BitCoin Sportsbook

[w1nterl0ng]

Hi All, I did a forum search on BitCoin and BitCoins and came up with nothing. So either the topic is banned or no one here is talking about it.
Have any of you looked into this? For those of you not familiar with the term BitCoin, it represents a new form of currency. Here is a link to the wikipedia http://en.wikipedia.org/wiki/BitCoin
It will do a much better job of explaining it that I can.
As far as I know, there is only one SportsBook that is taking it as payment right now.
btcsportsbook
I wonder if SBR would be interested in reviewing them. Either way, I would love to hear some discussion on how people feel about this new type of transaction.

Thanks.

[LLXC]

Quite interesting. I didn't know there was a sportsbook that took bitcoin but I guess that makes sense.

[bookie]

There was quite an extensive discussion about BitCoin at another forum, though with no specific information about any book's that accept it.

[cashcab]

HUH

Is this new bc i never even heard of it unless its a bullshit site

[fizzwont]

It's not a bullshit site. btcsportsbet.com - It's a real bitcoin sportsbook, been around since January.

Straight bets only, no parlays. There are positive reviews on the bitcoin forums if you want to look there.

They've also sponsored some Starcraft tournaments with bitcoin prizes. I've not had any problems getting paid, and compared to the offshore runaround, Bitcoins are amazing.

[vill]

I hear first time about this sportsbook, I think it can be scam site.

[OSUCOWBOYS]

I hear first time about this sportsbook, I think it can be scam site.

What do you have that would support that thought?

[althelegend]

I'm not impressed and will keep to the regular currency books.

[robmpink]

Conversion to and from real currency is currently performed by Mt. Gox Bitcoin Exchange, which is presumed to have a bank account in Japan and lists no contact information other than email. After two US Senators drew attention to Bitcoin for being the currency used in the Silk Road drug market place, Reuters wrote that "the Justice Department and other law enforcement agencies may be able to target" entities like Mt. Gox.[30]

[fizzwont]

You can believe it's a scam all you want..what other book in the world can you set up an account with no personal information at all (email is optional), fund it in ~10 minutes with no fees, and withdraw 24/7 with no fees?

Bitcoin is an amazing technology and a sportsbook is a perfect application for it. Don't trust me, read the reviews on the official bitcoin forums and other places - place is legit.

Someone from SBR should definitely do a review, i'm sure there are some bitcoin users out there.

[Hareeba!]

for pure gamblers only

[erickvivar]

I read about it, an extremely impressive technology and the future of electronic non-centralized currency. My only concern right now is how high is the current exchange rate for it, hoping is not a bubble.

Sportsbooks may have a big chance/opportunity introducing BitCoin on their options.

[Hareeba!]

I read about it, an extremely impressive technology and the future of electronic non-centralized currency. My only concern right now is how high is the current exchange rate for it, hoping is not a bubble.

Sportsbooks may have a big chance/opportunity introducing BitCoin on their options.

its value fluctuated between 0.01 and 30.00 within a month ... enough said !

[fizzwont]

The .01 was a bad trade / result of hacking.

It's been reasonably stable since the hacking of the largest exchange.
$15/btc is pretty reasonable imo. Considering there is a limited supply and it cannot be inflated past the original 21million coin design, 15$ is cheap.

No doubt it is risky as a currency...but it sure beats dealing with a random offshore book..Automated processing of deposits and withdrawals, no ID required, no chargebacks. Encourage you guys to try it for a few bucks, you will see the light too

[Hareeba!]

The .01 was a bad trade / result of hacking.

It's been reasonably stable since the hacking of the largest exchange.
$15/btc is pretty reasonable imo. Considering there is a limited supply and it cannot be inflated past the original 21million coin design, 15$ is cheap.

No doubt it is risky as a currency...but it sure beats dealing with a random offshore book..Automated processing of deposits and withdrawals, no ID required, no chargebacks. Encourage you guys to try it for a few bucks, you will see the light too

good luck to those intrepid souls who do - most probably you'll need tons of it

but I don't deal with "random offshore books" and have no fear of providing ID to those I trust and deal with and really can't see what this mob can possibly offer me that I can't get where I do bet

oh! and besides .. any number of attempts to load the site have failed

[SBR_John]

complicated. Great potential.

[fizzwont]

good luck to those intrepid souls who do - most probably you'll need tons of it

but I don't deal with "random offshore books" and have no fear of providing ID to those I trust and deal with and really can't see what this mob can possibly offer me that I can't get where I do bet

oh! and besides .. any number of attempts to load the site have failed

what site? btcsportsbet.com? or mtgox.com (the main exchange) - both seem up to me.

Here's the thing...Nothing offshore is safe if you are American. The recent poker shutdowns, Feds setting up fake payment processors, etc have proven this. The weak link is moving money. Bitcoin solves that problem in a decentralized way that cannot be shut down and if used properly cannot be tracked backed to any individual.

Another advantage is you don't need to keep a big balance at a book due to funding hassles. I send in bitcoins when i see a game/line I like, and withdraw after the game. I don't have to deal with a CS rep and a fake W_U name and stress the spelling, or any other processor. It's automated.

Yes, it helps if you are technically inclined as it's not very user friendly yet.

[Hareeba!]

what site? btcsportsbet.com? or mtgox.com (the main exchange) - both seem up to me.

