Where is the proof of the revenue?
Simply stating it in a forum and expecting us to invest is a receipe for a scam.
Topic: BetKing.io Investment pitch - Established and profitable Bitcoin casino (Read 2777 times)
April 26, 2016, 12:26:09 PM
April 24, 2016, 09:25:13 AM
UPDATE:
So after speaking with lawyer about all the possible methods it looks like regardless of the method I choose that I would need to limit the shares to people in the UK and also take name/ID and their names would appear on annual returns/tax reports.
I think this limits the potential audience too much to get this going so I will not be looking to implement a new coin or a share exchange on the BetKing.io website.
If you are from UK and would like to invest privately you can pm.
Thanks
So after speaking with lawyer about all the possible methods it looks like regardless of the method I choose that I would need to limit the shares to people in the UK and also take name/ID and their names would appear on annual returns/tax reports.
I think this limits the potential audience too much to get this going so I will not be looking to implement a new coin or a share exchange on the BetKing.io website.
If you are from UK and would like to invest privately you can pm.
Thanks
April 11, 2016, 12:15:51 PM
Update:
BetKing.io has now launched a sports betting product.
Also after getting advice from lawyer on the tracking investment methods it is OK for me to use the alt-coin route.
I am still not 100% convinced that colored coins or counterparty are the way to go.
We are still looking at option number 5, allowing people to purchase shares directly on the BetKing.io website. But there's still a few details we need to clear up.
This would be my preferred method as it's the easiest to set up.
If you are interested in investing privately, as per option 1, feel free to pm me to discuss.
BetKing.io has now launched a sports betting product.
Also after getting advice from lawyer on the tracking investment methods it is OK for me to use the alt-coin route.
I am still not 100% convinced that colored coins or counterparty are the way to go.
We are still looking at option number 5, allowing people to purchase shares directly on the BetKing.io website. But there's still a few details we need to clear up.
This would be my preferred method as it's the easiest to set up.
If you are interested in investing privately, as per option 1, feel free to pm me to discuss.
April 06, 2016, 08:26:16 AM
I'm curious to see more data on this, and the development as far as the legality of on-platform issued shares. Would said shares be xferable between users, to facilitate liquidity?
I'd stay away from issuing a coin. The exchanges are manipulated to all hell, don't subject your asset's valuation to unnatural market forces. Depending on the coin algorithm, you would also be at the whim of your miners.
Just a suggestion
I'd stay away from issuing a coin. The exchanges are manipulated to all hell, don't subject your asset's valuation to unnatural market forces. Depending on the coin algorithm, you would also be at the whim of your miners.
Just a suggestion
That is what I am looking to hear back on too. Apparently it should be in the next few days.
I would hope that I could allow transfer between users on platform.
I know that a lot of alt coins get manipulated but I thought, and I could be wrong, that it would be quite hard to manipulate this one considering I'd be the only seller at first and would still hold 70% of all coins. If it was also PoS then I'd be the biggest miner too.
But again, open to suggestions and once I get more information I can make the correct decision.
Thanks
April 02, 2016, 11:43:02 PM
I'm curious to see more data on this, and the development as far as the legality of on-platform issued shares. Would said shares be xferable between users, to facilitate liquidity?
I'd stay away from issuing a coin. The exchanges are manipulated to all hell, don't subject your asset's valuation to unnatural market forces. Depending on the coin algorithm, you would also be at the whim of your miners.
Just a suggestion
I'd stay away from issuing a coin. The exchanges are manipulated to all hell, don't subject your asset's valuation to unnatural market forces. Depending on the coin algorithm, you would also be at the whim of your miners.
Just a suggestion
March 29, 2016, 05:57:27 AM
Currently waiting on hearing back from lawyer to see the legality of each of the methods of tracking investment are.
Could be another couple weeks but better to get it done right.
Could be another couple weeks but better to get it done right.
March 10, 2016, 09:27:54 AM
Hi
Would be very interested in this. Going to take some time to think over the proposal, and also to do my own calculations based on the published site stats.
Will email / PM you in BetKing
Would be very interested in this. Going to take some time to think over the proposal, and also to do my own calculations based on the published site stats.
Will email / PM you in BetKing
March 10, 2016, 05:47:05 AM
Updated original post to make things a little clearer.
