Betstreak is a solid online casino and this page will not go into details on the site itself but rather focus on the upcoming ICO. If you want to read a Betstreak Review please do so on Bitcoin Gambling Reviews.
Some of the key details for the ICO are listed below:
- Casino launched in Aug 2016.
- Made over 2150 Bitcoins in profit since.
- 200,000,000 erc 20 tokens will be created.
- 90,000 ETH hard cap.
- 35% of tokens will be help by the Betstreak team.
- 5% of tokens will be for bounties.
- 50% of tokens for the ICO.
- 10% of tokens for presale.
- Token sale structure:
- Pre-sale: 30% bonus – 1300 BST
- Week 1 = 20% bonus – 1200 BST
- Week 2 = 10% bonus – 1100 BST
- Week 3 = 5% bonus – 1050 BST
- Week 4 = 0% Bonus – 1000 BST
- 25% of net gaming revenue (NGR) will be paid out to existing BST holders bi-yearly.
- ICO starts Oct 1st
For full details please read the ICO white paper.
What were the last 6 months of profit for Betstreak?
In total over the last 6 months the site has made $300,000 Euro and over 200 Bitcoins.
Why do you want to launch an ICO now?
We feel that its is the perfect moment to do an ICO now, as it is a good way to raise additonal funds for expansion and building of the multi currency platform for all cryptos to play on our existing platform. It is also a good way to reach out to new players to capture the $160 Billion Crypto market, which no actual licensed casino has done.
Will ICO holders share equity in the company?
No. BST holders will not own any equity in the company as they are holding on to utility tokems. They can take part in our profit sharing bi-yearly as we buyback our tokens with the profits of our casino.
Are there any discussions with having the token listed on an exchange?
Yes, we are talking to a few exchanges, HitBTC, and a few asian based exchanges. More details will be released once our ICO starts.
Only 20% of the ICO will go to the bankroll – how big is it now? You won’t need more than 20% to get the biggest players?
Yes, 20% is sufficient as we already have an existing bankroll of 2 million euros. Based on our experience in this industry, the development of the multi currency platform and marketing warrants far greater attention than bankroll, hence the greater allocation of funds raised (40% and 30%).
How important do you think the license is? I think Satoshi Dice has it and has still been bad for investors.
Gaming licenses are important because the Casino Industry, much like the finance industry, is highly regulated. Without a valid gaming license, most if not all countries deem it as an illegal activity to operate an unlicensed casino, with severe criminal punishments.
Satoshidice is a dice site, while we are a full fledged operating casino with slots, live games, card games etc, so we are different in that aspect.
Will the earnings be audited as part of the license you hold?
Yes. Our license require us to be audited every 6 months, so earnings can be shown to investors every bi yearly.
How big is the team and what do they do?
We have a staff force of 20 people right now. They are responsible for Casino operations, Player acquisitions, Finance and Marketing.
What is the biggest risk to investors?
We feel the biggest risks is if the crypto market crashes, hence players lose confidence with betting with cryptos. However, currently this is unlikely to happen in the near future.
Can you explain the profit share for token holders further. Is it 25% paid out in dividends and then you buy back 5%? So 30% of the profit is paid to token holders and Betstreak takes the other 70%?
To be more specific, because we are already a working business, our profits are split like this:
- 25-40% – affiliates payout
- 25% – ICO token holders profit sharing
- 10% – game providers
- 25% – Our share (Betstreak Team)
As you can see, the payout is 1/4 of our total profits to Token Holders. Reason is because we are targeting a larger market compared to dice sites, hence token holders are expected to get more profits compared to other crypto casino sites.
Can you share the license number as proof of the gambling license?
Sure, you can view the license at the bottom of our casino page at www.betstreak.co, or to be more specific, https://validator.
Are you considering accepting different cryptocurrencies? If so any consideration to taking on Steem or a crypto that stays close to the USD?
Right now we only accept Bitcoins. But once our ICO concludes, we will be developing a multi currency platform that accepts popular cryptos such as LTC, ETC, NEO (basically, top 10 cryptos in market cap).
What are the biggest challenges you have faced running the site?
Getting people to recognise they can play on a licensed crypto casino. Most of them are still playing with unlicensed crypto casinos.
What are the future goals of Betstreak?
To implement a Multi Currency Platform API, which will allow not only Bitcoin bets, but eth, ltc, xmr, and other crypto currency bets as well.
If you could start again today what would you do differently and why?
I would start with media articles first. After a year in operations, I realized that media articles are much more effective in getting player conversions.
What is your advice for someone interesting in starting an online casino?
Get a proper license. Gambling business are highly regulatory, and I’ve seen many sites operating without a gaming license. They are very prone to being shut down.