If you haven't seen my tweets or Facebook posts then you may have missed my announcement that this month I have invested 10 Bitcoins into BetKing's ICO. The majority of my Bitcoin investments to date have all been in Bitcoin Gambling bankrolls and this investment is similar in that it is an investment in the potential future bankroll profits of the site. However, the Bitcoins invested in BetKing will be converted into tokens that I will (hopefully) be able to trade on exchanges in the future to realize a nice profit.
If you are new to an initial coin offering (ICO) the definition from google nails it:
An Initial Coin Offering, also commonly referred to as an ICO, is a fundraising mechanism in which new projects sell their underlying crypto tokens in exchange for bitcoin and ether. It's somewhat similar to an Initial Public Offering ( IPO ) in which investors purchase shares of a company.
BetKing Bankroll Token Crowdsale Key Details
- 100,000,000 BetKing Bankroll Tokens will be created as Ethereum ERC23 tokens.
- 70 million will be 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.
- A percentage of the profit made from bankrolled games will be used to buy back BetKing Bankroll tokens from holders.
- Every quarter BetKing will offer to buy back up to 10% of a holders tokens at the current buy back price.
- The crowdsale started 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.
You can also visit ico.betking.io for the full details and to make an investment.
Why did I invest in a risky ICO?
Before I explain that I really enjoyed Andreas Antonopoulos quick talk about ICO's below:
I have to admit I share his general view of pessimism for ICO's and this is why I have never invested in one before. I think 95% of ICO's are very dodgy with no real potential to make money for investors.
The difference with BetKing to me is that:
- It has made a lot of money for investors in the past (myself included).
- The owner (Dean) has a great reputation and has never scammed an investor or player.
- The BetKing product is proven to be desired by crypto gamblers and has attracted a huge volume of players.
What is BetKing again?
I did interview the founder of BetKing in June 2017 before the ICO launched and he shared some interesting insights into the site. BetKing from September 2014 to December 2016 was the biggest crowdfunded Bitcoin gambling site on the market. In that short period it made 7,391 Bitcoins in profit and had the biggest crowdfunded bankroll of 6,000 Bitcoins.
At the end of 2016 BetKing was taken offline while Dean was planning something bigger – he wanted to expand from the #1 dice site to the #1 gambling site. During this period, Dean gave the bankroll investors back their money (many sites have run off with such a large sum in the past), making him one of the most trusted gambling operators in the crypto space. Since then Dean and his team have been working to create a new platform that includes more games, more cryptocurrencies and an application platform that will allow other people to create games on top of it (think Moneypot). Most importantly for investors, the bankroll will now be launched in the form of an ICO!
I made a 45% return on a Bitcoin basis on my old BetKing investment in just four months last year, and I really look forward to this site launching again!