SocialBet.io :: Know how are we going to monetize a casino with TRUE ODDS

[veleten]

Thank you for your question about KYC. I have got an answer from the legal team.

KYC is a legal necessity in case of gambling, although in cases of transactions with a small amount it may be escaped.
Anyway, in some cases (e.g. small amount of transaction), KYC may be required by SocialBet.
We are going to be fully in compliance with the laws which is the best guarantee of the sound and safe operation of our platform.
By the way, Primedice.com also has KYC procedure for its users.
https://ibb.co/mCht0th

Your feedback did help We are currently updating our terms of use. Moreover, we are going to make KYC as simple as possible.

You are missing the point completely. Making the KYC process simple does not matter since doing away with it is the only way that majority of the gamblers including me would show any sort of interest in your website.

Get rid of the KYC requirement asap if you want your website to attract more attention.

Hello. I am the founder of SocialBet. This KYC did a noise in the last days
I want to understand the problem. I see that people ask to remove KYC and says that they won't play in bitcoin casino that has KYC, but at the same time, they use signatures of casinos that have KYC. For example, I may see in your signature STAKE.com. Check their terms and you'll find the same KYC in the 6th point.
https://stake.com/terms-of-service

The KYC is not so scary thing We do not want to use it against the community. We won't force our players to verify their identity. This point is just to keep us legal and to avoid problems in future.
We want to make our platform the best one. Your feedback is very important as we build our platform for you!
If you know a good standing casino, that does not have a KYC option in their legal docs, please send a link. We will investigate.

the problem is that if you have this KYC term you can enforce it any time you want
and yes KYC is a scary thing , sadly , especially if you deal with a cryptocommunity
if you do not want to force players to verify their identity , just do not put KYC into your terms
Stake doesn't usually check , but they do and can do it because it is in their terms and conditions
the thing is - Stake is there for at least several years (Primedice I mean) and is trusted and you are new and trying to attract players
KYC is not the strongest of the marketing points

[milewilda]

I dont believe in the 0% house edge because all we know that game needs an income. But if it's true it's a great game that I want to try. And I think they only give a very small amount of information about the game. I think old gambler will not go to game like that because they think that it has a hidden information or charge against to gambler or player.

If you deposit and you can't profit from it. House "Casino" will still be able to income...
Maybe they will change it in the future and perhaps it's only for the early stages of their Project.

I think we shall make a lot of changes in SocialBet. But 1 thing will never change. House edge won't have a place in our platform. We hope, that community will donate us as we want to build a better world. Also, soon we shall publish an article with more details about our monetization.

I have never seen anyone in this world donating casino. It sounds very strange too, when I gamble, more likely I'll lose or if I win, I'll withdraw it, is donation new thing? Donation is when someone loses. If you don't think your casino will profit with 0% house edge system, then what is your hope for running of it? When you ask donation it sounds like we just donate and others win/withdraw our donation, we donate for them.

Maybe the 'donate' thing he do mention is about on players money losing out on his casino.lol . 0% house edge is really just temporal and i cant see any gambling site nowadays that do sustain with that situation.
Monetization or making profits is one of the motive of these kind of businesses and no business will just be too concern to build up a better world. lol

[tippytoes]

I dont believe in the 0% house edge because all we know that game needs an income. But if it's true it's a great game that I want to try. And I think they only give a very small amount of information about the game. I think old gambler will not go to game like that because they think that it has a hidden information or charge against to gambler or player.

If you deposit and you can't profit from it. House "Casino" will still be able to income...
Maybe they will change it in the future and perhaps it's only for the early stages of their Project.

I think we shall make a lot of changes in SocialBet. But 1 thing will never change. House edge won't have a place in our platform. We hope, that community will donate us as we want to build a better world. Also, soon we shall publish an article with more details about our monetization.

I have never seen anyone in this world donating casino. It sounds very strange too, when I gamble, more likely I'll lose or if I win, I'll withdraw it, is donation new thing? Donation is when someone loses. If you don't think your casino will profit with 0% house edge system, then what is your hope for running of it? When you ask donation it sounds like we just donate and others win/withdraw our donation, we donate for them.

