Be the bank at BetKing
BetKing allows you to invest in the house bankroll, the funds that players bet against.
By investing in BetKing you increase the bankroll and also the maximum profit a player can win per bet. This attracts more players. You will receive a share of the profit the site makes from player losses. But you will also share the loss when a player wins.
BetKing allows players to bet in many different currencies and you can invest in each bankroll, Bitcoin, EOS, Ethereum, Litecoin and more.
Currently your investment will be used for the dice game but in future you will have the option to invest in the bankroll used for other casino games. The dice game has a 1% house edge which means in the long run the site expects to make a profit of 1% of the total wagered amount. In the short term the house can still lose money due to variance. If a player makes a lot of large bets the house can win or lose more than the expected 1%.
If you feel that the risk of short term potential losses on your investment do not outweigh the long term potential profit please do not invest.
How does it work?
Here's a basic example:
If the house had one investor who invested 9 Bitcoin and you invested a further 1 Bitcoin, you would then have invested 10% of the total house bankroll of 10 Bitcoin. The other investor would now be providing 90% of the bankroll. If a player made a bet of 0.1 Bitcoin and lost the bankroll would increase to 10.1 Bitcoin and you would have a total investment of 1.01 Bitcoin. If the player won the new bankroll would be 9.9 Bitcoin and your total investment would be 0.99 Bitcoin.
BetKing allows you to reduce your counter party risk meaning you don't have to deposit your full investment amount to the site. This works by letting you set how much of your investment is at risk each bet. The default is 0.5%.
Lets assume you want to invest 10 Bitcoin at the default risk of 1/2 leverage but don't want to have the risk of a site operator holding on to all your Bitcoin. You could instead deposit 0.5 Bitcoin and invest at 10x leverage.
This puts more of your investment at risk each bet and you may need to redeposit and top up your investment account frequently due to the variance of the game. So you should have the coins in your own cold wallet to back up the desired investment total. Obviously some people may just want to gamble and risk their full 10 Bitcoin at 10x to try and maximize profit. This is not recommended though.
Frequently Asked Questions
Is there any commission charged on investment?
Every hour or when you divest 50% commission will be deducted from your profit and shared as a dividend with BKT token holders who are staking their BKT on site. This commission is only charged on new profit. So you will not be charged when your profit falls below the amount that is already been charged. When you withdraw funds you can withdraw your initial investment without paying commission. Only profit withdrawn will have commission charged.
BKT commission discount
We do offer a way for investors to reduce the commission they pay. They can pay 50% of their commission due using BKT at a 50% discount.
If for example you made a profit of 1 Bitcoin and were due to pay 0.5 Bitcoin commision, you could save 0.125 Bitcoin by paying the equivilent of 0.125 Bitcoin in BKT tokens.
BKT is the token we created in our airdrop and can be used to pay commission, withdrawal fees and trading fees as well as to play or earn rewards.
You can buy or sell BKT for Bitcoin, EOS, Litecoin and Ethereum on our exchange.
How is Maximum profit calculated?
The maximum payout of the site is calculated by taking the sum of all the investments * risk * 0.01. So imagine we had investor A with 10 Bitcoin invested at 1/2 leverage, investor B with 10 Bitcoin at 5x leverage and investor C with 10 at 10x leverage. The maximum payout would be:
(10*0.5*0.01) + (10*5*0.01) + (10*10*0.01) = 1.55 Bitcoin
How is my profit calculated?
The higher your risk the more you stand to win or lose each bet. So each bet your investment will be updated like so:
i = i + ((-p * i * r * 0.01) / m)
- p = the players profit for that bet
- i = the amount you have invested
- r = your risk
- m = the current max payout
In the above example lets say a player bets 1 Bitcoin and wins. The current investments would then be:
- iA = 10 + ((-1 * 10 * 0.5 * 0.01 )/1.55) = 9.96774193
- iB = 10 + ((-1 * 10 * 5 * 0.01 )/1.55) = 9.67741935
- iC = 10 + ((-1 * 10 * 10 * 0.01 )/1.55) = 9.35483870
Max payout on the next bet would then be:
(9.9677*0.5*0.01) + (9.6774*5*0.01) + (9.3548*10*0.01) = 1.46919354
Can i lose money?
Yes! The variance of the game may mean that you can lose some of your investment in the short term, especially if you have set a high risk without the funds to back it up off-site.
Although every step has been taken to secure funds by keeping them offline in cold storage, allowing two factor authentication on accounts, offering emergency withdrawal address, testing and auditing the code and allowing leveraged risk, there is still a risk investing.
Funds are not insured and in the unlikely event there is any loss due to theft, software errors, transferring of funds to the wrong wallet or account compromise then BetKing will not be liable for any loss.
If you feel the risk outweighs the gains then please do not invest.
If your question is not answered in the list below then email [email protected]