Curacao-licensed, crypto-casino BitDice has reported robust net operating profits for the second quarter of this year, finishing in the black to the amount of $139,106 for the period.
Significantly, this has led to its first dividend payouts to its community of token holders (CSNO) of the year, with $57,706 distributed based on holdings as of 30th June 2019.
According to the report, published on 12th June, total Q2 revenue increased by more than 75% on Q1 when measured in USD equivalent. However, this was more subdued when looking at crypto prices, something which BitDice attributes to the recent crypto-rally in major coins such as Bitcoin.
The equivalent of $9,300,421 was wagered across its betting and gaming verticals during the three month period, with significant hikes in Dice wagering, which the casino notes was due to a Doge-gambling whale who accounted for a vast proportion of turnover in that time.
BitDice’s recently launched sports betting arm accounted for 4% of total revenue, greater than Q1, however it did see saw minor losses to the house. This pattern continued for its other low volume vertical, BitAces, although with greater volumes this is likely to level out over time.
The reverse of this was seen on Blackjack, with a margin hike to 3.76% from 1.48% in Q1 which is impressive considering the low house edge that the card classic usually entails.
Across the board, BitDice note that the average wager has increased, also likely attributed to the crypto-rally during the last couple of months, while general deposits have shrunk with many Bitcoin and Doge holders withdrawing of late.
The report also details a significant rise in operation and administration costs. BitDice has appointed five new team members and now boasts a physical office which we’d expect to increase productivity and drive cost-efficiencies in H2. Despite this, the casino’s total assets have appreciated by over 58% to the equivalent of just over $12m as of the end of the period.
And as pointed out earlier, CSNO holders will be pleased with their first dividend payouts of the year. Each token holder with a value greater than one CSNO will receive a proportion of 70% net profit ($57,706) pro rata for the quarter, amounting to $0.0004 per token held or the equivalent in Ether.
CryptoGamblingNews.com notes the depth and transparency of the Q2 report as very encouraging for its token holders and players. With a growing team and a hike in wagering, as well as the potential for significant growth in its sports betting product, BitDice and its CSNO holders look on course for a profitable second half of 2019.