Updated the design of the site. Starting with the dice page. Roulette and blackjack will be redesigned next.

There's a post in securities section announcing ways in which we're looking to raise investment (business not bankroll) for further expansion either by using alt coin, colored coins, counterparty etc to bring new products.

You can read more information here https://bitcointalk.org/index.php?topic=1392600

Updated original post to make things a little clearer.

It is most likely, with private conversations that I've had, that the 900 will come from new funds that are not part of the current bankroll.

These funds can be invested in and on top of the current bankroll also meaning the bankroll would increase and max profit increase. The profit on these 900 would be split between the new shareholders. That is if we decided that was something to do but I don't see why not if the funds were sitting idle at any point, they might as well be earning a profit.

Potentially yes. There are more revenue streams for the business than there are for the bankroll investors and more will be added in future.

The funds could still also be left sitting at low risk in the bankroll to add an extra income on top of the ones listed above.

I don't think it would be a good idea to change the "invest" in the bankroll option as BetKing stands out from other sites by having the largest betting limits so it attracts high rollers.

Hi
As mentioned in the chat and the thread I posted that is an option I'm considering other than an alt coin.
I'm not looking to rush into this by any means. I want to gauge interest overall then look at the best way to implement it.

That would depend on if investment is raised. If we manage to raise enough funds then that can be developed a lot faster than me working on everything alone.
It would be one of the top priorities though as it allows 3rd parties to also create their own poker sites in future and share the same player pool.

After more discussion I am not sure if the shares will be issued via a new alt coin or not yet as there may be more suitable methods such as counterparty or colored coins.

I have started a new thread in the securities section to discuss investment in general instead of alt coin dev.

https://bitcointalk.org/index.php?topic=1392600.msg14144972#msg14144972

BetKing.io Investment pitch

About BetKing.io

   https://betking.io is one of the oldest Bitcoin gambling sites, launched in April 2013 under the old name of Pocket Rockets Casino.
   Since then BetKing has become one of the most popular Bitcoin casinos and dice sites with over 298,000 Bitcoin wagered.

   For the past 3 years I have worked alone to make BetKing a success.
   2015 was a great year that saw BetKing become the most popular crowdfunded Bitcoin casino with 150,000 Bitcoin wagered, making a
   profit of 2900 Bitcoin for the bankroll providers.

   The site currently features dice, roulette, blackjack and slot games.

   I am looking to make BetKing and Bitcoin gambling grow even bigger and inviting you to be part of it and share the success.


Reason for investment

   We have identified two areas of potential growth. Firstly we would like to expand BetKing by developing new products including a betting exchange,
   a fully featured poker software and a sports betting platform.

   Secondly we would like to allow 3rd party developers to create their own unique games and
   websites where players can use their BetKing account to safely store their Bitcoin while betting
   against the BetKing bankroll.

   We believe we could see a huge growth by offering more products under one roof for customers
   and are looking for capital injection to hire full time development and marketing staff.

      
Investment offering

   BetKing is looking to raise 900 Bitcoin for 30% share of BetKing equity. The existing equity will be
   split into 7 million shares and 3 million new shares will be made available for investors. Each new
   share will be offered at 0.0003 Bitcoin.

   In 2015 BetKing.io had over 150,000 Bitcoin wagered on dice alone and the bankroll providers
   made a profit of 2900 Bitcoin. With the current commission setup that would equate to a profit for
   BetKing.io of around 1100 Bitcoin per annum with existing products alone.

   We have valued the existing equity of BetKing at 2100 bitcoin for this offering with a value of 3000
   bitcoin post investment. BetKing is a growing business and has been established 3 years. The
   existing equity has been valued at just under 2x estimated profit based on 2015 trading. I feel this is a
   fair evaluation and exciting opportunity for investors.

   The value of BetKing if it was sold could achieve much higher numbers as there would be an
   opportunity for a new owner to provide the bankroll which made profits of 2900 Bitcoin in 2015
   alone. With future expansion from this fund raising round we believe the value of BetKing would
   increase significantly further.

Current revenue streams

   BetKing.io profit currently is made up of:

   (1) 25% of the edge on all wager amounts in dice, equating to 2.5 bitcoin per 1000 wagered.

   (2) 25% of the edge on all wager amounts in roulette, equating to 6.75 bitcoin per 1000 wagered.

   (3) 25% commission on the weekly profit from bankroll investors

   (4) 100% of profit from Blackjack

   (5) 100% of the profit from Slots

   Currently BetKing has server and related expenses of around £800 (2.5 btc) per month.

