BetKing was launched back in April 2013, and until December 2016 it was the largest crowdfunded gambling site in the market.
In April 2014, Dean, the founder of the platform, decided to add a dice game.
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From the time this game started to gain popularity in August 2014, until Dean shut down the platform in late 2016, the company made a profit of 7400 Bitcoin.
Why did Dean shut down BetKing?
Dean shut down BetKing in late 2016 because his plans were to make something bigger. He wasn’t satisfied with building the #1 dice site. He wanted to build the #1 gambling site.
But this is a goal that needs a lot of careful planning.
Dean mentioned in an interview with Bitcoin Millionaire that for the first 4 years of the development of BetKing, he completely worked on his own.
He was the CEO, CMO, CTO, COO and CFO at the same time, of a company that was making millions.
Dean’s ambitions are to increase operations by at least a ten-fold. And well, It’s physically impossible for a single human to run a +$100 million business on his own. So he decided to take a break to explore some of the ideas he was planning to implement in BetKing in the future.
A common misconception: Funding
For years, BetKing allowed anyone to deposit and fund the bankroll. There was no campaign. Dean never went out and asked people to invest, they did it all themselves just based on word of mouth and the trust they had in him.
This had totaled to 6000 Bitcoin in December 2016.
Dean decided to stop the feature to do an ICO instead, and he returned the 6000 Bitcoin. This has earned him a lot of respect from early investors.
Other companies that found themselves in a similar situation simply kept the funds. Leaving investors with empty hands.
What about the relaunch?
One year after Dean shut down operations at BetKing, he is back with fresh ideas and a clear vision. And yes, this time he isn’t left to his own. He spent the past 4 months putting together a talented team, and developing the new software for BetKing. An ICO is planned for the 7th of August. It will help attract more talent to the company and recollect enough funds to bring all of Dean’s ideas to life. The platform will be relaunched on September 4th.
100.000.000 BetKing Tokens will be created as Ethereum ERC23 tokens and issued after the crowdsale ends.
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70 percent of the tokens will be available for sale to investors, and the remaining 30 percent will be retained by BetKing for ICO bounties, advisors and marketing and development expenses.
A percentage of the profit made from bankrolled games will be used by the company to buy back BetKing Bankroll tokens from investors. This will result in a constant increase in the value of the token, thus, benefitting token-holders.
What is Dean’s vision for the future of BetKing?
BetKing has actually been around since 2013 as a poker site. However, it wasn’t until Dean added the dice game in 2014 that its popularity exploded.
But Dean’s vision of the future for BetKing is so much more than just a poker or dice site. For the relaunch in September 2017, the platform will also include high-quality casino games and sports betting, mobile apps and even a couple own creations.
Dean is strongly convinced that BetKing will reclaim its crown as the most popular and trusted crowdfunded casino before the end of the year.
Why should investors care?
The blockchain is disrupting many industries right now.
The that are mentioned the most are banking, cyber security, privacy and AI. And they are right. Blockchain will change those industries forever.
However, I think we will see the largest change of all in the online gambling industry.
In 2016, the online gambling market accounted for $44 Billion. In contrast, the offline gambling market was worth $359 Billion. Around eight times more. This is mainly due to the fact that players often don’t trust online gambling sites. The industry lacks transparency.
And that’s exactly the issue that BetKing is solving. Dean is bringing transparency back to the gambling world with the help of the blockchain.
And that’s a huge thing.
Personally, I am extremely positive on BetKing for several reasons:
First of all, the company has a great leader. Dean has proven in the past that he can build a successful product. Even completely on his own… And now he has the support of a whole team.
By returning the funds of the first crowdsale he also gained the confidence of investors. This is fundamental for a successful ICO in August.
And secondly, BetKing operates in one of the fastest-growing industries in the world. The gambling industry (online + offline) is estimated to be worth nearly $400 Billion in total. Thanks to the transparency the blockchain adds to the online gambling ecosystem, we will see a large chunk of players shifting from traditional casinos to online gambling sites.
This will skyrocket BetKing’s potential reach.
If you are interested in BetKing you can read more about the project and the token sale here. The best way of interacting directly with the team is either through Twitter or Slack.
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And that’s all for today, my friends!
Pascal Thellmann is an algorithmic trader mostly focused on market making. You can get in touch with Pascal on LinkedIn or Twitter.