Until today gambling has been about players against the house, but with Robinhood, this is no longer the case. Robinhood eliminates the house – the least trusted part of the equation – and allows players to directly play against each other. What Uber did to the taxi industry, Robinhood does to the casino industry.
The platform is free of charge for players and will remain so indefinitely. Dealers, initially, also pay no fees and keep 100% of their winnings. However, Robinhood will eventually charge dealers a percentage of their winning. The timing of the fee and its percentage will be decided by shareholders through decentralized autonomous organization (DAO) methodologies. Tips by players will not be subject to any fees.
At the start, Robinhood will support Ethereum but will expand to accept other cryptocurrencies such as BTC, Litecoin, Dash, etc. based on player feedback. Similar to a physical casino, players exchange Ether and Robinhood chips in the cashier section of the platform. The value of Robinhood chips is pegged to Ether so that players don’t have to worry about the price volatility while they are playing.
Robinhood is a well-known tale of the English folklore, a legendary heroic outlaw who took from the rich and gave to the poor. We feel we’re applying the same transformation to the casino industry by distributing the ports to the players, instead of having it be limited to a few select operators. Players are empowered, no longer at a disadvantage facing giant casino houses that follow unfair practices.
Dealers must have a computer with an internet connection and need to purchase a starter pack priced at $195 (including shipping) which includes 6 decks of cards, a card shower, a card tray, a card scanner, and a webcam. Using the card scanner, dealers swipe the cards they draw instead of manually entering the value and suit of the card in the system. This results in a better game experience since the game is not slowed down by manual data entry. It furthermore eliminates human error.
All items have clear Robinhood branding to help players validate that genuine Robinhood devices and cards are in use, preventing bad actors from using altered cards or devices to cheat.
Robinhood sells everything at cost and makes no proton the starter pack to help dealers bootstrap their tables.
Dealers can make anywhere from $34-$49 per hour for running tables with a $15 minimum player bet. For reference, this is 4-6X the minimum wage in the United States of America. See subsection 4.2 for details. Aside, from the attractive income, dealers enjoy a great deal of autonomy, not having a boss or needing to report to anyone. They choose their own working hours and may opt to work from the comfort of their homes.
Dealers use Ether to buy chips, in the same manner as players, to fund their tables. They can cash out and convert their chips back to Ether whenever they please. Robinhood recommends a minimum and maximum table bet to dealers based on their balance and enforces a minimum to ensure the solvency of the games.
There are several mechanisms in place to bring players peace of mind that dealers are acting appropriately:
ERC20 Token, Crowdsale and DAO Contracts
Investor Website With KYC Registration
M2 • UX Study
M3 • Prototype Demo
M4 • STO Launch
M5 • Beta Launch on Ropsten Network
M6 • Early Customer Feedback
M7 • Code Complete
M8 • Launch on main Ethereum Network
M9 • Listing on Exchange
M10 • Baccarat
M11 • Android and iOS Launch
M12 • Poker Cash Games
M13 • Poker Tournaments
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