Yeah I find that happens a lot I don't like facing it, but can deal with it as I find other third moves more often, actually I find quite a few get tried.
A general Study on the King's Gambit

Both sides need to know theory however black only needs to know a hand full of variations as he generally chooses which defense he wants. And often both players need to be very good tacticaly

Am I allowed to post a friends sacrifices? Based on a game by GM Polgar, you can learn how the theory of attack may progress from a loosing position. Polgar in her youth was less accurate than what she is today resulting in a stale mate in her statistical position in female ranking. She no longer gets better because in my mind, she has lost the initiative which aggressive players possess.
In my article, ''Polgars Risky Business,'' I explain how some gmabits made by special chess players are not always sound according to computers, but skill can destroy solid chess positions. Believe it or not, but Judit in her youth when known as a great player, was known as great for being aggressive over solidity.... Tal on the other hand, probably still as creative in equality to Polgars youthful talents, was often criticized because many of his gambits relied on his opponenet making the wrong choice of move. Keep in mind however, Polgar herself has admitted that chess is at least 50% psychology. If you can see an opponent tactically making choices, then you have a psyechological advantage.
http://chesstempo.com/chess-forum/chess_openings_discussion/polgars_risky_buisiness-t5251.0.html

Jetfighter, thanks for such a thorough post on the King's Gambit. I love playing the KG as it always leads to a wild ride. I used to fear it because of the tactical fireworks, but now it is my "go to" opening when I'm looking for an exciting game.

I used to fear it because of the tactical fireworks, but now it is my "go to" opening when I'm looking for an exciting game.
I think that a most pertinent point. Chess has as many facets as it has practioners and each person has his or her own reasons for playing. Sometimes even those reasons change by circumstance. The King's Gambit offers the classical fight of time vs material if one wants it. The excitement depends, in part, of the daring and tactical insight of the contestants, but it's there to grab, like a ring on a carousel.

Always seize the initiative. Press for all you can get and other in lies the key to success in chess and life

And he recognizes it openly, it´s nice to read such honest assesments.
Exactly.
Tal played with a style which many consider... aggressive.
What people don't understand, he actually swapped his intellectual ability to offer a situation which may fluctuate between an aggressive to positional play. His tactics where always on full mode. He would, bravely in my opinion, allow a loosing position to become a diamond in the ruff.

Here is a tournoment that I feel would belong here
http://www.chess.com/tournament/kings-gambit-tournoment

Thanks =)
People on the white side usually know the gambit and theory better so that might account for the 40% win rate. Though I can see why someone would want to avoid the Berlin or Petroff though 3.Nc3 can transpose into a four knights (or 3...Bb4, which can lead to interesting play) The two knights is kind of dull and the Fried Liver mixes things up way too early for my tastes as white still has many pieces left undeveloped. Now I remember why I usually go with 1.d4 as it can be hard to establish some imbalances in many 1.e4,e5 lines if black doesn't allow.
I remember that I personally used to play the gambit because of its historical value. Here's one of my old games with it:
Nicely Done, sir!

No, the King's Gambit is about level, which is the reason white tends not to bother.
you're statement about this and the comment about the opening being more positional is only in certain lines, and Roeczak, your assumption is only true about very high level players, and even then It isn't completely true, as in Nakamura vs (another Super GM) where the Muzio Gambit is played.
Im a big fan of kings gambit and only stopped because the overwhelming amount of 3...d5 which made me go tired of it and not getting the exitement i was looking for. If 3...d5 would get less popular i would come back