CasinoBitco.in Results of operations for the first half of October - 1st through 15th.
Sportsbook: -99.990 btc
Casino: +11.070 btc
Total: -88.92 btc
Casino Hands:
11892 games (76% last period)
405.6 btc handle (66% last period)
Challenges: The first item we'd like to address is our 2nd consecutive sportsbook loss. We've taken serious action to mitigate further losses in the sportsbook, including heavily limiting bet size on our must vulnerable sport thus far, College Football (totals, especially).
Further actions include, as mentioned 2 weeks ago, delaying the opening line and lowering limits on bets - especially until the day of the event. We received some messages suggesting our lines were not moving, and this is why we were getting "beat" - however, this is not the case, as our lines update with the market instantly. We believe we simply had released them much too early with limits that were too high, before the market had decided on a more fair line, exposing ourselves to unnecessary risk.
Despite these changes, players had extremely positive luck/variance on "significant" spread/total bets over 1 btc risked, getting over 58% correct over the past two weeks (the win % was much lower on smaller bets). Had we not limited bet size, the result would have been much worse for the house. After researching a variety of factors to verify none of these bets were "late" or with a bad line, etc, we can only attribute this result to sharp professional action and luck. We've been able to identify accounts displaying professional tendencies, including beating the closing line at game time. Additional steps will be taken to limit exposure from professional action as necessary, including laying off at other books, and we consider this a top priority.
Traffic: While action was strong in the sportsbook, action was slightly down in the casino, in both # of bets and total wagered. We attribute this due to some of our regular players not playing as much this period and our working to build in better promotions to keep our best players and attract more new players. We also had some negative variance in the past week reducing our revenue. We firmly believe the release of new games and built-in casino promotions will be great for driving repeat players in the future as our product becomes more entertaining.
Developments:
Hi-Lo - Our new Hi-Lo game nears completion - it's a fun, fast-paced style game that involves 12 cards from a 52 card deck being dealt face-down - players work through the cards guessing whether the number value of each progressive card will be higher or lower than the last.
Estimated release date: 2nd half October 2013
Roulette - See work in progress demo here:
http://www.youtube.com/watch?v=lXPU_ZtO89YWe're very excited about our upcoming roulette game, which is completely unique and will be hands down the best HTML5 Provably-Fair version of roulette on the market.
Estimated release date: November 2013
Sports Leagues - We've added NHL, MMA and Boxing, which have already been quite popular. In the works for this week are tennis moneyline, game handicap, 1st set, and total betting. We'll continue to add more leagues & options from there.
Marketing:We're currently planning a major marketing campaign as we complete these new features, targeting major forums and sportsbook listing sites.
Conclusion:Despite the negative results, our outlook remains optimistic, and we're proud of our continued work this period. We are still very well positioned to earn tremendous growth and believe some near-term development and marketing tactics will certain push us into the black.
We'll do our best to respond to any questions here - Thanks all for your patience and support!
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