MUST AVOID BETKING: The 50 BTC Jackpot Vanished? All Evidence Suggets A Fraud?

[marlboroza]

so, to win the jackpot you have to roll 55.555 twice in a row? That is about 1/100,000 x 1/100,000 = 1/10,000,000,000 or 1 in 10 billion chance of happening.  And betting 1,000 sats, I guess it is unlikely anyone ever won it, if someone did they would notify I'm sure.

Actually no one can win 50BTC betting only 1000 satoshi. Someone posted link to steemit article but they forget to include this in post:

Bets of 0.00001 Bitcoin or more can win 1% of jackpot
Bets of 0.0001 Bitcoin or more can win 10% of jackpot
Bets of 0.001 Bitcoin or more can win 100% of jackpot

Meaning - 1000 satoshi bet, two rolls(back to back) containing 55.555 = 0.5BTC Jackpot. So, if my math is correct, whoever wants to catch 1% of jackpot has to wager 100000BTC, I didn't check house edge, but lets say it is 1%(guessing) do some math and see how much money average player has to lose to "win" this jackpot  Best part - everything is transparent 
@JollyGood, I didn't check ICO, but what was promised to investors? Share of bankroll, token re-buy at the same/higher price? Something else?

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[JollyGood]

@JollyGood, I didn't check ICO, but what was promised to investors? Share of bankroll, token re-buy at the same/higher price? Something else?

https://betking.io/ico/

Thank you for the post.

Check out the information yourself. None of the claims made in that link can be verified be Dean Nolan refuses to allow audits or supply proof that he has followed through the promises of the whitepaper.

Dean Nolan has registered the company that owns Betking in Costa Rica so getting him to show the accounts will be difficult but not impossible if there was enough will to do it by investors. Unfortunately it seems many of them sold their Betking tokens at a loss as they gave up hope and thought to get something back rather than risk getting nothing.

There is no way of ascertaining that he did use 50% of the 2017 ICO funds for the bankroll. There is no way to ascertain what happened to the 30 million Betking tokens that were held back for promotions and development. As Dean Nolan re-launched an existing website that he closed in December 2016 in order to have the ICO, the funds could not have been spent on development.

The fact that those 30 million sitting tokens were used to take part of the "profit" means that investors are getting less back during the buy-back and that is only 10% of tokens every 3 months.

Dean Nolan has been accused by several people of siphing off funds for his own pockets. My personal opinion is not important but people are calling Betking and Dean Nolan scam and scammer.

[bbc.reporter]

@Jollygood. What is your personal motivation for your attempt to expose betking and Dean for what might be another ICO scam? Is this from the concern you have for the investors? Have those investors asked help from you to expose Dean? Did you invest in betking's ICO?

[JollyGood]

@Jollygood. What is your personal motivation for your attempt to expose betking and Dean for what might be another ICO scam? Is this from the concern you have for the investors? Have those investors asked help from you to expose Dean? Did you invest in betking's ICO?

After reading some posts from upset investors in the Betking thread I realised something was not right. After investigating it became clear why they were not happy, the reasons included but not limited to:

- the way the tokens were calculated, the formula is flawed and caused losses to investors

- the way 30 million withheld tokens were used to "steal" investors profits because they were not issued to anybody, they were held back

- the complete lack of accountability on part of Dean Nolan to show proof he has followed through with the whitepaper promises of 50% ICO funds going to bankroll

- virtually zero development took place on the December 2016 shutdown website vis-a-vis the "new" post-ICO 2017 website. Why did Dean Nolan use ICO funds for it? Who received it? Was it siphoned off?

- it was reported he tried to sell the Betking twice before closing it down with a view to re-opening it solely with the purpose to siphon money for his own pocket

- many more questions and concerns...

I did not invest in Betking. During the 2017 ICO it was looking very suspect so I started advising investors to stay away from it so Dean Nolan threw his toys out of his pram, spat out his dummy and said he would refuse to answer any questions related to his motives for having the ICO.

Just because the bounty participants were getting free tokens for "promoting" Betking they pounced on any post that was critical of Betking or Dean Nolan. The moment the ICO ended, the bounty participants abandoned Betking and left Dean Nolan to answer the questions of corruption himself. He could not handle it so locked the official thread to try to close down free speech and valid concerns. He removed the Betking ICO thread too in order that people would not be able to see what was going on.

