[ANN] BetKing.io ICO - Bitcoin Gambling website - 581.4 BTC raised so far

[Helix61be]

Dividends:
We will pay dividends as a share of the total profit (revenue-expenses) generated by BetKing in Bitcoin every 3 months.
This may change to be more frequent, e.g. a month, after the first dividend payment.

How would this be calculated? is 30% of the profit going to the share holders minus the expenses?

If so, will all the expenses be payed from that 30% profit? or are the expenses shared over the whole profit?

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[tomkat]

Why there's no escrow for this ICO?

You invest in the website, this website runs for year, and this project is hosted by the owner of website itself, therefore i guess no escrow needed maybe

I think it's also a coin

BetKing will create 100,000,000 tokens (100 million) to represent 100% shares of BetKing.

Escrow is the only protection against scam, so any ICO without escrow is just more risky.

But the difference here is that in the first place, a lot of people are investing in betking site previously with up to 4000 btc. So in this case, betking is quite confidence that he is able to rise a significant amount without any escrow as he already have proven that he has handle the btc well for yrs.

Well, there's no evidence for anything published in the ANN, so better safe than sorry.
Web archive has no copy before 2016, so there's no evidence the site was launched in 2013
https://web.archive.org/web/20130101000000*/http://betking.io

If you go to dicesites.com and press the date then you get the history:
Apr '13: pocketrocketscasino.eu
Jan '14: Invest in casino
Feb '14: Dice game
May '14: prcdice.eu domain
Jan '15: back to pocketrocketscasino.eu
Nov '15: betking.io domain

Sorry, but my confidence is very limited if there's no Escrow.
There're too many changes, and ambiguous information, ie. pocketrocketscasino.eu launched in Apr 2013 but first snapshot in webarchive is March 2014
https://web.archive.org/web/20140101000000*/http://pocketrocketscasino.eu

and first snapshot of dicesites.com is Nov 2014
https://web.archive.org/web/20141113082619/http://dicesites.com/

Without Escrow this ICO is just too risky (at least for me)

Dean's site has been a major player in the Bitcoin gambling sphere for a few years now. Right now Dean is holding thousands of BTC of customer funds without escrow. Escrow is absolutely not needed in this case.

I don't know who is Dean. I've only expressed my doubts, and I understand each of us has different level of acceptable risk.

BTW, I don't like the words "absolutely", "always", "never", etc.

[BestWebCreator]

Why there's no escrow for this ICO?

You invest in the website, this website runs for year, and this project is hosted by the owner of website itself, therefore i guess no escrow needed maybe

I think it's also a coin

BetKing will create 100,000,000 tokens (100 million) to represent 100% shares of BetKing.

Escrow is the only protection against scam, so any ICO without escrow is just more risky.

But the difference here is that in the first place, a lot of people are investing in betking site previously with up to 4000 btc. So in this case, betking is quite confidence that he is able to rise a significant amount without any escrow as he already have proven that he has handle the btc well for yrs.

Well, there's no evidence for anything published in the ANN, so better safe than sorry.
Web archive has no copy before 2016, so there's no evidence the site was launched in 2013
https://web.archive.org/web/20130101000000*/http://betking.io

If you go to dicesites.com and press the date then you get the history:
Apr '13: pocketrocketscasino.eu
Jan '14: Invest in casino
Feb '14: Dice game
May '14: prcdice.eu domain
Jan '15: back to pocketrocketscasino.eu
Nov '15: betking.io domain

Sorry, but my confidence is very limited if there's no Escrow.
There're too many changes, and ambiguous information, ie. pocketrocketscasino.eu launched in Apr 2013 but first snapshot in webarchive is March 2014
https://web.archive.org/web/20140101000000*/http://pocketrocketscasino.eu

and first snapshot of dicesites.com is Nov 2014
https://web.archive.org/web/20141113082619/http://dicesites.com/

Without Escrow this ICO is just too risky (at least for me)

Dean's site has been a major player in the Bitcoin gambling sphere for a few years now. Right now Dean is holding thousands of BTC of customer funds without escrow. Escrow is absolutely not needed in this case.

I don't know who is Dean. I've only expressed my doubts, and I understand each of us has different level of acceptable risk.

BTW, I don't like the words "absolutely", "always", "never", etc.

I am sure you are very familiar with the word "absolutely"! Did u invest into the waves ICO?
The best solution is that the owner Dean gets an escrow, I think dooglus would perfectly fit as an escrow in this case, since he is the owner of just dice, which also is an gambling site. Look people who don't know Dean, will not invest unless u use an escrow, it is as simple as that.

[BetKing.io]

To clear things up, of course there will be no escrow. It is not needed at all in this case. This is not a new untrusted player in the game.

That's all existing bankroll investors divested now and I just divested 5000 Bitcoin which is much more than I'm trying to raise here

[AcoinL.L.C]

To clear things up, of course there will be no escrow. It is not needed at all in this case. This is not a new untrusted player in the game.

That's all existing bankroll investors divested now and I just divested 5000 Bitcoin which is much more than I'm trying to raise here

Smart decision. I think a lot of the people clamoring for escrow either are sig spammers or have no idea what BetKing is. Adding an escrow agent would be a negative in my opinion, there is no added value to having an escrow despite adding a third party risk and an unnecessary expense. If you think this ICO needs escrow, you probably do not know what BetKing is: in that case you shouldn't invest. Invest in what you know. Dean literally just let 5k BTC leave his site today (2.5x what he is trying to raise in this ICO).

Disclaimer: I will personally not be investing in this ICO, but I trust Dean.

[RHavar]

Looks like quite an opportunity. I echo the sentiments that using an escrow would be stupid and only serve to expose investors to additional risk.

