SatoshiDice Acquired In Bitcoin Deal

[image credit : SatoshiDice]

Gambling website SatoshiDice has been acquired by an undisclosed buyer for $11.5m (€8.9m) in a deal paid for using virtual currency Bitcoin.

According to pulse2.com, the deal is reported to be worth 126,315 Bitcoins.

The website offers a blockchain-based betting game where wagers can be placed without access to the website or running client software. Users send Bitcoins to the website and it picks a number before the Ghost Of Satoshi then rolls a number and people that selected a number lower than the one on the dice win.

Around 3.9m of the 5.3m bets placed have won since SatoshiDice launched in 2012. As of January, the company was reported to be posting income of $50,000 per month.

Erik Voorhees, SatoshiDice founder, said the deal is a 277% premium on sale price and a 175% premium on the firm’s valuation.

He added, “While I know some S Dice owners intended to hold for a long time and will thus be dismayed by the buyout, it is my sincere hope that this compensation level will be amenable. It is substantially higher than the contract mandates and it is almost three times higher than all private owners are being paid.”

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