   We have identified the following revenue stream opportunities we would like to add to our
   platform:

   (1) Sports betting

   (2) Betting exchange commission

   (3) Poker rake

   (4) 3rd party site offerings through revenue share models.

   We believe the size of the market will continue to grow and will monitor opportunities to add
   alternative currencies other than bitcoin to the platform where this is demand.


Accounting and Dividends

   Each month BetKing will publish its revenue, operating costs and its balance of operating funds.
   Post the successful offering of this investment offering BetKing would have 900 bitcoin in working
   capital (WC).

   If in month one BetKing made 20 Bitcoin from all revenue streams and has a cost of 2.5 Bitcoin
   for server and 6 Bitcoin for development then the working capital at the end of the month will be:

   900 + 20 ­ 2.5 ­ 8 = 909.5

   If in month two BetKing made 30 Bitcoin from all revenue streams and had a cost of 2.5 Bitcoin
   for server and 6 for developer plus 20 was spent on new marketing then the working capital at the
   end of the month will be:
   
   909.5 + 30 ­ 2.5 ­ 6 ­ 20 = 911.0

   Within 14 days of the end of each month the figures will be made available on a public basis.

   At the end of each quarter (3 months) we will look to pay dividends to investors. Where the
   working capital has exceeded 1000 bitcoins we would look to issue dividends in the amount of:

   0.5 x (wording capital ­ 900).

   Example 1:
   If the working capital was 1050 bitcoins dividends would be declared at:
   0.5 * (1050 ­ 900) = 75 bitcoin.

   Example 2:
   If the working capital was 1020 bitcoins dividends would be declared at:
   0.5 * (1020 ­ 900) = 60 bitcoin.

   Example 3:
   If the working capital was 960 bitcoins no dividend would be declared as the working capital is under 1000 bitcoins.

   Dividends would be paid to all shareholders equally, so a dividend of 75 bitcoins would represent

   7.5 bitcoin per 1 million shares.

   In the event of a sale or disposal of the site, then all disposal proceeds and working capital would be immediately divided amongst the shareholders.

Methods of tracking investment

   There are a few methods that could be used to raise investment and issue shares:

   1) Private investor(s)
   2) New alt coin
   3) Colored Coins
   4) Counterparty
   5) Allow purchase of shares on the BetKing.io website and link them to your user account


   Private investor(s) is obviously the easiest route to go.
   A new alt coin would allow the share to be represented by a coin and be traded on an exchange. There could also be a community interest in this.
   I need to do more research on Colored Coins and Counterparty but they were both suggested as good routes to take.
   I'm not sure of the legality of number 5. If it were OK to do it this way without trouble from the LSE or SEC
   then it would be a good method. I'll speak to lawyer about this one.
   

If you have any questions, concerns or suggestions then post a comment, pm or email admin@betking.io and I will reply.

Hi,
Yeah I agree there's other ways this could be done.
I had the idea to use an alt coin since you can list it on an exchange, build a community around it among other things.

I don't like the thought of havlock for the reason you mentioned.

I'm still debating if colored coins or counterparty would be better than an alt too.

As for the final option of just storing in the database and selling on site. Clearly the easiest. I am not sure of the legality in doing so and also if it would get as much attention from potential buyers.

I'll certainly be looking into all options before deciding.

I sell 3 million BKCoins at 0.0003 Btc to set the initial value.

No matter what people may sell the coins for on a market after that, 100,000 BKCoins will still earn you 1% of BetKing.io profit as a dividend.

Obviously if on an exchange people may sell BKCoin higher or lower than 0.0003 based on what they see the profit of BetKing over the past month or whatever but no matter what, the new owner still gets the proper share of BetKing profit.

Essentially pump and dump makes 0 difference to BetKing.io. Anyone looking to purchase BKCoins on an exchange should research if the price reflects the actual performance of the site like they would with any stock.

The initial offering will be purchased from BetKing.io. I will then be looking to get them on an exchange for people to trade.

It's for use more as a token. I've no plans currently to allow gambling of the coin on the site but if enough buyers wanted then it might be an option in future.

The value of the coin is directly related the the value of BetKing.io. As profit for BetKing.io increases so does the value of the coin

The specifics of the coin still need to be finalised but most likely I will choose a POS implementation.

About BetKing.io

https://betking.io is one of the oldest Bitcoin gambling sites, launched in April 2013 under the old name of Pocket Rockets Casino.
Since then BetKing has become one of the most popular Bitcoin casinos and dice sites with over 298,000 Bitcoin wagered.