March 09, 2016, 05:59:25 PM
Is what you are proposing more profitable then investors just investing in the dice bankroll?
If so why not just have an option on the investment tab for current investors to move up to X% to buy a share of all revenues not just profits from the dice site. First BTC900 to agree on their account tab get it.
Dividends that are paid out could just go back in the account and the end user could invest them in the bankroll, withdraw the funds, or look to buy a higher % of the site if shares became available.
The downfall to this is that your bankroll will go down and so will your max profit, BUT, my guess is that most current investors will withdraw to buy shares anyway if in fact what you are proposing is more profitable.
If so why not just have an option on the investment tab for current investors to move up to X% to buy a share of all revenues not just profits from the dice site. First BTC900 to agree on their account tab get it.
Dividends that are paid out could just go back in the account and the end user could invest them in the bankroll, withdraw the funds, or look to buy a higher % of the site if shares became available.
The downfall to this is that your bankroll will go down and so will your max profit, BUT, my guess is that most current investors will withdraw to buy shares anyway if in fact what you are proposing is more profitable.
Potentially yes. There are more revenue streams for the business than there are for the bankroll investors and more will be added in future.
The funds could still also be left sitting at low risk in the bankroll to add an extra income on top of the ones listed above.
I don't think it would be a good idea to change the "invest" in the bankroll option as BetKing stands out from other sites by having the largest betting limits so it attracts high rollers.
I don't see how you can use funds from the bankroll as the 900K, then they wouldn't be in the bankroll??
I agree that you stand out as the highest bankroll, but if this offering goes through people will divest to invest in the full site anyway so your site still ends up smaller. At least using my suggestion you could take the 900BTC out of the bankroll in "Investment stages"
So in a perfect world the bankroll keeps building up before you take the next investment block out.
It is most likely, with private conversations that I've had, that the 900 will come from new funds that are not part of the current bankroll.
These funds can be invested in and on top of the current bankroll also meaning the bankroll would increase and max profit increase. The profit on these 900 would be split between the new shareholders. That is if we decided that was something to do but I don't see why not if the funds were sitting idle at any point, they might as well be earning a profit.
March 09, 2016, 05:56:01 PM
Is what you are proposing more profitable then investors just investing in the dice bankroll?
If so why not just have an option on the investment tab for current investors to move up to X% to buy a share of all revenues not just profits from the dice site. First BTC900 to agree on their account tab get it.
Dividends that are paid out could just go back in the account and the end user could invest them in the bankroll, withdraw the funds, or look to buy a higher % of the site if shares became available.
The downfall to this is that your bankroll will go down and so will your max profit, BUT, my guess is that most current investors will withdraw to buy shares anyway if in fact what you are proposing is more profitable.
If so why not just have an option on the investment tab for current investors to move up to X% to buy a share of all revenues not just profits from the dice site. First BTC900 to agree on their account tab get it.
Dividends that are paid out could just go back in the account and the end user could invest them in the bankroll, withdraw the funds, or look to buy a higher % of the site if shares became available.
The downfall to this is that your bankroll will go down and so will your max profit, BUT, my guess is that most current investors will withdraw to buy shares anyway if in fact what you are proposing is more profitable.
Potentially yes. There are more revenue streams for the business than there are for the bankroll investors and more will be added in future.
The funds could still also be left sitting at low risk in the bankroll to add an extra income on top of the ones listed above.
I don't think it would be a good idea to change the "invest" in the bankroll option as BetKing stands out from other sites by having the largest betting limits so it attracts high rollers.
I don't see how you can use funds from the bankroll as the 900K, then they wouldn't be in the bankroll??
I agree that you stand out as the highest bankroll, but if this offering goes through people will divest to invest in the full site anyway so your site still ends up smaller. At least using my suggestion you could take the 900BTC out of the bankroll in "Investment stages"
So in a perfect world the bankroll keeps building up before you take the next investment block out.
March 09, 2016, 05:20:17 PM
Is what you are proposing more profitable then investors just investing in the dice bankroll?
If so why not just have an option on the investment tab for current investors to move up to X% to buy a share of all revenues not just profits from the dice site. First BTC900 to agree on their account tab get it.
Dividends that are paid out could just go back in the account and the end user could invest them in the bankroll, withdraw the funds, or look to buy a higher % of the site if shares became available.
