Betstreak ICO | Some details and some answers to our questions from the Betstreak team!
So another Bitcoin Gambling ICO is about to start. If you have been following my steemit posts then you will know I put 10BTC into the BetKing ICO and 10BTC into the BitDice ICO. Already the BetKing tokens I got for 10BTC looks to be worth around 15BTC at todays price (largely due to the tokens being locked into the fiat price before the recent crash).
Betstreak is another gambling site doing an ICO starting Oct 1st and I wanted to get some more details before I potentially invested.
NOTE: I have not received any payment or token for sharing this from Betstreak. I am sharing this as it is information I personally wanted to know before I would consider investing in the ICO.
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What is Betstreak?
Betstreak is a solid online casino and this page will not go into details on the site itself but rather focus on the upcoming ICO. If you want to read a Betstreak Review please do so on Bitcoin Gambling Reviews.
Some of the key details for the ICO are listed below:
- Casino launched in Aug 2016.
- Made over 2150 Bitcoins in profit since.
- 200,000,000 erc 20 tokens will be created.
- 90,000 ETH hard cap.
- 35% of tokens will be help by the Betstreak team.
- 5% of tokens will be for bounties.
- 50% of tokens for the ICO.
- 10% of tokens for presale.
- Token sale structure:
- Pre-sale: 30% bonus - 1300 BST
- Week 1 = 20% bonus - 1200 BST
- Week 2 = 10% bonus - 1100 BST
- Week 3 = 5% bonus - 1050 BST
- Week 4 = 0% Bonus - 1000 BST
- 25% of net gaming revenue (NGR) will be paid out to existing BST holders bi-yearly.
- ICO starts Oct 1st
For full details please read the ICO white paper.
What were the last 6 months of profit for Betstreak?
In total over the last 6 months the site has made $300,000 Euro and over 200 Bitcoins.
Why do you want to launch an ICO now?
We feel that its is the perfect moment to do an ICO now, as it is a good way to raise additonal funds for expansion and building of the multi currency platform for all cryptos to play on our existing platform. It is also a good way to reach out to new players to capture the $160 Billion Crypto market, which no actual licensed casino has done.
Will ICO holders share equity in the company?
No. BST holders will not own any equity in the company as they are holding on to utility tokems. They can take part in our profit sharing bi-yearly as we buyback our tokens with the profits of our casino.
Are there any discussions with having the token listed on an exchange?
Yes, we are talking to a few exchanges, HitBTC, and a few asian based exchanges. More details will be released once our ICO starts.
Only 20% of the ICO will go to the bankroll – how big is it now? You won't need more than 20% to get the biggest players?
Yes, 20% is sufficient as we already have an existing bankroll of 2 million euros. Based on our experience in this industry, the development of the multi currency platform and marketing warrants far greater attention than bankroll, hence the greater allocation of funds raised (40% and 30%).
How important do you think the license is? I think Satoshi Dice has it and has still been bad for investors.
Gaming licenses are important because the Casino Industry, much like the finance industry, is highly regulated. Without a valid gaming license, most if not all countries deem it as an illegal activity to operate an unlicensed casino, with severe criminal punishments.Satoshidice is a dice site, while we are a full fledged operating casino with slots, live games, card games etc, so we are different in that aspect.
Will the earnings be audited as part of the license you hold?
Yes. Our license require us to be audited every 6 months, so earnings can be shown to investors every bi yearly.
How big is the team and what do they do?
We have a staff force of 20 people right now. They are responsible for Casino operations, Player acquisitions, Finance and Marketing.
What is the biggest risk to investors?
We feel the biggest risks is if the crypto market crashes, hence players lose confidence with betting with cryptos. However, currently this is unlikely to happen in the near future.
Can you explain the profit share for token holders further. Is it 25% paid out in dividends and then you buy back 5%? So 30% of the profit is paid to token holders and Betstreak takes the other 70%?
To be more specific, because we are already a working business, our profits are split like this:
- 25-40% - affiliates payout
- 25% - ICO token holders profit sharing
- 10% - game providers
- 25% - Our share (Betstreak Team)
As you can see, the payout is 1/4 of our total profits to Token Holders. Reason is because we are targeting a larger market compared to dice sites, hence token holders are expected to get more profits compared to other crypto casino sites.
Can you share the license number as proof of the gambling license?
Sure, you can view the license at the bottom of our casino page at www.betstreak.co, or to be more specific, https://validator.antillephone.com/validate?domain=www.betstreak.co
Are you considering accepting different cryptocurrencies? If so any consideration to taking on Steem or a crypto that stays close to the USD?
Right now we only accept Bitcoins. But once our ICO concludes, we will be developing a multi currency platform that accepts popular cryptos such as LTC, ETC, NEO (basically, top 10 cryptos in market cap).
What are the biggest challenges you have faced running the site?
Getting people to recognise they can play on a licensed crypto casino. Most of them are still playing with unlicensed crypto casinos.
What are the future goals of Betstreak?
To implement a Multi Currency Platform API, which will allow not only Bitcoin bets, but eth, ltc, xmr, and other crypto currency bets as well.
If you could start again today what would you do differently and why?
I would start with media articles first. After a year in operations, I realized that media articles are much more effective in getting player conversions.
What is your advice for someone interesting in starting an online casino?
Get a proper license. Gambling business are highly regulatory, and I've seen many sites operating without a gaming license. They are very prone to being shut down.
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@btcmillionaire thanks for sharing with us your thoughts upon betstreak! I'm always scared to joined ICO just because I saw on facebook China updating going to banned all ICO sometimes I feel it's these were is only rumors.
I know what you mean! I really do not want to invest in any ICO's but being in the gambling space for so long I had to join some of the winners I have watched over the years. Still agnostic on this one so far.
great post upvoted!
Thanks - what did you enjoy about it?
Looks like he's running an auto-commenter. Check out his other comments.
Seems like the cash incentive on Steemit is encouraging people to post a bunch of low quality comments.
I think that's one place where Steemit could take a page from Reddit's books in terms of downvoting. Could you imagine how differently people would act if they ran the risk of losing money from downvotes?
Then again, that would lead to the problem of "positivity only" that you and I have previously discussed.
There must be an answer... or else bots are just going to destroy this platform.
Hmm downvote is a good option for me... Muted him anyway
amigo #resteemia at your service
looks like a big project. nice you shared it @btcmillionaire
ReSteemia
'UpVoted ReSteemed Commented'
Congratulations @btcmillionaire
MinnowsPower listed your post "Betstreak ICO | Some details and some answers to our questions from the Betstreak team!" as one of the top 20 posts of the day...!!!
Interesting ICO launched shared. A valuable information of ICO lovers
MinnowsPower is not a bot, I am a Crowdfunding Hybrid
@btcmillionaire,
Seems it has enough potential to build a great project! I will give a try! Thank you very much for sharing such useful information with us!
Cheers~
What are you going to try?
@btcmillionaire,
Betstreak ICO friend :D
Cheers~
@btcmillionaire
Thank you so much sharing this valuble post...I will give try this ....wel done anf great effect...
Cheers~~~~
What great effect?
Betstreak is looking good keep us updated with the progress :)