New Game Idea - Is GoFundMe financing acceptable?

NOTE: I asked Mike if it would be OK to post this.


I've come up with a new idea for a casino table game. I've been tweaking the rules and payouts for a couple years now. While I'm not ready to discuss it with the general public, a couple months before his death, I showed it to PaiGowDan. He liked it, and we planned on working together on it.

I intended to show it to Mike when I was in town this past November, but never got the chance. I hope to do so when I visit in May.

Anyway, I think I'm ready to take the next step, but that's gonna take money I don't have. So I came up with this GoFundMe campaign:
https://www.gofundme.com/new-casino-card-game

So the question for the group is: What do you think of the GoFundMe campaign I set up?

Also, Mike said he doubts crowd sourced funding is a way to fund this. For the record, I tend to agree, but can't see any alternative. If anybody has any ideas in that area, I'm all ears.

So the gofundme isn't for Poker for Roulette? I don't think a gofundme is a bad idea, but maybe wait until after you get the patent so that you can share details. It's tough to 'invest' in something you don't know anything about =/. Best of luck to you though DJT!

Quote:

So the question for the group is: What do you think of the GoFundMe campaign I set up?

Also, Mike said he doubts crowd sourced funding is a way to fund this. For the record, I tend to agree, but can't see any alternative. If anybody has any ideas in that area, I'm all ears.

I think it would require showing the idea to people, perhaps after having them sign a confidentiality agreement, but maybe you should go the route of trying to form a more traditional partnership.

I think the main problem you're going to have with GoFundMe is the nature of your pitch, which amounts to, "I have this idea that I can't really discuss without a patent, but I need money to get the patent." That's all certainly true to the extent that you can't openly discuss the idea, but I think it's important to remember that anything on GoFundMe amounts to a donation, so I don't know what would compel your average person to donate money to hopefully patent and place a casino table game.

Besides that, one of the first things someone might do is click on your profile (I did) and it appears that you have not made any GoFundMe donations yourself. That gives the appearance that you're basically wanting to get funding by way of the system without having contributed anything into the system...but please let me know if I'm looking at the wrong page.

Further, I don't know what value your average person is going to perceive a new Table Game to have to the general public, so it may not even be the sort of thing that one would be inclined to make a donation towards.

Finally, I would include some more of your personal backstory to have any chance at all. The first thing that would need to happen for this to be successful is that you're going to need people to like you on a personal level. After glancing over the GoFundMe campaigns (a few) that have raised any money, they all seem to start with something of a self-introduction. Your best chance, though a long-shot, is to sell yourself first and what you're trying to do second.

I would scrap the current page entirely, make a few donations to a couple of different campaigns and then redo yours and put it up again in a few months. I think having a history of making donations to other causes would help out a lot.

I still think that is unlikely to succeed, though. I think your best bet would be to try to enter into a partnership with some of the other people on this Forum who have Table Game placements, if they like your idea. I would also seek out other people in the casino industry, of course.

GoFundMe is like the door-to-door sales operations. Eg, vacuum cleaners, and life insurance. Based on making money (10%) off you (the seller) and your relatives, who will be the bulk of your sales. Very rarely does it transcend that, and then for the terminally ill kids, etc.

Couldn't agree more. A very limited amount of people would donate into an idea you refuse to share.

How can someone invest in something they don't know?

Another elephant in the room comes up: If the idea is so good, and you already have a game being distributed by Galaxy, why aren't you pitching this new idea to them, and them jumping all over it?

Quote: 1MatterToMotion

GoFundMe is like the door-to-door sales operations. Eg, vacuum cleaners, and life insurance. Based on making money (10%) off you (the seller) and your relatives, who will be the bulk of your sales. Very rarely does it transcend that, and then for the terminally ill kids, etc.

Exactly, and if you're going to go that route, giving them a piece of the potential action by way of a partnership is a much more compelling sell.

I dont understand this. So you want people to just give you money so that you would be able to possibly profit on it? Thats like Bill Gates coming to me in the 70s and saying, I have this great idea. Can you give me $100? Sure Bill here is your $100. 20 years later you see Bill is a Billionaire and you are on welfare.

