Topic: BetKing.io is a blatant scam operated by Dean Nolan - page 38. (Read 31310 times)

I don't think that BK is a blatant scam, as the title reads.
Me and my friends have been able to routinely make despots and withdrawals, and the withdrawal are literally almost automatic, something that can't be said for too many other sportsbooks.

Actually, is an apology really accepted here when money involved? I do not think apology is needed, but a compensation might work. I do think betking is really a good site as well but never know that they really have some problem with their token. I am watching this thread for months yet there is nothing good on their token, thry should really work this out unless they still have some ace under their sleeves

 

Ever since some of us started to address his failures towards the investors he started to get more active. Adding more "prizes" to games will not save Dean Nolan or his Betking website.

If he wants success first of all he should apologise to investors for the nonsense token system he used to get investors into the ICO and currently still sells those same useless and worthless tokens to gullible users.

After that he should allow independent audits of all his accounts so those that consider Dean Nolan is a scammer and a fraud can be shown the proof.

Looks like Dean is actually putting some work into his site now. I think this push has actually done some good for the investors.

BetKing tries to hide his investor and affiliate scam with new and self-moderated threads!

BetKing.io - New wagering contest. 3 prizepools! 0.5 Bitcoin, 10 ETH and 50 LTC

That is very sad, I checked the link and am checking that thread as well.

It shows people had been sending out warnings about Dean Nolan for such a long time yet still he managed to rake it in from the ICO funds.

So sad, I feel sorry for the ICO and other investor what purchased tokens and are still able to buy tokens on the Betking website.

I can confirm that BetKing 2 scammed all its affiliates with deleting the statistic of all lifetime referred players!

Thank you for the post. Though you might be right regarding a petition the fact remains those raising funds through ICOs should be giving accounts to investors anyway.

What happened to the 50 BTC jackpot game that Dean Nolan was promoting after the ICO in 2017?

Was there actually a winner? If someone claimed the '50 BTC jackpot' can it be independently verified and audited to ascertain who the winner was?

It is listed on HitBTC but demand is almost zero. Who can blame investors from wanting to stay away from this?

No because @Jollygood wrote this to end his post Is Betking a scam? What is Dean Nolan the "brains" behind Betking playing at?

Also, how will we know if the investors of the ICO want an audit? The first move should be to look for the people who invested in the ICO and let Jollygood create a petition and ask the to sign it demanding for an audit.

You did your research better than me, thank you for correcting me. So if Dean Nolan closed the original site in 2016 and then re-launched in 2017 it confirms my view even more that the sole purpose of the ICO was ensure Dean Nolan became a millionaire overnight while investors got a very bad deal because of the way the token price was formulated.

No, BetKing closed December 2016 and 6 months later introduced the BKB ICO scam. There was also an ICO attempt December 2016, but the goal of 2000 Bitcoin invested was not reached.

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

The following post was made 30 December 2016 in the previous BetKing thread


April 2013 started and after over 3,5 years is end 2016 and not in 2015.

What is real is that Dean Nolan closed closed Betking in 2015 only to for him to re-launch it in 2017 with an ICO that made him a millionaire. The investors, well they received next to nothing and made losses.

It was reported he tried but failed to sell the Betking website before he closed down and re-launched an almost identical site but with an ICO that made no sense to have but investors fell for it and lost their investment.

BetKing was divested December 2016 to be able to sell it, but then was not sold and instead was closed? Is this real?

To be able to introduce the BKB token ICO where he gave fantasy BKB tokens for worthy crypto currencies?

The first BetKing closed December 2016


During this time Dean tried to sell BetKing and received several offers, but instead of selling it he decided to simply close it!

During this time there was also an ICO [ANN] BetKing.io ICO - Bitcoin Gambling website - 581.4 BTC raised so far

BetKing.io ICO Crowdsale

STARTS: December 1st 2016 at 0:00 UTC
ENDS: January 1st 2017 at 0:00 UTC

Funds raised so far: 581.4 Bitcoin

About BetKing:
https://betking.io is one of the oldest Bitcoin gambling sites, launched in April 2013, and has since grown to become the most trusted and one of the most popular Bitcoin gambling sites with over 397,000 Bitcoin wagered and earned over 7200 Bitcoin profit.

