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Augur’s prediction for gambling – how does it work?

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Cryptocurrencies and their underlying technology, Blockchain, are slowly gaining application in virtually all sectors of the global economy. The gaming and gambling industry hasn’t been left out. Cryptocurrencies and platforms have been developed that will make it easier for gamblers and gamers to better participate in a fair and decentralized system.

One of the platforms in this industry is Augur and it has gained widespread acceptance since its establishment.

What is Augur?

  • This is a decentralized prediction market platform that makes use of the Ethereum network. The prediction market allows you to bet on the outcome of future sporting or entertainment events. If successful, you get monetary prizes for the correct predictions. In the prediction market, the less likely the chance of an event occurring, the higher the reward earned for predicting its success.

  • Augur utilizes “The Wisdom of the Crowd” from members of the platform to establish real-time predictive data which most of the time is more accurate than the predictions of leading experts in the field.

  • By making use of the blockchain technology in the prediction market, Augur provides its users with an option that will see them pay fewer fees, have greater accessibility, and gain better accuracy than most markets.

How does Augur work?

Creating markets

  • In order to create a market on Augur, you will need to spend a small amount of Ethereum. The market can be anything as long as it is speculative. E.g. “will the price of Bitcoin bounce back to $19,000 before the end of the year?”

  • After creating a market, you can determine the taker and maker fees. Taker fees usually range between 0% and 12.5% while the maker fees can’t be more than 50% of the taker fees. As the creator of the market, these are the fees you will receive by the time the market closes.

  • In order to draw in more participants, it is advised that you keep your settlement fees low. However, the fees need to be high so as to cover the initial Ethereum payment you made while creating the market.

Trading event shares

  • Apart from creating prediction market, you can also carry out several activities on Augur. One of them is to buy and trade shares which represent the odds that the even in a market will occur. For instance, if there is a market that reads, “will Bitcoin plunge below the $5,000 mark this year?’ and the subject interests you, consider the fact that Bitcoin and other cryptos are facing major regulations in most country.

  • If you are confident that the event will happen, you can put in a bid to buy say 100 shares of the market at 1 ETH per share. Keep in mind that shares are worth between 0 and 1 ETH. The higher you pay for an event, the more likely you believe that the event will occur.

Augur Platform

  • Using the Augur platform, you can earn money by predicting an event correctly and holding shares by the time the market closes. The amount you pay is calculated using this formula;

  • Payout = Number of shares X Price / Number of ticks

  • The number of ticks, in this case, is the number of possible points that exist between the minimum and maximum prices in the market.

  • From your winnings, you pay a settlement fee. The creator fees and the reporting fees that is utilized in the Decentralized Oracle System are part of the settlement fees. The larger your earnings though, the larger the settlement fees you pay. Read more about it here: Augur Coin Guide 2018 | Read This and Become an Augur Guru.

REP (Reputation) tokens

  • This is the coins that powers Augur Decentralized Oracle System. You will have to stake the REP before you can predict the outcome of an event in a market.

  • After a market closes, you report the outcome of a certain event and put up some amount of REP. The REP here will back your claim. If the event hasn’t happened yet, then you will mark the event as Invalid since you won’t be able to report on its outcome.

  • The market gives you a total of 27 days after the closure of an event to submit your report about it. If your event report matches that of the larger percentage of the market, then you will be given back your REP in addition to a portion of the reporting fees. To know the reporting fees, use this formula,

  • Reporting Fee = Current Reporting Fee X (Augur Open Interest X 5 / REP Market Cap)

  • Every 30 days, the platform calculates the new reporting fee. Know that the higher the REP you stake when submitting your report, the higher the reporting fee you stand to earn if you report correctly.

Augur Detailed Reporting Diagram

  • Augur has also made it possible for a designated reporter to report the market events. The creator of the market can assign a reporter to report the proposed outcome of the market. This is usually done three days after the market has closed.