The downfall to this is that your bankroll will go down and so will your max profit, BUT, my guess is that most current investors will withdraw to buy shares anyway if in fact what you are proposing is more profitable.
If so why not just have an option on the investment tab for current investors to move up to X% to buy a share of all revenues not just profits from the dice site. First BTC900 to agree on their account tab get it.
Dividends that are paid out could just go back in the account and the end user could invest them in the bankroll, withdraw the funds, or look to buy a higher % of the site if shares became available.
The downfall to this is that your bankroll will go down and so will your max profit, BUT, my guess is that most current investors will withdraw to buy shares anyway if in fact what you are proposing is more profitable.
Potentially yes. There are more revenue streams for the business than there are for the bankroll investors and more will be added in future.
The funds could still also be left sitting at low risk in the bankroll to add an extra income on top of the ones listed above.
I don't think it would be a good idea to change the "invest" in the bankroll option as BetKing stands out from other sites by having the largest betting limits so it attracts high rollers.
March 09, 2016, 03:49:51 PM
Is what you are proposing more profitable then investors just investing in the dice bankroll?
If so why not just have an option on the investment tab for current investors to move up to X% to buy a share of all revenues not just profits from the dice site. First BTC900 to agree on their account tab get it.
Dividends that are paid out could just go back in the account and the end user could invest them in the bankroll, withdraw the funds, or look to buy a higher % of the site if shares became available.
The downfall to this is that your bankroll will go down and so will your max profit, BUT, my guess is that most current investors will withdraw to buy shares anyway if in fact what you are proposing is more profitable.
If so why not just have an option on the investment tab for current investors to move up to X% to buy a share of all revenues not just profits from the dice site. First BTC900 to agree on their account tab get it.
Dividends that are paid out could just go back in the account and the end user could invest them in the bankroll, withdraw the funds, or look to buy a higher % of the site if shares became available.
The downfall to this is that your bankroll will go down and so will your max profit, BUT, my guess is that most current investors will withdraw to buy shares anyway if in fact what you are proposing is more profitable.
March 09, 2016, 07:21:01 AM
Where can I find more information about the company? Do you have a gambling license?
March 09, 2016, 07:13:45 AM
BetKing.io Investment pitch
About BetKing.io
https://betking.io is one of the oldest Bitcoin gambling sites, launched in April 2013 under the old name of Pocket Rockets Casino.
Since then BetKing has become one of the most popular Bitcoin casinos and dice sites with over 298,000 Bitcoin wagered.
For the past 3 years I have worked alone to make BetKing a success.
2015 was a great year that saw BetKing become the most popular crowdfunded Bitcoin casino with 150,000 Bitcoin wagered, making a
profit of 2900 Bitcoin for the bankroll providers.
The site currently features dice, roulette, blackjack and slot games.
I am looking to make BetKing and Bitcoin gambling grow even bigger and inviting you to be part of it and share the success.
Reason for investment
We have identified two areas of potential growth. Firstly we would like to expand BetKing by developing new products including a betting exchange,
a fully featured poker software and a sports betting platform.
Secondly we would like to allow 3rd party developers to create their own unique games and
websites where players can use their BetKing account to safely store their Bitcoin while betting
against the BetKing bankroll.
We believe we could see a huge growth by offering more products under one roof for customers
and are looking for capital injection to hire full time development and marketing staff.
Investment offering
BetKing is looking to raise 900 Bitcoin for 30% share of BetKing equity. The existing equity will be
split into 7 million shares and 3 million new shares will be made available for investors. Each new
share will be offered at 0.0003 Bitcoin.
In 2015 BetKing.io had over 150,000 Bitcoin wagered on dice alone and the bankroll providers
made a profit of 2900 Bitcoin. With the current commission setup that would equate to a profit for
BetKing.io of around 1100 Bitcoin per annum with existing products alone.
We have valued the existing equity of BetKing at 2100 bitcoin for this offering with a value of 3000
bitcoin post investment. BetKing is a growing business and has been established 3 years. The
existing equity has been valued at just under 2x estimated profit based on 2015 trading. I feel this is a
fair evaluation and exciting opportunity for investors.
