Getting Started on ICONbet

Following FAQs will help you understand the nitty-gritties of playing on ICONbet.

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What is ICONbet ?

Check https://medium.com/@heemadeepreddy/what-is-iconbet-2c307b75cbc0.

What is required to play on ICONbet?

You need to have a chrome browser and an ICONex wallet (and some ICX in the wallet) to play on ICONbet.

How to get the ICONex wallet on chrome?

Get the ICONex Wallet Extension from the chrome web-store and set up the account.

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How to play on ICONbet?

Visit https://iconbet.io on chrome browser on PC, Login with your wallet and select the game you like to play and place bets. Watch it on https://youtu.be/opejb6K7bIw.

I have the ICONex wallet, but I am unable to login?

Some countries have restrictions on online gambling. Ask for more information in the telegram channel(t.me/iconbet_official).

Do I need to enter the password for every bet I make?

No. On the transaction confirmation pop window, scroll down to “Enable auto signing” feature and select the desired period to keep playing with out entering the password again and again.

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How many TAP tokens will I get per day?

It depends on the amount of your wagers for the day. The formula for calculating an individual’s daily distribution of TAP tokens is: Distribution to Individual Player = (Individual Player’s Wagers / Total Wagers)x TAP tokens available for mining for the day.

How many TAP tokens are there in total and how many are available for mining every day?

There are 625,000,000 total TAP, and the ICONbet founding team will start with 125,000,000 TAP tokens. During the first 250 days of operation, 1 million TAP Tokens will be mined per day by users. After 250 days, the daily mined amount will begin tapering down by 0.5% per day. For example, 995,000 TAP Tokens will be mined on day 251 (1,000,000 x 99.5%), 990,025 will be mined on day 252 (995,000 x 99.5%) and so on. The taper will stop at a daily mine of 25,000 TAP Tokens per day, eventually completely running out of TAP tokens after 3,224 days of mining. Amount of TAP distribution for the day can be found out from the Dividends tab on the ICONbet page.

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What is Total Wagers?

It is the cumulative wagers of all the users on ICONbet at that point of the day.

What is Expected ICX Payout?

It indicates the dividends expected based on the number of TAP tokens you hold in your wallet and based on the current Excess.

What is Treasury?

Treasury is used for paying out the winnings and also holds whatever the ICONbet platform makes i.e. it accepts bets then pays out winnings or retains the placed bets.

What is Excess ?

Anything above the 250000 ICX threshold in the treasury is called Excess and is distributed to the TAP holders at the end of the day.

What is the frequency of dividends payout?

Dividends are distributed daily, sometime after 00:00 UTC. You can see the timer on the bottom of the dividends tab on ICONbet.

How many ICX will I get as dividends?

At the end of each day, any excess ICX held in the ICONbet treasury will be distributed to TAP holders and the ICONbet founding team. My Rewards = (1–0.1(Wager War)-0.1(TAP Smoothing)) x Treasury Excess x My Staked TAP / Total Staked TAP

I have TAP, Do I have to do anything else to receive dividends ?

Yes, you need to stake TAP to receive dividends. Visit iconbet.io to stake your TAP. 1000 TAP is the minimum amount to stake. and un-staking period is 48 hrs for the TAP token.

What is wager war?

Playing any game on the ICONbet platform contributes to your volume in the platform-wide Wager War. 10% of the Current Treasury Excess is allocated to the Wager War. Each day this sum is divided among-st those in the Top 10 Leader-board (based on the amount of ICX wagered) with the following payout structure: 1st: 25% 2nd: 20% 3rd: 15% 4th: 10% 5th: 10% 6th: 6% 7th: 6% 8th: 3% 9th: 3% 10th: 2%. You can see your position on the ICONbet page.

How are the game’s outcome decided?

To put it in simple terms, all the outcomes are decided by the algorithm in the smart contract and are verifiable on the blockchain, thus ensuring 100% fairness. To know more, checkout the ICONbet whitepaper.

Where can I check the number of TAP tokens I hold?

You can check in https://tracker.icon.foundation. Search your wallet address and check “TapToken”, Check “Token Transfers” tab for the history of token transfers.

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Where can I check the ICX Dividends I received?

You can check in https://tracker.icon.foundation. Search your wallet address and under internal transactions tab you can find the transaction related to the dividend payout.

How to add TAP Token to my wallet ?

Go to your wallet and press the three vertical dots beside your address. From the pop menu click on “Add token” option and select TAP and click on ADD.

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Can I transfer TAP token from one account to another?

Yes, Use the recipient’s ICX address to transfer TAP token. The address is same for ICX and TAP.

Can I store my TAP token in Ledger device?

Yes, you can store TAP in ledger and receive dividends. However to play, you need an ICONex wallet.

Can I buy or sell TAP token?

Yes, Visit https://iconation.github.io/iconswap/ to buy or sell TAP token. Join t.me/TAPMarketPlace on telegram to be aware of the latest happenings.

Can I play on Mobile ?

Yes, However you cannot play on the chrome browser, You need to download kiwi browser and the ICONex wallet extension or You need to download the MyICONWallet app. Also you can play using the tipicon bot on telegram app.

How many games can I play on ICONbet?

Currently, there are six games, DAOlette, DAOdice, DAOblackjack and DAOlottery, DAOLevels, DAOBaccarat. More games(Poker, Colors, Plinko) are in the pipeline.

What does it mean to own TAP?

ICONbet is the first DAO iGaming platform which pays higher dividends than any other iGaming platform (80%) to players who hold TAP tokens. TAP holders have a say in the direction of ICONbet platform based on their TAP token holding. Buy Owning TAP, you become a part owner of ICONbet. Also checkout https://medium.com/@heemadeepreddy/i-am-an-owner-of-iconbet-21be27957752 and https://medium.com/@heemadeepreddy/tap-tap-tap-away-818870576ae6

I am getting transaction failed error message ?

Check if you have sufficient funds in your wallet.

I have sufficient funds, even then I am getting transaction failed error message ?

Check your system clock, if its incorrect, change it to accurate date and time and try again.

I lost connection while playing BlackJack, what happens to my game?

After connecting back. Click on the “Active Games” on the top left of the blackjack page to resume the game.

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Are there any statistics available for ICONbet ?

Visit https://medium.com/@heemadeepreddy/iconbet-statistics-for-the-period-january-1st-2020-june-30th-2020-e80b974e4da6

Where can I get more help ?

We have a fantastic community on Telegram. Drop in to the ICONbetOfficial Telegram channel(t.me/iconbet_official) where there is always someone available to help.

What else ?

ICONbet is backed by ICONbet Community Node P-Rep. They are working very hard to grow the ICONbet platform, the value of TAP and the ICON Network. The ICONbet Community P-Rep team members do not get paid and every ICX reward received is spent on growing ICONbet platform. All the ICX are spent in a transparent manner. To know more, Follow them at https://twitter.com/IconbetP. If you fall in love with ICONbet, share it by voting some of your staked ICX to ICONbet Community Node P-Rep.

Finally…

Welcome to the ICONbet World — where players are the Owners..!

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