Maybe the 'donate' thing he do mention is about on players money losing out on his casino.lol . 0% house edge is really just temporal and i cant see any gambling site nowadays that do sustain with that situation.
Monetization or making profits is one of the motive of these kind of businesses and no business will just be too concern to build up a better world. lol

Maybe it is only in this launching stage that they are offering such 0% house edge and later on when everybody is playing on their platform, they will change the rules. And you are very right, a gambling platform donating their earnings? Sooner or later we will know what's the real deal here. Maybe they want to start with good image.

[milewilda]

I dont believe in the 0% house edge because all we know that game needs an income. But if it's true it's a great game that I want to try. And I think they only give a very small amount of information about the game. I think old gambler will not go to game like that because they think that it has a hidden information or charge against to gambler or player.

If you deposit and you can't profit from it. House "Casino" will still be able to income...
Maybe they will change it in the future and perhaps it's only for the early stages of their Project.

I think we shall make a lot of changes in SocialBet. But 1 thing will never change. House edge won't have a place in our platform. We hope, that community will donate us as we want to build a better world. Also, soon we shall publish an article with more details about our monetization.

I have never seen anyone in this world donating casino. It sounds very strange too, when I gamble, more likely I'll lose or if I win, I'll withdraw it, is donation new thing? Donation is when someone loses. If you don't think your casino will profit with 0% house edge system, then what is your hope for running of it? When you ask donation it sounds like we just donate and others win/withdraw our donation, we donate for them.

Maybe the 'donate' thing he do mention is about on players money losing out on his casino.lol . 0% house edge is really just temporal and i cant see any gambling site nowadays that do sustain with that situation.
Monetization or making profits is one of the motive of these kind of businesses and no business will just be too concern to build up a better world. lol

Maybe it is only in this launching stage that they are offering such 0% house edge and later on when everybody is playing on their platform, they will change the rules. And you are very right, a gambling platform donating their earnings? Sooner or later we will know what's the real deal here. Maybe they want to start with good image.

Building a good image on start up is most likely the goal of each new gambling site or any services to gain some popularity and positive impression but
tagging it up with charity thing do really give us confusion on how they would done such thing. They are calling themselves as Anti-casino. For what?
No business owner will just giving out free money into its players even we do say on building up good image on early phase.

[Bitinity]

Maybe it is only in this launching stage that they are offering such 0% house edge and later on when everybody is playing on their platform, they will change the rules. And you are very right, a gambling platform donating their earnings? Sooner or later we will know what's the real deal here. Maybe they want to start with good image.

No the 0% house edge is going to run forever, as it is their mission "to remove the house edge"
Take a look at these two posts below where the admin state about the 0% house edge:
https://bitcointalk.org/index.php?topic=5119108.msg50173370#msg50173370
https://bitcointalk.org/index.php?topic=5119108.msg50173370#msg50173370

Basically it is not good start if they want to build first impression as people will keep on wondering and speculating on why gambling site owner do not want to make profit and relying on donation only.

[socialbet]

Maybe it is only in this launching stage that they are offering such 0% house edge and later on when everybody is playing on their platform, they will change the rules. And you are very right, a gambling platform donating their earnings? Sooner or later we will know what's the real deal here. Maybe they want to start with good image.

No the 0% house edge is going to run forever, as it is their mission "to remove the house edge"
Take a look at these two posts below where the admin state about the 0% house edge:
https://bitcointalk.org/index.php?topic=5119108.msg50173370#msg50173370
https://bitcointalk.org/index.php?topic=5119108.msg50173370#msg50173370

Basically it is not good start if they want to build first impression as people will keep on wondering and speculating on why gambling site owner do not want to make profit and relying on donation only.

Not only donations Sure we have a monetization model, but we are in a beta period. I don't think, it is a smart decision to monetize a product, that is still in beta. Our model will be very friendly and won't affect the result of the game, as in the case of house edge model.

[beerlover]

I have been playing it since yesterday and I had the most fun I ever had from basically any game ever, it is definitely lacking a lot of customers and if you could increase the user number it could turn out to be a great game.

