CashBet

CashBet offers the only complete, crypto-ready, mobile-first iGaming platform with an established, profitable presence in regulated gaming markets. Mobile gaming and cryptocurrency are two of the fast

About CashBet

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.

Token Sale Use of Blockchain

Product

2.6
Product
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

3.0
N/A
3 - Interesting.
Target User Base

Is it mass market or niche?

3.0
N/A
3 - Has growth potential.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3.0
N/A
3 - Some normal competition.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

2.0
N/A
2 - Some, but nothing outstanding.

Product

CashBet is an enterprise level solution that aims to serve crypto-casino platforms and its users. The GitHub page is not available. The licenses that CashBet possesses will aid with legitimizing the platform, but there is quite a high level of competition within blockchain-related projects that wish to disrupt the casino industry. However, the online gambling industry is fairly large, with potential for disruption, as crypto-based gambling platforms have yet to reach mainstream adoption.

Product Whitepaper

Use of Blockchain

1.6
Use of Blockchain
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

1.0
N/A
1 - None; simple Ethereum based coin.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

2.0
N/A
2 - Some, but not much.
Need for Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

2.0
N/A
2 - Some, mainly network effect.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

1.0
N/A
1 - Essentially centralized.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

2.0
N/A
2 - Meh, okay.

Use of Blockchain

CBC 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”.

Use of Blockchain Roadmap

Whitepaper

3.0
Whitepaper
Comprehensiveness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

3.0
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

3.0
N/A
3 - Readable, takes some time.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

3.0
N/A
3 - More information required.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

3.0
N/A
3 - More information required.

Whitepaper

The whitepaper is 39 pages long. The technology plan is presented fairly thoroughly with specifics of various aspects of the platform. For example, discussion regarding CryptoGo includes details regarding how the micropayment channel will operate, including how users will participate in the network by creating a payment channel, exchange transaction signatures with the sender/receiver, and how the following settlement and timeout process takes place. Flow charts are included to aid with describing the operation of the platform. The platform’s overall financial structure is outlined, but primarily in qualitative terms. Specific monetary details of the platform’s fee structure are not provided, and instead, it is stated that that CBC will be used to “pay licensing and maintenance fees to CashBet”. The overall plan of how the platform will develop is discussed in fair detail and is segregated into four phases: CBC VIP registration, CBC usage for wagers with fiat conversion, CBC usage for wagers without fiat conversions, and the implementation of CryptoGO. Details regarding the logistics of the platform such as payout, wallet details, and fiat integration are discussed in a well thought out manner.

Whitepaper Compliance

Roadmap

2.0
Roadmap
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

2.0
N/A
2 - Vague, noncommittal.
Feasiblity

Is the development plan realistic? Is it based on reasonable goals and timelines?

2.0
N/A
2 - Very ambitious.
Vision

Is there a larger, long-term vision?

2.0
N/A
2 - Riding the current wave.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

2.0
N/A
2 - Not fully available or trustworthy.
Current Position

Where is the project now, relative to its vision and plans?

2.0
N/A
2 - Critical obstacles ahead.

Roadmap

The roadmap presented in the whitepaper spans from Q1 2018 to Q1 2019 and is presented with fairly low levels of detail. Only 5 milestones are included, which are primarily business-related. Milestones presented contain brief descriptions as to what each milestone entails. Milestones reached thus far are not included in the development roadmap. The first CPC deposit and wager (with fiat conversion) is planned to launch in Q2 of 2018, and CryptoRGS, CashBet’s crypto-friendly casino content aggregation platform, is planned to launch in Q3 2018.

Roadmap Company and Team

Compliance

2.4
Compliance
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

2.0
N/A
2 - Minimal or contrived.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

3.0
N/A
3 - Partly; compliance not fully assured.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

4.0
N/A
4 - Specific, detailed.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

2.0
N/A
2 - Insufficient or unprofessional.

Compliance

The whitepaper contains a short (one paragraph long) disclaimer section towards the end of the document. With regard to regulatory compliance, CashBet provides specific licenses that the organization possesses, including the Alderney Gambling Control Commission (AGCC license numbers 116c1 & 116c2) and the UK Gambling Commission (UKGC license number 39620). KYC will be used for the token sale and residents from the US must be accredited investors in order to participate. Residents from China and South Korea, as well as US residents from New York, will not be able to participate in the token sale. The token sale will be issued using a SAFT and it is stated that CBC tokens are to be considered utility tokens.