The value of BetKing if it was sold could achieve much higher numbers as there would be an
opportunity for a new owner to provide the bankroll which made profits of 2900 Bitcoin in 2015
alone. With future expansion from this fund raising round we believe the value of BetKing would
increase significantly further.
Current revenue streams
BetKing.io profit currently is made up of:
(1) 25% of the edge on all wager amounts in dice, equating to 2.5 bitcoin per 1000 wagered.
(2) 25% of the edge on all wager amounts in roulette, equating to 6.75 bitcoin per 1000 wagered.
(3) 25% commission on the weekly profit from bankroll investors
(4) 100% of profit from Blackjack
(5) 100% of the profit from Slots
Currently BetKing has server and related expenses of around £800 (2.5 btc) per month.
We have identified the following revenue stream opportunities we would like to add to our
platform:
(1) Sports betting
(2) Betting exchange commission
(3) Poker rake
(4) 3rd party site offerings through revenue share models.
We believe the size of the market will continue to grow and will monitor opportunities to add
alternative currencies other than bitcoin to the platform where this is demand.
Accounting and Dividends
Each month BetKing will publish its revenue, operating costs and its balance of operating funds.
Post the successful offering of this investment offering BetKing would have 900 bitcoin in working
capital (WC).
If in month one BetKing made 20 Bitcoin from all revenue streams and has a cost of 2.5 Bitcoin
for server and 6 Bitcoin for development then the working capital at the end of the month will be:
900 + 20 2.5 8 = 909.5
If in month two BetKing made 30 Bitcoin from all revenue streams and had a cost of 2.5 Bitcoin
for server and 6 for developer plus 20 was spent on new marketing then the working capital at the
end of the month will be:
909.5 + 30 2.5 6 20 = 911.0
Within 14 days of the end of each month the figures will be made available on a public basis.
At the end of each quarter (3 months) we will look to pay dividends to investors. Where the
working capital has exceeded 1000 bitcoins we would look to issue dividends in the amount of:
0.5 x (wording capital 900).
Example 1:
If the working capital was 1050 bitcoins dividends would be declared at:
0.5 * (1050 900) = 75 bitcoin.
Example 2:
If the working capital was 1020 bitcoins dividends would be declared at:
0.5 * (1020 900) = 60 bitcoin.
Example 3:
If the working capital was 960 bitcoins no dividend would be declared as the working capital is under 1000 bitcoins.
Dividends would be paid to all shareholders equally, so a dividend of 75 bitcoins would represent
7.5 bitcoin per 1 million shares.
In the event of a sale or disposal of the site, then all disposal proceeds and working capital would be immediately divided amongst the shareholders.
Methods of tracking investment
There are a few methods that could be used to raise investment and issue shares:
1) Private investor(s)
2) New alt coin
3) Colored Coins
4) Counterparty
5) Allow purchase of shares on the BetKing.io website and link them to your user account
Private investor(s) is obviously the easiest route to go.
A new alt coin would allow the share to be represented by a coin and be traded on an exchange. There could also be a community interest in this.
I need to do more research on Colored Coins and Counterparty but they were both suggested as good routes to take.
I'm not sure of the legality of number 5. If it were OK to do it this way without trouble from the LSE or SEC
then it would be a good method. I'll speak to lawyer about this one.
If you have any questions, concerns or suggestions then post a comment, pm or email [email protected] and I will reply.
About BetKing.io
https://betking.io is one of the oldest Bitcoin gambling sites, launched in April 2013 under the old name of Pocket Rockets Casino.
Since then BetKing has become one of the most popular Bitcoin casinos and dice sites with over 298,000 Bitcoin wagered.
For the past 3 years I have worked alone to make BetKing a success.
2015 was a great year that saw BetKing become the most popular crowdfunded Bitcoin casino with 150,000 Bitcoin wagered, making a
profit of 2900 Bitcoin for the bankroll providers.
The site currently features dice, roulette, blackjack and slot games.
I am looking to make BetKing and Bitcoin gambling grow even bigger and inviting you to be part of it and share the success.
Reason for investment
We have identified two areas of potential growth. Firstly we would like to expand BetKing by developing new products including a betting exchange,
a fully featured poker software and a sports betting platform.
Secondly we would like to allow 3rd party developers to create their own unique games and
websites where players can use their BetKing account to safely store their Bitcoin while betting
against the BetKing bankroll.