I am looking to make BetKing and Bitcoin gambling grow even bigger and inviting you to be part of it and share the success.

Stats:

    Launched April 2013
    397,500 Bitcoin wagered
    7258 Bitcoin profit
    353,000,000 bets
    8500 accounts


Why should I invest?
BetKing is one of the most well known Bitcoin gambling sites and has been the most profitable crowdfunded site with over 7200 Bitcoin profit in the past 2 years alone.

It has seen the most wagered volume of all other crowdfunded gambling sites, more than almost all others combined.

This popularity and profit has been from one game and very little marketing.
Our simple to play provably fair dice game.

We are looking to raise investment so we can develop more products including our own provably fair casino games such as blackjack, slots and roulette.
Funds will also go towards developing a sports betting platform, poker software as well as a host of other gambling related products and services.

Due to the success of BetKing and the previous crowdfunded platform I now have many contacts in the industry who are experts in each of these domains who we would work with to build the best products possible.
 
With your help we can market each of these products to grow BetKing into the leading Bitcoin gambling destination.

Note: BetKings bankroll was previously funded by crowdfunded investment which totalled 6000 Bitcoin. From the 1st of December BetKing will be privately funded and all current investors divested.

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

30,000,000 (30%) of these tokens will be be sold to investors during the ICO period and distributed at the end of the fund raising period.

The remaining 70,000,000 (70%) will remain in the ownership of me as my 70% equity in BetKing.

The funds raised by selling these shares will be loaned by me interest free back to the company to use for expenses and bankroll.

Threshold: 2000 Bitcoin
If the crowdfunding campaign fails to reach the goal of 2000 Bitcoin invested all funds will be returned.

Early investor bonus:
Early investors will get a larger percentage of the shares from the crowdsale meaning their coins will have more weight or purchasing power towards the percentage of shares you receive.

Week 1 = 10% bonus - December 1st 2016 at 0:00 UTC to December 7th 2016 at 23:59:59 UTC.
Week 2 = 5% bonus - December 8th 2016 at 0:00 UTC to December 14th 2016 at 23:59:59 UTC.

Distribution:
ICO starts at December 1st 2016 at 0:00 UTC and ends at January 1st 2017 at 0:00 UTC.
After the ICO has ended, 30,000,000 shares will be distributed proportionately if the target of 2000 Bitcoin or more is raised.
E.g. if we collect 2000 BTC and your investment is 200 BTC, you'll receive 3,000,000 shares.

These shares will be added to your BetKing account where you will be able to trade with other members on the BetKing website.


Dividends:
We will pay dividends as a share of the total profit (revenue-expenses) generated by BetKing in Bitcoin directly to your BetKing account every 3 months if the total capital is greater than the 2000 Bitcoin loan.
You can withdraw your Bitcoin dividend payment instantly to your own wallet.
This may change to be more frequent, e.g. a month, after the first dividend payment.

For example:
Assume revenue from players losses were 300 Bitcoin in the first three months.
Imagine we paid 5 Bitcoin for fixed cost expenses, 10 Bitcoin on banner ads and 10 Bitcoin on developer contract.
After the 3 months we have 2000 (the initial loan) +300-5-10-10=2275.
275 profit.

So the investors from the ICO would get a dividend share of 82.5 (30% of 275) paid into their BetKing account.
I would be paid 192.5 (70%)

The business would have 2000 Bitcoin left in it from the intial loan.

Another example:
In 3 months players win 100 Bitcoin playing dice.
We paid 5 Bitcoin as fixed expenses (server, cloudflare etc).
We spent 10 Bitcoin on some banner ads.
We spent 10 Bitcoin on a contract developer.

After the 3 months we have 2000-100-5-10-10=1875.
-125 profit.

So there are no dividends to be paid as there was no profit in this time.

The business would have 1875 Bitcoin left in it and no dividends would be paid until this amount was over 2000 again.