Sadly while ICOs are now the normal there are far too many failures and scams. If there was accountability then it would clear up the issues. Dean Nolan thinks we will believe him that the ICOs funds were held in cold storage. He never gave any wallet addresses to show any proof, he never gave an account to which developer he paid money to to "develop" a website that did not need developing. All he did was wait a year to add plugin Livetable affiliate games.

Dean Nolan even insulted investors by saying they should have shown "due-diligence" before parting with their monmey because they did not read the small print about the Betking token valuation when the large print was promoting "7400 BTC in profits" and all that nonsense before the website was closed down in December 2016, only to re-open in identical format in 2017 after the ICO.

Nobody seems to understand where the funds went other than people saying that Betking and Dean Nolan are scam and scammer because they say he siphoned off the funds for his own pockets.

[bbc.reporter]

Thank you for the making that clear. But it would also be important to call upon the investors who feel that they were scammed and let them speak in the thread.

Also after betking, will you investigate bitdice next?

[juzam1337]

other casinos show proof of their cold wallets as well, I don't see why Dean cannot do that.

[JollyGood]

Thank you for the making that clear. But it would also be important to call upon the investors who feel that they were scammed and let them speak in the thread.

Also after betking, will you investigate bitdice next?

I think after the warm feed back I received from the community exposing the manner in which Dean Nolan and Betking do business, I might try to expose more underhanded operations and scams but not sure right now.

What I achieved in highlighting scams is a sense of satisfaction. When community members join in it shows them they are allowed to voice thier views and communicate with others who feel they have been scammed.

Just because a service might be operating "properly" does not mean much if the ICO whitepaper proposals were not followed through with. In the case of Betking and Dean Nolan it is clear that he cannot provide details of expenditure. In the end the onus is on Dean Nolan to prove he followed through with the whitepaper.

To many people it seems he had closed down the Betking website in December 2016, then re-opened a near identical site in late 2017 after an ICO when there simply was not one needed.

To many people it seems he siphoned off large chunks of the ICO funds to his own pockets from the clause where 30% of the ICO funds could go towards "developement". Also to many people it seems he did not put any funds in a cold wallet and to many people it seems he did not use 50% of the ICO funds to bankroll but that was the main point of the ICO whitepaper.

Dean Nolan even insulted investors by saying they should have shown "due-diligence" before parting with their monmey because they did not read the small print about the Betking token valuation when the large print was promoting "7400 BTC in profits" and all that nonsense. Since then Dean Nolan seems to have edited his post and removed those words but nevertheless he wrote them.

Add to that what people are calling "scam" because he advertised a 50 BTC Jackpot Dice Game only for that not to happen in the way that he advertised it.

My opinion is not important but that is what people say, they call Betking and Dean Nolan scam and scammer.

[Taki]

It can be really hard to follow the winner of online gambling sites, because of there play people from over the world and identity is hidden. It is pretty possible that the jackpot gone nowhere or to one of owners or workers. I think there is such possibility for every gambling site.

[JollyGood]

other casinos show proof of their cold wallets as well, I don't see why Dean cannot do that.

Dean Nolan will never show proof of the Betking cold wallets because it will expose the fact that 50% of the ICO funds did not go bankroll and probably next to nothing is there

Dean Nolan will never show proof of the Betking cold wallets because it will expose the fact that 30 million of the Betking tokens that the ICO funds created did not go towards "development, promotion and legal"

To many people it seems he siphoned off large chunks of the ICO funds to his own pockets from the clause where 30 million of the Betking tokens could go towards "developement" because the website needed little updates or development at all. Also to many people it seems he did not put any funds in a cold wallet and to many people it seems he did not use 50% of the ICO funds to bankroll but that was the main point of the ICO whitepaper.

Regarding the 50 BTC Jackpot Dice game he advertised it as a simple roll your dice and maybe win 50 BTC in the first one and then changed the wording to this one from June 2018 in anew attempt. Now using the word "progressive"  
https://testboo.com/betking-io-review-bitcoin-casino-win-50-btc-progressive-jackpot/

My opinion is not important but that is what people say, they call Betking and Dean Nolan scam and scammer. Many people say that.

[Betwrong]

other casinos show proof of their cold wallets as well, I don't see why Dean cannot do that.