I do however have a couple quick questions:

The remaining 70,000,000 (70%) will remain in the ownership of BetKing.
We may offer some of these shares in future to potential new staff or contractors as bonuses.

So just to be clear, from a traditional finance reading this sounds very much like you are you are selling 100% of the company. Is this intentional, or did you mean to say that you will personally own those remaining 70% shares?

If BetKing were to be closed unexpectedly for any reason or lost market share to where it stopped generating profit then 30% of the Bitcoin held would be distributed to investors. Any assets including the software could be sold and 30% of the sale price distributed to investors.

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.

To help me understand this, could you work through a concrete example? Lets say you raise exactly 2000 BTC and then found a potential buyer who bought sold the site for 3000 BTC the very next day. How much money would would the original investors expect to see back?

[BetKing.io]

Looks like quite an opportunity. I echo the sentiments that using an escrow would be stupid and only serve to expose investors to additional risk.

I do however have a couple quick questions:

The remaining 70,000,000 (70%) will remain in the ownership of BetKing.
We may offer some of these shares in future to potential new staff or contractors as bonuses.

So just to be clear, from a traditional finance reading this sounds very much like you are you are selling 100% of the company. Is this intentional, or did you mean to say that you will personally own those remaining 70% shares?

If BetKing were to be closed unexpectedly for any reason or lost market share to where it stopped generating profit then 30% of the Bitcoin held would be distributed to investors. Any assets including the software could be sold and 30% of the sale price distributed to investors.

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.

To help me understand this, could you work through a concrete example? Lets say you raise exactly 2000 BTC and then found a potential buyer who bought sold the site for 3000 BTC the very next day. How much money would would the original investors expect to see back?

Hi, thanks.

1) I'm not selling 100% no, selling 30% of all shares and keeping 70% to represent the remaining part of the company.

2) So what would happen there is investors would receive 30% of the total share price if someone bought out the company in full the next day. Obviously if we raise 2000 for 30% then we won't be selling 100% for anything less than ~8k or whatever. So investors would benefit from this scenario.

[NBward6]

How much of the raised funds will make up the house bankroll?

Will the bankroll grow, or will all profit be distributed?

How will you determine the max bet size?

[someone111]

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.

Who will get the other 70%?

[ndnh]

To clear things up, of course there will be no escrow. It is not needed at all in this case.

Let the investors decide?

What is the bankroll after a successful ICO?

How much of the raised funds will make up the house bankroll?

OP please answer this.

So you trust an escrow because it is trusted. Same reason why several BetKing investors trust it.

Yes, but consider the fact that you can have more than one escrow, and that OP already is trusted with thousands of bitcoins, this is no reason to trust him with an additional 2000 or more.

[Persepolis]

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.

Who will get the other 70%?

Who do you think... Betking (Dean) would since he controls that 70%

[win win win]

Is their a location to observe the invested amounts per day in the ICO?

Is it possible to learn about the marketing team you spoke of? What other sites have they work on etc?

[monbux]

lol, I see more spammers on this thread than actual interested investors. 
but yes, I am interested too, might've missed it, but how much of the funds raised will go directly towards bankroll?

[puremage111]

lol, I see more spammers on this thread than actual interested investors. 
but yes, I am interested too, might've missed it, but how much of the funds raised will go directly towards bankroll?

yea wondering too, as we cannot see how much is invested, is there any address for total invested amount?

[TheFuneral]

The distribution method is yet to be finalised and will be either via a new alt coin, counterparty, colored coins or some other method.
The decision will be made and implemented before the end of the ICO and your shares will be ready to be distributed immediately.

Dividends:
We will pay dividends as a share of the total profit (revenue-expenses) generated by BetKing in Bitcoin every 3 months.
This may change to be more frequent, e.g. a month, after the first dividend payment.

To be clear well know by January 1st how these tokens are sellable for bitcoin?

Also curious to understand what determines the change in frequency and how you decide revenue-expense. Some businesses choose to dump all revenue into expenses and if you were to do this then investors would never get anything back. What determines how that flows?

Thanks for offering this and answering questions,

[LoyceV]

Yes, but consider the fact that you can have more than one escrow, and that OP already is trusted with thousands of bitcoins, this is no reason to trust him with an additional 2000 or more.

He gave back (or will give back) all invested money today.
Who would you trust more, an "escrow", or the guy who managed up to 6000 Bitcoins of other people's money for years?

An escrow is good as a middle man to complete a transaction between parties. This transaction won't be completed in that sense: if the money is used to start another project, it has to come out of escrow.

[bad_ip]

I've been lurking Dean / betking.io's threads for a long time now.  He had 6k BTC / 4.5M USD of other peoples money he could have easily walked off with and did not.  In addition, this guy has his actual real name on the business, this is not some anonymous enterprise.

If you invest in this business, you invest in Dean himself for what he has accomplished and what he might accomplish.  No escrow necessary.

My questions for BetKing:

1) You don't take UK players, but do you have corporate tax liability in UK with earnings in BTC?  (I'm not aware how UK treats BTC capital growth)

2) Any plans to get a Curacao or Malta gambling license for 3rd party games in the future?

3) Any concerns about "snoopers charter" in the UK?  Are you hosted there?

[BetKing.io]

Any accounts < snr member asking for escrow will be deleted as I will assume they are sig spam.

ICO IS LIVE NOW.

[anonbit992]

I wish all the best to betking for raising 2000BTC. I will look to invest some amount. Is there a counter to know how much funds have been collected so far? I just checked and couldn't find the total funds collected by this ICO.

[BetKing.io]

I wish all the best to betking for raising 2000BTC. I will look to invest some amount. Is there a counter to know how much funds have been collected so far? I just checked and couldn't find the total funds collected by this ICO.

At the end of each day I will send all invested funds to one Bitcoin address that everyone can see. The address will be added to the OP later today.