Don't most of the sites keep their BTC deposits in BTC balances? I'm sure they made a ton of money on the way up but with bitcoin crashing - is there a going concern for the offshore books? Bitcoin is under 5k now with a lot of deposits over the past year down up to 75% in value from the peak.
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The larger books are so well financed and diversified they wont really feel this downturn that much. If managed well they would never have more than 10% of their assets in BTC. After all, it is just a payment system. The sportsbooks were accidental investors in the crytpocurrency boom. They simply needed a way to move money to and from customers. And don't forget, these guys had of hundred thousands of dollars of BTC when it was $100 a coin. So, they are still very much in the positive regarding crypto assets.Comment -
No, sportsbooks use 3rd party processors who convert BTC to USD when they receive itComment -
Any book with a clue about bookmaking also knows they don't have a clue about Bitcoin.
Sharp books don't hold/speculate in BTC.Comment -
They should be hedging their btc exposureComment