There was one other problem, the old bets I made are not listed properly, like which one is which and what not you need to find a way to fix that "my tickets" part and make it include more info, I don't have any idea which one is the 1 day one which one is 1 hour and so forth when I look at it and which one that won money was from which one.

It is all complicated there in short and its already gone, I am looking at it today and can't see anything. So, if you fix that and if you find a way to get more people into your website than you will be a great game. That 0% rake thingy added on the topic is a smart idea.

[shield132]

I dont believe in the 0% house edge because all we know that game needs an income. But if it's true it's a great game that I want to try. And I think they only give a very small amount of information about the game. I think old gambler will not go to game like that because they think that it has a hidden information or charge against to gambler or player.

If you deposit and you can't profit from it. House "Casino" will still be able to income...
Maybe they will change it in the future and perhaps it's only for the early stages of their Project.

I think we shall make a lot of changes in SocialBet. But 1 thing will never change. House edge won't have a place in our platform. We hope, that community will donate us as we want to build a better world. Also, soon we shall publish an article with more details about our monetization.

I have never seen anyone in this world donating casino. It sounds very strange too, when I gamble, more likely I'll lose or if I win, I'll withdraw it, is donation new thing? Donation is when someone loses. If you don't think your casino will profit with 0% house edge system, then what is your hope for running of it? When you ask donation it sounds like we just donate and others win/withdraw our donation, we donate for them.

Maybe the 'donate' thing he do mention is about on players money losing out on his casino.lol . 0% house edge is really just temporal and i cant see any gambling site nowadays that do sustain with that situation.
Monetization or making profits is one of the motive of these kind of businesses and no business will just be too concern to build up a better world. lol

Maybe it is only in this launching stage that they are offering such 0% house edge and later on when everybody is playing on their platform, they will change the rules. And you are very right, a gambling platform donating their earnings? Sooner or later we will know what's the real deal here. Maybe they want to start with good image.

If that's in launching stage, then sorry but very silly move, it's quite easy to move from this casino to another one if you don't like terms or etc any reason.
I understand this man says they have different monetization model but if they want to keep profit and let players gamble with 0% house edge, then I think they have to set limit on total will per day overally because otherwise I don't know how will they function.
OP you have to turn math while launching any kind of business, especially casino.

[socialbet]

I have been playing it since yesterday and I had the most fun I ever had from basically any game ever, it is definitely lacking a lot of customers and if you could increase the user number it could turn out to be a great game.

There was one other problem, the old bets I made are not listed properly, like which one is which and what not you need to find a way to fix that "my tickets" part and make it include more info, I don't have any idea which one is the 1 day one which one is 1 hour and so forth when I look at it and which one that won money was from which one.

It is all complicated there in short and its already gone, I am looking at it today and can't see anything. So, if you fix that and if you find a way to get more people into your website than you will be a great game. That 0% rake thingy added on the topic is a smart idea.

Wow! Such good feedback!:) We still have a lot of work on SocialBet. This is our first step and these kinds of words are motivating us very much:) Thank's

[beerlover]

-snip-

Wow! Such good feedback!:) We still have a lot of work on SocialBet. This is our first step and these kinds of words are motivating us very much:) Thank's

I mean don't get your hopes up that quickly. The game looks great, it is super entertaining and I would definitely play it when the game starts but that doesn't mean it will succeed right away. We are in crypto casino world where it is insanely hard to find people to deposit their money to your website but considering this is a game where people play vs other people they should have less trust issues.

You still have a loooooong way to finish the product and do a proper marketing and it will take both a lot of your time and a lot of your money so be patient but when it is said and done if you do a good job with it the concept is definitely amazing. You have at least one customer with me that is for sure, but its because I am always around and checking new games, you need to do marketing a lot bigger and wider when you officially start.

[socialbet]

-snip-

Wow! Such good feedback!:) We still have a lot of work on SocialBet. This is our first step and these kinds of words are motivating us very much:) Thank's

I mean don't get your hopes up that quickly. The game looks great, it is super entertaining and I would definitely play it when the game starts but that doesn't mean it will succeed right away. We are in crypto casino world where it is insanely hard to find people to deposit their money to your website but considering this is a game where people play vs other people they should have less trust issues.

