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

[Persepolis]

i don't necessarily disagree, but your figures seem quite low.

>>The past week, there has been ~670 btc wagered on Betking. That is an expected profit of 6.7 btc/week, or $5,000 per week

my personal returns for the past 60 days was an average of 1.5 BTC per month, and i was about 1% of the bankroll. So i would guesstimate its about 35 BTC per week, not 6.7.

[1715422638]

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[1715422638]

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[ruru]

i don't necessarily disagree, but your figures seem quite low.

>>The past week, there has been ~670 btc wagered on Betking. That is an expected profit of 6.7 btc/week, or $5,000 per week

my personal returns for the past 60 days was an average of 1.5 BTC per month, and i was about 1% of the bankroll. So i would guesstimate its about 35 BTC per week, not 6.7.

He means expected value. The site was supposed to make only 6.7 BTC in "theory".. but the site has been super lucky so you made more than theory.

[Chevas Regal]

i don't necessarily disagree, but your figures seem quite low.

>>The past week, there has been ~670 btc wagered on Betking. That is an expected profit of 6.7 btc/week, or $5,000 per week

my personal returns for the past 60 days was an average of 1.5 BTC per month, and i was about 1% of the bankroll. So i would guesstimate its about 35 BTC per week, not 6.7.

what was your Invested amount?

[Persepolis]

i don't necessarily disagree, but your figures seem quite low.

>>The past week, there has been ~670 btc wagered on Betking. That is an expected profit of 6.7 btc/week, or $5,000 per week

my personal returns for the past 60 days was an average of 1.5 BTC per month, and i was about 1% of the bankroll. So i would guesstimate its about 35 BTC per week, not 6.7.

what was your Invested amount?

63

[knircky]

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

30,000,000 (30%) of these tokens will be distributed to investors at the end of the ICO.

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.

Does this mean that you are valuing the company at 9K bitcoins and selling 30% of the shares to the public while keeping 70%.

What does "will remain in the ownership of BetKing." mean, does the mean the current owner?

What is confusing to me is if you are selling Betking or if you are only selling 30% of it for 2k coins or more.

[RedGolpe]

A very interesting ICO, however [omissis]

Thank you for this very interesting post.

I would add something more that bothers me, which is the lack of legal bond between the newly emitted stocks and the company's value. Someone already pointed out that the Company might decide to invest all the money raised in expense (which I prefer to call investments), so where does this value go? The "regular" economic answer is: it rises the stock's price. At the moment, I believe that such "stock" is something a bit too vague to be the basis of such a big operation. It is not clear what form it will have, how will it be traded, and most of all how strong is the legal bond (if any) with the Company's value. I can easily see Dean selling (in good faith) his 70% of the Company and the new owner just deciding to pay 0% dividends for the rest of its life (claiming a 0% profit), since there is no public balance, no audit to the books, and in general no disclosure apart what Dean has been so kind to provide. Even if Dean decided to buyback all shares and then sell 100% of the Company (which I seem to recall he hinted to, possibly in not so explicit a form), I doubt any possible buyer would accept to disclose the full price of the operation, thus allowing the refunds at a nominal value.

I would be pleased to hear from Dean about this.

[gamblingbad]

i don't necessarily disagree, but your figures seem quite low.

>>The past week, there has been ~670 btc wagered on Betking. That is an expected profit of 6.7 btc/week, or $5,000 per week

my personal returns for the past 60 days was an ave

rage of 1.5 BTC per month, and i was about 1% of the bankroll. So i would guesstimate its about 35 BTC per week, not 6.7.

U forgot 70% commision. With commision u get 0.01% or 2btc shared on 2k btc. On last week

[GeoRW]

I believe Dean can be trusted (had trusted him with my BTC in site bankroll) and will do his best to succeed, but investing in any bitcoin business is very risky. Invested bitcoins will be tied up for a long time till potential investors can get them back. Issuing company shares adds another legal risks and valuation of this business is just too high for me. So I'm out, but good luck to everyone involved.

[gamblingbad]

The way i see it risk double and and commision increase atleast 50%. If site failed with the old system atleast you have your btc to wd. But now u get locked in with tokens and need take the risk site will run for a long time and people want play much.

[maidenvoyage]

A very interesting ICO, however [omissis]

Thank you for this very interesting post.