ETA: Now if I misread this and you are asking for actual investors then I say it is a good idea but the go fund me page doesnt seem that way. What about kickstarter?

That's kind of my thinking. Buying $100 in partnership equity with Gates then would be worth what, a small country now?

I think it is a terrible idea for a few different reasons but the biggest is that the casino industry is regulated. If these people are going to be partners in the business that will definitely cloud up the regulatory licensing process.

Quote: DRich

I think it is a terrible idea for a few different reasons but the biggest is that the casino industry is regulated. If these people are going to be partners in the business that will definitely cloud up the regulatory licensing process.

The GoFundMe people wouldn't be partners, my suggestion was going partners.

You definitely know more about this than I do, but would he not be able to have financial partners/backers without any of them having anything to do with any licensing? For example, if they were just financial partners with no operating control?

Thanks for all the replies. I'm rethinking this and won't go public with the GoFundMe campaign.

However, if anybody here is interested in funding it, give me a PM! :B


Since posting and reading the replies, it occurred to me that I can share some minor details. It's similar to Baccarat or Roulette in that the only decisions are how much to bet before the game begins. There's no strategy involved - at least none if you agree there's no strategy in Baccarat or Roulette. It's also about as simple as those games. The main bet has an overall 22% hit rate with a 3% house edge. The side bet has a 9% hit rate with an overall edge of 8% and a jackpot payout of 1000:1.

Would adding that brief description help? I doubt it.


Mission stated, among other things, that my profile shows that I never contributed to anything. I didn't even realize that you could check that. Good thing I didn't contribute to my own campaign to get the ball rolling. That would look really weird. For the record, I have contributed to stuff without anything in return, but not thru GoFundMe.

Yeah, I get how, with any type of funding request, it's unlikely that people will contribute or even be remotely interested without knowing more. Can't say much more without the protection of starting the patent process. And once started, I'd have one year to either spend the big bucks or abandon it. I don't want to be in a situation where I'm forced to abandon it simply for lack of funds.

For a variety of reasons, I'm not going to offer it to Galaxy Gaming, even though I have a deal with them for Poker For Roulette. I can't openly say why. At least not at the present time.

I also realize that a request for funding, without anything in return, is unlikely to generate interest. However, on GoFundMe, I've seen some very oddball campaigns. Things like $500 to pay a speeding ticket, $15 to buy ingredients to make some potato salad. I'm thinking if those succeed (they did!) why not my request?

If I had a premium or something to offer, I'd go the KickStarter route instead.


Anyway, thanks for the input. And thanks for letting me bend your virtual ears.

UNLV has(had?) a workshop for table games designing right? Open to the public too I believe.

GoFundMe has prohibitions against gambling, not really sure what they have in mind as to what gambling is.

Quote: GlenG

UNLV has(had?) a workshop for table games designing right? Open to the public too I believe.

Yeah that would be great.... except I live 2,200 miles away.

Quote: Mission146

The GoFundMe people wouldn't be partners, my suggestion was going partners.

You definitely know more about this than I do, but would he not be able to have financial partners/backers without any of them having anything to do with any licensing? For example, if they were just financial partners with no operating control?

It would depend on their financial interest in the game. Don't quote me but I think if someone has 10% or more they may have to be background checked and licensed.

I don’t agree with some of the replies stating that a gofundme campaign necessarily has to involve helping society or be an idea that somehow contributes to helping those who donated.

There’s tons of GoFundMes out there for things like help me pay off my credit card debt , help me pay my bookie , help me pay for my breast enlargement surgery etc etc where the end result is to benefit the campaign starter and nobody else at all. In those cases you’re looking for donators who want to simply be generous .. maybe because they are the giving type, or maybe just for good karma, or maybe because they themselves were once in that same rough position and know what it feels like to need help.