The official thread can be found here https://bitcointalk.org/index.php?topic=910134.0

For the past 3 years I have worked alone to make BetKing.io a success.
2015 was a great year that saw BetKing became the most popular crowdfunded Bitcoin casino with 150,000 Bitcoin wagered, making a
profit of 2900 Bitcoin for the bankroll investors.

I am looking to make BetKing and Bitcoin gambling grow even bigger and inviting you to be part of it and share the success.

Introducing BKCoin

BKCoin will be an alt coin similar to Bitcoin.
The main difference is that BKCoins value is determined by the profit of BetKing.io.

Holders of BKCoin will receive a dividend each month from the profit of BetKing.io.
This will be paid in Bitcoin.

There will be 10 million BKCoins in supply, 100% of which are pre-mined by BetKing.io.

3,000,000 BKCoins will be available for sale on launch of the coin, equivalent to 30% of BetKing.io profit share.

Profit share is what BetKing.io makes after all expenses and is not the profit that the current bankroll providers make from player losses.

1 BKCoin will equal 0.0003 Bitcoin

100,000 BKCoin = 1% dividend of BetKing.io profit.


Why is BKCoin being created?

BKCoin is being created as a way to raise funds to continue to improve and grow BetKing.io.
All Bitcoin earned via the sale of BKCoin will go directly towards marketing and development of BetKing.io.

Plans for expansion include sports betting, betting exchange, poker, new casino games and an API to allow 3rd party developers
to create their own unique sites where their players can use the BetKing.io bankroll to bet against.
To help with the above BetKing.io will use the funds from sale of BKCoin to hire full time developers and
professional marketing staff as well as provide a monthly marketing budget for the next 2-3 years.


What is the dividend made up of?

The dividend will be a share of the total profit each month after all expenses.
BetKing.io profit currently is made up of:
25% of the edge on all wager amounts in dice and roulette.
1000 Bitcoin wagered on dice = 2.5 Bitcoin profit for BetKing.io.
1000 wagered on roulette = 6.75 Bitcoin profit.
BetKing.io also earns 25% commission on the weekly profit of the house bankroll profit.
The bankroll for Blackjack and slot games is provided by BetKing.io and so 100% of the profit from those games goes to BetKing.io.

In the future profit will also come from sports profit, betting exchange commission, poker rake and commission from 3rd party sites.
There may also be support for alt coin gambling adding another source of revenue.

Currently BetKing.io has server and related expenses of around £800 per month.

How did you determine the price of BKCoin?

In 2015 BetKing.io had over 150,000 Bitcoin wagered on dice alone and the bankroll providers made a profit of 2900 Bitcoin.
With the current commission setup that equates to a profit for BetKing.io of around 1100 Bitcoin.

BetKing.io is now 3 years old. Looking at long term plans I have valued the company at a little under 3x last years numbers, or 3000 Bitcoin

This is a modest evaluation and would be much higher if I or a buyer were to provide the
total bankroll for players to bet against since they would have made 2900 Bitcoin in one year.

With the future expansion that raised funds would allow, the value of BetKing.io would also increase significantly.

Note that this should be seen as a long term investment.

How can I buy BKCoin?

If I get enough interest I will work on developing the coin and wallets right away.
At launch I will put 3,000,000 BKCoin up for sale on the BetKing.io website.

I will be looking to get BKCoin listed on exchange websites so trading of BKCoin can be done easily.

There may be a minimum amount that one person can purchase but that is to be decided.

What about the remaining 7,000,000 coins?

These will be unlikely to ever be sold.
If after a year or so BetKing.io is looking to add a new feature or pivot into new markets then some of these may be sold if funds are required for the
development and marketing of these new products. There would be a large amount of discussion and warning before any were sold.


Feeback wanted

If you have any questions, concerns or suggestions then post a comment and I will reply.
I am looking for positive interest before starting this.
A new admin panel would be made for BKCoin holders to login and see profit/expense reports as well as roadmap of dev and marketing plans

If you would like to reserve BKCoin then email admin@betking.io

Would players be interested in rubies support? It's the new coin from BetterBets.

Would allow invest and play on https://betking.io

This would also mean the site would again feature multiple currencies and so I could add other alt coins if enough people wanted that.

It's actually 275 profit now. He played many sessions over a week or two to build it up.

That promo ended over a year ago. The player with most bets did not win the main prize, the player who WAGERED the most won.

Back online now

Sorry for the inconvenience