Online Bitcoin casino platform BetKing is set to relaunch following an ICO campaign, which will run between August 7, 2017, and September 4, 2017. The BetKing ICO will offer investors and patrons a chance to support the relaunch by purchasing BetKing Bankroll Tokens. The newly upgraded BetKing avatar will integrate new features including new casino titles and support for more cryptocurrencies.
The platform initially launched in April 2013 and had a successful three years before it chose to cease operations and pay out profits to all its members in December 2016 with a plan to relaunch the following year. The impending new BetKing platform will offer new, provably fair casino games like Roulette and Blackjack while extending support to both Ethereum and Litecoin.
BetKing will also allow casino websites and app owners to integrate the platform for iOS and Android mobile use. The new platform will look after user accounts and bets, while casino and app owners develop their own unique games and promotions. After the launch, the casino will include sports betting, poker, other casino games and various tournaments. BetKing will launch the beta version of the platform next month, to give users a taste of things to expect from the new platform.
In the previous three years of business, BetKing recorded profits of around 7400 BTCs from its most popular game, (Dice, added in 2014) with almost no marketing. The company expects that with an added bounty of different titles, extended support for multiple cryptocurrencies and a strong community following, the new platform will more successful than before.
The BetKing ICO is offering a total of 100,000,000 Bankroll Tokens, of which 70 million will be made available for purchase by participants. The remainder is to be kept by the platform for bounty payouts, operational and marketing expenses and other team-related costs. Investors can buy the tokens with Bitcoin, Ethereum, Litecoin, and Dash. The received funds during the ICO will be held in cold storage.
The casino will be utilizing a minimum of 50% of the funds raised during the ICO for the house bankroll that players bet against and winnings to be paid out. The remaining funds will be spent for marketing, promos, SEO, design, development, server costs and legal.
All profits made on bankrolled games will be audited and made available to token holders.
BetKing is offering early bird discounts for investors. Investing during the first will give participants a 15% discount, 10% during the second week, and 5% during the third week. An extra 5% discount will be available for previous BetKing bankroll providers.
All total funds raised during the ICO will determine the final price per BetKing Bankroll token. The platform will consider the total funds at the rate of exchange during the time of ICO’s conclusion. E.g. If the company 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 the casino will be based on the current total profit. E.g. If the price of the token at the end of the crowd sale was $0.014 and the bankroll profit was $1,000,000 then the buyback price would be $0.024 (1,000,000/100,000,000 + 0.014). Token holders may choose to sell the tokens to third parties or any exchanges that might list BetKing Bankroll Tokens if they require more liquidity.
The crowd sale will commence on August 7, 2017 (00:00 UTC) and end on September 4, 2017 (00:00 UTC). There will not be a cap on either the total or the minimum amount of funds that need to be raised for the crowd sale to be successful. BetKing Bankroll Tokens are intended to be used to invest in the BetKing’s bankroll only, and not make investors eligible for voting rights.
Images courtesy of Bitcoin PR Buzz