Bookmaker in financial trouble? Potential theft in progress : Nominated Post

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Originally on 05/03/2024:

Thanks guys, looks solid, though Bookmaker only allows me to deposit in Bitcoin/crypto, no card/fiat deposits allowed.

While I think transacting in Bitcoin might be less cost for everyone, I really dislike the fact that one needs to deposit in Bitcoin but the balance is not Bitcoin, has to be USD. Giving a huge crypto freeroll for Bookmaker.

For me it looks, one deposits in Bitcoin, Bookmaker holds all this Bitcoin and keeps the equivalent amount in my balance in USD, ok cool. Bookmaker does not convert the Bitcoins one deposits to Fiat, they just hold the Crypto of course.

Now if Bitcoin price doubles, my balance is still the same but Bookmaker has gotten twice as rich by holding that Bitcoin I deposited. I would prefer that my balance is in Bitcoin so I can enjoy this upside as well.

If Bitcoin price goes to 30% of what it is now or even lower.... Is Bookmaker able to pay me anymore? Maybe? Maybe not, it sounds all their transactions are now in Bitcoin...

For me Bookmaker has a huge freeroll here, Bitcoin/crypto/stockmarket/economy keeps booming, they make nice money on all customer deposits. If market/crypto goes bust, uups, we can not pay you. Good luck getting the money from Curacao or where they are located...

If I have to deal with crypto, I rather have my balance as crypto and enjoy the ride, both ups and downs, rather than just giving the freeroll for the bookie. But having crypto as the balance currency is not possible in Bookmaker.

A "free roll" means they cannot lose and you cannot win. Sounds like you are forgetting that crypto prices can go down as well as up. Not that bookmakers actually hold onto deposits in crypto anyway. It's just a money transfer mechanism, not a strategy to buy bitcoin. They could use your cash to do that at an exchange if they want to hold crypto.