Bookmaker in financial trouble? Potential theft in progress

Originally Posted by SheSMySin

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.

You really have idea how big Bookmaker is do you? Chances are they have been in business longer that you have been alive. If they can't pay you if crypto falls 30%, then chances are you and everyone else are already dead from a nuclear war, so it wouldn't matter.

Also, Bitcoin has dropped 30% and more several times in the last few years.

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Originally Posted by SheSMySin

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.

Your reasoning is flawed and evidently don’t understand how they run a sportsbook.The price of bitcoin has no effect on their profits. These books do not hold onto crypto payments hoping that it will go up or down.Do you really think they will expose their multimillion profits at the mercy of the price of bitcoin?

They immediately convert the crypto into US dollars through their processors thus the fluctuations in price has no effect on their profits.

Originally Posted by SheSMySin

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.

Processors offer API’s that can automate the conversion of every payment into dollars so it’s not difficult at all to do.

I asked them and they said they hold the Bitcoin that is sent, though that does not really mean they have a lot of Bitcoin. I think none of us can know how their assets are divided unless there is a public document on this? I also thought they would rather just keep the Bitcoin/crypto than convert them to dollars and back, there is always some cost in transferring between currencies. It seems the main reason for going crypto only deposit allowed book is to get rid of the transaction fees that are a big cost for all the bookies.

I would agree that Bookmaker is more likely to be safe and good site than almost any other. Still, that said I don't think there is zero chance something can go wrong with them. Same happened to Full Tilt Poker, they touched the customer funds and went broke as everyone wanted to withdraw when FTP did not have enough assets to pay. The business was a cash cow. Other examples exist as well. If all the clients want to withdraw, they can become insolvent even if they have considerable assets. In case they hold a lot of Bitcoin and Bitcoin goes -95% it does not take a lot to be in trouble.

Just wanted to offer another point of view on this. Most likely there is no issue. Still would prefer to have my balance units as Bitcoin, fluctuating with it.

Originally Posted by SheSMySin

I asked them and they said they hold the Bitcoin that is sent, though that does not really mean they have a lot of Bitcoin. I think none of us can know how their assets are divided unless there is a public document on this? I also thought they would rather just keep the Bitcoin/crypto than convert them to dollars and back, there is always some cost in transferring between currencies. It seems the main reason for going crypto only deposit allowed book is to get rid of the transaction fees that are a big cost for all the bookies.

I would agree that Bookmaker is more likely to be safe and good site than almost any other. Still, that said I don't think there is zero chance something can go wrong with them. Same happened to Full Tilt Poker, they touched the customer funds and went broke as everyone wanted to withdraw when FTP did not have enough assets to pay. The business was a cash cow. Other examples exist as well. If all the clients want to withdraw, they can become insolvent even if they have considerable assets. In case they hold a lot of Bitcoin and Bitcoin goes -95% it does not take a lot to be in trouble.

Just wanted to offer another point of view on this. Most likely there is no issue. Still would prefer to have my balance units as Bitcoin, fluctuating with it.

I highly doubt Bookmaker is going to give you insight on how they run their business. Also, they are not a crypto only book. They still accept credit/debit card deposits so they are not crypto only. This is the reason why they don’t keep balances in crypto. If you want a strictly crypto book that keep balances in crypto, look elsewhere such as Betcoin or Nitro however those two have nowhere near the stability as BM.