Coingaming To Launch Sportsbetting Platform

The Bitcoin gaming industry is moving forward at full speed these days, with more and more operators opening up their doors and attracting new clientel to the thrilling world. The traffic and revenues increases year-by-year and all the larger sites has experienced an increase in revenues.

One of the current obstacles in the Bitcoin gaming industry however, is that most sites that are currently online are very specialized in one specific type of gambling, rather than diversifying. Initially we saw this with the Bitcoin dice sites that only offered dice games, then Bitcoin poker sites just offering one or two types of poker and so on.

In order to be able to move more traffic away from the fiat-currency gaming industry, operators in the Bitcoin gaming industry needs to be able to diversify and integrate products that players wants to play, to get them to continue playing in their site at all times.

It is very common for the major sportsbetting sites to both offer poker, casino, live casino, bingo, sports betting and even financial trading similar to binary options. Finding sites in the Bitcoin industry that offers more than one or two of these products is rare and those that are there currently may not have the experience needed to really take it to the next level.

This is about to change however, as one of the leading Bitcoin gaming platform providers Coingaming will be launching their Bitcoin-only sportsbetting platform on August 8th, right when the Premier League starts.

This means that Coingaming can now offer at least the full standard suite of products for their operators, which includes poker, casino and live casino as well as sportsbetting. Integrating these products will make it easier to attract new clients and convert fiat-money players to Bitcoins if the advertising is done correctly.

The betting platform has been designed by Coingaming to maximize the revenues and profit streams for the operators integrating it. It has also been created with Bitcoin in mind, ensuring that it seems natural for Bitcoin users to use.

Mark McGuinness, Communications Director of Coingaming, said: “The underlying bitcoin sportsbook technology shall offer significant advantages over traditional fiat currency based fixed-odds platforms. We have over 10,000 live betting markets on offer per week, including fast developing betting sports such as MMA and eSports.  Benefits for the player include the ability to place larger bets on events on any device with better odds, instant deposits and cash-outs. These features will appeal to young smart, mobile focused sports bettors that demand instant gratification.”

The sports betting market is currently seeing a lot of investments from Bitcoin operators, as it is one of the biggest revenue streams in the iGaming industry. There are million of bettors betting on a daily basis and many are not happy with the restrictions that traditional bookies put on them, which would make the Bitcoin sportsbetting product very attractive to them.

Coingaming did not announce if any of their current partners will be integrating the sportsbetting platform.

BetVIP Shuts Down Service – Cloudbet Acquires Player-base and Balances

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.