No-edge Online Casino Raises A Million In First Week Of Crowdfunding

By Brian Cullingworth, Last updated Mar 10, 2017

Crowdsale success enables developer start-up to get down to work

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'.

Online Casino News Courtesy of Infopowa

Brian Cullingworth

Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.

We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.

His passing in February 2019 was a dark day for us. He will be forever missed.

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