  • As a reporter, you are given extra three days to challenge the proposed outcome reported by the designated reporter. If the proposed outcome of the designated reporter goes unchallenged, then the market will enter the next reporting round, thus bypassing the normal 27-day reporting period.

  • To challenge a proposed outcome, you will need to stake some REP. The REP used in this case is dubbed dispute bond. If you successfully challenged the proposal and the proposed outcome is reserved, the REP you assigned as dispute bond will be given back to you.

Where to buy REP

  • There are several exchanges that sell REP tokens. Bittrex, however, is the recommended exchange at the moment.

  • To buy REP, you will have to fund your account with BTC or ETH. You can trade Bitcoin or Ethereum for the REP coins. You can also purchase REP tokens directly on Kraken.

Where to store REP

  • There is no specific Augur wallet at the moment. However, you can store it in online wallets such as Jaxx and Exodus. It is recommended, however, to save your REP tokens in a hardware wallet. Hardware wallets Ledger Nano S and Trezor support the REP coins.

Conclusion

Augur is one of the oldest decentralized projects out there and is amongst the first to be built on top of the Ethereum network. It is a decentralized prediction marketplace and event likelihood trading platform.

It became popular due to “The Wisdom of the Crowd” approach it uses and is a highly reputable predictive platform.

To know more about blockchain-based platforms, browse through our site and read more amazing content.

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Another Year, Another Good Year for the Casino Business

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Another Year, Another Good Year for the Casino Business

The year 2020 has been challenging to virtually all business sectors because of the novel coronavirus outbreak. Europe’s gaming industry has not been spared, with many land-based casinos closing their doors to clients to control COVID-19’s spread. Technological advancements have led to introducing new gaming experiences as providers try to stay afloat in the highly competitive industry. Besides, no one would like to experience the same gaming experience over and over again.

A lot has changed in the online gaming sector since the introduction of 2D computer graphics. Today, new digital solutions have enabled developers to offer 3D graphics during game development to appeal to gamers. When it comes to trends in the gaming industry, 2021 seems to be promising, considering the recent technological changes and the impact of the COVID-19 on the gambling market.

Online [Mobile] Gambling

Players prefer playing different games to others. While some may consider video games fun, casino gamblers play for entertainment and win real money. Before the coming of the internet, people would play card and dice games then wager a specific amount. However, online gambling has provided a wide range of games to people worldwide, including the most popular European gambling destinations.

Because of the stay-at-home orders that most EU nations put in place, most gambling enthusiasts turned to online casinos and bookmakers to continue enjoying betting. Mobile gaming is expected to hit full throttle in 2021 because of its rise during the pandemic. And new mobile-first casino platforms are growing more popular than ever. Looking at 2020 we find several new European mobile casinos such as Winny.com and Race that opened up the gates. Looking forward in to 2021 estimates tells us this trend will continue.

Even as we experience the second wave of the health crisis, players across Europe have adjusted to the technological innovations taking place in the gaming world. Now seems the best time to invest in the EU gaming sector because it is expected to continue growing even in 2021. Therefore, gamers can expect exciting and features, trends, and other online gambling innovations next year.

Virtual Reality Casinos

Virtual reality is an innovative technology that the online gaming industry has utilized quite well. The technology uses a head-mounted display that gives gamers a chance to taste a more vivid and progressive gaming experience. This technology also offers game developers and online casinos unlimited options and tools to render the best VR games. Many bigwig companies in the sector are already on the verge of creating the best systems that will support the technology, and 2021 offers the best buffer time for the tech to reach the mainstream. Using VR, players will have to bet on the same level as other players and use the suitable headware. They’ll be able to see each other as in the real world. They’ll be able to hear each other’s response, which will require players to be more strategic in their gameplay.

Artificial Intelligence (AI) and Machine Learning

Artificial intelligence is one of the tech advancements that have drastically shaped the online gambling industry in 2020 and is expected to hit full throttle in the coming years. Online gaming providers can now leverage AI to deliver a personalized gaming experience. That said, players will only get game suggestions based on what they like. That saves players time because they need not waste time searching for what they’d like to play.

