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Any reason you left https://betking.io out considering you have had it in your previous polls and it's one of the most popular dice sites?

I've updated the original post to hopefully clear up some of the questions asked in this thread.

The main changes are under the headers: Shares, Distribution, Dividends and Exit Strategy, posted below too.
I hope things are more clear now. Thanks to everyone who helped get the words out better and all the investors so far.

Feel free to ask anything else you still think is missing.


Shares:
BetKing will create 100,000,000 tokens (100 million) to to represent 100% shares of BetKing, currently owned fully by me.
No new tokens will be created.

30,000,000 (30%) of these tokens will be be sold to investors during the ICO period and distributed at the end of the fund raising period.

The remaining 70,000,000 (70%) will remain in the ownership of me as my 70% equity in BetKing.

The funds raised by selling these shares will be loaned by me interest free back to the company to use for expenses and bankroll.


Distribution:
ICO starts at December 1st 2016 at 0:00 UTC and ends at January 1st 2017 at 0:00 UTC.
After the ICO has ended, 30,000,000 shares will be distributed proportionately if the target of 2000 Bitcoin or more is raised.
E.g. if we collect 2000 BTC and your investment is 200 BTC, you'll receive 3,000,000 shares.

These shares will be added to your BetKing account where you will be able to trade with other members on the BetKing website.


Dividends:
We will pay dividends as a share of the total profit (revenue-expenses) generated by BetKing in Bitcoin directly to your BetKing account every 3 months if the total capital is greater than the 2000 Bitcoin loan.
You can withdraw your Bitcoin dividend payment instantly to your own wallet.
This may change to be more frequent, e.g. a month, after the first dividend payment.

For example:
Assume revenue from players losses were 300 Bitcoin in the first three months.
Imagine we paid 5 Bitcoin for fixed cost expenses, 10 Bitcoin on banner ads and 10 Bitcoin on developer contract.
After the 3 months we have 2000 (the initial loan) +300-5-10-10=2275.
275 profit.

So the investors from the ICO would get a dividend share of 82.5 (30% of 275) paid into their BetKing account.
I would be paid 192.5 (70%)

The business would have 2000 Bitcoin left in it from the intial loan.

Another example:
In 3 months players win 100 Bitcoin playing dice.
We paid 5 Bitcoin as fixed expenses (server, cloudflare etc).
We spent 10 Bitcoin on some banner ads.
We spent 10 Bitcoin on a contract developer.

After the 3 months we have 2000-100-5-10-10=1875.
-125 profit.

So there are no dividends to be paid as there was no profit in this time.

The business would have 1875 Bitcoin left in it and no dividends would be paid until this amount was over 2000 again.



Exit Strategy:
If BetKing were to be closed for any reason or lost market share to where it stopped generating profit then the initial loan would be paid back to me and then any extra funds left in the business not paid out as dividends yet would be split 30% to investors and 70% to me.
Any assets including the software could be sold and 30% of the sale price distributed to investors.

HOWEVER if BetKing was forced to close suddenly within 3 months of the ICO then all existing funds in the business at that point would be used to pay investors back as close to their full initial investment as possible before I took any share.

There’s also the possibility in future for BetKing to be acquired by a bigger company in which investors will share 30% of the total sale price after the initial loan is paid back to me.

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Agreed. I guess I was just too expecting of the previous "bankroll investors" to jump on board

Also with the fact that I knew my lawyer would probably have to draft something up at end anyway.

I own BetKing the 70% is mine if I sell 30% of shares.

As stated I'll update OP today. I assumed a lot of this was obvious stuff and didn't think you would need everything so specific.

No. As mentioned in OP. Profit from all other games/products works the same way. Examples have just been given in dice so far since that's what currently exists on the site.

chat now also supports emoji's 

Added a new chat theme that I think makes it easier to read/follow.

Also no popup issues now when trying to click a username. It will open a main dialog with users stats and commands for message, tip etc.

What do you think?

Spot on.

When I say keep it in I mean loaning (interest free) as since I mentioned before I'm selling 30% of my own shares.

I'll update the OP tomorrow with all the questions that have been answered to give people more info just coming in.

Thanks

It's only unusual if you are thinking in terms of "investing" in dice bankrolls. Which is not the norm and not really investing.

This is how investing in businesses usually works.

Note that you would not only be getting a share of profit generated by dice but all future products

That's correct yes.

The company is paying them all. From the working capital we raise during the ICO

OK so what I mean by this is:

Assume the ICO meets the target of 2000 Bitcoin raised as investment.

The business would have 2000 Bitcoin capital. There are no other funds from me, other investors or any type of private bankroll option.

At first the main product would still be dice.

I would set the max payout on dice 20 Bitcoin (this could change) as if there were a 2000 Bitcoin dice bankroll with 1% kelly as the risk setting.

If someone lost 1 Bitcoin playing dice we would have 2001 Bitcoin in the company.

If someone won 1 Bitcoin playing dice we would have 1999 Bitcoin in the company.

I guess the confusion is that I have said bankroll, capital and investment when we should be thinking of it as capital right?

Expenses come out of this capital too.

So lets have two examples to see what dividends would be after three months under different circumstances. Note these numbers are only for example
and are under assumption we add no new games/products in first 3 months to keep it easier to understand.

1)
We start with 2000 Bitcoin from the ICO.
In 3 months players lose 300 Bitcoin playing dice.
We paid 5 Bitcoin as fixed expenses (server, cloudflare etc).
We spent 10 Bitcoin on some banner ads.
We spent 10 Bitcoin on a contract developer.

After the 3 months we have 2000+300-5-10-10=2275.
275 profit.

So the investors from the ICO would get a dividend share of 82.5 (30% of 275) paid into their BetKing account.
I would be paid 192.5 (70%)

The business would have 2000 Bitcoin left in it. The dice betting limits would remain the same.


2)
We start with 2000 Bitcoin from the ICO.
In 3 months players win 100 Bitcoin playing dice.
We paid 5 Bitcoin as fixed expenses (server, cloudflare etc).
We spent 10 Bitcoin on some banner ads.
We spent 10 Bitcoin on a contract developer.

After the 3 months we have 2000-100-5-10-10=1875.
-125 profit.

So there are no dividends to be paid as there was no profit in this time.

The business would have 1875 Bitcoin left in it. The dice betting limits would be lowered.

Does that clear things up?

Feel free to ask any other questions.

Let me clear this up in next post. Maybe I have written it in too confusing a way or crossed terms here.....

Yes.
I will take other's ideas into consideration but any final decision will be mine. There will be no voting rights with shares.

Receive 20% Rakeback for the rest of December

BetKing.io is giving 20% of the house edge on every bet you made back to players for the rest of the month.

To claim the bonus just visit https://betking.io and play!

Your rakeback bonus will be credited to your account each Friday. Bonus starts 13/12/2016 and ends 31/12/2016 at midnight.

Latest news:

Spoke with my lawyer a few days ago and the plan would be to setup a new company in a jurisdiction that doesn't require all shareholders to be listed. Like how ICONAMI and Intellisys Capital do.

Your BetKing account will show your number of shares you own on the BetKing website which you can trade with other people on the BetKing website.

When it is time to pay dividends Bitcoin will be added to you BetKing account.

This seems the fastest, easiest and most secure way to set this up at this time.

Maybe in future we can do an alt coin and you would receive the amount of coins equal to the shares you own in your BetKing account but that's not the plan right now.

Total invested sitting at 581.4 Bitcoin

Last few days for your 5% bonus.

Thanks