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Author Topic: [HAVELOCK] CasinoBitco.in (CBTC) IPO Official Thread  (Read 24709 times)
havelock
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September 05, 2013, 08:00:41 PM
Last edit: September 09, 2013, 12:47:06 PM by havelock
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This prospectus describes CasinoBitco.in’s initial public offering of 3,000,000 shares @ 0.00018 BTC through Havelock Investments, representing 10% of the company.
 
Company Name: CasinoBitco.in
Company URL: http://www.casinobitco.in
Ticker Symbol: CBTC
IPO date:  September 10, 2013.  12:00 EDT.
Sector: Gaming
Investment objective: Growth and dividend
Public Documents:
https://drive.google.com/folderview?id=0B2SWZWkGJ1V3UEo0Q0lESk5nd0k&usp=sharing
Operations:
Summary
CasinoBitco.in is on a mission to become the world’s premier destination for bitcoin gamblers to not only wager on sports, but also bet on games of chance like Blackjack, Roulette and Baccarat. Because CasinoBitco.in is the only bitcoin-only gaming site that offers both sports wagering and provably-fair non-proprietary casino games, it has a distinct advantage over its competitors as it can cater towards both the sportsbetting and casino game demographic. Long-term, CasinoBitco.in seeks to leverage the powerful nature of bitcoin as the perfect medium for fast, safe, and fun gaming in gaining mainstream acceptance with the gaming community for years to come.
 
With servers hosted in the Republic of Ireland and Hong Kong, CasinoBitco.in launched in June 2013, and has increased daily traffic 84.6% month-over-month (see appendix A).  The overhead is minimal, as software is developed internally with little need for outsourced contract based labor. Marketing and Customer Support is also handled internally by a small team of early investors. No one at CasinoBitco.in currently earns a salary.







Details
●   CasinoBitco.in internally develops all code and technology and pays no licensing fees.
○   Developed in HTML5 - No flash!
○   Both pay (bitcoin only) and free game play options
○   Secure traffic is passed through SSL
○   All user passwords are stored with bcrypt encryption.
○   Offsite cold storage wallet is utilized for the majority of funds
○   Affiliate program (Upcoming)
○   Multiple language support (Upcoming)
●   Sports offerings:
○   MLB http://casinobitco.in/bet-sports-mlb
○   NFL http://casinobitco.in/bet-sports-football
○   NCAA Football http://casinobitco.in/bet-ncaa-football
○   England (EPL): http://casinobitco.in/bet-soccer-english
○   Germany (Bundesliga): http://casinobitco.in/bet-soccer-german
○   Italy  (Serie A TIM): http://www.casinobitco.in/bet-soccer-italian
○   France (Lique 1): http://www.casinobitco.in/bet-soccer-french
○   Spain (Liga BBVA): http://www.casinobitco.in/bet-soccer-spanish
○   Dutch / Holland (Eredivisie): http://www.casinobitco.in/bet-soccer-holland
○   Additional Sports (Upcoming)
○   Futures (Upcoming)
○   Betting include If-Bets, Parlays, Teasers (Upcoming)
○   Additional bet types including first half/5-inning, quarters, etc. (Upcoming)
●   Provably-Fair Games of Chance offerings:
○   Baccarat
○   Blackjack
○   Roulette (Upcoming)
○   Slots (Upcoming)
○   Craps (Upcoming)
○   & more in development
●   League/Pool/PvP offerings:
○   Paid and Free NFL suicide/survivor leagues
○   more in development






Growth Prospects

Already a profitable venture, CasinoBitco.in is well-positioned to take advantage of the growth in the bitcoin gaming market.
 
CasinoBitco.in’s current rate of earnings growth trends evenly with our traffic, at approximately 84% growth month-over-month. There is a void in the bitcoin market for a service with a high variety of gaming options - especially one as unique as CasinoBitco.in.
 
CasinoBitco.in is experiencing significant weekly growth in terms of traffic and revenue (see Appendix statistics).  With increased maximum bets, the upcoming football season, an increased marketing effort and additional offerings, CasinoBitco.in is set to receive an influx of new players and increased action from existing players. Near-terms goals include heavy focus on development and marketing of new features, resulting in further diversification into international betting markets.  

