On-chain casino Lil Bit demonstrates what can be done with BSV blockchain tech

Lil Bit is a fully licensed and automated on-chain casino and sportsbook that launched in August 2023 and is built on BSV blockchain. Users can log in with their HandCash, Relysia, or Twetch wallets to start.

https://twitter.com/lilbitgame/status/1690115403261816832

Lil Bit also has an embedded non-custodial BSV wallet where users can deposit and withdraw funds with Paymail support. I had a chance to ask the founder questions about the slick platform that seemingly launched out of nowhere.

Why did you build Lil Bit?

Lil Bit: To demonstrate what can be done with Bitcoin. We built Plinko to show the ease at which Bitcoin can be used as a way to place a simple bet and at the same time, a way to provably determine the outcome of that bet and be paid out accordingly. We built the sportsbook to show that even with a ‘Lil Bit’ of Bitcoin you can do a lot. Being able to make one cent parlays and be paid out in Bitcoin instantly and on-chain.

Why launch atop BSV blockchain, compared to other blockchains that have more users and liquidity?

Lil Bit: We like Proof of Work, Big Blocks, Bitcoin, and betting on the underdogs. Why we chose BSV will become clearer when we launch phase 2. That being said, we do feel we are still in time as understanding of what’ crypto’ actually is in the public eye is quite low.

What is the importance of paying out instantly and directly to the user’s wallet, as opposed to forcing the user to deposit and withdraw funds?

Lil Bit: The instant payout of any winnings directly to the user wallet or to the referral wallet is what distinguishes us from other ‘crypto sportsbook/casinos’ like Stake. We do not control users’ money. Your @lilb.it paymail wallet or any other wallet you connect with is fully under your control.

Leveraging instant payouts, how can Lil Bit payout bonuses in a better way for consumers compared to other big sportsbooks?

Lil Bit: Promoted sportsbook bonuses look great but can be deceiving. There are conditions for the bonuses, and they can never be withdrawn until other conditions are met. The same with their referral system. They pay the referrer a high percentage IF the player they referred loses. We instead pay AUTOMATICALLY any winnings directly to your wallet. For any bonuses we offer, we don’t simply credit your account with fake money, we send you Bitcoin on-chain.

What is the minimum bet on Lil Bit?

Lil Bit: 1/1000th of a cent on Sports Bets and 1 cent minimum on Plinko.

Which region(s) can use Lil Bit?

Lil Bit: We currently hold the same jurisdiction license as Stake. It includes most parts of the world, including almost all European countries, Canada, and Latin America, but does not include America. We are actively seeking more licenses.

How exactly does the Lil Bit Affiliate Program work?

Lil Bit: Very Simple, you copy your affiliate link found in your Settings tab, post it on your social media site, or pass it to your friends. If someone uses your link to register, you earn a ‘Lil Bit’ of every one of their wagers—instantly! As of today, we pay 1% of every referral wager but will raise it to 3% for interested promoters.

Who can participate in the Affiliate program?

Lil Bit: Anyone who has a @lilb.it paymail. You just need to register with your email and a password. A non-custodial Bitcoin wallet and @lilb.it paymail will be created for you. (Remember to write down your 12 seed words).

https://twitter.com/lilbitgame/status/1699093678810173859

What is Plinko and its controversial Bitcoin history?

Lil Bit: The Plinko game was originally created on the BTC chain back in 2013. It was a very innovative and fun way to use Bitcoin. It had a lot of early gameplay and compliments, but at the same time, the complaints came…

This is essentially when the block size debate was about to get started. Much like Ordinals on BTC today, these Plinko transactions and other similar games were becoming a major part of the transactions included in each new block found. This started the Core Devs (most notably Luke Jr.) to discuss ways of blocking what they referred to as spam transactions. Luke was caught trying to sneak in the addresses the Plinko game used to accept bets in a blacklist of addresses, first in Core, then in a Linux build he contributes to. People came out in defense of Bitcoin.

Despite trying to be blacklisted, despite fees rising to 1 cent, then 5 cents, then 35 cents, the Plinko game continued to be a successful business built on top of Bitcoin. Its database was the blockchain. It processed millions of Bitcoin transactions. Inevitably, the game died on-chain when the fees became stupid at $20-$80 (circa 2018).

This story is not of a business failing; it’s one of a successful business being run to the ground by the Core developers. This is but one of the many small, successful on-chain businesses that died because of BTC fees (the result of the block size debate) and not bad business models.

In resurrecting the on-chain Plinko game, we are paying homage to the original creators and taking it to the next level by adding instant referral payouts and many other bonuses.

Plinko is a great way to demonstrate to others the simplicity and power of using Bitcoin. Our Plinko game has so far generated over 48,000 transactions (spins & payouts) in the short time it has been online. We are hoping that one day, just this game alone can do more transactions than BTC can in a 24-hour period.

On a Twitter Spaces, you spoke about implementing a Leaderboard based on “money management” instead of who wins the most. Could you elaborate on how this would work?

Lil Bit: In sports betting, money management is the key to being successful. Our leaderboard will pay out the people with the highest % of return on investment weekly—ending Monday nights. Meaning someone who bets a ‘Lil Bit’ but wins percentagewise more than someone who bets a lot will rank higher in the weekly leaderboard payouts and can even win the weekly jackpot. The leaderboard will be active after Week 1 or 2 of NFL.

What is next for Lil Bit?

Lil Bit: A LOT. We have built out about 1/3 of our road map. The next Major update will be around Christmas.

Thank you, Lil Bit, for taking the time to answer my questions. I hope the readers learned more about the online casino. Check out their site here.

This article was lightly edited for clarity and grammatical purposes.

Watch: BSV, blockchain, and gambling discussed at CoinGeek Backstage