The Bitcoin betting industry is growing at a rapid rate these days, but it seems that the glory days may be over for some Bitcoin operators. One of the more prominent Bitcoin betting sites in the industry, BetVIP, announced earlier this week that they have closed their doors for good.
It all started out on June 12th when BetVIP suspended their sportsbetting trading for all customers, with the rest of their products following shortly after. The management then made a decision to look for other companies to take over their players.
The reason for the closure of BetVIP has been described by the BetVIP management as a mixture of the early nature of the Bitcoin betting industry and also because of the increase in regulations and legal environments around the world.
BetVIP had obtained a license in Curacao to operate their business under, something which many Bitcoin sites does not have. While having a license is good for the customers, it does create some limitations towards a Bitcoin business, which BetVIP probably felt while trying to operate.
Initially it was not possible for the customers of BetVIP to access their accounts and their funds, but now it has been made official that Cloudbet will take over all of BetVIP’s customers and bankrolls.
Cloudbet is one of the leading online Bitcoin bookmakers and casino sites, having grown rapidly in the past years time thanks to their fast cash outs, innovative betting platform and good promotions. That combined with high limits on all the popular sports, has made Cloudbet a popular place to place bets and play casino games for many players and now players of BetVIP can join as well.
Should the customers of BetVIP not wish to continue to gamble with their Bitcoins and instead want them cashed out, then they are free to do so. Cloudbet will honour all balances and all Bitcoins are available for cash outs without any requirements,
“Acquiring the BetVIP player base brings relief to BetVIP players who have been waiting several weeks for access to their funds,” said Leandro Rossi, managing director of Cloudbet. “We have made the transition as seamless as possible for players, and they can access their accounts and funds immediately at Cloudbet”
“This strengthens the Cloudbet brand as well as both the bitcoin and betting communities,” Rossi continued. “BetVIP customers can enjoy all of the exciting sports betting, casino, and mobile services that Cloudbet offer, safe in the knowledge that they are supported by Cloudbet’s track record and history of delivering high-quality and safe online betting services.”
It happens once in a while that well-known brands closes their doors in the gaming industry, but not in all cases the players gets their funds returned. Cloudbet saw an option to boost their business, but they also cared enough about the Bitcoin and the industry to not let a scandal burst into mainstream media and save all of the players funds.
If you were a player on BetVIP, all you have to do to access your funds is to login to Cloudbet with your details and you can see everything. You can also have a look at our offers for Bitcoin sportsbook sites and find a safe, reliable and high-odds site to wager your Bitcoins on here.