Compliance Token Sale

Company and Team

3.2
Company and Team
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

4.0
N/A
4 - Established with some fundraising history.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

3.0
N/A
3 - Minimally sufficient.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

3.0
N/A
3 - Mostly assembled and committed.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

3.0
N/A
3 - Correlated to project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

3.0
N/A
3 - Somewhat uncertain, probably okay.

Company and Team

CashBet was launched in 2012, and has thousands of registered players and possesses gaming licenses in multiple jurisdictions. The team of 15 individuals are listed in the whitepaper, along with their profile pictures, short descriptions and links to LinkedIn profiles. The skill set of the team is focused on technology as opposed to business. Some of the team members have experience in the gaming/gambling industry. Investigating the LinkedIn profiles of a small sample size shows that the professional experience of the individuals is relevant to their positions at CashBet. There is no indication of potential commitment issues from the C-level executives. However, there does not seem to be a developer on the team that has had professional experience with working on a blockchain-related project.

Company and Team Product

Token Sale

2.8
Token Sale
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

2.0
N/A
2 - Somewhat greedy or unrelated to plans.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

3.0
N/A
3 - Justifiable.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

4.0
N/A
4 - Well defined and reasonable.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

3.0
N/A
3 - Sufficient company/community interest balance.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

2.0
N/A
2 - Minor exposure and interest, or ambivalent reception.

Token Sale

It is stated that players that hold at least 1000 CBC tokens for a month will receive “CBC VIP status”, which provides higher value bonuses and loss insurance (5% of a CBC VIP player’s losses will be credited back to the player at the end of the first calendar month in which he or she attains CBC VIP status). The total number of CBC tokens is 430 million: 33.25% is for sale, 35% is for the casino bank reserve, 16.75% is for the team (vested over 24-month period), 8% is for the referral program, and 7% is for advisors. The allocation of funds is described in fairly high detail, with various funding allocations for various levels of funding. The soft cap is $5MM USD and the hard cap is 142.975 million tokens, where 1 CBC = $0.50 USD (for the first week and increases by $0.05 for every subsequent week). It is stated that the fundraising goal will be between $50MM – $65MM USD. The public token sale takes place on March 20, 2018.

Product

CashBet is an enterprise level solution that aims to serve crypto-casino platforms and its users. The GitHub page is not available. The licenses that CashBet possesses will aid with legitimizing the platform, but there is quite a high level of competition within blockchain-related projects that wish to disrupt the casino industry. However, the online gambling industry is fairly large, with potential for disruption, as crypto-based gambling platforms have yet to reach mainstream adoption.

Category Breakdown
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

3.0
N/A
3 - Interesting.
Target User Base

Is it mass market or niche?

3.0
N/A
3 - Has growth potential.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3.0
N/A
3 - Some normal competition.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

2.0
N/A
2 - Some, but nothing outstanding.
Product Score:
2.6

Use of Blockchain

CBC 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”.

Category Breakdown
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

1.0
N/A
1 - None; simple Ethereum based coin.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

2.0
N/A
2 - Some, but not much.
Need for Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

2.0
N/A
2 - Some, mainly network effect.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

1.0
N/A
1 - Essentially centralized.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

2.0
N/A
2 - Meh, okay.
Use of Blockchain Score:
1.6

Whitepaper

The whitepaper is 39 pages long. The technology plan is presented fairly thoroughly with specifics of various aspects of the platform. For example, discussion regarding CryptoGo includes details regarding how the micropayment channel will operate, including how users will participate in the network by creating a payment channel, exchange transaction signatures with the sender/receiver, and how the following settlement and timeout process takes place. Flow charts are included to aid with describing the operation of the platform. The platform’s overall financial structure is outlined, but primarily in qualitative terms. Specific monetary details of the platform’s fee structure are not provided, and instead, it is stated that that CBC will be used to “pay licensing and maintenance fees to CashBet”. The overall plan of how the platform will develop is discussed in fair detail and is segregated into four phases: CBC VIP registration, CBC usage for wagers with fiat conversion, CBC usage for wagers without fiat conversions, and the implementation of CryptoGO. Details regarding the logistics of the platform such as payout, wallet details, and fiat integration are discussed in a well thought out manner.