Dean Nolan will never show proof of the Betking cold wallets because it will expose the fact that 50% of the ICO funds did not go bankroll and probably next to nothing is there

Dean Nolan will never show proof of the Betking cold wallets because it will expose the fact that 30 million of the Betking tokens that the ICO funds created did not go towards "development, promotion and legal"[/b]

To many people it seems he siphoned off large chunks of the ICO funds to his own pockets from the clause where 30 million of the Betking tokens could go towards "developement" because the website needed little updates or development at all. Also to many people it seems he did not put any funds in a cold wallet and to many people it seems he did not use 50% of the ICO funds to bankroll but that was the main point of the ICO whitepaper.

Regarding the 50 BTC Jackpot Dice game he advertised it as a simple roll your dice and maybe win 50 BTC in the first one and then changed the wording to this one from June 2018 in anew attempt. Now using the word "progressive"  
https://testboo.com/betking-io-review-bitcoin-casino-win-50-btc-progressive-jackpot/

My opinion is not important but that is what people say, they call Betking and Dean Nolan scam and scammer. Many people say that.

Well, for fairness' sake, I must say that that's not what Google tells me when I search for "Betking" and "Dean Nolan". And, this is really interesting, when I add  the word "scam" to the search I can see only your posts popping up in the search results. How can you explain this?

From my personal experience, and I said it already more than once, Betking.io is a legit gambling site, much better than many of others I had an opportunity to try.

[JollyGood]

It can be really hard to follow the winner of online gambling sites, because of there play people from over the world and identity is hidden. It is pretty possible that the jackpot gone nowhere or to one of owners or workers. I think there is such possibility for every gambling site.

There was no 50 BTC Dice jackpot, the wording used was different from what was on offer. Another word was used at a later date "progressive" to the 50 BTC Jackpot.

Anyway at odds of around 10 billion to one nobody was ever going to win. It shows around 10 BTC for "max win". So it seems the fact that nobody won the 50 BTC because it was never really there in the first place to win means that people are rightly calling it "shady" and a "scam".

Dean Nolan is now using the word "progressive" so at least that means will not get confused (or scammed) depending on how you see it or interpret the intention behind it.

[marlboroza]

Add to that what people are calling "scam" because he advertised a 50 BTC Jackpot Dice Game only for that not to happen in the way that he advertised it.

I think I have already explained you how 50 BTC Jackpot works. If I, not investor or related to betking, have found this information in only few minutes of reading, I am not sure how you fail to do your own research in last, i don't know, 2 weeks or so.

There was no 50 BTC Dice jackpot, the wording used was different from what was on offer. Another word was used at a later date "progressive" to the 50 BTC Jackpot.

Where was that stated? Link me to their whitepaper, I am lazy to search again.

Anyway at odds of around 10 billion to one nobody was ever going to win. It shows around 10 BTC for "max win". So it seems the fact that nobody won the 50 BTC because it was never really there in the first place to win means that people are rightly calling it "shady" and a "scam".

Max win =/= Jackpot.
Someone has already explained it.
As for your question regarding tokens, I've found this at site:

During our ICO we created 100,000,000 BKB tokens to raise funds for the BetKing bankroll. Find out more here.
The token value is calculated as:
I + (P /100,000,000)
Where I is the initial token price after the IC0, $0.09286 and P is the total site profit from all games and currencies at the current exchange rate in $.
For example, if the site profit was 100 Bitcoin and the current price of Bitcoin was $8000 then the BKB price would be:
$0.09286 + ((100*8000) / 100,000,000) = $0.10086

And ICO:

BTC - 1,046.60623396 ($4,811,039.536)
ETH - 4619.11055426 ($1,622,277.817)ETH - 4619.11055426 ($1,622,277.817)
LTC - 856.08369263 ($67,211.1307083813)LTC - 856.08369263 ($67,211.1307083813)
Total $ = 6,500,528.48
BKB Initial price = 0.09286BKB Initial price = 0.09286

100,000,000 BetKing Bankroll Tokens will be created as Ethereum ERC23 tokens and issued after the crowdsale ends.
70 million will be available for sale to crowdsale participants.
30 million will be retained by BetKing for ICO bounties, testing bounties, advisors, hiring, future marketing and development.
BetKing Bankroll Tokens can be purchased with Bitcoin, Ethereum and Litecoin. All funds will be held in cold storage.
All funds will be held in cold storage.

And then this:

After the crowdsale at least 50% of the funds raised will be used for the house bankroll that players bet against and winnings are paid from.The remaining funds will be used for marketing, promos, seo, design, development, server costs and legal.

