Bitcoin sports betting site BetVIP closes
Bitcoin sports betting website BetVIP has closed.
The bitcoin exclusive website had been in operation since 2014 with its web server located in Malta.
BetVIP displayed a message on their homepage instructing players to send an e-mail to email@example.com with the subject line of 'withdrawal request' before June 28 to be paid.
BetVIP's statement claimed that their shareholders made the business decision and cited an increasingly restrictive legal environment and lack of viable revenue to keep the business afloat.
The BetVIP statement is embedded in full below.
BetVIP: "The shareholders of BetVIP have decided to suspend trading of the business as of Friday 12th June. Due to the early nature of Bitcoin sports betting and an increasingly restrictive legal environment, BetVIP was unable to reach a viable revenue in order to make it feasible to continue operating the business going forward.
All withdrawal requests will be honoured and paid. Please lodge your request to firstname.lastname@example.org with subject ‘Withdrawal Request’. Please lodge your withdrawal request before 28 of June 2015 and any payments will be authorised at the latest by 30 June 2015."
BetVIP was previously listed on the bitcoin sportsbooks guide published by Sportsbook Review.
One of the major hurdles faced by start-up bitcoin websites competing for business in a marketplace dominated by established and reputable online sportsbooks is their lack of variety and promotions.
While an online sportsbook in good standing might offer a few handfuls of options to fund accounts (especially internationally), a bitcoin exclusive site is handcuffed to the popularity of the anonymous crypto-currency. Players who have no interest in learning BTC will simply skip a site such as BetVIP and opt for a more diverse "normal" bookmaker.
Sportsbook Review has reported extensively on the fluctuating value of bitcoin and how some sports bettors have been discouraged in trying out BTC due to these wild changes in value; though bitcoin has remained somewhat steady for the last two months.