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Breakout Gaming Struggling to Raise Funds
Tuesday November 25,2014 : POKER ACES STRUGGLE TO RAISE FUNDING FOR NEW GAMING SITE
Breakout Gaming may have to search for other sources of capital.
A new online gaming company with the support of poker stars like Johnny Chan, Huck Seed, Jennifer Harman, Ted Forrest, Todd Brunson and Vladimir Shchemelev is battling to secure adequate funding in the crowdfunding environment and may have to seek other sources of capital.
The Bitcoin currency venture, Breakout Gaming, also offers its own crypto-currency - Breakout Coin - and was launched mid=September this year. Thus far the enterprise has attracted just 387 BTC (roughly $136,000) toward its 1,000 BTC ($350,000) funding target.
Experienced online gambling marketer and CMO for Breakout, Gian Perroni, has suggested that the timing may not have been right for the launch, hence the lack of interest. When funding was launched in October Bitcoin was volatile, which cooled off potential investors in the cyber-currency.
He told the publication Coindesk over the weekend that if Breakout cannot make its investment target, other sources of funding would have to be sought.
“We're building a gaming property whose sole purpose is to support the value of the coin, he said. "What will make the coin successful is if the gaming is successful, and what makes the gaming successful is the fact that we have a blend of excellent products and very, very good experienced personnel.”
The platform will accept breakout coin, bitcoin and fiat currencies for Breakout (BRO) chips – the individual tokens that enable gaming on its platform.
Breakout Gaming intends to incentivise new players to its games, which will include real-money and free poker and casino gaming, fantasy sports leagues for major US sports and fantasy games for electronic sports like League of Legends and Defense of the Ancients.
"There's no one who's running the traditional poker and casino and also blending that in with fantasy e-sports," Perroni said.
The platform will also feature a unique 'fantasy crypto' property that will allow players to pit whole lineups of crypto currencies against one another.
Breakout coin uses a unique mining functionality called 'Proof of Bergstake', a form of proof-of-stake mining that ensures only individuals who participate in the initial coin offering will be able to mine the currency in the future.
Investors who participate in the ICO earn bergstakes, which allow them to earn more coins, even if they sell the original coins they purchase.
Coindesk reveals that the fundraising problems may also be attributable to Breakout, which has apparently made many changes to its T&Cs in the funding run-up. Breakout argues against that criticism, pointing out that it has strived to be transparent and consultative with the community on its moves.
Professional poker player Ted Forrest, who supports Breakout, hinted at some of the complications that may have so far prevented the project from reaching its ICO goal.
“Unless people are familiar and comfortable with how to buy cryptocurrency, they are finding the process of first buying bitcoin and then buying Breakout coin (BRO) somewhat cumbersome to the point that too many just give up in frustration,” he said. “As we all know, the attention span of most gamblers is not the longest.”
Perroni revealed that Breakout Gaming will apply for licensing from the Kahnawake Gaming Commission, observing that this would allow it to position its gaming properties differently in its target markets.
NHL Odds: Toronto Maple Leafs vs. Washington Capitals on Tuesday -
Auston Matthews and the Toronto Maple Leafs touch down in DC this Tuesday (7 PM ET on TSN) as one of the hottest teams in the NHL. They've tallied a ridiculous 26 goals through only five games played; that's more than five goals scored per game on average. They'll be up against an equally potent Washington Capitals team.
Pro League Reveals Sportradar Contract Details -
The partnership between the PLC and Sportradar aims to provide a high-quality level of service to all Arabian Gulf League stakeholders in addition to making verified official data about players performances available to coaching and scouting staff and supplying match information to media outlets.
NFL Odds: Steelers Visit Undefeated Chiefs #TNF -
The Kansas City Chiefs (5-0 SU and ATS) have been flawless as an NFL pick thus far. Their chances of remaining undefeated in Week 6 look good; after opening at –4.5, Kansas City is a 5-point home chalk for Sunday’s game against the Pittsburgh Steelers (3-2 SU, 2-3 ATS), beginning at 4:25 PM ET on CBS.
Mega Moolah strikes again -
The jackpot was hit on a mobile device on Sunday 1 October 2017 by a UK player on Betway, this time awarding a £1,448,116.31 pay day.
2 New Slots For Microgaming Casinos -
David Reynolds, Games Publisher at Microgaming, comments: “On top of our branded title game Halloween, we’re delivering two more slots this October, each bringing exciting features and a different theme.
MLS Odds: Red Bulls vs. Whitecaps -
The New York Red Bulls (12W, 12L, 7T) haven’t won a match since August 15, but they’re –165 favorites this Saturday against the visiting Vancouver Whitecaps (15W, 10L, 6T), beginning at 5 PM ET. Vancouver is a +475 underdog with the draw priced at +285.
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