So investors didn't invest only in bankroll, they invested in promotion of the site too.  

I am not sure why formula is...
Initial token price + ((profit*BTC price) / 100,000,000) = token price
...are there 100,000,000 tokens in bankroll? Why was ICO price calculated with 100,000,000 tokens and not 70,000,000?  

Hm...
30% tokens are used for promotion(2,785,800$)
At least 50% of funds raised during ICO are used for bankroll (50% of 6,500,528.48$ = 3,250,256$)

With this calculation, 6,036,064$ are used for marketing purposes, development etc and 3,250,256$ should be in bankroll.  

BUT this is only in case 50% funds collected during crowdsale are in bankroll. Where can we find info about bankroll?

From site:

With BetKing Bankroll Token you can be the house and get a share of the profit BetKing earns!

How much funds goes to bankroll now?
How much tokens were bought back from investors?
How much tokens are available at the moment?

What is size of bankroll?
What was the size of bankroll after ICO?
How many funds were used for promotion, development etc?
How many funds are left for promotion, development etc?

This IS investors money and these questions should be answered directly to investors.
So, instead of writing speculative esay's ask questions directly.

[JollyGood]

So after that very long post I confess I could not be bothered to read it, I scrolled to the bottom only trying to stop to read a line here or there. Here are the key points of the ICO:
https://betking.io/ico

Anyway, the point being where is the evidence that Dean Nolan followed through with what the whitepaper stated? Do not copy and paste previous posts about which promises Dean Nolan made and what the whitepaper stated. If you have any proof that shows he followed through with the whitepaper promises I look forward to reading them.

Instead of Dean Nolan providing evidence to either refute what others are saying or him providing the very least information to show where the funds are have been spent and what is left, all we get is him locking the Betking thread and him trying get me banned (which was ignored) and him throwing his toys out of his pram and spit his dummy out by refusing to answer questions.

Now about the Betking 50 BTC Jackpot dice game, I already made my point.

My opinion is not important but that is what people say, they call Betking and Dean Nolan scam and scammer. Many people say that.

[bbc.reporter]

Thank you for the making that clear. But it would also be important to call upon the investors who feel that they were scammed and let them speak in the thread.

Also after betking, will you investigate bitdice next?

I think after the warm feed back I received from the community exposing the manner in which Dean Nolan and Betking do business, I might try to expose more underhanded operations and scams but not sure right now.

What I achieved in highlighting scams is a sense of satisfaction. When community members join in it shows them they are allowed to voice thier views and communicate with others who feel they have been scammed.

Just because a service might be operating "properly" does not mean much if the ICO whitepaper proposals were not followed through with. In the case of Betking and Dean Nolan it is clear that he cannot provide details of expenditure. In the end the onus is on Dean Nolan to prove he followed through with the whitepaper.

To many people it seems he had closed down the Betking website in December 2016, then re-opened a near identical site in late 2017 after an ICO when there simply was not one needed.

To many people it seems he siphoned off large chunks of the ICO funds to his own pockets from the clause where 30% of the ICO funds could go towards "developement". Also to many people it seems he did not put any funds in a cold wallet and to many people it seems he did not use 50% of the ICO funds to bankroll but that was the main point of the ICO whitepaper.

Dean Nolan even insulted investors by saying they should have shown "due-diligence" before parting with their monmey because they did not read the small print about the Betking token valuation when the large print was promoting "7400 BTC in profits" and all that nonsense. Since then Dean Nolan seems to have edited his post and removed those words but nevertheless he wrote them.

Add to that what people are calling "scam" because he advertised a 50 BTC Jackpot Dice Game only for that not to happen in the way that he advertised it.

My opinion is not important but that is what people say, they call Betking and Dean Nolan scam and scammer.

Thank you for this public service. I hope you will work on other ICO scams in the altcoin announcement subforum. Also, do you have plans to take your case from the witchhunt, FUD, angry user phase to a full working lawsuit to have the authorities do their job?

