A former IT consultant in Britain is introducing a new type of online gaming site—one in which the house actually does not have an advantage in games like roulette, which would be offered without the zero space.
The new site, called bet.tra.de, is being introduced to gambling executives this week at the Berlin Excellence in Gaming conference. The idea, according to inventor George Georgiopoulos and partner Gianni Galanis, is called “P2P betting,” Just as sites like hotel.com connect people in need of a room with rooms, the site will connect someone who wants to bet on red with somebody who wants to bet on black, ultimately filling an entire roulette board, so “there’s always a winner,” Georgiopoulos told the online news site Quartz.
Bet.tra.de will offer players a secondary market to trade bets. If a player changes his mind halfway through a roulette spin, he can sell the bet on to another gambler at a lower rate. Slot players can stop an online bet halfway through a spin and sell it to another player at a lower rate. Bet.tra.de will take a cut of these transactions.
“That means the ‘house,’ such as it is, needs to hold no cash reserves, assumes no risk, and is merely a market maker, according to the Quartz report. And bet.tra.de will only offer games of chance, with no poker, sports betting or anything else that requires skill.
Instead of trying to build a user base, Georgiopoulos told the site the company hopes to sell its product to other, better established gambling sites such as PaddyPower.
