Take a quick look at Bitbook.ie. Do you notice anything different? Something unique?
I’ll tell you what it is.
They don’t offer fixed limit betting. They have parimutuel betting instead.
Parimutuel betting pools your money together with other bettors. In turn this causes the odds to fluctuate (based on what side gets action) until the pool closes.
That’s not all. Being as they don’t accept fixed bets, you don’t bet against the house, but instead bet against the other bettors in the pool.
As such, Bitbook is only a 3rd party platform that provides you with the information and technology needed to place wagers.
Below is an overview of their betting options, and a summary of whether we think you should check them out.
Established year: 2014
US Players: No
Cashout times: Fast
Other crypto currencies accepted: None
PROS VS. CONS
Ledger shows all bet history
Very good mobile site on smartphones and tablets
No bonuses or other promotions
Very high VIG compared to regular sportsbooks
Betting Options (And How To Make A Bet)
One area Bitbook succeeds in, is in their betting options. They don’t have lots of different sports or events to bet on (yet), but what they do have are lots of sub categories within the few sports you can bet on.
For example, you can bet on soccer. More specifically, you can bet on:
- England (Premier League)
- Ireland (League of Ireland)
- Uruguayan Football Association
- Finland (Football Association of Finland)
- Women Intl (Women’s World Cup Canada 2015)
And so on.
But what about other sports? Well, you can also bet on:
- Baseball (MLB, NCAA, Softball)
- Hockey (NHL, International, Euro)
- Basketball (NBA, NCAA, Props, WNBA)
- Martial Arts (UFC, MMA, AXS)
The only negative thing I have to say about their current selection is that they should expand it to more sports and events if they want to be competitive in the future.
How To Make Your Bet
Placing your bet is a simple process.
- Go down the list of sports. Find the one you want to bet on. Click the blue ‘Place Bet’ button.
- Go down the list to find the teams and/or matches you want to bet on. Keep in mind that there are 1-2 betting types – moneyline/straight bet or spread bet.
Bitbook lists the odds in American, Hong Kong, Decimal and Implied Probability formats. During my review they listed only the Vegas Casino odds for each, which they state are ‘displayed for information purposes only.’
They didn’t display their own odds for the matches I looked at. But my guess is that’s because the games weren’t starting for awhile and/or no one bet on them yet.
When you’re ready to place your wager, just click the ‘Place Bet’ button and a window will pop up. This will have a bitcoin address unique to that specific match and bet type. Just use a wallet that allows custom transactions, make a bet of at least .008 mBTC and transfer your funds. You’ll be all set.
Note: Bitbook.ie recommends you send your payment at least 15 minutes before the cutoff.
And when you win? Your winnings will be sent to your sender address automatically.
If you have any questions, or run into any problems while using their platform, you can contact them by email at email@example.com. They have a form on their site, too.
Just beware – it’s been 5 days since I last shipped them 2 emails. I have yet to hear back from them.
Bitbook.ie Sounds Cool, But Here’s Where They Drop The Ball
So… should you join Bitbook.ie? Are they worth your time?
At first glance; yes. Here’s why:
- No account or login is needed. They offer 100% anonymity.
- Bitbook.ie has a ledger that shows all past bets, wins/losses and payouts. This gives you 100% transparency.
- They offer an API. You can use this to create alarms/alerts, reports, data analysis, stats and more. But it costs $150 per month, and requires some technical know-how.
- They’re mobile responsive. You don’t have to be anchored to your desktop – you can view and place bets on any device you own.
But after digging around I found some things I didn’t care for. Here’s where Bitbook.ie drops the ball:
- They don’t offer any promotions.
- They take donations. Either charge to use the platform –or– accept donations – not both.
- They take a 10% vig. This is high considering that they’re not a traditional sportsbook, but merely a hub or exchange. Hell, they don’t even have the same risks that a book like 5Dimes does, yet they charge just as much, if not more.
Overall – I’m not a fan.
I do like their platform, anonymity, transparency and idea. Cool stuff.
But they drop the ball when it comes to their support and fees. They’re not that busy (based on their ledger), so response times should be lightening quick.
And a 10% vig is ridiculous when you compare them to BetMoose or Fairlay. Both charge a mere 2-3 percent to use their platform. It’s even crazier when you consider that Bitbook offers no promotions and accepts donations.
For that reason I give them a C-.