In order to both fund future growth and reward unit holders, CasinoBitco.in will aim to re-invest 25% of profits into the business while 75% will be paid out as dividends to unit holders (see Dividend Policy section).
Management
 
Tim
Founder and co-owner
Development
Bio: Tim created CasinoBitco.in as the vehicle for his enduring vision to combine the elements of the best online bitcoin casinos and sportsbooks in a one-stop-shop, while continuously adding unique Peer-2-Peer leagues, pools, and contests to build a strong community and keep players engaged. He brings over a decade of senior development management experience from a Fortune 50 company, and is directly responsible for CasinoBitco.in code, design, and security.
Contact: tim@casinobitco.in
 
Brendan
Co-owner
Operations and Marketing
Bio: As a long-time sports bettor and card player, Brendan has an innate passion for the gaming business. He seeks to leverage this background to help build CasinoBitco.in around what players want from their gaming destination of choice. Brendan's responsibilities include marketing/affiliates, financial oversight, and public/investor relations.
Contact: brendan@casinobitco.in
 
Havelock has verified identities of the fund managers named above. In addition to these owners, there are additional private investors with percentage holdings in CasinoBitco.in.

Communication

Inquiries can be sent to: support@casinobitco.in, or chat via Skype at casinobitco.in.
Bitcointalk.org Management profile:  https://bitcointalk.org/index.php?action=profile;u=37924
Bitcointalk.org Marketing profile: https://bitcointalk.org/index.php?action=profile;u=141101
Bitcointalk.org general discussion thread: https://bitcointalk.org/index.php?topic=228243.0
 
Why We Are Going Public?

CasinoBitco.in is listing to raise awareness of our product, fund expanded marketing initiatives and increase our house bankroll.  This increased bankroll will enable Casinobitco.in to quickly and safely raise our maximum bet sizes.  Offering higher limits will enable CasinoBitco.in to serve players with all bankroll levels, thereby becoming more competitive with other operators in the gaming space.

Financial information
  
Public updated financial and projections document:
https://docs.google.com/spreadsheet/ccc?key=0AmSWZWkGJ1V3dDl0STVudkZBUm1fRTlXMUFzZ3dkUXc&usp=sharing
 
Company Policies
Voting rights
Units issued via IPO do not represent equity ownership in any real-world business entity. The units are solely a distribution mechanism for rights to profits.
Dividend policy
All units of CasinoBitco.in, public and private, will equally share in a monthly dividend. Each unit on the exchange represents 1/30,000,000th of dividends, to be paid monthly. Each unit holder is entitled to receive the dividend, even those not listed on Havelock Investments.
 
Unless otherwise noted, 75% of profits will be targeted to be paid as dividends. Any changes in the target will be clearly communicated by CasinoBitco.in management.
 
A detailed Cash Flow Statement, Profit & Loss Statement and Balance Sheet will be posted quarterly, at minimum.



Use of proceeds
 
Proceeds raised in the IPO will be used approximately as follows:
-15% converted to USD to supplement legal retainer and contractor expenses for ongoing software development.
-5% for marketing of CasinoBitco.in, including player promotions, PR, advertising, and other uses.
-80% will be added to bankroll to allow for increased maximum bets.
Structure of the offering:
 
CasinoBitco.in will list exclusively on Havelock Investments, releasing 3,000,000 units at 0.00018 BTC per unit, representing 10% of the company.
 
•       Type: Fund
•       Units Offered: 3,000,000
•       Units Privately Held: 27,000,000
•       Total Units: 30,000,000
•       Initial offering price: 0.00018 BTC
•       Total BTC to be raised: 540 BTC
•      Valuation: 5400 BTC
•       Maximum units per user for initial offering: 500,000
•       Date: September 10, 2013 at noon EDT

Any unsold units after the IPO ended date (September 13, 2013) will be placed on the open market at the IPO price.
Future Releases

Within 90 days of the successful completion of this IPO, Casinobitco.in may release an additional (5%) of existing units with an offering price to be determined by the 30-day weighted average price of CBTC.  There will be an update one week ahead of time if it will not take place.
 
