Another ICO targeted towards gambling... That doesn't have a user base or any traction.
Everyone needs to start somewhere.
You are right, everyone does need to start somewhere. Until you get somewhere, you shouldn't be raising a ton of money from the public.
No one on their team has any experience in the crypto-gaming industry. None. I don't believe "Frank" has any experience in the gaming industry either, just stating you have experience doesn't make it so. Where did he previously work in the gaming industry?
Their mission statement has spelling errors (sloppy), very vague references to trending subjects ("we will look to utilize Smart Contracts and DApps in the future") that frankly have nothing to do with a gambling site, nor would even be feasible. the only reason you mentioned that is so that people associate your site with other hyped up stuff so they are more likely to invest in your site.
Here is why decentralization/trustless casino is not possible. The only way to operate a business is when you have complete control over the money, even more so in the casino industry.
One example that I have heard people discuss before:
Say you want to use a variation of multi-sig wallets, so that way users don't need to worry about the casino running off. What happens if a player loses their bet and refuses to accept the transaction (to send the Bitcoin out of their wallet)? You could say you could do a 2/3 with a third party... Well now you are relying on a third party to operate your business, where it is possible they could conspire with the player to steal from your business.
As to the decentralized part... Lol. You can't run a decentralized business. It doesn't work. In business decisions need to be quick, you can't be held hostage by having to have a majority of a vote where its possible a large portion of people eligible to vote do not vote, so it's extremely difficult to reach a consensus (meaning if you are using smart contracts, nothing would ever be executed).
This 35% of valuation is also ridiculous. What is stopping you from pretending to sell the site 3-4 months down the line for say 100 BTC, which means only 35 BTC would go towards stakeholders. You would pocket everything raised minus 35 BTC and investors would be out big time.
Even assuming you know what you are doing (I don't believe you do), what are you bringing new to the table that gives you a competitive advantage? Tournaments? That can be replicated in a day by a competitor if a tournament draws big volume (not to mention most sites hold competitions of some sorts). Provably fair has been around for years. Dice, hundreds of sites like that. You will also have a much smaller bankroll than most sites. The management team provides no added value (since you have no experience in this industry). To sum it up, you are trying to join a crowded market with no competitive edge.
Here is where it really shows you have no idea what you are doing. You say Jigar estimates that 10% of raised funds will be needed for development. How do you have a % of an unknown quantity down as your development cost? What if you raise 1000 BTC? 500 BTC? 150 BTC? Your development costs shouldn't be tied to that whatsoever, dev costs are pretty much fixed rate, or at the very least within a ballpark range. You also shouldn't be paying a developer that much capital if they also have an equity stake in the business. You could hire a developer to build a quality casino for $10-20k without paying them any equity.
What will you be spending the marketing budget on?
"As you know, there are potential unseen costs so we need to be prepared for those and have a buffer ready"
No, I do not know. What potential costs are there outside of development and having a bankroll (marketing budget is nice to have, not a necessity)? The only thing is legal costs, and you have legal issues based on where you are located (or because of the fiat gateways you intend on adding) 10% of what you raise will not be nearly enough to cover that.
Why are you offering cashback on an investment? Why not just try and raise 10% less cash.
Finally, for investors:
Why are you investing for 15% piece of the pie. You could simply invest your money on other sites (such as Bet King, SatoshiDice, BitVest.io, and so on) where you get a larger portion of the EV while also still having control over your money (being able to liquidate at any time without incurring loss from having to dump).
