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2018-04-02
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@jeaye two things: 1. $90-100k is probably way too low to be compelling in SF, even if you think you have the best startup in the world 😉 2. isn’t online gambling illegal in the US?
@jgh Thanks for the feedback. 1. For employee #3, given up to 3% equity, we think 100k is very fair; 2. LetsBet is strictly not gambling, since you're only betting on your own skill against someone else, in entirely skill-based games (no element of chance)
That is legal is 38 states for Americans 18 and older, if we're only talking about the US.
I have to agree that the salary range sounds like a junior position in SF, unfortunately.
Poker is skill-based gambling is it not? Look at Full Tilt and those guys who have been raided
@jgh There's an element of skill in poker, but, no, it's not an entirely skill-based game.
Poker is a game of chance 🙂
depends on how dark your sunglasses are, @seancorfield
@jgh I know a couple of pro poker players -- they'll tell you there's a lot of chance involved 🙂
I think a lot of super-early stage startups are pretty cash-limited, but yeah fundamentally you take that kind of position only if you believe in the company.
@andrew354 Yep, you got it. We have enough cash to pay for that amount, until we raise more, most likely with the ICO in Q3.
Yeah, early stage startups usually can't pay well so folks who join them tend to be young, male, single and have limited commitments financially because of that...
Yeah, talk about red flags! 😆
I'm shocked that ICO funding is still considered legal 🙂
Betting on your own skill, memorization, and reflexes in entirely skill-based games, yep.
To help prove legality and the market, we have one existing competitor: Skillz. They've raised nearly $40M and have a $100M revenue run-rate. Our platform is much better positioned for easy integration, since their relationship with the game publishers is very intrusive. They integrate into each game's UI and require that they host all of the game's servers, which means they don't do well with the higher end publishers who want to maintain control. Our platform (which is just a mobile app) handles the social aspect of meeting, chatting, and setting up the bet entirely outside of the game. The integration we do require is very lightweight and doesn't affect the UI or hosting.