In addition to the 15% of total units set aside for the IPO, an additional 15% (4,500,000 units from total units of 30,000,000), purchased by pre-IPO investors, will be available to be sold on Havelock on the following schedule:

a.   September 16, 2013: 1,125,000 units
b.   December 17, 2013: 750,000 units
c.   March 17, 2014: 2,625,000 units

The remaining 70% of units (21,000,000) are considered Founder’s Shares, and are not intended to be sold. After 6 months, 30% of CasinoBitco.in units (9,000,000 units) will effectively have been released and floating on the open market.  
Buyback, Sale or Termination of Operations policy
 
CasinoBitco.in reserves the right to buyback outstanding units of CBTC on Havelock Investments with a 30 day notice, with the price being determined by the higher of the 30-day weighted average price or the current market asking price of CBTC at the time of the official announcement of the buyback.

If CasinoBitco.in is sold or acquired by any party, unit holders will be compensated based on the selling price on a per unit basis. Documentation must be provided if the sale results in a lower valuation than what is currently calculable on Havelock Investments based on the 30-day weighted average price of BCTC at the time of the official announcement of the sale.
 
In the advent of a forced termination of operations due to legal considerations, the bitcoin assets of the company are to be immediately dispersed to the unit holders on a per unit basis. The remaining assets of the company are to be liquidated and dispersed to the unit holders on a per unit basis. Trading of CBTC will be halted at the time of the official announcement of a forced termination of operations.
 
Risks Factors
 
Risk & Variance: Bitcoin betting involves risk of drawdown. As preventative measure, CasinoBitco.in will temporarily reduce betting limits in the event of any noticeable loss of house bankroll due to variance.
 
Security: The vast majority of funds are always offline in cold storage. Custom algorithmic protections exist to flag and prevent unusual activity or withdrawals.
 
Competition: Others with some similar offerings exist in the bitcoin space. Unless CasinoBitco.in differentiates itself, it will not draw and keep customers from these other establishments.
 
Outside factors: CasinoBitco.in is watchful to the legal climate of bitcoin, and seeks to act lawfully for its players and within its jurisdictions at all times. Should the market for bitcoin gaming change, certain demographics of CasinoBitco.in’s business may be affected.

Price Movement: In general, CasinoBitco.in activities are not reliant on price of BTC, as the average player converts Fiat holding to use BTC with our site. This means earnings/dividends denominated in BTC are likely to increase if the value of BTC drops, and vice versa if value of BTC increases. Management will diversify assets between BTC and Fiat per their discretion.
 



Havelock disclaimer
 
Havelock Investments has reviewed this offering in accordance with their listing procedures to the best of their ability.  Havelock Investments offers no guarantees to the performance of this offering or its management team.  It is up to each individual to perform their own due diligence in regards to this company and its operations.
 

Appendix A: Statistics
YTD Figures as of 8/31/13:
Total Registrations: Over 475
Total Deposits: Over 210 bitcoin
Ratio of Casino to Sportsbook earnings: 2.44
YTD Earnings: 66.81 BTC
Traffic increase June-July: 84%

EDIT: Future release section updated 9/6/2013 10:19 am ESD.
Release schedule updated, below is original schedule:

a.   September 16, 2013: 1,125,000 units
b.   December 17, 2013: 375,000 units
c.   March 17, 2014: 3,000,000 units


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September 05, 2013, 08:03:27 PM
 #2

Interesting!
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September 05, 2013, 08:04:02 PM
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Hey Everyone - Myself, and casinobitcoin, will be here to answer any and all questions regarding our exciting IPO!

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September 05, 2013, 08:05:42 PM
 #4

Havelock has been very engaged and great to work with through this process - and looking out for the benefit & well-being of his users through due diligence, research, and focus on transparency.

We're excited to continue to be a part of Havelock Investments, and to work hard for the interests of our shareholders & grow CasinoBitco.in!

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September 05, 2013, 08:22:02 PM
 #5

Goodluck guys but very overpriced valuation imo.

.







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September 05, 2013, 08:22:48 PM
 #6

I read through the prospectus but there's a couple things not clear:

1) How much did your Pre-IPO investors pay per share?
2) What are you bringing to the table that is worth 70% of the shares total? What is the investment amount so far, etc.?
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September 05, 2013, 08:32:52 PM
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I read through the prospectus but there's a couple things not clear:

1) How much did your Pre-IPO investors pay per share?
2) What are you bringing to the table that is worth 70% of the shares total? What is the investment amount so far, etc.?


