BitBet, June 2014 Statement

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Operational results

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Received 260ⁱ new propositions, of which accepted 120, rejected 151.

Total bets in worth 251.29754796 BTC in 925 bets.ⁱⁱ

Revenue : 6.93752115 BTC, of which :

• bets resolved : 1.07390710ⁱⁱⁱ
• fees from refunds : 0.07130847 BTC
• advertising : 0.1 BTC
• house bets won : 5.36633521^iv
• gracious donations to shareholders : 0.32597037 BTC

Expenditure : 10.55142499 BTC, of which :

• referrals paid : 0.25142499^v BTC
• house bets made : 10.30000000 BTC

Loss : 3.61390384 BTC.

While just as obviously not an actual loss but merely an accounting artefact, as last month, this is starting to get pretty thick. Currently BitBet is short 6.2475105 BTC^vi over all accounts + 1.22827111 BTC on MPEx shareholders only, leaving it 7.47578161 BTC under water.

To complexify matters as much as possible, F.MPIF will be extending 7.47578161 BTC credit to BitBet, at an interest rate equal to F.MPIF's results for the month^vii ; except should F.MPIF realise a loss, in which case it'll be entitled to interest equal to its results the last month it didn't make a loss. The interest charge will figure on the books starting next reporting period.

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Miscellaneous

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This month's misc didn't want to wait for the new month so it's instead found in the linked article.

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1. Masive increase over last month (295%). Perhaps we're overpaying for propositions. However, rather than lowering the house seed I do prefer enforcing minimums for classes of historically underperforming bets. As detailed previously, sports bets are expected to receive a 2 BTC seed from the proponent, and will be rejected otherwise (other conditions apply). Misc bets will be generally expected to receive a 5 BTC seed from the proponent. Bitcoin bets may be accepted without zeroconf for now. [↩]
2. [↩]
3. 107.39055713 BTC total pool resolved this month, paid out to 309 winners. [↩]
4. 6.19000000 BTC worth of house bets were resolved in the current month. [↩]
5. Twelve-fold increase, and also a major chunk of all referrals BitBet ever paid went out this month. Which is pretty cool. [↩]
6. 3.61390384 this month + 2.63360666 last month. [↩]
7. Historically this has worked for a % or so. [↩]