I would add something more that bothers me, which is the lack of legal bond between the newly emitted stocks and the company's value. Someone already pointed out that the Company might decide to invest all the money raised in expense (which I prefer to call investments), so where does this value go? The "regular" economic answer is: it rises the stock's price. At the moment, I believe that such "stock" is something a bit too vague to be the basis of such a big operation. It is not clear what form it will have, how will it be traded, and most of all how strong is the legal bond (if any) with the Company's value. I can easily see Dean selling (in good faith) his 70% of the Company and the new owner just deciding to pay 0% dividends for the rest of its life (claiming a 0% profit), since there is no public balance, no audit to the books, and in general no disclosure apart what Dean has been so kind to provide. Even if Dean decided to buyback all shares and then sell 100% of the Company (which I seem to recall he hinted to, possibly in not so explicit a form), I doubt any possible buyer would accept to disclose the full price of the operation, thus allowing the refunds at a nominal value.

I would be pleased to hear from Dean about this.

These are exactly my concern. I think shareholders rights are just totally not represented in an ICO. You totally depend on the issuer and have nor rights whatsoever. It's a blanco check. The investment in a bankroll was much much fairer.. somehow controllable.

[baomoremoney]

A very interesting ICO, however [omissis]

Thank you for this very interesting post.

I would add something more that bothers me, which is the lack of legal bond between the newly emitted stocks and the company's value. Someone already pointed out that the Company might decide to invest all the money raised in expense (which I prefer to call investments), so where does this value go? The "regular" economic answer is: it rises the stock's price. At the moment, I believe that such "stock" is something a bit too vague to be the basis of such a big operation. It is not clear what form it will have, how will it be traded, and most of all how strong is the legal bond (if any) with the Company's value. I can easily see Dean selling (in good faith) his 70% of the Company and the new owner just deciding to pay 0% dividends for the rest of its life (claiming a 0% profit), since there is no public balance, no audit to the books, and in general no disclosure apart what Dean has been so kind to provide. Even if Dean decided to buyback all shares and then sell 100% of the Company (which I seem to recall he hinted to, possibly in not so explicit a form), I doubt any possible buyer would accept to disclose the full price of the operation, thus allowing the refunds at a nominal value.

I would be pleased to hear from Dean about this.

I trust op, but this is a good question, imo, ownership=share, if OP sells us shares, it is not ownership?

[win win win]

A very interesting ICO, however the valuation you are putting on the website is ludicrous. You are essentially saying the company is worth the amount of profit earned lifetime, ~7000 bitcoin, which is a bit insane. Dean has been talking about adding sports betting and a casino for a couple years now, and each time they've popped up, they've gotten extremely low traffic and/or they did not function properly. Would this change with better software and better marketing? Yes. However, this also means we have to put our trust as investors into a pie in the sky promise that you have contacts in the industry who can drive the company to another level and finally get a foothold in the bitcoin gambling industry. But I have seen no proof, despite past promises, that this is going to happen. We need more than 'I know a lot of contacts'. We need a portfolio, a well thought out business plan, and more info on these supposed experts you know so we can get a more accurate picture for how you are going to turn investor's money into a casino and marketing machine that actually has a chance at significant market share outside of the Dice market.

You need to lay out exactly what this 2000 bitcoin is going towards.

I think an important question is, why would any contacts or software developer you know want to help build you a casino platform that's worth a damn if you they aren't going to have any equity in the business? Why wouldn't they just build it on their own?

Imagine you walked into Shark Tank and you told Mark Cuban 'I want 1.5 million dollars (2000 btc) for you to invest in 30% of my company. I've shown success in this other market, but this new market I've never been in and I don't know yet exactly what we're going to do, but I know a lot of people in the industry, trust me'. You'd be laughed off the show.

It is also important to note that 1 bitcoin earned 2 years ago is not equal to 1 bitcoin earned today. Back then, the price was about $250, and now its at $750. Even 6 months ago, the price of bitcoin was about 60% of what it is now. A huge chunk of the profit came from those time periods. Bitcoin is at, basically, an all time high. I get the thought process from your perspective, although I think it is misguided. You've tried to sell Betking at least 2 other points in the past year that I can remember, but the problem is almost all of Betking's value stems from the bitcoin community's trust in Dean. The brand and software has very little value in my opinion - that's why no one ever offers anything close to what Dean feels Betking is worth (apparently 7000 btc).

