Gambling token profile – BetKing (BKB)

Contents

    Details

    Product
    Crypto dice site with house bank investment via the ICO tokens.

    Country
    US with a Costa Rican legal entity.

    Technology
    Ethereum ERC223 token protocol.

    ICO dates
    1 August 2017 – 4 September 2017

    Amount raised
    $6.5 million in bitcoin, ether and litecoin.

    Token distribution
    100 million Betking bankroll tokens created.
    70% sold to investors.
    30% retained by fund-raiser.

    Market cap – ICO amount raised per token sold * total number of tokens
    $9.3 million

    Market cap – Feb 2019
    $4 million

    RIO since ICO
    Total: -57%
    Per year: -45%

    Links

    Token use

    Betking has promised to offer to buy back up to 10% of each user’s Betking bankroll tokens every quarter at a price determined by the site’s profit. This is a new version of the classic house bank investment model where investors share a % of the house profit. This arrangement is more limited and less flexible for the investor.

    Betking has rudimentary support for trading of Betking bankroll tokens between users on its own site.

    Project summary

    Betking operated successfully for 3 years before closing down in December 2016. The owner and sole staff member, Dean, attempted to sell the business but was unable to find a buyer. Betking re-opened after their ICO in September 2017.

    Betking is considered trust worthy in as far as user’s funds are considered safe, however they have a bad reputation due to the Dean’s caustic personality. He is considered difficult and untrustworthy to deal with on a personal and business-to-business sense.

    Betking closing and BKB token being phased out

    Betking’s site says they are pivoting away from gambling to become an exchange and payment processor. At this time BKB tokens will be converted to a new token for the new service.

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