - directly using their cryptocurrencies.
The main features of Rollbit casino
Rollbit is no exception to the classic online casino rule, offering its own range of slots, roulette and blackjack tables and more. The platform also has a dedicated sports betting section (Sportbook), featuring sports such as soccer, basketball and even cyber sports.
But what really sets Rollbit apart from other online betting platforms is the futures trading service with leverage up to 1000x (which we highly recommend not using).
Finally, Rollbit also offers an NFT marketplace where users can buy, sell, and even bet on numerous non-functioning tokens. However, while the platform supports some of the largest projects such as Cryptopunks, Bored Ape Yacht Club (BAYC), and Azuki, no NFTs from these collections are currently available for exchange on Rollbit.
What is RLB (Rollbit Coin), Rollbit's native token?
The heart of the Rollbit ecosystem is RLB (Rollbit Coin), the casino's native cryptocurrency, which launched on November 10, 2021.
As of today, the Rollbit token is mainly used as an entry ticket for Rollbit lotteries. After wagering a certain amount of RLB, users can participate in these lotteries and hope to win large jackpots. You should know that 20% of the casino's profits go towards these lotteries.
With an initial supply of 5 billion, RLB is gradually decreasing, in part due to mechanisms such as "RLB lotteries" that burn a significant portion of the supply (~50%) every year.
By destroying a portion of the tokens generated by the betting commission (set at 0.20%) associated with these lotteries, the platform manages to reduce the RLB supply over the years.
In total, around 72 million RLB tokens have been destroyed.
Controversy and criticism related to Rollbit Casino
Recently, the Rollbit platform has been at the center of a number of controversies.
First, Rollbit has been accused of operating without a valid license. While the company has stated that its license is renewed every year, there are inconsistencies in this claim.
For example, the Curaçao sub-licenses (the license under which Rollbit operates) are reportedly valid indefinitely "as long as the main license remains valid for five years," which contradicts the need for annual renewal cited by Rollbit.
But that's not all. Some users have also accused Rollbit of giving its influencers fake sales to lure their subscribers to bid on affiliate links.
As a reminder, the Federal Trade Commission (FTC) requires influencers to clearly disclose their affiliate relationships and the nature of their remuneration. Failure to comply with these rules can lead to legal consequences for both the expert himself and the company that sponsors him.
Where does the truth lie? This question is quite difficult to answer. In any case, it is up to you to decide whether it is worth investing in this kind of platforms.
Important information. Before you consider buying an RLB token (Rollbit Coin), you should do thorough research. Also, only invest funds that you can afford to lose.
