Why is the King's Gambit Unpopular at the top level right now?

Hello..Im an e4 player and im planning to adopt the King's gambit.

It seems to be an opening where black can't avoid a "fight".

My question is why is is it not played that often?

Are there equalizing lines that put it out of business?

even i like it as black rather than white.

I think that one reason that it's not very popular is because of the sicilian defense :)  At higher levels I think there are two things against it, first it is a very dangerous opening for both players, so there is no real reason for white to risk it when there are plenty of other openings  where white can usually acheive a a modest "pull" without so much risk.  Also, white really needs to be super booked up because there are a tremendous number of arcane variations that black can pull out, including a variety of counter gambits.  If white is prepared for these responses he might be in serious trouble.   

The KG leads to a lot of very irrational positions and white often doesnt castle. Its very nerve wracking to play such positions as well as very risky. I like to castle... much less nerve wracking. When my K is in the center I feel like a long tailed cat in a room full of rocking chairs..... 

http://www.youtube.com/watch?v=ujPF9k1llZA

haha love that quote

In the King's Gambit, both players can throw very risky "arcane variations". If black does not know(for example) the Allagaier Gambit, white can win easily in less than 20 moves when playing OTB.

In sub 2000, the probability to win with KG is very high. In GM level, I cannot see a good reason why a White player will want to play against the modern defense (early ...d5) for example.

Below I will post my recent game where I played as Black against the KG (with early ...d5). For comparison, the second game is where I play White, in a variation where my King is in the center (Cunningham defense). The variation I played in the second game is not common, but I have studied the position in detail, and I'm very comfortable with the position (even if my King had to go to the 3rd rank!), much more comfortable than playing against an early ...d5!

The second game (Cunningham, White's King in the center, new variation, usually a positional game)

unless you are able to reach GM level, don't worry too much about you're opening choice. KG is a fine choice for an opening. it's fun, aggressive, tactical, and great for beginners for those same reasons.

since it's such an old opening, there has been a lot of analysis on it and at the GM level it has fallen out of fashion. that does not mean that it is a poor opening by any means. there are some GMs that still play it every now and then (nigel short has recently, and i know there are a few others).

also, how can you give up the opportunity to play games like this:

12.Qf7#, but aside from that nice game! 

I don't think I'd play this opening, but if Morphy played it that means that it might have something good.

That is true,  I have seen not only beginners but many experts fall for the same tactical theme (sacrifice against f7). Then why is it not possible in lower level. The only required knowledge from the beginners is how to execute an attack against f7.

Of course, the White player must have sufficient tactical/calculation skill because it is often difficult to execute a "sound" sacrifice. Many beginners will fall into unsound sacrifice here.

Here is my game example to show you that even a 1900 USCF, a KG player himself, can fall for the basic tactical theme against f7:

Hey Reb,do you ever get tired of the ass kissing that you receive?

Magnus Carlsen won a game last summer using the KG against a Chinese Super GM. 

At the top level there is a strong tendency to keep a draw in hand and only play for a win if the other side makes a mistake.  It is easier on the nervous system.