Category Breakdown
Comprehensiveness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

3.0
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

3.0
N/A
3 - Readable, takes some time.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

3.0
N/A
3 - More information required.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

3.0
N/A
3 - More information required.
Whitepaper Score:
3.0

Roadmap

The roadmap presented in the whitepaper spans from Q1 2018 to Q1 2019 and is presented with fairly low levels of detail. Only 5 milestones are included, which are primarily business-related. Milestones presented contain brief descriptions as to what each milestone entails. Milestones reached thus far are not included in the development roadmap. The first CPC deposit and wager (with fiat conversion) is planned to launch in Q2 of 2018, and CryptoRGS, CashBet’s crypto-friendly casino content aggregation platform, is planned to launch in Q3 2018.

Category Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

2.0
N/A
2 - Vague, noncommittal.
Feasiblity

Is the development plan realistic? Is it based on reasonable goals and timelines?

2.0
N/A
2 - Very ambitious.
Vision

Is there a larger, long-term vision?

2.0
N/A
2 - Riding the current wave.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

2.0
N/A
2 - Not fully available or trustworthy.
Current Position

Where is the project now, relative to its vision and plans?

2.0
N/A
2 - Critical obstacles ahead.
Roadmap Score:
2.0

Compliance

The whitepaper contains a short (one paragraph long) disclaimer section towards the end of the document. With regard to regulatory compliance, CashBet provides specific licenses that the organization possesses, including the Alderney Gambling Control Commission (AGCC license numbers 116c1 & 116c2) and the UK Gambling Commission (UKGC license number 39620). KYC will be used for the token sale and residents from the US must be accredited investors in order to participate. Residents from China and South Korea, as well as US residents from New York, will not be able to participate in the token sale. The token sale will be issued using a SAFT and it is stated that CBC tokens are to be considered utility tokens.

Category Breakdown
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

2.0
N/A
2 - Minimal or contrived.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

3.0
N/A
3 - Partly; compliance not fully assured.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

4.0
N/A
4 - Specific, detailed.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

2.0
N/A
2 - Insufficient or unprofessional.
Compliance Score:
2.4

Company and Team

CashBet was launched in 2012, and has thousands of registered players and possesses gaming licenses in multiple jurisdictions. The team of 15 individuals are listed in the whitepaper, along with their profile pictures, short descriptions and links to LinkedIn profiles. The skill set of the team is focused on technology as opposed to business. Some of the team members have experience in the gaming/gambling industry. Investigating the LinkedIn profiles of a small sample size shows that the professional experience of the individuals is relevant to their positions at CashBet. There is no indication of potential commitment issues from the C-level executives. However, there does not seem to be a developer on the team that has had professional experience with working on a blockchain-related project.

Category Breakdown
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

4.0
N/A
4 - Established with some fundraising history.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

3.0
N/A
3 - Minimally sufficient.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

3.0
N/A
3 - Mostly assembled and committed.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

3.0
N/A
3 - Correlated to project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

3.0
N/A
3 - Somewhat uncertain, probably okay.
Company and Team Score:
3.2

Token Sale

It is stated that players that hold at least 1000 CBC tokens for a month will receive “CBC VIP status”, which provides higher value bonuses and loss insurance (5% of a CBC VIP player’s losses will be credited back to the player at the end of the first calendar month in which he or she attains CBC VIP status). The total number of CBC tokens is 430 million: 33.25% is for sale, 35% is for the casino bank reserve, 16.75% is for the team (vested over 24-month period), 8% is for the referral program, and 7% is for advisors. The allocation of funds is described in fairly high detail, with various funding allocations for various levels of funding. The soft cap is $5MM USD and the hard cap is 142.975 million tokens, where 1 CBC = $0.50 USD (for the first week and increases by $0.05 for every subsequent week). It is stated that the fundraising goal will be between $50MM – $65MM USD. The public token sale takes place on March 20, 2018.

Category Breakdown
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

2.0
N/A
2 - Somewhat greedy or unrelated to plans.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

3.0
N/A
3 - Justifiable.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

4.0
N/A
4 - Well defined and reasonable.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

3.0
N/A
3 - Sufficient company/community interest balance.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

2.0
N/A
2 - Minor exposure and interest, or ambivalent reception.
Token Sale Score:
2.8

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