No-edge online casino raises a million in first week of crowdfunding

Edgeless, the Lithuanian online casino start-up that proposes to do away with the traditional house edge, has reportedly raised a million dollars in its first week of crowdfunding on the Crowdsale site, enabling the company to start development work.

Edgeless said in a statement reporting the successful funding that it intends to establish a space where games are openly transparent and the odds can be fully verified using Ethereum smart contracts.

By offering a 0% edge Edgeless is confident that it will be the most competitive gambling product on the market causing some to ask how the company plans to be profitable.

‘The answer is simple’, co-founder Tomas Lukosaitis says: ‘Firstly, not all games will be 0% edge, for example sports betting. Secondly, games that we do offer as 0% will be luck and skill games such as Black-Jack where the house edge can only be achieved by playing a perfect strategy, which is typically not the case for an average player.

‘The positive feedback we are getting from investors is that we are not just a team of programmers with a sprawling project that could be in development for years. Instead, we have a clear product and business plan that solves a problem for a specific user base. What’s more, we are now in a position to launch beta before the end of the ICO – all market conditions including the technological capacity of the Ethereum blockchain are allowing us to do that’.