Great question - Let me know if I can elaborate further:

1 & 2 - This can be approximated by viewing our current assets ($9,840.00 & 677.3100 btc minus player balance ~52 btc) divided by 15% of shares sold pre-IPO, and what founders contributed as well, which is significant. The IPO price is based on the same model we've used for all pre-IPO investors, increasing over time in part based on growing weekly earnings. As we've had significant private offers for funding, our Havelock IPO is not so much about money, but outreach to smaller investors and increasing our profile.

In addition to a significant amount of assets already (book value), we are bringing years of development, management, marketing etc. experience to the table, resulting in continued growth & success of CasinoBitco.in. As almost all development & effort is handled internally without a salary, we're putting in a lot of hard work in, and will continue to do so.

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September 05, 2013, 08:33:08 PM
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Watching!
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September 05, 2013, 08:35:16 PM
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Are you, or are you planning to be a registered company? In which jurisdiction?
Where do you live? Is it legal to operate gambling site in your country?
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September 05, 2013, 08:40:51 PM
 #10

Are you, or are you planning to be a registered company? In which jurisdiction?
Where do you live? Is it legal to operate gambling site in your country?

The company is registered as a legal entity in Panama.

All servers run offshore in Ireland and Hong Kong.


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September 05, 2013, 08:43:22 PM
 #11

I read through the prospectus but there's a couple things not clear:

1) How much did your Pre-IPO investors pay per share?
2) What are you bringing to the table that is worth 70% of the shares total? What is the investment amount so far, etc.?


Great question - Let me know if I can elaborate further:

1 & 2 - This can be approximated by viewing our current assets ($9,840.00 & 677.3100 btc minus player balance ~52 btc) divided by 15% of shares sold pre-IPO, and what founders contributed as well, which is significant. The IPO price is based on the same model we've used for all pre-IPO investors, increasing over time in part based on growing weekly earnings. As we've had significant private offers for funding, our Havelock IPO is not so much about money, but outreach to smaller investors and increasing our profile.

In addition to a significant amount of assets already (book value), we are bringing years of development, management, marketing etc. experience to the table, resulting in continued growth & success of CasinoBitco.in. As almost all development & effort is handled internally without a salary, we're putting in a lot of hard work in, and will continue to do so.

So how does $10k (let's estimate each BTC as being $100 and just say it's 100 BTC) + 625 BTC somehow end up being worth 4860 BTC? Based on my mathematics that's only 725 BTC (and that is a LOW estimate), far from being even close to your valuation.

Where's the other 4155 BTC coming from?
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September 05, 2013, 08:50:09 PM
 #12

I read through the prospectus but there's a couple things not clear:

1) How much did your Pre-IPO investors pay per share?
2) What are you bringing to the table that is worth 70% of the shares total? What is the investment amount so far, etc.?


Great question - Let me know if I can elaborate further:

1 & 2 - This can be approximated by viewing our current assets ($9,840.00 & 677.3100 btc minus player balance ~52 btc) divided by 15% of shares sold pre-IPO, and what founders contributed as well, which is significant. The IPO price is based on the same model we've used for all pre-IPO investors, increasing over time in part based on growing weekly earnings. As we've had significant private offers for funding, our Havelock IPO is not so much about money, but outreach to smaller investors and increasing our profile.

In addition to a significant amount of assets already (book value), we are bringing years of development, management, marketing etc. experience to the table, resulting in continued growth & success of CasinoBitco.in. As almost all development & effort is handled internally without a salary, we're putting in a lot of hard work in, and will continue to do so.

So how does $10k (let's estimate each BTC as being $100 and just say it's 100 BTC) + 625 BTC somehow end up being worth 4860 BTC? Based on my mathematics that's only 725 BTC (and that is a LOW estimate), far from being even close to your valuation.

Where's the other 4155 BTC coming from?


Sure - and great question -

The amount you calculated is "book value". So, our IPO can be calculated at very roughly:

725 + 540 raised in IPO (if successful) divided by 5400 valuation = a 4.27 x Price/Book value. Assets, unless distressed, are typically priced well over book value based on future growth/return prospects (example, Tableau Software, a recent NYSE IPO, is showing a 21.09 ratio on Yahoo Finance)

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September 05, 2013, 08:51:42 PM
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So how does $10k (let's estimate each BTC as being $100 and just say it's 100 BTC) + 625 BTC somehow end up being worth 4860 BTC? Based on my mathematics that's only 725 BTC (and that is a LOW estimate), far from being even close to your valuation.