All of this is potentially moot however, because at the end of the day a company is worth what someone is willing to pay for it. I seriously doubt this ICO is going to work, considering from what I read in Dean's previous attempt to sell Betking less than a month ago the top bid was 1500 bitcoin for 100% of the company, unless someone offered more and he did not reveal it publicly. How he gets the idea that his top offer was 1500 bitcoin for 100% of the company and in turn starts this ICO 2 weeks later trying to sell 30% for an even larger bitcoin amount than what the top investor offered him for 100% doesn't really make much sense.

Dean's problem in this situation is the only truly valuable commodity in his business is himself as someone who is trusted. That is worth a lot of money. However, all these attempts to sell the whole, or parts, of the company are going to come up short because Dean obviously disagrees with my assessment of the value of his website/software. Dean should eventually just take Betking private and get all the profits himself. It would provide a steady, healthy income for years. Build a new casino/sports betting platform without the investors. Like you said, you are taking in 50% of the profits for a site you believe is worth 5 million dollars and has basically zero operating cost.

A massive problem as well is investors are likely never going to get their investment back+profit, because the only scenario where they do is if Dean decides to sell the company in the future. The problem with that is, Dean is the value of this company. If he doesn't come in the package, no one is paying 7000 bitcoin for this site at the current USD/btc value. Sure, you could sell your shares to other interested buyers, but that will be the only market there is for your shares. You will be relying on dividends to make you money, and this does not have a great outlook if you look at the past few months of wagering on Betking.

The past week, there has been ~670 btc wagered on Betking. That is an expected profit of 6.7 btc/week, or $5,000 per week. $260,000 a year. Or, 19 years to make the $5 million dollars the Dean values his website at.

Also important to look at is how far above EV Betking has been running for Dice. Selling for the actual profit amount is actually quite disingenuous, because Betking could just as easily be at 0 profit as it is at 7000 btc profit. The EV number is the only one that truly matters.

At a much more reasonable ICO price, I would've been very intrigued by investing in Betking/Dean. However, the price is absolutely bonkers.

Regardless, best of luck.

This was one of the best post I have seen on this forum, Sure it is strongly against the idea of this thread, I don't think it should have been deleted.
I was really looking forward to a response from Dean about the negative points raised in this post, When I found it to be deleted I was outraged that the last good bitcoin casino has resorted to the practice of the rest.

EDIT: The quoted text that was deleted was posted by chazley

[jacaf01]

I don't think the points raised were negative at all, going buy the recent performance of most of these ICO most of them have actually unperformed in market, because of lack of go to market strategy, I have read so many times that the owner is a trusted guy but trust is not enough in business. I will appreciate it if the BetKing team will address all the salient points raised in the post above.

[szafa]

This is only coin,any escrow?

[maximuss]

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.

End of first day, can you show us an address?

A very interesting ICO, however the valuation you are putting on the website is ludicrous. You are essentially saying the company is worth the amount of profit earned lifetime, ~7000 bitcoin, which is a bit insane. Dean has been talking about adding sports betting and a casino for a couple years now, and each time they've popped up, they've gotten extremely low traffic and/or they did not function properly. Would this change with better software and better marketing? Yes. However, this also means we have to put our trust as investors into a pie in the sky promise that you have contacts in the industry who can drive the company to another level and finally get a foothold in the bitcoin gambling industry. But I have seen no proof, despite past promises, that this is going to happen. We need more than 'I know a lot of contacts'. We need a portfolio, a well thought out business plan, and more info on these supposed experts you know so we can get a more accurate picture for how you are going to turn investor's money into a casino and marketing machine that actually has a chance at significant market share outside of the Dice market.

You need to lay out exactly what this 2000 bitcoin is going towards.

I think an important question is, why would any contacts or software developer you know want to help build you a casino platform that's worth a damn if you they aren't going to have any equity in the business? Why wouldn't they just build it on their own?

Imagine you walked into Shark Tank and you told Mark Cuban 'I want 1.5 million dollars (2000 btc) for you to invest in 30% of my company. I've shown success in this other market, but this new market I've never been in and I don't know yet exactly what we're going to do, but I know a lot of people in the industry, trust me'. You'd be laughed off the show.