You still have a loooooong way to finish the product and do a proper marketing and it will take both a lot of your time and a lot of your money so be patient but when it is said and done if you do a good job with it the concept is definitely amazing. You have at least one customer with me that is for sure, but its because I am always around and checking new games, you need to do marketing a lot bigger and wider when you officially start.

We are discussing the option of implementing smart contracts. We are short of resources at the moment and that's why we are asking for donations. 🙂
We are developing a platform for gamblers without any fee, so we are sure that the community will start supporting us the more popular we become.

[coinplus]

It will surely be a time challenge for you. I mean consider this, lets say you want to increase your user number by 10, you want 10 new users, which one sounds easier going from 10 users to 20 users or 1000 users to 1010 users ? So, all in all the more users you have the more users you will get, the first few hundred users will be really hard and since this game is basically all about how many users there are (the more the merrier when it comes to this game) you will have hard time keeping them playing there as well, there will be new users coming in while old users leaving so it will take a lot of time before you can actually increase, maybe months even over a year.

Moreover, when you finally reach to that level and you are over a thousand daily users believe me this game will take off like crazy.

[socialbet]

Dear community and crypto lovers,

The official release of SocialBet.io is almost there. At this phase, we understand that we need more financial resources to kick-start the user acquisition process. We need to push now. We need to act fast and bold to acquire the critical mass of daily active users. We also need more people to move forward and for that, we need more financial resources.

We will soon release a version with real bitcoin money and we will need finances to cover for the marketing, new technologies integration and developing new games. 

We are looking for an investment!

We are happy to answer your questions and tell you more about our plans and ideas.
Interested? PM us

[xvids]

0% house edge? So how will you make profit? I just checked your site for a while, my concern goes to this:

20. The User is fully responsible for paying all fees and taxes applied to their winnings according to the laws of the jurisdiction of User’s residence.

So players should pay income's fee to the local government? I dont quite understand about above term as it is the first time I read this term.

59. To withdraw funds, We require complete verification of Your account with all the docs needed

This other term will not make your site become popular in this bitcoin gambling industry, what is the point of accepting bitcoin only but you requires for KYC?
There are some big winners under the recent winners tab, 3-4btc win. Are they real winners?

The site looks good and new for me and I want to learn more about your gambling site.
I think it would be great but I have the same interest in this you have a 0% house edge how could you continue to upgrade your site and keep the gamblers protected?
And I also want to hear those recent winners to ,And also about your withdrawal why do we have to do the KYC ?
There are already some sites that gambler could play and withdraw without sending their personal info .

[socialbet]

0% house edge? So how will you make profit? I just checked your site for a while, my concern goes to this:

20. The User is fully responsible for paying all fees and taxes applied to their winnings according to the laws of the jurisdiction of User’s residence.

So players should pay income's fee to the local government? I dont quite understand about above term as it is the first time I read this term.

59. To withdraw funds, We require complete verification of Your account with all the docs needed

This other term will not make your site become popular in this bitcoin gambling industry, what is the point of accepting bitcoin only but you requires for KYC?
There are some big winners under the recent winners tab, 3-4btc win. Are they real winners?

Thank's for your question

I think it would be great but I have the same interest in this you have a 0% house edge how could you continue to upgrade your site and keep the gamblers protected?

We have ideas, how to monetize SocialBet. But now we are in Beta and right now we are not thinking about monetization, instead, we are doing updates and creating a better gaming environment.

And I also want to hear those recent winners to ,And also about your withdrawal why do we have to do the KYC ?

We are not going annoy our users and will use the KYC only in suspicious cases.

[AmoreJaz]

Dear community and crypto lovers,

The official release of SocialBet.io is almost there. At this phase, we understand that we need more financial resources to kick-start the user acquisition process. We need to push now. We need to act fast and bold to acquire the critical mass of daily active users. We also need more people to move forward and for that, we need more financial resources.

We will soon release a version with real bitcoin money and we will need finances to cover for the marketing, new technologies integration and developing new games.  

We are looking for an investment!

