BetKing – ICO Crowdfunded Bitcoin Casino Cryptocurrency Gambling?
BetKing.io is an online casino currently preparing for its relaunch and ICO. Find out everything you need to know about this online gambling platform today in our review.
What Is BetKing?
BetKing, found online at BetKing.io, launched in April 2013 as an online gambling platform for cryptocurrency users. By the end of 2014, BetKing had become one of the most popular crowdfunded bitcoin casinos. In 2015, BetKing had more wagers than any other crowdfunded gambling website (with a total of 400,000 bitcoin, which was “almost more than all competitors combined”, reports the official website).
BetKing, however, closed in December 2016. The company returned all bitcoins to investors. Now, BetKing is preparing to relaunch on September 4. In preparation for that relaunch, the company has scheduled an ICO for August 7.
In previous years, BetKing was exclusively a bitcoin dice game. There were no additional casino games. In the future, BetKing will be a full-fledged casino with roulette, blackjack, poker, sports betting, and more.
Is BetKing worth your investment? Let’s take a closer look at BetKing’s ICO and planned features.
How Will BetKing Work?
The new BetKing, like the old BetKing, will offer provably fair casino games – like blackjack and roulette.
One of the unique innovations with the new version of BetKing, however, is that the developers will allow third party casino websites and app developers to integrate with the BetKing platform. Through this system, BetKing will take care of user accounts and betting, then let casinos develop their own unique games and promos without having to worry about the bankroll or security side of things.
Blackjack and roulette will be available at launch. Soon after launch, BetKing plans to introduce sports betting, poker games, more casino games, tournaments, and native mobile apps.
A launch announcement on BetKing.io also hinted at “unique new games and social features that will be announced next month.”
Players will be able to access all of these features on the BetKing beta site, which will launch in August 2017, just before the public launch in September.
The BetKing ICO
BetKing is launching its ICO. Like any ICO, investors need to decide whether or not it’s worth the money.
The BetKing.io website frequently reminds investors that BetKing made a profit of 7400 BTC in just over 2 years of operation. More importantly, they made that money with one simple game (a dice game) and a basic marketing platform. The new BetKing features new games and services. BetKing also has a list of third party partners who have already expressed interest in joining the platform.
Now that the marketing stuff is out of the way, here are the technical details about how the ICO will work:
- 100,000,000 BetKing Bankroll tokens will be created as Ethereum ERC23 tokens, issued after the completion of the crowdsale
- 70 million tokens will be available for sale to crowdsale participants, while 30 million will be retained by BetKing for ICO bounties (1%), testing bounties, advisors, hiring, and future marketing/development
- You can purchase Bankroll tokens using bitcoin, Ethereum, Litecoin, and Dash
- All funds will be held in cold storage
- Discounts are available throughout the ICO, including 15% discounts for the first week, 10% for the second week, 5% for the third week, and 5% discounts to all previous BetKing bankroll providers (regardless of what week they buy)
- There will also be a presale up to the 17th of July, during which you can purchase tokens at a 25% discount; presales have a cap of 1000 bitcoins
- Tokens are not a share in the company and they have no voting rights
How will BetKing use the funds? After the crowdsale, at least 50% of the funds raised will be used for the house bankroll that players bet against. Winnings will also be paid from this pool. The remaining funds will be used for marketing, promos, SEO, design, development, server costs, and legal fees.
Finally, a percentage of BetKing’s profit will be used to buy back Bankroll tokens from holders. All profit made on bankrolled games will be audited and made available to token holders. Something like this was done in the past with the crowdfunded bankroll profits.
The ICO is scheduled to take place between August 7 and September 4. There is no cap on the total funds that can be raised, and there’s no minimum amount for the ICO to be successful.
BetKing Development Plans
BetKing launched a beta version of its new dice game and platform in Q2 2017. Their ICO crowdsale, blackjack and roulette release, and relaunch are scheduled for Q3 2017. By Q4 2017, the company hopes to have mobile apps, more casino games, and more partners. They also plan to integrate SegWit (if activated), research Lightning network integration, and introduce Ethereum smart contract betting.
In 2018, BetKing aims to introduce poker, sports betting, and an online store.
BetKing is led by a developer named Dean. Dean got into bitcoin in 2012 and launched the original BetKing in 2013. In December 2016, Dean took BetKing offline because he wanted to do more than operate a dice site: he wanted to operate bitcoin’s number one gambling website.
Before starting BetKing, Dean was a software developer doing contract work, but had never previously worked in the gambling industry. Moving forward, BetKing will be Dean’s 100% focus.
BetKing was one of the bitcoin community’s leading crowdfunded gambling websites. Prior to shutting down in December 2016, the site was known as one of the most popular dice gambling sites for the bitcoin community.
Starting in September 2017, BetKing will relaunch as a full-fledged gambling website. In addition to a revamped dice game, the new and improved BetKing will feature blackjack and roulette. By the end of 2017 and 2018, the platform plans to implement poker, sports betting, and other features.
In addition, BetKing will allow developers and third party casinos to create apps for the platform: BetKing will handle the back-end, while developers handle the promotion and development of the games.
BetKing’s ICO is scheduled between August and September, with the platform’s public launch scheduled for September 4 (the day the ICO ends). Stay tuned for more information about the relaunch of BetKing!