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Is BetKings [KNG] (kings.ag) Decentralized SportsBook Platform Serious?

The BetKings ICO and Token Sale isn’t Needed by ANYBODY

For some reason cryptocurrency appears to open to new ideas, innovations as well as outright scams and dumb ideas. Get ready to watch Bet Kings go down in flames with an Initial Coin Offer that makes even the biggest shitcoins look valuable.

The Bet Kings Pitch

A “0% rake” decentralized Sportsbook Platform running on Masternodes (no, it isn’t related to bitcoin) that the only “fee” will be traditional network transaction fees.

People will buy the “new coin” and gamble on the platform because “it exists” dammit.

The Problems

1. Augur and Fairlay already offer prediction market betting using Augur’s REP token and Fairlay offering prediction market betting using bitcoin, ethereum, litecoin to less than 20 bettors on most markets offers.

2. Serious businesses don’t need to create their own currency to offer goods and services to customers.

3. They offer FREE KNG to people tweeting and posting about their “currency” and gambling platform online.

Bounties are not valuable to people who purchase the “new coin” they are telling people to value as a currency. Bribing people to create fake buzz and look as though early adopters find it valuable has been overplayed in the crypto space.

4. The main “sales pitch” of their platform and token claims they can disrupt the gambling market without any information as to “how”

“The net worth of the gambling market is a total of 60 billion dollars, BetKings aims to improve that by introducing decentralized bets on the blockchain completely autonomous, no human interferes with your funds or your bets.”

There are already real money sportsbooks, bitcoin sports betting, ethereum sports betting and Las Vegas bookies with proven track records to pay gamblers bets. There is no reason to believe that a “new” gambling site or product will be used by anybody just because it launches.

Conclusion

Much like the Tombola ICO and bitcointalk threads (which made no sense to “why would anyone gamble on this”), Kings.ag hasn’t made any attempt to prove it cares about crypto or potential gambling customers.

The effort appears focused on hyping a coin to fund a company that may or many not gain actual customers in the future.

 

NOTE: Our original posts in their ANN thread at bitcointalk were removed for asking questions (albeit harshly) about the projects reason to exist and were deleted by their team.

Crypto Gambling covers bitcoin, altcoin and trading discussions for people new to crypto currencies. Along with crypto wallets, gambling in different countries and bitcoin exchanges in different countries.

This site is intended for people over the age of 18 that never gamble what they can’t afford to lose.