🚩 BingoBet economics model

bingobet (50)in #eos • 6 years ago (edited)

Today we want to publicly share the BingoBet profit-sharing economics model to make it absolutely clear and transparent to the community.

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The House edge

The core of the platform economics is the House edge - the mathematical expectation of the platform profit on each bet. It doesn't depend on the bet result, whether the player wins or loses.

The House edge is programmed for each game in the blockchain code according to the game rules. It could not be changed and no one could cheat players by manipulating it.

In the Dice game the House edge is programmed as 1,5% per each bet.
In the American Roulette it is equal to 5,26% like in any other real American Roulette game.

In other words, platform profit is the sum of House edges of all games.

The bankroll and bet limits

The bankroll is the bank of all EOS and other tokens which is used to payout players win bets.

The main function of the bankroll is to guarantee that any players winning bet will be paid, even in American Roulette where maximum payout coefficient is x36 for one bet. That is why we have made bets limits in all our games.

Be careful with your playing strategy and do not forget about this limits on a maximum bet!

On the early stage of the platform, we will set up these limits manually.

Profit distribution

10% of all profit will increase the Jackpot bank: 5% - Hourly Jackpot, 3% - Daily Jackpot, 2% - Weekly Jackpot.
10% payouts to referrals (if the players firstly logged in via referral link. If not - this 10 % will increase the bankroll).
30% to operational needs: developing new games, increasing bankroll, staking CPU, marketing companies and other activities needed to improve BingoBet platform.
50% payouts to the BINGO token holders who staked their tokens for earning dividends.

BINGO token

BINGO tokens are dividend tokens that allow their owners to stake them for earning dividends from BingoBet profit.

The total supply of BINGO tokens is 5000000000. All BINGO tokens already issued and will be distributed in the following way.

BINGO tokens distribution

50% giveaway for the community as an additional reward for betting in BingoBet games (BINGO mining) and other activities for promoting the game.
30% early stage investors
15% developers team
5% marketing team

Investors, developers and marketing team will never stake more tokens than have been distributed among the community.

BINGO mining strategy

For each game we have independent giveaway coefficient for rewarding players based on the game’s House edge.
The starting point for Dice is x25 BINGO per 1 EOS in bets.

The starting point for American Roulette is x75 BINGO per 1 EOS in bets.

These coefficients will be decreasing with growing the total amount of mined BINGO tokens.

We will use the following distribution

Percent of mined BINGO tokens	Dice coefficient	American Roulette coefficient
0-5%	x25	x75
5-10%	x17.5	x52.5
10-15%	x12.25	x36.75
15-20%	x8.525	x25.575
20-25%	x6	x18
25-30%	x4.2	x12.6
30-35%	x2.95	x8.85
35-40%	x2	x6
40-45%	x1.5	x4.5
45-50%	x1	x3

As you can see each next coefficient is approximately 30% less than previous ones.

Such distribution provides a large bonus for the first wave of players.

Sometimes we are going to manually increase this rates for a short period for marketing activities like big holidays and other events that could help to promote the BingoBet betting platform.