where do books get their bitcoins from

[rockmvp1209]

aside from players they have to get it from somewhere because not everyne depsoits bitcoin...do they have a special service or something? for example a book like dsi or betonline is paying out massive ammounts of BTC every dau and reciving deposits from multiple different sources

[pokerdevil]

I assume some come from player deposits and others come from converting fiat.

The smart books are likely hedging on the BTC price too. You don't want to take in $1 mil of BTC deposits when 1 BTC = $1,000 USD and then watch the price crash to $750 overnight... then you're out $250k!

I don't think they even need to convert the BTC back to USD to hedge. Can you get put options for BTC?

[Waterstpub87]

I assume some come from player deposits and others come from converting fiat.

The smart books are likely hedging on the BTC price too. You don't want to take in $1 mil of BTC deposits when 1 BTC = $1,000 USD and then watch the price crash to $750 overnight... then you're out $250k!

I don't think they even need to convert the BTC back to USD to hedge. Can you get put options for BTC?

Yes, but futures would be a better hedge if you had to hold, and didn't want directional exposure. They have those as well.

[rockmvp1209]

I'm kind of confused . So how would they get millions of dollars of bitcoins to payout . Do they buy from a special website obviously Coinbase would insta ban lol

[pokerdevil]

I'm kind of confused . So how would they get millions of dollars of bitcoins to payout . Do they buy from a special website obviously Coinbase would insta ban lol

There are unregulated exchanges based outside the U.S.