A very interesting ICO, however the valuation you are putting on the website is ludicrous. You are essentially saying the company is worth the amount of profit earned lifetime, ~7000 bitcoin, which is a bit insane. Dean has been talking about adding sports betting and a casino for a couple years now, and each time they've popped up, they've gotten extremely low traffic and/or they did not function properly. Would this change with better software and better marketing? Yes. However, this also means we have to put our trust as investors into a pie in the sky promise that you have contacts in the industry who can drive the company to another level and finally get a foothold in the bitcoin gambling industry. But I have seen no proof, despite past promises, that this is going to happen. We need more than 'I know a lot of contacts'. We need a portfolio, a well thought out business plan, and more info on these supposed experts you know so we can get a more accurate picture for how you are going to turn investor's money into a casino and marketing machine that actually has a chance at significant market share outside of the Dice market.
You need to lay out exactly what this 2000 bitcoin is going towards.
The value I put on it is fair in my opinion. If you think it's not then you don't invest. No one is forcing anyone to do anything here.
You say finally get a foothold yet BetKing is already one of the biggest sites in the Bitcoin gambling industry.
There's only a couple of sites that are making the kind of profit that BetKing has made. Though none of them are as transparent.
It's probably OK to assume that the only sites making more are Primedice, maybe Bitcoin Video Casino and Bitcasino.io
So BetKing is already a top player with essentially no marketing. Real marketing campaigns can cost $10-20k a month minimum.
There will be a plan released shortly when we develop one with the team I mentioned.
I think an important question is, why would any contacts or software developer you know want to help build you a casino platform that's worth a damn if you they aren't going to have any equity in the business? Why wouldn't they just build it on their own?
Imagine you walked into Shark Tank and you told Mark Cuban 'I want 1.5 million dollars (2000 btc) for you to invest in 30% of my company. I've shown success in this other market, but this new market I've never been in and I don't know yet exactly what we're going to do, but I know a lot of people in the industry, trust me'. You'd be laughed off the show.
You don't make sense here. They help because it's their job. They get paid. Are you assuming I just a whole team involved that don't want paid for their work?
It is also important to note that 1 bitcoin earned 2 years ago is not equal to 1 bitcoin earned today. Back then, the price was about $250, and now its at $750. Even 6 months ago, the price of bitcoin was about 60% of what it is now. A huge chunk of the profit came from those time periods. Bitcoin is at, basically, an all time high. I get the thought process from your perspective, although I think it is misguided. You've tried to sell Betking at least 2 other points in the past year that I can remember, but the problem is almost all of Betking's value stems from the bitcoin community's trust in Dean. The brand and software has very little value in my opinion - that's why no one ever offers anything close to what Dean feels Betking is worth (apparently 7000 btc).
Most of the profit is actually recently. You can check on Dicesites.com. The past 6 months BetKing has made 3424 Bitcoin.
Also no one offers because there's not many people who have enough Bitcoin to buy the site AND bankroll it themselves just casually browsing this sub forums I post in.
Dean's problem in this situation is the only truly valuable commodity in his business is himself as someone who is trusted. That is worth a lot of money. However, all these attempts to sell the whole, or parts, of the company are going to come up short because Dean obviously disagrees with my assessment of the value of his website/software. Dean should eventually just take Betking private and get all the profits himself. It would provide a steady, healthy income for years. Build a new casino/sports betting platform without the investors. Like you said, you are taking in 50% of the profits for a site you believe is worth 5 million dollars and has basically zero operating cost.
If the ICO fails to raise it's target then the plan is to do exactly this. BetKing is now private and not crowdfunded and I'm happy to just do what I'm doing. It would just be faster and take the site to a new level if we raised some serious funds to use to do so.
A massive problem as well is investors are likely never going to get their investment back+profit, because the only scenario where they do is if Dean decides to sell the company in the future. The problem with that is, Dean is the value of this company. If he doesn't come in the package, no one is paying 7000 bitcoin for this site at the current USD/btc value. Sure, you could sell your shares to other interested buyers, but that will be the only market there is for your shares. You will be relying on dividends to make you money, and this does not have a great outlook if you look at the past few months of wagering on Betking.
The past 6 months BetKing has made 3424 Bitcoin.
Also important to look at is how far above EV Betking has been running for Dice. Selling for the actual profit amount is actually quite disingenuous, because Betking could just as easily be at 0 profit as it is at 7000 btc profit. The EV number is the only one that truly matters.
The value isn't based on the EV or the profit of the dice. It's based on future growth and more products and revenue streams.
Regardless, best of luck.
Thanks
