BETTING's launches Bitcoin sportsbetting platform
Digital currency platform looks to take advantage of new research finding half of Bitcoin transactions are for online gambling
Swiss online gaming software provider BETTING’s has announced the launch of its new Bitcoin sports betting platform as it looks to take advantage of the digital currency’s growth in popularity.
According to Jeremy Liew, a partner at Lightspeed Venture Partners, at least half of all Bitcoin transactions are now for online gambling.
The BETTING’s platform is built upon the supplier’s existing sportsbook software and allows online bookmakers to offer the crypto-currency alongside traditional currencies or as a single means of payment.
“Depending on the jurisdiction, offering Bitcoin as a payment option ensures a number of competitive advantages for online bookmakers,” the firm said in a statement.
The company said advantages include no gambling licence being required in most markets, less taxation, options for player anonymity, easy exchange into real currencies and irreversible payment transactions.
Bitcoin online gaming site SotoshiDice, which claims to be “the most popular Bitcoin game in the world”, was recently sold for 126,315 BTC ($11.5m) in what was the first major acquisition in the digital currency’s economy.
The SotoshiDice website said it had seen nearly 5.7 million bets placed and 4.1 million Bitcoins won.