Quote from: WhyThisICOSucks on December 07, 2016, 01:11:56 AM

Quote from: BetKing.io on December 06, 2016, 11:57:49 PM

Quote from: cre8ive on December 06, 2016, 10:29:41 AM

So I'm used to investing in businesses.

I usually see a financial statement.

Showing revenue, expenses and profit/loss.

Do you have anything like this available Dean?

For all we know you as the CEO could get paid 3000 BTC a year, and there is nothing any of us could really say about it.

Without a clear picture of the revenue and expenses its really hard to invest.

So this isn't exactly like a typical business (up to this point so far) so there was no traditional business plan and the business model changes as soon as the ICO is over, from already changing on the 1st of December where we had a crowdfunded bankroll to now private bankroll.

For profit you can see the profit in the original post is > 7200 Bitcoin.
Fixed expenses are around £1000 per month for Cloudflare, server hosting etc.
Obviously there will be extra expenses after the ICO for marketing/dev etc otherwise there would be no point in doing this but then also we should see more volume and revenue due to this.

I am not and won't be paying myself 3000 a year. I would be taking a minimal salary, this is to be decided this week after meeting with accountant as to how we best do this as well as clear up some other questions. Also meeting with lawyer this week to clear some things up and we should be able to finalise on dividend distribution asap.

Lastly the final amount raised so far is now 481.29162755. Will top up the address in next 30 mins.

Thanks

Hold on: You are paying yourself a salary? On top of keeping 70%? Seems you are trying to double dip in every possible scenario. Trying to keep 70% of the edge so to speak (along with 70% ownership of 2k BTC you previously did not have) is just crazy.

Now onto the ICO: This would not be a bad ICO, if the valuation was much lower. Even a 4kBTC would be generous. BetKing is unique in the sense it doesn't have many players, but the players it does have are whales. Its hard to believe there are many whales out there that will be losing the massive sums they have in the past. Just as it happened with PrimeDice (AKminer), it will happen with Bet King. They will eventually lose everything, or they will quit. As others have pointed out, Bet King previously had slots, a sportsbook etc and they did not perform well. How does Bet King plan on acquiring users for a sportsbook? A bankroll of 2500 BTC is of suspect size for a sportsbook. For many casinos, sportsbooks actually lose money, and they are merely draws to attract users to their other games. It adds a whole new element of risk to the bankroll, and the swings would be massive. Unlike with dice where a player can impulsively instantly place another bet and lose out, that is not the case with a sportsbook. Then there are regulatory concerns that should not be swept under the carpet. To price Bet King at 4x last years revenue is... just wow. After taxes, all of the development you plan on doing etc, the number quickly stacks up to an even longer period of time for ROI.

Sum it up: Not the worst ICO you could invest in by any means. Unfortunately, the valuation puts this at a completely unacceptable risk/return ratio.

well said man.
also to sum this up. this dude will eventually run with all the coins. all he is doing is just to build a reputation that will eventaully make guys trust him with all their cash and then he will disappear.
i expect people to be wiser with shady investments like this one.