The For-profit Model of Gambling
This project is designed to disrupt the for-profit model of gamblingWe are kick-starting this process and we strongly believe all gambling will shift to a non-profit model in the future. Since blockchain was invented, people can play with each other directly, with no organizers and intermediaries.
This project seeks to change gambling principles throughout the industry. The gambling business has always been based on "house edge" ? the principle that the casino or organizer always has the advantage. With the advent of blockchain technology, there is no longer any need for organizers ? people can gamble without intermediaries and claim their winnings without paying commission. By launching Neogame, we are kick-starting this process of transformation and are confident that over time, most of the global gambling industry will adopt the non-profit model. The Neogame project stands in contrast to traditional lotteries, and we want to show the world how blockchain can become a game changer. Traditional lotteries have a very simple organisation. The lottery host sells tickets, and allocates around half of the earnings to the prize pool, the second half going to the host. This amount can be more or less than a half, but you can be sure that a traditional lottery is a negative expectation game. Neogame, on the other hand, is a completely different game. This project makes the lottery non-profit and autonomous, capable of continuous operation and achieving full transparency via Ethereum blockchain. It will allocate all funds down to the last penny, by using a clear algorithm which is written into the lottery's smart contract.