That being said , one thing you can’t do is say.. “hey everyone I have an idea, I can’t tell you anything about it , but I want you to blindly donate money to helping me make it happen” .. that type of campaign will go nowhere

Quote: DJTeddyBear

Yeah that would be great.... except I live 2,200 miles away.

https://www.unlv.edu/igi/cgi

Also, Vegas is a hub for Frontier Airlines now, so cheap flights :)

Quote: SM777

Couldn't agree more. A very limited amount of people would donate into an idea you refuse to share.

How can someone invest in something they don't know?

Another elephant in the room comes up: If the idea is so good, and you already have a game being distributed by Galaxy, why aren't you pitching this new idea to them, and them jumping all over it?

All good points here. That is great that he has a game being distributed by Galaxy. What game?

Quote: DJTeddyBear

Yeah that would be great.... except I live 2,200 miles away.

The person who won their annual competition moved here from out of state, just to participate in the contest. Living 2200 miles away is a problem one can easily fix.

Quote: michael99000

I don’t agree with some of the replies stating that a gofundme campaign necessarily has to involve helping society or be an idea that somehow contributes to helping those who donated.

There’s tons of GoFundMes out there for things like help me pay off my credit card debt , help me pay my bookie , help me pay for my breast enlargement surgery etc etc where the end result is to benefit the campaign starter and nobody else at all. In those cases you’re looking for donators who want to simply be generous .. maybe because they are the giving type, or maybe just for good karma, or maybe because they themselves were once in that same rough position and know what it feels like to need help.

That being said , one thing you can’t do is say.. “hey everyone I have an idea, I can’t tell you anything about it , but I want you to blindly donate money to helping me make it happen” .. that type of campaign will go nowhere

That is all true but one thing that is different is this is a money making idea not a self help idea. Sure there may be some people who are willing to help but selling parts of the "business" would be a better way to handle it IMO.

If I had any extra money I would offer DJ a deal. But I am broke.

Is your game idea beyond the idea stage?

Have you contracted with anyone to do a feasibility study?

If you have prior experience and access to distribution channels, then that is adequate leverage to perhaps attract capital to an undeveloped idea. However, if you have prior experience and access to distribution channels, you wouldn’t be on a public board asking about GoFund me.

Everyone has an idea. You gotta take it beyond the idea stage to attract capital. No serious funder will entertain just an idea. You have no skin in the game at that point.

What is the difference between a gambler setting up a "gofundme" and a roadside beggar holding up a "will work for food" cardboard sigh?

I see none.

Quote: MrV

What is the difference between a gambler setting up a "gofundme" and a roadside beggar holding up a "will work for food" cardboard sigh?

I see none.

I was thinking the same thing...... Help me figure this out.....

"Man with job wants to make more money. I prefer if someone just gives me some so I don't have to borrow then repay it."

Is this not an accurate description?

I think crowdfunding is great when their is an upside to contributing. So patrons are either funding the development of a product in exchange for receiving that product when it launches.

OR something is being given away for free, and people can donate to the creator so they can continue to produce. This is super common for podcasts, game streamers, cam girls, etc etc etc.

But asking people to put capital into your business without anything in return is just e-panhandling.

Yeah yeah yeah are you guys gonna invest, or not?

Was ar a casino yesterday. Had straights and eights on roulette table, no electronics needed, reminded me of Poker For Roulettee.

Quote: Mission146

I still think that is unlikely to succeed, though. I think your best bet would be to try to enter into a partnership with some of the other people on this Forum who have Table Game placements, if they like your idea. I would also seek out other people in the casino industry, of course.

I also considered a GoFundMe type of page at one point, but ultimately decided to go the route of finding partnerships for my games. This also is not easy to do, but if you find people that specialize in the exact area that you need and can get them to see your vision you can make a ton of progress.

That's why I'm sticking to 9% maximum and capped return on my game, to my investors.

What casino had this? Was anyone playing it?

It’s seems you’ve already chosen not to pursue the crown funding idea, which is a very smart decision.

Crowdfunding can be a death sentence, as in some jurisdictions every financier needs to be disclosed and also investigated (WA is one of those jurisdiction). I don’t think I need to dig to deep into the issues that will come from this and the expense associated.

How about an ICO?