BetKing.io, a cryptocurrency enabled Casino platform who halted service in December 2016 with plans to relaunch this upcoming September 4th has reported a successful presale token raise of 416.05401126 bitcoin and 602.348072322 ether. This amounts to around 465.00684512 bitcoin total or USD $888,511.
The presale ran last week until Monday, July 17th and allowed participants to get a 25% discount on tokens purchased before BetKing commences its full token crowdsale on August 7th. Their ICO will run with no cap until September 4th, this is also the date the platform will officially relaunch to the public for live gaming.
The enhanced BetKing platform set to relaunch on September 4th will offer newly updated provably fair casino games such as blackjack, roulette, and others. Soon after launch, BetKing plans to add sports betting, more casino games, poker games and tournaments as well as native mobile apps for iOS and Android.
BetKing will support multiple cryptocurrencies for betting including Ether and Litecoin.
Further, within the B2B segment, BetKing plans to support casino website and app owners to integrate with its platform. BetKing will handle the management of user accounts and let casinos develop their own unique games and promos while not having to worry about bankroll funds or security issues.
As the August 7th ICO start date gets closer, the company plans on announcing new games and social features that will be available for testing for players to try on the beta site.
The BetKing team stated the following regarding why to pay attention to its ICO and relaunch:
“BetKing made a profit of almost 7,400 bitcoin in a little over two years, with one simple game and minimal marketing. Moreover, the launching and marketing of brand new games and services on a fully-loaded platform has already caught the attention of 3rd party partners interested in integrating with the new platform.”
BetKing Bankroll Token Crowdsale Brief:
Distribution
- 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 (1%), testing bounties, advisors, hiring, future marketing and development.
- BetKing Bankroll Tokens can be purchased with Bitcoin, Ethereum, Litecoin, and Dash. All funds will be held in cold storage.
Use of Funds Raised
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.
Profit Distribution
A percentage of the profit made from bankrolled games will be used to buy back BetKing Bankroll tokens from holders. All profit made on bankrolled games will be audited and made available to token holders as was done in the past with the crowdfunded bankroll profits.
Bankrolled games are games where a player plays against the house such as dice, blackjack, and other casino games as well as 3rd party partner casino games. Player vs. player games such as poker is not included.
Early Discounts
- 1st week 15%
- 2nd week 10%
- 3rd week 5%
- 4th week no discount
An extra 5% discount will be available for previous BetKing bankroll providers regardless of what week they buy.
Token Price
- The total funds raised will determine the price per BetKing Bankroll token. BetKing will take the total value of all funds at the current exchange rate at the end of the crowdsale to determine the total raised funds. For example, if $1,000,000 is raised, then the price per token would be $0.014 ($1,000,000/ 70,000,000 tokens).
- The buy back price offered by BetKing will be based on the current total bankroll profit. So for example if the price of the token at the end of the crowdsale was $0.014 and the bankroll profit was $1,000,000 then the buy back price would be $0.024 (1,000,000/100,000,000 + 0.014).
- Every quarter BetKing will offer to buy back up to 10% of a holder’s tokens at the current buy back price.
- Token holders may choose to sell offsite to 3rd parties or on any exchanges that may list BetKing Bankroll Tokens if they require more liquidity.
Terms
- The crowdsale will start on the 7th of August (00:00 UTC) and end on the 4th of September (00:00 UTC).
- There is no cap on the total funds that can be raised.
- There is no minimum amount needed to be raised for the crowdsale to be successful.
- BetKing Bankroll Tokens are intended to be used to invest in the bankroll on BetKing only.
- BetKing Bankroll Tokens are not a share in a company and have no voting rights.
Current Roadmap
Q2 2017
Beta version of the new Dice game and platform.
Q3 2017
ICO crowdsale. Blackjack and Roulette completed. BetKing relaunch.
Q4 2017
Mobile apps. More casino games. More partners. SegWit integration (if activated). Research Lightning Network integration. Ethereum Smart Contract Betting.
2018
Poker. Sports betting. Store.