BetPhoenix 2% Bitcoin Payout Fee

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • ezeemunee
    SBR High Roller
    • 10-06-15
    • 168

    #1
    BetPhoenix 2% Bitcoin Payout Fee
    Edit by SBR: BetPhoenix has advised us that effective immediately they are no longer charging fees for bitcoin withdrawals.

    __


    Are these guys the only ones left that charge 2% fee for Bitcoin payouts? Seems really out-of -line with industry standards. Would expect more out of a B-rated book. Never did understand how they can justify charging a 2% fee when the actual Bitcoin fee is so nominal.
    Last edited by SBR Forum; 01-16-17, 12:32 PM. Reason: added reply
  • Albert Pujols
    SBR MVP
    • 06-01-10
    • 1670

    #2
    Of course there's no justification for it. It's like a handling fee at ticketmaster, on top of shipping fees. Just complete bullshit.
    Comment
    • ezeemunee
      SBR High Roller
      • 10-06-15
      • 168

      #3
      I'm ok with fees associated with checks and P2P etc, because there's processors or a third party involved. But c'mon...with Bitcoin, you click a few buttons and the funds are sent. BetPhoenix and their whole family of books needs to get with the program (and the times) and quit trying to rape their players with these ridiculous fees! They will never be A-rated bc they always find ways to screw their players.
      Comment
      • Optional
        Administrator
        • 06-10-10
        • 61390

        #4
        Originally posted by ezeemunee
        I'm ok with fees associated with checks and P2P etc, because there's processors or a third party involved. But c'mon...with Bitcoin, you click a few buttons and the funds are sent. BetPhoenix and their whole family of books needs to get with the program (and the times) and quit trying to rape their players with these ridiculous fees! They will never be A-rated bc they always find ways to screw their players.
        I'm not saying a withdraw fee is a good idea. I'm very glad that Betonline dropped theirs.

        But these arguments are actually a bit ridiculous, not the fee.

        There is a risk of loss associated with holding bitcoin and exchange premiums if they don't. There is also the same amount of admin time involved.

        There is clearly a cost to books in using bitcoin and as people who use it a lot will know, 1-2% is about the expected loss during transfer doing it any 'easy way'.


        The fee isn't unreasonable or unjustifiable. It's just unpalatable.

        I agree the book should absorb it if they want me to play there. But I have no problem with them choosing to charge a reasonable fee if they want.

        We all have choices to make.
        .
        Comment
        • ezeemunee
          SBR High Roller
          • 10-06-15
          • 168

          #5
          Good points Optional. My biggest gripe is that most books that I know don't charge a "fee" for Bitcoin payout....except for BetPhoenix. They should follow the lead of industry leaders like BetOnline and eliminate these fees altogether.
          Comment
          • ezeemunee
            SBR High Roller
            • 10-06-15
            • 168

            #6
            Another problem I have with BetPhoenix in relation to Bitcoin deposits is that...I always get credited for less than what I actually send. I understand it's based on market fluctuations of Bitcoin value from the time its sent to the time it's processed/credited...but it should go both ways. When bitcoin value plummeted, I lost as much as 10% with my deposits. But never have I been credited with more than the value of what I sent even if Bitcoin value increases during the time it takes for my deposit to process.
            Last edited by ezeemunee; 01-11-17, 01:05 AM.
            Comment
            • evo34
              SBR MVP
              • 11-09-08
              • 1032

              #7
              I had no idea BetPhoenix was still around.
              Comment
              • jyney
                SBR Hustler
                • 10-16-16
                • 50

                #8
                books better get with the times, bitcoin payouts should be 7 days a week and take less than 3 hours
                Comment
                • Hopefully
                  Restricted User
                  • 09-27-10
                  • 25

                  #9
                  Originally posted by jyney
                  books better get with the times, bitcoin payouts should be 7 days a week and take less than 3 hours
                  Comment
                  • Bill Dozer
                    www.twitter.com/BillDozer
                    • 07-12-05
                    • 10894

                    #10
                    It kind of shows you who has a lot of bitcoin volume, who wants bitcoin biz, and who feels like they have to offer not to be excluded in the conversation. I think BOL had successful processing if not some of the best and probably didnt feel the need to promote a method other books really needed. Now they are seeing the future in it. Phoenix will have no choice to come around because its such a bad-taste fee.

                    Its like getting a great price on ebay but paying 3x the shipping rate. Its still the best deal overall but you leave saying fack this guy. It takes the merchant time to realize what the spirit of bitcoin is... free and instant. They dont always jump in with both feet to start.
                    Comment
                    • jjgold
                      SBR Aristocracy
                      • 07-20-05
                      • 388179

                      #11
                      play at betonline

                      free
                      Comment
                      • puckk
                        SBR Sharp
                        • 08-22-16
                        • 373

                        #12
                        Originally posted by ezeemunee
                        Are these guys the only ones left that charge 2% fee for Bitcoin payouts? Seems really out-of -line with industry standards. Would expect more out of a B-rated book. Never did understand how they can justify charging a 2% fee when the actual Bitcoin fee is so nominal.

