The purpose of this article is to add clarity to the EarnBet dividends model and buyback/burn mechanism. We hope this answers a number of frequently asked questions about these topics.
EarnBet Dividends
EarnBet helped pioneer the dividend token model. 100% of the profit (revenue minus operating costs) goes to BET token holders in some way.
We’ll keep this page up-to-date when things change so it’s always current.
Update 1: We implemented our Staking Program.
Update 2: We implemented the first community vote results.
Dividends from EarnBet.io:
A small portion of each bet called the house edge is transferred to the WAX revenue account waxbetbank11. From there, 50% is transferred to the WAX dividends account waxbetdivs11 and 50% to the WAX costs fund account waxbetcosts1.
From the WAX dividends account, BTC and ETH gets paid to every BET holder according to their amount of BET tokens staked when they claim it on the EarnBet website.
Proceeds from altcoins other than BTC and ETH will be used to buy back BET off the market. See the Community Vote #1 blog for more details on the altcoin buybacks and distribution.
BET buyback and token burn details! 🔥🔥🔥
Current Buyback Program
From August 29, 2019 until November 29, 2019 the EarnBet team ran a token buyback program. BET tokens were purchased from exchanges with EarnBet team funds and placed in an EOS holding account eosbetlocked (now waxbetlocked), taken out of circulation forever. This created for the first time ever a deflationary BET supply.
Now, in line with the first community vote results, a portion of the dividends (everything but BTC and ETH) will be used to buy back tokens from the market and burn them. This creates a perpetual, permanent buyback¹, where tokens will be continually removed from the market.
Over 1.7% of circulating supply is permanently taken out of circulation as to date. We keep track of the burned token amount on our website here.
Future Buyback Plans
Future possibilities for additional burn events include:
- Allowing gameplay with the BET token. Profit would be burned rather than distributed as dividends.
- Allow users to burn BET tokens in order to receive different power-ups and perks on EarnBet.io
- Additional to be announced burn features following future releases
¹ The EarnBet permanent buyback program is permanently running until the total supply reaches 44 million BET tokens.
