Casinobitco.in First IPO is Successful

On September 10th, 2013, a Bitcoin related gambling site named Casinobitco.in had its IPO. This ended up being a roaring success, being sold out entirely (3 million shares) in under two minutes. Along with this, it ended up knocking the stock market (in this case Havelock Investments) offline during the IPO's launch due to a server overload.

The original price per share was 0.00018 BTC, with a total of 3 million being available out of 30 million (equaling 10% of the company). This put the company's original value at 5400 BTC, or around $700k. At the time of the IPO, they were averaging about 10 BTC a week in profit, although it is presumed that because of the IPO that margin should go up significantly (due to increased awareness). As of today, shares are going for up to 0.0006 BTC, or an increase to three times its original value (or an estimated valuation of over $2 million)! Of course, all that it would take to make the profit match the new valuation is an increase to around 30 BTC a day in profit, which is definitely doable (especially with all of the new features and games they are going to be rolling out). The good part about this is that aside from the first month, the site has been making profit every month. This is an awesome sign and has put the profit up to (as of now) over 80 BTC, which gives it a pretty decent bankroll to fall back on in case of any down swings.

The plan is to release new shares (from the existing 30 million already created) up through next year in small batches. This should allow investors that missed out on the IPO to get decent deals, although there is no real mention as to how the value of each of these newly released shares will be calculated. As such, it may be better to just jump on now while the values are known, rather than waiting and seeing if they end up increasing.

As with any investment, it is very important to remember that if you are thinking about investing, you should do your own due diligence. This is a gambling business, and as such can be considered as a high risk and high reward opportunity. You can win a little or win big, or lose it all. Never risk more than you can afford to lose!

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