                        betusa charges 5%
                        Comment
                        • Sam Odom
                          SBR Aristocracy
                          • 10-30-05
                          • 58063

                          #13
                          Originally posted by jjgold

                          play at betonline

                          free

                          JJ

                          what is the TOTAL amount you have offshore with SBR Sponsors ?
                          Comment
                          • CWD
                            SBR Hall of Famer
                            • 01-22-12
                            • 7665

                            #14
                            Originally posted by Hopefully


                            last check itops was 2 days to process and 2 more days to complete and you get what it is on day 4. i read here 2 days for another major book people use ere

                            who in their right mind gambles like that ?
                            Comment
                            • CWD
                              SBR Hall of Famer
                              • 01-22-12
                              • 7665

                              #15
                              Originally posted by Albert Pujols
                              Of course there's no justification for it. It's like a handling fee at ticketmaster, on top of shipping fees. Just complete bullshit.
                              $40 to park at a basketball game

                              give them the cash and they hand you a ticket to put on your dash that says "if your car broken into it is not our fault"
                              Comment
                              • Sam Odom
                                SBR Aristocracy
                                • 10-30-05
                                • 58063

                                #16
                                Originally posted by Sam Odom

                                JJ

                                what is the TOTAL amount you have offshore with SBR Sponsors ?

                                guessing

                                >200.00
                                Comment
                                • TheMetsSuck
                                  SBR Hall of Famer
                                  • 01-14-12
                                  • 6146

                                  #17
                                  who in there right mind would deposit their money on a site like betphoenix over reputable ones guaranteed to give you hassle free payouts like 5dimes and heritage is beyond me
                                  Comment
                                  • temple2010
                                    SBR MVP
                                    • 03-16-10
                                    • 1369

                                    #18
                                    Originally posted by TheMetsSuck
                                    who in there right mind would deposit their money on a site like betphoenix over reputable ones guaranteed to give you hassle free payouts like 5dimes and heritage is beyond me
                                    For their large bonuses they generally offer
                                    Comment
                                    • Albert Pujols
                                      SBR MVP
                                      • 06-01-10
                                      • 1670

                                      #19
                                      Originally posted by TheMetsSuck
                                      who in there right mind would deposit their money on a site like betphoenix over reputable ones guaranteed to give you hassle free payouts like 5dimes and heritage is beyond me
                                      5 Dimes? LMAO you must not take payouts, bro.
                                      Comment
                                      • SBR Forum
                                        Administrator
                                        • 12-02-06
                                        • 4559

                                        #20
                                        BetPhoenix has advised us that effective immediately they are no longer charging fees for bitcoin withdrawals.
                                        Comment
                                        • Sam Odom
                                          SBR Aristocracy
                                          • 10-30-05
                                          • 58063

                                          #21
                                          Originally posted by SBR Forum

                                          BetPhoenix has advised us that effective immediately they are no longer charging fees for bitcoin withdrawals.


                                          The POWER of SBR
                                          Comment
                                          • jjgold
                                            SBR Aristocracy
                                            • 07-20-05
                                            • 388179

                                            #22
                                            Comment
                                            • temple2010
                                              SBR MVP
                                              • 03-16-10
                                              • 1369

                                              #23
                                              does this go for Skybook also? and any chance of them refunding bitcoin withdraw costs if you took a payout in the last 30 days or so?? work your magic SBR!
                                              Comment
                                              • Bill Dozer
                                                www.twitter.com/BillDozer
                                                • 07-12-05
                                                • 10894

                                                #24
                                                Great to see Phoenix is listening to the player's voice and in time for potential super bowl signups.
                                                Comment
                                                • ezeemunee
                                                  SBR High Roller
                                                  • 10-06-15
                                                  • 168

                                                  #25
                                                  great to see BetPhoenix adopt this no-fee Bitcoin payout policy. They've always had great promotions and bonuses. Now they have a great payout system to match!
                                                  Comment
                                                  • DroopyDog
                                                    SBR MVP
                                                    • 11-03-16
                                                    • 1255

                                                    #26
                                                    Yeah they charged me 2% and took 3 days... not acceptable. bitcoin payouts should be same day, period.
                                                    Comment
                                                    • hello1234567
                                                      SBR High Roller
                                                      • 12-05-13
                                                      • 231

                                                      #27
                                                      Are the bitcoin payouts still taking more than 1 day?
                                                      Comment
                                                      • TheMetsSuck
                                                        SBR Hall of Famer
                                                        • 01-14-12
                                                        • 6146

                                                        #28
                                                        Originally posted by Albert Pujols
                                                        5 Dimes? LMAO you must not take payouts, bro.

                                                        whatever you say. 5dimes and heritage are the two best books hands down. betphoenix is laughable. enjoy the deposit bonuses and 40x rollovers. betphoenix used to be the biggest joke around. Giving everyone free 50$ bets and nightmare cashouts. good luck
                                                        Comment
                                                        • msutter
                                                          SBR MVP
                                                          • 03-14-07
                                                          • 1162

                                                          #29
                                                          Originally posted by ezeemunee
                                                          Edit by SBR: BetPhoenix has advised us that effective immediately they are no longer charging fees for bitcoin withdrawals.

                                                          __


                                                          Are these guys the only ones left that charge 2% fee for Bitcoin payouts? Seems really out-of -line with industry standards. Would expect more out of a B-rated book. Never did understand how they can justify charging a 2% fee when the actual Bitcoin fee is so nominal.
                                                          Carbonsports charges 5% for bitcoin withdrawals lol.
                                                          Comment
                                                          • Bill Dozer
                                                            www.twitter.com/BillDozer
                                                            • 07-12-05
                                                            • 10894

                                                            #30
                                                            The books are reading this forum so keep speaking your mind. Sometimes it takes mgt to see the feedback to realize that one of their departments are doing something that's... off.
                                                            Comment
                                                            SBR Contests
                                                            Collapse
                                                            Top-Rated US Sportsbooks
                                                            Collapse
                                                            Working...