It is also important to note that 1 bitcoin earned 2 years ago is not equal to 1 bitcoin earned today. Back then, the price was about $250, and now its at $750. Even 6 months ago, the price of bitcoin was about 60% of what it is now. A huge chunk of the profit came from those time periods. Bitcoin is at, basically, an all time high. I get the thought process from your perspective, although I think it is misguided. You've tried to sell Betking at least 2 other points in the past year that I can remember, but the problem is almost all of Betking's value stems from the bitcoin community's trust in Dean. The brand and software has very little value in my opinion - that's why no one ever offers anything close to what Dean feels Betking is worth (apparently 7000 btc).

All of this is potentially moot however, because at the end of the day a company is worth what someone is willing to pay for it. I seriously doubt this ICO is going to work, considering from what I read in Dean's previous attempt to sell Betking less than a month ago the top bid was 1500 bitcoin for 100% of the company, unless someone offered more and he did not reveal it publicly. How he gets the idea that his top offer was 1500 bitcoin for 100% of the company and in turn starts this ICO 2 weeks later trying to sell 30% for an even larger bitcoin amount than what the top investor offered him for 100% doesn't really make much sense.

Dean's problem in this situation is the only truly valuable commodity in his business is himself as someone who is trusted. That is worth a lot of money. However, all these attempts to sell the whole, or parts, of the company are going to come up short because Dean obviously disagrees with my assessment of the value of his website/software. Dean should eventually just take Betking private and get all the profits himself. It would provide a steady, healthy income for years. Build a new casino/sports betting platform without the investors. Like you said, you are taking in 50% of the profits for a site you believe is worth 5 million dollars and has basically zero operating cost.

A massive problem as well is investors are likely never going to get their investment back+profit, because the only scenario where they do is if Dean decides to sell the company in the future. The problem with that is, Dean is the value of this company. If he doesn't come in the package, no one is paying 7000 bitcoin for this site at the current USD/btc value. Sure, you could sell your shares to other interested buyers, but that will be the only market there is for your shares. You will be relying on dividends to make you money, and this does not have a great outlook if you look at the past few months of wagering on Betking.

The past week, there has been ~670 btc wagered on Betking. That is an expected profit of 6.7 btc/week, or $5,000 per week. $260,000 a year. Or, 19 years to make the $5 million dollars the Dean values his website at.

Also important to look at is how far above EV Betking has been running for Dice. Selling for the actual profit amount is actually quite disingenuous, because Betking could just as easily be at 0 profit as it is at 7000 btc profit. The EV number is the only one that truly matters.

At a much more reasonable ICO price, I would've been very intrigued by investing in Betking/Dean. However, the price is absolutely bonkers.

Regardless, best of luck.

This was one of the best post I have seen on this forum, Sure it is strongly against the idea of this thread, I don't think it should have been deleted.
I was really looking forward to a response from Dean about the negative points raised in this post, When I found it to be deleted I was outraged that the last good bitcoin casino has resorted to the practice of the rest.

EDIT: The quoted text that was deleted was posted by chazley

good thinking, I can add that betking is leaning on high rollers, big whales. When they come (happens once every 40 days on average), bankroll can go either up 20% or down 20%, otherewise there's not much traffic on site.
Still, I wish betking best of luck

[Bartholomew32]

A Bitcoin address will be published at the start of the ICO

ICO is start I need Bitcoin address

[bitcoinsforall]

I am not going to invest in this ICO..

At the first page it is mentioned as refund if less than 2000 btc threshold

when i check the site...it says

"If you would like to invest in our ICO click the invest button. Make sure you have read the details and terms in the post above. THERE IS NO REFUND.

So i am not going to invest...Also people watch out before you do so..

[Lutpin]

At the first page it is mentioned as refund if less than 2000 btc threshold
when i check the site...it says
"If you would like to invest in our ICO click the invest button. Make sure you have read the details and terms in the post above. THERE IS NO REFUND.

I think you misunderstood some things.
The warning on the website is for user-issued refunds, a lot of ICOs allowed their investors to opt out of the investment, as long as the end of the ICO wasn't reached yet.
Such a refund (decided by the user, and only for one users specific investment) will not be available in this one.

However, if the threshold is not reached, then a global refund (to all investors, one they can't decide over) will be issued.
In this case, you will receive your investment back.

(Disclaimer: I'm not affiliated with BetKing further than running their signature campaign, I got the same information as you do, but I understand then differently.)

[BetKing.io]

Hi
So far there's around 200 invested in the ICO.
I'll post an address tonight where you can view.

Will answer any questions in previous posts tonight too.
Thanks

[torikan]

If there is a prize for translation I can translate to turkish.