We are happy to answer your questions and tell you more about our plans and ideas.
Interested? PM us

i hope you are not relying from the community alone to respond  to your financial needs to keep moving...
and if you are, more then likely your existence will not be here for long
accept the fact that people want an assurance before they send their money. so what is your assurance that their investments are secured?
anonymous team bragging with 0% house edge? think of other users perception on you. just to give you insights on how you will attack this situation

[feryjhie]

0% house edge? So how will you make profit? I just checked your site for a while, my concern goes to this:

20. The User is fully responsible for paying all fees and taxes applied to their winnings according to the laws of the jurisdiction of User’s residence.

So players should pay income's fee to the local government? I dont quite understand about above term as it is the first time I read this term.

59. To withdraw funds, We require complete verification of Your account with all the docs needed

This other term will not make your site become popular in this bitcoin gambling industry, what is the point of accepting bitcoin only but you requires for KYC?
There are some big winners under the recent winners tab, 3-4btc win. Are they real winners?

The site looks good and new for me and I want to learn more about your gambling site.
I think it would be great but I have the same interest in this you have a 0% house edge how could you continue to upgrade your site and keep the gamblers protected?
And I also want to hear those recent winners to ,And also about your withdrawal why do we have to do the KYC ?
There are already some sites that gambler could play and withdraw without sending their personal info .

yeah like Stake.com but stake/Primedice just require KYC if the players maybe have a suspicious game or breaking their TOS
and they will ask KYC

but this is different from stake or Primedice, you make the people must do KYC before he can withdraw
so i think the KYC will make your site not really popular

[socialbet]

0% house edge? So how will you make profit? I just checked your site for a while, my concern goes to this:

20. The User is fully responsible for paying all fees and taxes applied to their winnings according to the laws of the jurisdiction of User’s residence.

So players should pay income's fee to the local government? I dont quite understand about above term as it is the first time I read this term.

59. To withdraw funds, We require complete verification of Your account with all the docs needed

This other term will not make your site become popular in this bitcoin gambling industry, what is the point of accepting bitcoin only but you requires for KYC?
There are some big winners under the recent winners tab, 3-4btc win. Are they real winners?

The site looks good and new for me and I want to learn more about your gambling site.
I think it would be great but I have the same interest in this you have a 0% house edge how could you continue to upgrade your site and keep the gamblers protected?
And I also want to hear those recent winners to ,And also about your withdrawal why do we have to do the KYC ?
There are already some sites that gambler could play and withdraw without sending their personal info .

yeah like Stake.com but stake/Primedice just require KYC if the players maybe have a suspicious game or breaking their TOS
and they will ask KYC

but this is different from stake or Primedice, you make the people must do KYC before he can withdraw
so i think the KYC will make your site not really popular

The same thing is at SocialBet. Why do you think it is different?

[Bitinity]

It has been two weeks since you introduce your project, but it is still in beta phase. How long you are going to run the beta phase and what you got during these two weeks?

[feryjhie]

0% house edge? So how will you make profit? I just checked your site for a while, my concern goes to this:

20. The User is fully responsible for paying all fees and taxes applied to their winnings according to the laws of the jurisdiction of User’s residence.

So players should pay income's fee to the local government? I dont quite understand about above term as it is the first time I read this term.

59. To withdraw funds, We require complete verification of Your account with all the docs needed

This other term will not make your site become popular in this bitcoin gambling industry, what is the point of accepting bitcoin only but you requires for KYC?
There are some big winners under the recent winners tab, 3-4btc win. Are they real winners?

The site looks good and new for me and I want to learn more about your gambling site.
I think it would be great but I have the same interest in this you have a 0% house edge how could you continue to upgrade your site and keep the gamblers protected?
And I also want to hear those recent winners to ,And also about your withdrawal why do we have to do the KYC ?
There are already some sites that gambler could play and withdraw without sending their personal info .

yeah like Stake.com but stake/Primedice just require KYC if the players maybe have a suspicious game or breaking their TOS
and they will ask KYC

but this is different from stake or Primedice, you make the people must do KYC before he can withdraw
so i think the KYC will make your site not really popular

The same thing is at SocialBet. Why do you think it is different?

it's different because your site requires people to KYC first before withdrawing
but in stake/primedice people can withdraw as long he doesn't break any rules