Jez San, the British entrepreneur who has started many innovative companies, including the recently shuttered PKR Poker, has announced that he has raised $200,000 for a new online gambling venture based on blockchain technology.
Although his Funfair venture has a website https://funfair.io/token-presale-news/ there do not currently appear to be any signed up clients for the product.
Blockchain is a financial transaction solution which has developed a number of variations, including the one San has opted for – Ethereum. San points out that player trust is critical in online gambling and the transparency of blockchain is reassuring for them.
He claims he has incorporated this transparency in Funfair by using “smart contracts”, which are contained within the blockchain. Among other things, these can be set up to ensure players’ money paid in during a game is held separately from stakes won by the house, in an effort to gain the trust of gamblers.
San says his model offers advantages to operators, enabling them to offer a fairer game in which the possibility of cheating is minimised, and making lower operational costs possible.