We believe we could see a huge growth by offering more products under one roof for customers
and are looking for capital injection to hire full time development and marketing staff.
Investment offering
BetKing is looking to raise 900 Bitcoin for 30% share of BetKing equity. The existing equity will be
split into 7 million shares and 3 million new shares will be made available for investors. Each new
share will be offered at 0.0003 Bitcoin.
In 2015 BetKing.io had over 150,000 Bitcoin wagered on dice alone and the bankroll providers
made a profit of 2900 Bitcoin. With the current commission setup that would equate to a profit for
BetKing.io of around 1100 Bitcoin per annum with existing products alone.
We have valued the existing equity of BetKing at 2100 bitcoin for this offering with a value of 3000
bitcoin post investment. BetKing is a growing business and has been established 3 years. The
existing equity has been valued at just under 2x estimated profit based on 2015 trading. I feel this is a
fair evaluation and exciting opportunity for investors.
The value of BetKing if it was sold could achieve much higher numbers as there would be an
opportunity for a new owner to provide the bankroll which made profits of 2900 Bitcoin in 2015
alone. With future expansion from this fund raising round we believe the value of BetKing would
increase significantly further.
Current revenue streams
BetKing.io profit currently is made up of:
(1) 25% of the edge on all wager amounts in dice, equating to 2.5 bitcoin per 1000 wagered.
(2) 25% of the edge on all wager amounts in roulette, equating to 6.75 bitcoin per 1000 wagered.
(3) 25% commission on the weekly profit from bankroll investors
(4) 100% of profit from Blackjack
(5) 100% of the profit from Slots
Currently BetKing has server and related expenses of around £800 (2.5 btc) per month.
We have identified the following revenue stream opportunities we would like to add to our
platform:
(1) Sports betting
(2) Betting exchange commission
(3) Poker rake
(4) 3rd party site offerings through revenue share models.
We believe the size of the market will continue to grow and will monitor opportunities to add
alternative currencies other than bitcoin to the platform where this is demand.
Accounting and Dividends
Each month BetKing will publish its revenue, operating costs and its balance of operating funds.
Post the successful offering of this investment offering BetKing would have 900 bitcoin in working
capital (WC).
If in month one BetKing made 20 Bitcoin from all revenue streams and has a cost of 2.5 Bitcoin
for server and 6 Bitcoin for development then the working capital at the end of the month will be:
900 + 20 2.5 8 = 909.5
If in month two BetKing made 30 Bitcoin from all revenue streams and had a cost of 2.5 Bitcoin
for server and 6 for developer plus 20 was spent on new marketing then the working capital at the
end of the month will be:
909.5 + 30 2.5 6 20 = 911.0
Within 14 days of the end of each month the figures will be made available on a public basis.
At the end of each quarter (3 months) we will look to pay dividends to investors. Where the
working capital has exceeded 1000 bitcoins we would look to issue dividends in the amount of:
0.5 x (wording capital 900).
Example 1:
If the working capital was 1050 bitcoins dividends would be declared at:
0.5 * (1050 900) = 75 bitcoin.
Example 2:
If the working capital was 1020 bitcoins dividends would be declared at:
0.5 * (1020 900) = 60 bitcoin.
Example 3:
If the working capital was 960 bitcoins no dividend would be declared as the working capital is under 1000 bitcoins.
Dividends would be paid to all shareholders equally, so a dividend of 75 bitcoins would represent
7.5 bitcoin per 1 million shares.
In the event of a sale or disposal of the site, then all disposal proceeds and working capital would be immediately divided amongst the shareholders.
Methods of tracking investment
There are a few methods that could be used to raise investment and issue shares:
1) Private investor(s)
2) New alt coin
3) Colored Coins
4) Counterparty
5) Allow purchase of shares on the BetKing.io website and link them to your user account
Private investor(s) is obviously the easiest route to go.
A new alt coin would allow the share to be represented by a coin and be traded on an exchange. There could also be a community interest in this.
I need to do more research on Colored Coins and Counterparty but they were both suggested as good routes to take.
I'm not sure of the legality of number 5. If it were OK to do it this way without trouble from the LSE or SEC
then it would be a good method. I'll speak to lawyer about this one.
If you have any questions, concerns or suggestions then post a comment, pm or email [email protected] and I will reply.
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