Summary
CashBet is an enterprise solution for crypto-ready casino companies that focuses on mobile platforms. CashBet states that it “provides everything operators need to run a licensed and profitable iGaming business”.
The company was founded in Oakland, California in 2012 and is licensed by the Alderney Gambling Control Commission and the UK Gambling Commission. CashBet plans to implement what they call CryptoGo, a set of micropayment channels that allow for off-chain ledger entries, called balance proofs.
The company’s goal is to improve trust, cost, speed, content and access for players around the world.
Website: https://coin.cashbet.com/
Token symbol: CBC
Token type: ERC20 (Ethereum platform)
Token price: 1 CBC= $0.50 USD (Pre-Sale)
1 CBC= $0.60 USD (Public Sale, April 17 at 5:00PM GMT)
1 CBC=$0.75 USD (Public Sale, April 22 at 5:00 GMT)
Non-tech whitepaper: https://coin.cashbet.com/wp-content/uploads/2018/04/CashBet-ICO-1-Pager-APR-2018.pdf
Whitepaper: https://coin.cashbet.com/wp-content/uploads/2018/04/CashBet-Whitepaper-v3.5.pdf
Hard cap: $50MM – $65MM USD
Total possible tokens: 430,000,000
Token distribution:
Community reserved: 33.25% - fully sold out
Pre-sale and public sale:
35.00%: Casino Bank Reserve
16.75%: Team (18-month vesting)
8.00%: Referral
7.00%: Advisors (w/lockups)
Token distribution
With $30Million tokens that have been raised by the company:
30% Player Acquisition, Marketing, Rollout to new regions
22.5% Product Development
15% BUsiness Development and Partnership
15% Debt Restructuring
10% Team Building and Retention
7.5% ICO Related Expenses
Token distribution timeline
142,975,000 CBC tokens will be distributed by end of the month and continue until June, pre and public sale was fully sold out
CashBet Coin will be distributed coherently to purchasers on a basis which every shareholder gets an equal proportion for each share he or she owns (Pro rata basis), within two weeks of the conclusion of the token sale.
CashBet Coin tokens will be physically transferred to purchasers' ERC20-compatible Ethereum wallets, which will have been have specified in the purchasers’ profiles at coin.cashbet.com.
Tokens distributed to team members through CashBet’s retention program will be released gradually, over a 18-month period, in order to avoid flooding the market with tokens. Any unsold tokens will be destroyed.
Roadmap
2018
Q1: Launch CASHBET Coin VIP Program
Q2: Accept the first CBC deposit and wager
Q3: Launch CRYPTORGS, crypto casino content aggregation platform
Q3: Prototype state channel-based payment mechanism
Q4: FAIRPLAY, implement provably fair interface feature for games
2019
Q1: Launch CRYPTOGO, state channel-based pay-as-you-go platform
Product stage
The company is 5 years in the business with 750 Games run by their platform having 7.7X growth in players since 2015. This quarter, the company starts to accept first CashBet Coin deposit and wager via currency conversion.
Token usage
CashBet is issuing CashBet Coin as a utility token and not as a security. The CBC token is an ERC20 compliant utility token and is used to wager on the platform.
In phase four of the planned development of the platform, CashBet plans to implement its proprietary off-chain payment channel, CryptoGo, which allows for instant wagers and payouts with reduced fees. There is a fair amount of detail included about how this payment network will operate, but the level of development regarding this aspect of the platform is unclear, as the GitHub page is not provided.
Since the expected launch of CryptoGo is in Q1 2019, it is reasonable to assume that CryptoGo is currently just a concept and that developments regarding the payment network are minimal.
CashBet needs to focus more on the value proposition of the CBC token. In the FAQ section of the website it is simply stated that the organization will provide value to the tokens for investors by “maximizing the value of CashBet Coins through strategic currency management policies after the ICO”.
Team
The team is composed of industry veterans with an extensive gaming software experience. The founders of the company have 20+ years of experience when it comes to Information Technology and software development. The Advisory board has a very strong background with technology, as one of them is working with GSN Games/Sony. The team also has a solid partnership with Arsenal FC that will help raise the brand awareness for CashBet Coin through digital and social media. Advertisements of the company have been already posted during the matches.
Opportunities
Get tokens without hassle of pre or public sale
Very legit company with all licenses and already sponsor of one of the biggest football teams in the world (Arsenal FC)
The team is has a very extensive gaming experience with a strong Advisory board
They have a big chance to succeed the incorporation of cryptocurrency into igaming business as they have a very good foundation and have established a good reputation in the industry
Concerns
Gaming industry is full of regulations and law changes all the time, could hinder their progress and expansion
Will usage of cryptocurrency be adapted by the gaming industry quick enough?
Conclusion
In conclusion, this is a superb opportunity to be invested in one of the biggest gaming platforms in the world. They already have existing partnerships ongoing and a patented software platform as well as the correct legal licenses.
Flipping potential
For flipping, we’re very bearish, not possible with vesting terms, but it’s not that long either.
Long term potential
The potential is very big, the gaming industry is very huge and they are looking to adopt this blockchain technology very quickly, and cashbet has the potential to really be a market leader on this area by having a lot of recognition already through their sponsorship deal.