[SyGambler]

Thank you for this public service. I hope you will work on other ICO scams in the altcoin announcement subforum. Also, do you have plans to take your case from the witchhunt, FUD, angry user phase to a full working lawsuit to have the authorities do their job?

yeah but whats the point of making a thread stating MUST AVOID BETKING , I mean he does care about investors right ? if people avoided Betking investors will actually lose more so what's the point ??

as a player you should have a perfect experience with betking , yeah investors agreed on ICO terms and lost money but the site for players is good actually

[game-protect]

Thank you for this public service. I hope you will work on other ICO scams in the altcoin announcement subforum. Also, do you have plans to take your case from the witchhunt, FUD, angry user phase to a full working lawsuit to have the authorities do their job?

yeah but whats the point of making a thread stating MUST AVOID BETKING , I mean he does care about investors right ? if people avoided Betking investors will actually lose more so what's the point ??

as a player you should have a perfect experience with betking , yeah investors agreed on ICO terms and lost money but the site for players is good actually

I have to admit you are the perfect lawyer for the online gambling community!

I already informed that BetKing commited an investment fraud with not fulfilling the investment contract seriously. 30% of the investment should have been spent to built up the casino, what clearly did not happen!

Means investors can withdraw from the contract and demand their crypto currencies back!

[SyGambler]

Thank you for this public service. I hope you will work on other ICO scams in the altcoin announcement subforum. Also, do you have plans to take your case from the witchhunt, FUD, angry user phase to a full working lawsuit to have the authorities do their job?

yeah but whats the point of making a thread stating MUST AVOID BETKING , I mean he does care about investors right ? if people avoided Betking investors will actually lose more so what's the point ??

as a player you should have a perfect experience with betking , yeah investors agreed on ICO terms and lost money but the site for players is good actually

I have to admit you are the perfect lawyer for the online gambling community!

I already informed that BetKing commited an investment fraud with not fulfilling the investment contract seriously. 30% of the investment should have been spent to built up the casino, what clearly did not happen!

Means investors can withdraw from the contract and demand their crypto currencies back!

not defending them at all , there is a fact that all users never had a single problem when playing with Betking so customers have no problems
if investors who want their btc back can get them then yeah that would be great , but will that happen ?? no I can't see it happening

these discussions won't help investors at all

[jpcfan]

This IS investors money and these questions should be answered directly to investors.
So, instead of writing speculative esay's ask questions directly.

what happened to your fortunejack sig lol


<---------------------------------------------------- look







making a lot less btc then before. that sucks

[BTCevo]

Thank you for this public service. I hope you will work on other ICO scams in the altcoin announcement subforum. Also, do you have plans to take your case from the witchhunt, FUD, angry user phase to a full working lawsuit to have the authorities do their job?

yeah but whats the point of making a thread stating MUST AVOID BETKING , I mean he does care about investors right ? if people avoided Betking investors will actually lose more so what's the point ??

as a player you should have a perfect experience with betking , yeah investors agreed on ICO terms and lost money but the site for players is good actually

If you have this statement then you are asking for players on betking to lose more so this case will be solved? When big whale lose big, I think it will be good to investors and their ico. This is not suppose to be this way. Do you ever heard anything about their clarification about what really happened on their funds? And where does it go? I do not think they will speak up about this until everyone forgotten and never said anything about this again

[JollyGood]

yeah but whats the point of making a thread stating MUST AVOID BETKING , I mean he does care about investors right ? if people avoided Betking investors will actually lose more so what's the point ??

as a player you should have a perfect experience with betking , yeah investors agreed on ICO terms and lost money but the site for players is good actually

This thread was about the elusive 50 BTC Jackpot dice game. Nobody has come forward to explain where the rollover went. That much has been clarified that nobody won 50 BTC at Betking and the idea was (by Dean Nolan) that nobody was ever going to win it with odds of 10 billion to one as highlighted by another user in an earlier post. the question then arises, was it a scam to entice customers to bet? It it was then what can be done next. If it was not a scam then why did Dean Nolan do it and in relation to the elusive 50 BTC dice game, what was the amount that was rolled over that was son instead.

About what you are referring to, it is virtually identical to the one Dean Nolan closed down in December 2016 with a view to having an ICO. He completed the ICO and re-opened the same site with many people saying that the portion of ICO funds which were to go towards "developing" the website actually went in to his pocket because the website was ready anyway - hence the accusations people made he had the ICO specifically to pocket the "development" portion of the funds. 50% of the ICO funds were supposed to go towards the bankroll but there is no proof he did it.

Would you like to bet on a site where the owner did that to investors? If your logic is to do it because your losses will be contributing towards the investors profits then that is your prerogative I salute you for your stance.