now he has stopped the wager contest.
that is the end of his site cos no one will go playing there.
yes his support is good, but his attitude sucks.
he wont even pay you your winnings promptly. that is the first site where you have to stress your self to win then stress your self to withdraw.
dude is a total con artist. atimes i fail to belive the site actually have investors, cos no investor will want to invest in a site that scares players off with its habit. i think the bank roll is fake.
i have never seen an investor complain
The betking bankroll was part of the ICO scam from the beginning.
Scammer Dean Nolan claimed at least 50% of the ICO funds were going to the bankroll but certainly did not seem so.
Dean Nolan is a compulsive lair as well as scammer. Another ICO for another "project". Now he is looking for $10 million to fund his "bitsafe exchange".
Already email have been sent out to betking investors saying "betking" will re-brand as "bitsafe" and move away from gambling and in to payment processing and exchange and also said that their scam BKB tokens will be converted to BTSC tokens when the "bitsafe" site goes live yet this super-scammer Dean Nolan makes no mention of this on the betking.io website where he still sells "investment" BKB tokens without telling investors of his plans about his "bitsafe" scam:
Be the bank at BetKing
BetKing allows you to invest in the house bankroll, the funds that players bet against.
By investing in BetKing you increase the bankroll and also the maximum profit a player can win per bet. This attracts more players. You will receive a share of the profit the site makes
from player losses. But you will also share the loss when a player wins.
BetKing allows players to bet in 4 different currencies and you can invest in each bankroll, Bitcoin, Ethereum, Litecoin and BKB.
Currently your investment will be used for the dice game but in future you will have the option to invest in the bankroll used for other casino games and sports.
The dice game has a 1% house edge which means in the long run the site expects to make a profit of 1% of the total wagered amount.
In the short term the house can still lose money due to variance. If a player makes a lot of large bets the house can win or lose more than the expected 1%.
If you feel that the risk of short term potential losses on your investment do not outweigh the long term potential profit please do not invest.
How does it work?
Here's a basic example:
If the house had one investor who invested 9 Bitcoin and you invested a further 1 Bitcoin, you would then have invested 10% of the total house bankroll of 10 Bitcoin.
The other investor would now be providing 90% of the bankroll. If a player made a bet of 0.1 Bitcoin and lost the bankroll would increase to 10.1 Bitcoin and you would have a
total investment of 1.01 Bitcoin. If the player won the new bankroll would be 9.9 Bitcoin and your total investment would be 0.99 Bitcoin.
BetKing allows you to reduce your counter party risk meaning you don't have to deposit your full investment amount to the site. This works by
letting you set how much of your investment is at risk each bet. The default is 0.5%.
Lets assume you want to invest 10 Bitcoin at the default risk of 1/2 leverage but don't want to have the risk of a site operator holding on to all your Bitcoin.
You could instead deposit 0.5 Bitcoin and invest at 10x leverage.
This puts more of your investment at risk each bet and you may need to redeposit and top up your investment account frequently due to the variance of the game.
So you should have the coins in your own cold wallet to back up the desired investment total. Obviously some people may just want to gamble and risk their full 10 Bitcoin at 10x to try
and maximize profit. This is not recommended though.
Frequently Asked Questions
Is there any commission charged on investment?
At the end of each week, Monday midnight GMT, or when you divest 30% commission will be deducted from your profit. This commission is only charged on new profit.
So you will not be charged when your profit falls below the amount that is already been charged. When you withdraw funds you can withdraw your initial investment without paying commission.
Only profit withdrawn will have commission charged.
BKB commission discount
We do offer a way for investors to reduce the commission they pay. They can pay 50% of their commission due using BKB at a 50% discount.
If for example you made a profit of 1 Bitcoin and were due to pay 0.3 Bitcoin commision, you could save 0.075 Bitcoin by paying the equivilent of 0.075 Bitcoin in BKB tokens.
BKB is the token that we created in our ICO and can be used to pay commission, withdrawal fees and trading fees as well as to play or earn rewards.
We are launching an exchange on BetKing soon where you will be able to trade BKB for Bitcoin, Litecoin and Ethereum.
If you would like to purchase BKB before then to get commission discounts then feel free to trade in the community or email
[email protected]For more information on BKB and how it's price is calculated visit here
How is Maximum profit calculated?
The maximum payout of the site is calculated by taking the sum of all the investments * risk * 0.01. So imagine we had investor A with 10 Bitcoin invested at 1/2 leverage,
investor B with 10 Bitcoin at 5x leverage and investor C with 10 at 10x leverage. The maximum payout would be:
(10*0.5*0.01) + (10*5*0.01) + (10*10*0.01) = 1.55 Bitcoin
How is my profit calculated?
The higher your risk the more you stand to win or lose each bet. So each bet your investment will be updated like so:
i = i + ((-p * i * r * 0.01) / m)
Where:
p = the players profit for that bet
i = the amount you have invested
r = your risk
m = the current max payout
In the above example lets say a player bets 1 Bitcoin and wins. The current investments would then be:
iA = 10 + ((-1 * 10 * 0.5 * 0.01 )/1.55) = 9.96774193
iB = 10 + ((-1 * 10 * 5 * 0.01 )/1.55) = 9.67741935
iC = 10 + ((-1 * 10 * 10 * 0.01 )/1.55) = 9.35483870
Max payout on the next bet would then be:
(9.9677*0.5*0.01) + (9.6774*5*0.01) + (9.3548*10*0.01) = 1.46919354
Can i lose money?
Yes! The variance of the game may mean that you can lose some of your investment in the short term, especially if you have set a high risk without the funds to back it up off-site.
Although every step has been taken to secure funds by keeping them offline in cold storage, allowing two factor authentication on accounts, offering emergency withdrawal address,
testing and auditing the code and allowing leveraged risk, there is still a risk investing.
Funds are not insured and in the unlikely event there is any loss due to theft, software errors, transferring of funds to the wrong wallet
or account compromise then BetKing will not be liable for any loss.
If you feel the risk outweighs the gains then please do not invest.
If your question is not answered in the list below then email
[email protected]It seems scammer Dean Nolan has only tried to dupe his betking scam investors and those on the betking mailing list to send crypto for his "bitsafe" scam.
After failing to achieve a significant amount of investment he has closed the bitsafe Telegram channel and placed a "coming soon" page on the bitsafe website.
He says he will try to re-launch the ICO soon with the aim of getting $10 million from the ICO
Man, investors really got screwed here pretty badly. But if anyone feels left out from this reverse-gangbang at least he's offering a new ICO to get into.