What the funds be used for:
Most of the funds will be used for but are not exclusive to:

    Bankroll for players to bet against.
    Development of new products.
    Marketing


Exit Strategy:
If BetKing were to be closed for any reason or lost market share to where it stopped generating profit then the initial loan would be paid back to me and then any extra funds left in the business not paid out as dividends yet would be split 30% to investors and 70% to me.
Any assets including the software could be sold and 30% of the sale price distributed to investors.

HOWEVER if BetKing was forced to close suddenly within 3 months of the ICO then all existing funds in the business at that point would be used to pay investors back as close to their full initial investment as possible before I took any share.

There’s also the possibility in future for BetKing to be acquired by a bigger company in which investors will share 30% of the total sale price after the initial loan is paid back to me.

Proof of funds address:
https://blockchain.info/address/1FFweGFja9VGXXB11JA4eExZGGFaS5zjzj


How to buy shares:
To buy shares during the crowdsale period you need to sign up or login to https://betking.io and deposit the Bitcoin you wish to invest, or use the existing balance you have.
You should then visit the invest page which will be live on at the start date of the ICO and enter the amount of Bitcoin you wish to invest then click invest.

If you have any questions feel free to ask by posting here, private messaging or emailing [email protected].

Thanks

Dean
CEO BetKing.io
____________

Dean appear to be confused between loan and investment / share!

ICO December 2016 was canceled because the goal of 2000 Bitcoin invested was not reached.

Then July 2017, 6 months after closing BetKing and failed ICO attempt, he launched an ICO with contradictional, false and misleading statements and promises to draw victims in!

This fraudulent ICO was then able to collect crypto currencies worth $ 6,500,000 million!

There is no evidence shown or provided by Dean Nolan to demonstrate where the ICO funds have been spent. The Betking website that was closed in 2015 is the same Betking website that was re-opened in 2017 so it is hard to justify the fees spent on rebuilding or developing the site. Regardless, Dean Nolan has never accounted for it. There is no evidence provided by him to show who he gave the money to, on which date he gave it and how much he gave and what terms were included along with other accounts.

Dean Nolan has acted as judge, jury and executioner with regards to the ICO funds he received and the general running of the website and constantly not shared vital information such as the distribution terms of the private 30 million Betking tokens.

Those that suspect him of siphoning off funds and pocketing millions for himself have good reason to believe it simply because he has not accounted where the funds went. Pre-ICO he claimed 50% of the ICO funds were to go towards bankroll BUT where is the proof?

Dean Nolan made many promises about what will happen to the Betking tokens and ICO funds BUT none of those claims can be verified because of the secrecy he has surrounded the subject with.

I disagree with you. People are forced to keep 90% of their Betking tokens because they cannot sell them in the buy-back as it caters just for them to sell off 10% per quarter. That is not a good deal. Investors cannot sell tokens on HitBTC because nobody wants them. Investors lose money and lose out the moment they invest.

The ICO funds were allegedly going to be part used from the 30 million private Betking tokens to pay for marketing, promotion and development of the Betking website BUT nobody has been told who the developer was, how many tokens the developer was paid and WHY there was a need to develop the website when it was indentical to the same Betking website that was closed in 2015. Suspicious people say that was part of the plan to pocket large chunks of the ICO funds for himself.

All the evidence along with the silence from Betking suggests the owner (Dean Nolan) did use the funds for something else and clearly it was not honest. That is the view of many investors.

Nope, if the funds used to rebuild betking which is I can say it is not impossible to do for current time because it will be pointless thing to do. More over they expect their coin will be raised by investors to make some profit from it, this is not a way earn from the ICO if they just used the money for rebu.ld their site

Btw their site is a good thing and there is no problems with it so why should they rebuild it anyway? The money that they get from ico should stay there in case something bad happens so all money from investors will be secure

Is it me, but i can't find any listing about this token, it doesnt even show up in the coinmarketcap search feature and how can betking do a buy-back program if its not even being traded?.

This thread is about the investment scam and not players scam, but title maybe should be better changed to "BetKing.io Is it a blatant investment scam?", because signature campaign posters typically do not take the time to read about what they write.

If all the ICO funds are used to rebuild Betking?

This must be a joke, because not even a fraction of the announced 30,000,000 BKB tokens worth $ 1,95 million was used to rebuild or build up the casino!