BitDice ICO Analysis, Links & Info

BitDice ICO analysis, links and info by Bicycles&Blazers

The BitDice ICO is winding down today, after opening a month ago. Gambling tokens have been on my mind since reading a post at TokenData that discussed the possibilities of gambling tokens. When browsing ICO Rating a few days ago, I noticed they had a report on BitDice’s ICO. After a quick read, it seemed worthy of further research.

Summary

Founded in 2015, BitDice is an existing, profitable online gambling business based in Costa Rica. They currently transact in digital currency only and are looking to expand to accept fiat currency, which still holds 95% of online gambling market.

BitDice is looking to raise a minimum of $10 million, with a hard cap of $25 million, in exchange for 68% of tokens. Token value will be based on the number sold (as opposed to returning unsold tokens to company). BitDice token holders will receive quarterly dividends, taken from 70% of the company’s profit.

BitDice ICO Info

Symbol: CSNO
ICO Dates: August 14 (5pm) – September 14 (5pm) 2017 (PST)
Links: BitDice ICO SiteWhitepaper
Soft Cap/Hard Cap: $10/$25 million
Token Allocation: 68% in ICO, 30% retained for team, 2% reserved for bounties
Distribution: Within 7 days of close of sale, but should be much sooner (hours)
Implied min/max valuation cap: $14.7 million, $36.8 million
Who is running ICO? Self-run
Bonus:  15% first week, 10% second week, 5% third week, 0% final week
Unsold Tokens: There will be no unsold tokens. Token value will be based on the final amount raised divided by the 100,000,000 tokens being offered.

What Others Say

The BitDice ICO hasn’t gotten a lot of coverage among the crypto analysis and data sites. Here’s who has covered/listed it.

ICORating gave the BitDice ICO a hype score of low, risk score of medium and no investment score nor in-depth analysis. No info given for reason to either score (though the hype score certainly seems accurate).

ICOAlert, as mentioned in the intro, covered the BitDice ICO. It’s a good summary of the project and token offering.

TokenData has listed the BitDice ICO. Unclear when it was listed. Although not mentioned specifically in the post, they recently wrote about the potential of gambling tokens on their blog.

TokenMarket has also listed the BitDice ICO, where there are 284 followers, a decent amount. No further analysis.

ICO Tracker has also listed the ICO, but no data/analysis provided.

Pros

  • Existing, profitable business
  • Team has demonstrated they are capable
  • Only open to 5% of market currently and looking to open to other 95%
  • 70% of profits shared via dividends
  • Relatively low cap rate (especially considering it’s only a little over the soft cap on the final day of the ICO)
  • Online gambling industry seems ripe for growth via digital assets

Cons

  • Part of their appeal may be their focus on accepting crypto currency
  • Online gaming is very competitive
  • Early ICO investors received bonuses and may look to flip/dump quickly
  • Team members are mostly anonymous (nature of online gambling industry)

Conclusion

Overall, I like this ICO due to the proven and profitable, albeit young, business with a relatively low funding amount and generous dividends. The business has been growing quickly and it seems likely to continue with the rise of digital assets, let alone the company’s plan to expand to accept fiat currency.

 

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