Here's the thing...Nothing offshore is safe if you are American. The recent poker shutdowns, Feds setting up fake payment processors, etc have proven this. The weak link is moving money. Bitcoin solves that problem in a decentralized way that cannot be shut down and if used properly cannot be tracked backed to any individual.

Another advantage is you don't need to keep a big balance at a book due to funding hassles. I send in bitcoins when i see a game/line I like, and withdraw after the game. I don't have to deal with a CS rep and a fake W_U name and stress the spelling, or any other processor. It's automated.

Yes, it helps if you are technically inclined as it's not very user friendly yet.

well fortunately I'm not in the US and have none of those hassles

even if I were I wouldn't be touching this thing at this stage

I was referring to the BTCSportsbook site .. did eventually get it to load but on clicking (What is Bitcoin? Find out !) it fails to load: Firefox can't establish a connection to the server at www.bitcoin.org
and the About us link just doesn't work at all
can't get to see any quotes without a login either

I take it you are part of this operation Fizz ?

[fizzwont]

Strange...the bitcoin link on the homepage works for me. I agree a lot of the other links have problems, they like to keep it private obviously.

I don't run the site, but I've chatted with one of the guys who run it - I can say I've used it since March with no problems.

Here is a review from a few months ago, this is how I found out about it after I got into bitcoins - http://www.bitcoinbulletin.com/2011/...the-trader-02/

I totally agree with you that it's high risk, but the technology is pretty amazing and sportsbetting is a nearly perfect application for it.

[robmpink]

The pages didn't load for me either that Hareeba said.

[Santo]

One obvious problem is that it's pretty much recreational only. Mt Gox wants all sorts of documentation if your use goes above $10k.

[TheBeautifulGame]

I'll pass thank you. Enough risks with online gambling without using VIRTUAL currency.

[aca]

I like BTC concept too!
For beginning I get small part of my betting bank and invested in BTC mining!

[fizzwont]

One obvious problem is that it's pretty much recreational only. Mt Gox wants all sorts of documentation if your use goes above $10k.

well, there are other exchanges as well with different limits- The MtGox limit is daily, so you can still space withdrawals pretty easily.

Most people just can't wrap their heads around the concept - there is nothing to shut down like a poker site or neteller, it's decentralized.

Anyway, would be cool if a mod could check out or do a review on the book.

[boondoggle]

btcsportsbetting.com has everything to bet..tons of soccer, and all kinds of lines....they only take bitcoins.

[Hareeba!]

Does this book really offer any advantages to non US punters who can play at BetFair, Pinnacle, Matchbook, SBO, 188Bet etc without the threat of Uncle Sam making payments to and fro so difficult ?

[boondoggle]

Does this book really offer any advantages to non US punters who can play at BetFair, Pinnacle, Matchbook, SBO, 188Bet etc without the threat of Uncle Sam making payments to and fro so difficult ?

The big advantage of this book is that moving money is not a problem. If you currently have issues moving money, perhaps this book is worth looking at.

[Hareeba!]

The big advantage of this book is that moving money is not a problem. If you currently have issues moving money, perhaps this book is worth looking at.

I don't.

So to most of us in the free world there is nothing Bitcoin can offer to enhance our opportunities to win?

[boondoggle]

I don't.

So to most of us in the free world there is nothing Bitcoin can offer to enhance our opportunities to win?

Hareeba,

Perhaps you should read up on bitcoin. It appears you are clueless about it and it is quite difficult having a conversation with someone who is ignorant concerning the topic of discussion. For example, explaining differential equations to someone who can barely do algebra.

After you have read up on bitcoin, we can revisit or start a new thread.

[Frogger]

I just love the concept. Bitcoins are so great in that they are like cash but just over the web. I get worried because absolutely NOTHING backing the coins up but nerds on the web hoping it will be worth something.

[Hareeba!]

Hareeba,

Perhaps you should read up on bitcoin. It appears you are clueless about it and it is quite difficult having a conversation with someone who is ignorant concerning the topic of discussion. For example, explaining differential equations to someone who can barely do algebra.

After you have read up on bitcoin, we can revisit or start a new thread.

I've read up on bitcoin.
My questioning of late has been about the sporstbook, not the currency.
Perhaps it is you that needs to read more carefully.

[boondoggle]

I've read up on bitcoin.
My questioning of late has been about the sporstbook, not the currency.
Perhaps it is you that needs to read more carefully.

Hareeba,

Your question was, "does this book offer any advantages over pinny and other non usa based books". If you understood bitcoin on even an elementary level, you would not have asked the question.

Thus, my instructing you to eradicate your ignorance before continuing the discussion still stands.

Go read up on bitcoins and get back with me if you still have any questions.

[boondoggle]

I just love the concept. Bitcoins are so great in that they are like cash but just over the web. I get worried because absolutely NOTHING backing the coins up but nerds on the web hoping it will be worth something.

Nothing is backing US Dollars either for what it is worth

[Hareeba!]

Hareeba,

Your question was, "does this book offer any advantages over pinny and other non usa based books". If you understood bitcoin on even an elementary level, you would not have asked the question.

Thus, my instructing you to eradicate your ignorance before continuing the discussion still stands.

Go read up on bitcoins and get back with me if you still have any questions.

No. I don't have any more questions. Just the same unanswered ones.

I know what my questions have been.

I know basically what bitcoins are about and don't wish to learn any more about them at this time.

What I don't know and have been asking about is what the SPORTSBOOK can offer.

Why do you have so much trouble comprehending the difference?

[boondoggle]

Hareeba,

Lets agree to disagree and move on.