Where's the other 4155 BTC coming from?

Current assets, go into but are not the only thing guiding the valuation, in brick and mortar 2-5 year profits are utilized to value the company in a sell.

uvwvj, Exactly, I think that's the payback period "pitched" for many franchises out there.

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September 05, 2013, 08:54:26 PM
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So how does $10k (let's estimate each BTC as being $100 and just say it's 100 BTC) + 625 BTC somehow end up being worth 4860 BTC? Based on my mathematics that's only 725 BTC (and that is a LOW estimate), far from being even close to your valuation.

Where's the other 4155 BTC coming from?

Current assets, go into but are not the only thing guiding the valuation, in brick and mortar 2-5 year profits are utilized to value the company in a sell.

uvwvj, Exactly, I think that's the payback period "pitched" for many franchises out there.

Just as a warning, I think this same guy (ranlo) asked the same question of Crypto Currency and had a very difficult time understanding that more than just book value goes into the calculation of a valuation. So he may come back in here asking more questions about it.
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September 05, 2013, 08:59:42 PM
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Looks pretty cool but no NHL?
- a Canadian
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September 05, 2013, 09:02:37 PM
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So how does $10k (let's estimate each BTC as being $100 and just say it's 100 BTC) + 625 BTC somehow end up being worth 4860 BTC? Based on my mathematics that's only 725 BTC (and that is a LOW estimate), far from being even close to your valuation.

Where's the other 4155 BTC coming from?

Current assets, go into but are not the only thing guiding the valuation, in brick and mortar 2-5 year profits are utilized to value the company in a sell.

uvwvj, Exactly, I think that's the payback period "pitched" for many franchises out there.

Then where are the profit/loss statements? I saw nothing to tell that. The closest thing I could find was deposits/withdrawals but that doesn't mean anything.
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September 05, 2013, 09:03:26 PM
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Are you, or are you planning to be a registered company? In which jurisdiction?
Where do you live? Is it legal to operate gambling site in your country?
The company is registered as a legal entity in Panama.
All servers run offshore in Ireland and Hong Kong.

Is anyone familiar with US law related to gambling/betting? I thought that the location of the servers is irrelevant if you live in USA (you do) and/or serving US customers.
What is the worst case scenario here - could US police (or regulator or whoever) confiscate the BTC? What is your plan for such legal complications?
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September 05, 2013, 09:03:38 PM
Last edit: September 05, 2013, 09:20:09 PM by casinobitcoin
 #18

No worries, we're more than happy to explain our IPO process and be transparent! If anyone prefers to PM me to discuss, that's welcome too.

On NHL / Starcraft - It's all coming! We have the feeds etc. ready to cache - just a bit of work for each "league" to add it in.

Maybe I'll start a poll so we know what order to prioritize  Wink


*edit* - I've just been corrected - We have NHL - just no games!

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September 05, 2013, 09:04:48 PM
 #19

Ranlo:

P&L - https://docs.google.com/spreadsheet/ccc?key=0AmSWZWkGJ1V3dDl0STVudkZBUm1fRTlXMUFzZ3dkUXc&usp=sharing

Still a work in progress so suggestions welcome.

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September 05, 2013, 09:21:55 PM
 #20

Based on what I can tell, then, you have:

41.15 BTC
28.59 BTC

That's your profit over 2 months (after every expense is paid)?

So let's round that up to 35 BTC a month.

If this is correct, that lands ~10 year ROI (based on profit at current levels), which is a little high but based on what I've seen I think this can be shortened considerably over time. Your valuation *does* go hand-in-hand with your revenue, so that's perfect. Just have to decide how much risk is too much here...

@xchrisxsays - seriously? The company I put down was going for over 800k in valuation on a company that 1) hadn't even been created yet and 2) had absolutely no income. How can someone possibly value an idea at nearly a million dollars? If you really believe in that crap, I've got tons of ideas I can sell you and I'll let them go for a fraction of that (250k each). Making stupid investments is how you lose all your money.
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