BitBet, May 2014 Statement

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Operational results

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Received 88 new propositions, of which accepted 40, rejected 47ⁱ.

Total bets in worth 449.22993482 BTC in 363 bets.ⁱⁱ

Revenue : 1.97850025 BTC, of which :

• bets resolved : 0.84297930ⁱⁱⁱ
• fees from refunds : 0.0 BTC
• advertising : 0.1 BTC
• house bets won : 0.93552094^iv
• gracious donations to shareholders : 0.10000001 BTC^v

Expenditure : 4.61210691 BTC, of which :

• referrals paid : 0.02210691 BTC
• house bets made : 4.59000000 BTC

Loss : 2.63360666 BTC.

Obviously this loss is not an actual loss but merely an accounting artefact, resulting from BitBet expending more than it has incoming. This then practically works as a credit I extend it at no cost, and so perversely this loss works to the advantage of the company. In either case, this month's loss is now a credit BitBet's shareholders as a whole will have to eat through, before the MPEx holders can eat through their own credit detailed below. Because yes, for my sins not only do I not get to be rid of the latter, but instead receive the blessing of the former on top of it. Le suck.

Because MPEx shareholders were paid 3.68215306 BTC instead of the 1.10464591 BTC they were actually due for February, 30% of profits going forward will be allocated to covering that credit, in lieu of MPEx dividends. This sum comes to 0.0 BTC this current period, leaving the credit to be covered in following months at 1.22827111 BTC.

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Miscellaneous

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I. We've still not found a single actual affiliate manager. Apparently it's an endangered species.

II. BitBet was organised as a zero-asset corporation principally because at the time that was the only type of corporation that existed [in the public mind], which in turn is principally because at the time the public mind had not yet had the benefit of a year's worth of concerted educational efforts driven by MPEx.

Meanwhile that has changed, and as the zero asset model is in places clearly inadequate for the needs of BitBet (such as for instance the credits problem above), it is perhaps a good idea to update BitBet to the newer AN0 standard. This is something I am considering, please feel free to leave your input below.

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1. This is a mystery! [↩]
2. [↩]
3. 84.29789830 BTC total pool resolved this month, paid out to 72 winners - meaning the average BitBet win is over 1 BTC. Talk about rich people. [↩]
4. 1.50000000 BTC worth of house bets were resolved in the current month. [↩]
5. Which odd number is the result of three payments, not the two you'd expect. [↩]