Furthermore, AI and machine learning also help online casinos to enhance their consumer support. For instance, most are now using chatbots to answer consumer queries.

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Login Casino Awards 2020 Voting is at the Height

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Login Casino Awards 2020 Voting is at the Height

October 27th was the start date of online voting for the best representatives of the gambling industry within the fourth annual event Login Casino Awards 2020. Now Login Casino Awards Voting is at the height. The participants are actively campaigning for wins in nominations.

Everyone can join online voting and support the favorite participants. The voting will be open till December 7 on the event web page: https://logincasino.com/awards2020/en.

The process of voting and its results were open only until November 23. Everyone was able to track who is the leader and motivate other people to vote actively. Starting from November 23, the voting became closed, and the announcement of the best industry participants will be held in the online format on December 16 on the event website.

For the fourth year in a row, a gambling business magazine Login Casino selects the best representatives of the gambling and relating industries. Annually, the award adds strong participants and up-to-date nominations, provided below:

1. Betting

Based on voting results, the winners of the following categories will be selected:

  • Best Betting Company of 2020”;

  • Best Betting Product”.

2. Gambling

The category has the following nominations:

  • Best Developer of 2020”;

  • Best Slot Design”;

  • Debutant of the Year”;

  • Best Provider of Live Games”;

  • Best Lawyer in the Field of Gambling”.

3. Events

The current year has been and continues to be followed by quarantine measures. This is the reason why all events have switched to the online format. That is why the category is represented by the following nominations:

  • Best Webinar of 2020”;

  • Speaker of 2020”.

4. Affiliate

2020 has also proved that it is important to implement new nominations in the sphere of recruitment and relations between employees in the remote work format. This category is updated and has three nominations now:

  • Marketing Guru”;

  • Best Payment System”;

  • Employer of the Year”.

5. Esports

Esports continues to be an important sector of the gambling market. Its contribution to the industry is extending its range that is why the category is represented by the nomination:

  • Contribution to the Development of the Industry”.

6. Poker

The same things can be said about online poker, which, according to the world’s mass media, has become more customer-oriented. This means an innovative approach to all aspects: design, creation of poker rooms, as well as interaction with customers. The category is represented by the nomination:

  • Best Poker Room for Novices”.

It is allowed to vote only for one participant in one nomination. Annually, approximately 5 thousand people vote for their favorite candidates actively.

Make your contribution to the development of the gambling industry by participating in online voting till December 7. Take part in the announcement of the best gambling market representatives who develop the industry on December 16 in the online format on the event website: https://logincasino.com/awards2020/en.

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2020 is the year to start an online casino — and Slotegrator has published a how-to guide

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This year has shown that an online business is a must for entrepreneurs. Starting an online casino may seem complex and intimidating, but having every step on the road to success already planned out is a good place to start. The new article from online casino software provider and aggregator Slotegrator provides potential operators with everything they need to know in order to start an iGaming business.

The global iGaming industry is experiencing an explosion of growth. Expert estimations indicate worldwide revenues will top $100 billion within the next five years, fueled by advances in technology and regulatory changes in a number of emerging markets. To help entrepreneurs and investors who are interested in iGaming opportunities, online casino software provider and aggregator Slotegrator has published a new article, “How to start an online casino in 2020.”

The article offers an overview of everything potential operators need to know about starting an online casino, beginning with a look at the global industry and a breakdown of how to choose a target market before diving into how to make a business plan, establish the correct corporate structure, and staff an operation.

If you have questions about acquiring a gambling license, building a high-functioning website, and equipping the platform with a variety of games and payment services, Slotegrator has answers. The company’s complete how-to guide will fill all the knowledge gaps potential entrepreneurs may have and will address everything they should know before and after the launch of their own iGaming business.

 

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