Now Betking has announced that they're about to reopen (on the 4th of september precisely), and this time, they aren't going to run just one, but several games. That's exciting news, but there even more The biggest news yet was their announcement that when they relaunch in September, they'll be introducing a new cryptocurrency known as "Betking bankroll tokens". In fact, there is a Betking ICO relaunch project going on as you read this
Just so we're on the same page, let me define an ICO. An initial coin offering or ICO for short is a method of raising funds from the public for the launching of a brand new cryptocurrency. The way it works is simple. The company sells tokens to raise money and this raised money is used to take care of the several technicalities involved in the launch of a new currency. It is generally becoming very popular for companies to sell ICO tokens, as they have a few advantages over IPOs. For example, after a person buys an ICO token, he/she does not necessarily get any ownership rights in the company (unlike IPO purchases which give the buyer part ownership). There have been several successful ICO projects over the years. Among these include Mastercoin and Ethereum, as well as many other less popular ones but the current record breaker is the web browser "Brave" whose ICO raised almost $35 million in less than 30 seconds.
No one knows just how long BetKing has been planning these changes, but honestly, it does seem like an incredibly smart idea. You see, this Betking relaunch ICO project is most likely going to be a big success, because Betking is already well known and well trusted. The past couple of years they have proven that they can make a succesfull crypo currency project. And even better crypto casino's is in their blood. Looking at their track record they have shown how to establish a large crypto empire.
They're a popular brand already, and that alone is going to be a big plus for them. Another thing to consider is that from this point, currency wise, they're going to be fully in charge (now that they're introducing their own currency which they will be the sole propietor of) so, for some of the people who have been speculating on this matter and considering why Betking may have decided to relaunch with an ICO, you should find your answer in the second sentence of this writeup: "Betking made 7400 Bitcoins in 2 and a half years!" They know the power of cryptocurrency and they also feel that they have the marketing power and popularity to gather the masses and make their own cryptocurrency a success. I guess at this point, all we can do is wait to see how it'll all go down in the end.
Updates to Betking have enabled them to allow for a wider range of applications and currency types available to competitors and participants of online gambling. A new plateform has been developed to allow fair casino games such as blackjack and Roulette and other favourites. There has been an addition of multiple crypto currencies including Ethereum and Litecoin betting. The advantage of allowing casino websites and app owners to integrate with their platforms allows for them to securely access the content while not having to worry about bankroll funds. The reasons behind why Betking launched an ICO are to raise money for technical development that will give the users a wider range of games, and crypto currencies use on their sites. Along with addition of social features being added to the online gambling site it offers the ability to integrate with native mobile apps. There will be an addition of 3rd party partners who are interested in integrating with their new platform.
An alternate crypto currency offered by Betking is the Ethereum which offers a superior arsenal of tools. Ethereum's big advantage and innovation lies in the fact that it runs Turing-complete smart contracts, applications that rely on if-then scenarios in order to execute specific terms of an agreement. Online crypto currencies such as bit coin in particular where deposits and withdraws are free so payments processing costs for bit coin casinos are non-existent.
Recent Betking initiatives have raised a total of 65 BTC and 602 Ethereum in presale which holds an estimated value of $ 888,511. This initiative is reported to be a great step for Betking for when the casino will go live. Betking being the most popular crowd funded gambling sites boasts 400,000 bit coin almost more than all competitors combined. With a 6000 bit coin crowd funded bankroll Betking was the most trusted dice site with the highest betting limits. All 6000 bit coin were returned to investors when the program closed in 2016.
The Betking Bankroll token crowd sale will allow for 7 million Ethereum tokens for sale to the crowd sale participants. The use of funds raised will be for the house bankroll that players bet against and winnings are paid from. A percentage of the profit made from bankrolled games will be used to buy back Betking bankroll token from the holders. Pre-sale purchases where opened to be made for tokens at 25% discount in the pre sale. The totals funds raised will determine the price per Betking bankroll token. The total value of all the funds at the current exchange rate at the end of the crowd sale will determine the total raised funds to calculate the bankroll token price. Every quarter Betking will offer to buy back up to 10% of holders tokens at the current buy back price. Token holders have the option to sell offsite to 3rd parties or any exchanges that may take Betking Bankroll token if they require addition liquidity.
Betking has been a trusted the reliable gambling site for travellers, avid gamers and individuals looking to do something interesting with this new online currency. Much is anticipated from Betking with the new pre sale event success.
BetKing Crowdsale informationDistribution
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, 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.
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 are not.
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.
You can purchase tokens with a 25% discount in our pre-sale up until the 17th of July 12am UTC.
Pre-sale participants are not eligible for the 5% extra discount for being a previous BetKing bankroll provider.
The total funds raised will determine the price per BetKing Bankroll token.We 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.E.g. If we raised $1,000,000 then the price per token would be $0.014 (1,000,000 / 70,000,000).
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 holders 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.
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.
Visit the Crowdsale page
Thanks for reading.
Please let us know your thoughts on the matter? Do you think this ICO/Cryptocurrency project will work out for Betking or not and why? Let us know in the comment section below.