PlayBets

PlayBets
ICO date: 01.04.2018 - 30.04.2018
Description:

PlayBets is a decentralized game platform with a catalog of mass gambling games to choose from. Their key feature is listing Provably Fair games with open results to ensure that the random factor in the game is truly random.

How it works:

Players can keep their funds in a multicurrency smart wallet that can convert  from BTC, ETH, BCH, LTC, XRP, NEM, DASH and ETC to PlayBets Coins (Pc), the betting currency of the platform. Converting back from Pc to any of the nine currencies the platform accepts is fast and allows players to withdraw their deposits easily.

Each game is tested for fairness, and open protocols to each game are provided, so that players can be sure they are not being tricked in a fixed game.

Developers can create a game that matches PlayBet’s requirements and apply for their game to be purchased by the platform. There is also an option of collaborating with game developers on individually set conditions.

The token holders take part in weekly and monthly lotteries that distribute 10% of PlayBet’s income each. The amount of tickets token holders will be given for each jackpot relies on the amount of PLT tokens they hold.

Innovation:

While blockchain based gaming platforms are not unheard of, PlayBets introduces a couple of features that make it stand out.

Its goal is to connect gamers and game developers, creating a big pool of games to choose from, rather than concentrating on one or two games, as many others do.

Another key feature to this project is transparency. PlayBets provides an open protocol to every game and the jackpots they hold, to let the users make sure the game is not fixed.

Innovation score: Medium

Token value:

PLT token is certainly unorthodox in its functioning. Token holders will be participants in monthly and weekly jackpots according to the amount of PLT they have in their wallets.

Each week and each month 10% of PlayBet’s distributable income is subject to a lottery with 100 winners. This means that a 100 token holders will receive a money prize that is estimated to be at least $3,000 for weekly jackpot and $8,000 for monthly jackpot in December 2018. The jackpot is predicted to grow up to $130,000 in 2020, as it depends on the platform’s revenue.

The number of lottery tickets depends on the amount of PLT tokens in a user’s wallet. You get a ticket each week for 10,000 PLT on your account and a ticket for monthly lottery for each 50,000 PLT on your account.

Token value score: High

White paper:

PlayBet’s white paper is well put together. It is very thorough in the description of platform’s concept and features that differentiate PlayBet from rival platforms, as well as technical aspects that are key to the platform’s functioning. Apart from that, it provides a market overview with the prospects of success for the project.

The only thing it lacks is detailed overview of revenue streams and a marketing plan.

White paper score: High

Roadmap:

The project shows a pretty solid roadmap. They already  have an MVP of the platform and two games in alpha version. The next steps are introducing PlayBet game platform for game developers in November 2018 and launching 20-30 games in 2019.

Roadmap score: High

Business model:

PlayBets doesn’t provide an overview of their business plan, or revenue streams. However, it is safe to assume that they will work as any other gambling platform, their revenue being lost bets. It is a business model, proven to work by centuries of casino business practice.

With the amount of customers on the market, that the team presents in their research, the revenue is estimated to be high. This is supported by the growth plan they present on their site. PlayBet is estimated to have 10,000 active users on their platform by April 2018, given the ICO sale goes down as planned.

Business model score: Medium

Team:

The site only shows the executive team, but the members presented are qualified to lead the project to success. The owner has 9 years of experience in gambling industry and over 15 successful games in his portfolio.

The advisory board is impressive as well, as PlayBet has experts in gambling, marketing and ICO development.

Team score: Medium

Competitors:

The white paper presents an analysis of problems in the competing platforms. It lists vDice, True Flip, iDice among possible competitors.

While there are many blockchain based gambling platforms, but, according to PlayBet’s research, they lack some valuable features. Among most common faults is lack of transparency, focus on only one game and lack of a system of holding players’ interest.

PlayBet solve these problems in their platform, so they have an advantage over the competition.

Competitors score: Medium

Overall thoughts:

PlayBets is definitely an interesting project. If everything goes according to their plan and the projects grows its user base and revenue exponentially, the jackpot will grow as well. Since PLT tokens only give you a right to a ticket in the lottery, this type of investment is not suitable for those, who want to collect small but stable revenue from their investment.

It is, however, worth the gamble (no pun intended) to have enough tokens for a couple of lottery tickets and wait for your jackpot.

Website: Site
Whitepaper: Whitepaper

Overall Score

Medium

3.7 / 5

Risk score

NA

Crowdsale


ICO

ICO start date: 01.04.2018
ICO end date: 30.04.2018
Soft cap: 30 ETH
Hard cap: 300 ETH

Legal


ICO Platform: No
Registration Country: Russia