Bitcoin-based online gambling

#1
on deposit/withdrawal

The companys founder, Larry Taad, noted on his site that most of his users dont keep a balance on our site, preferring to cash out and be paid instantly. "This type of behavior just wouldn't be possible with any other payment solution."

Users don't have to trust us with their funds any longer than necessary, he wrote. If you compare this to traditional online casinos, which can take weeks to send you your winnings, the benefit is obvious. And of course, it goes both ways: it is also extremely easy and quick for users to add funds back to our site. Frictionless, non-reversible, zero-fraud paymentsyou can't ask for a more perfect payment system!
the biggest player

SatoshiDice, which has servers based in Ireland, is a pseudo-random number generator game where players choose a number and then bet on the likelihood that a rolled number is greater than the one theyve selected. If the rolled number is greater, then they win. The house has a 1.9 percent edgewhich is where the profit comes in.

The online dice game has returned profits to the tune of ฿33,310 ($596,231) during 2012an average actual profit of ฿135.96 ($2,416) per day from May through December 2012. During that period, players put down a total of 2,349,882 bets. Thats still minuscule by Las Vegas standards, but respectable.
full article
http://arstechnica.com/business/201...no-rakes-in-over-500000-profit-in-six-months/
 

Matty

Toe Toucher
#2
Degenerates who insta-withdraw their whole balance aren't going to adopt BTC. Trading BTC is a bit of a hassle, which makes a degen's funds feel even less readily accessible.

Nice idea but I don't think the masses are going to be impressed.

Guessing that the vast majority of people who play that dice game are junkies who are killing time while waiting for their smack to show up in the mail.

:guitar:
 

MonkeyF0cker

Mean People Suck
#4
Degenerates who insta-withdraw their whole balance aren't going to adopt BTC. Trading BTC is a bit of a hassle, which makes a degen's funds feel even less readily accessible.

Nice idea but I don't think the masses are going to be impressed.

Guessing that the vast majority of people who play that dice game are junkies who are killing time while waiting for their smack to show up in the mail.

:guitar:
Not sure what you're saying. Why would you want a sportsbook holding your money if there's no reason for it to be there? Payouts from sportsbooks are instant. They aren't holding your funds. You can receive your money a whole lot faster than from most offshore books by withdrawing from an exchange and you can convert to cash to avoid volatile BTC exchange rates.
 

Matty

Toe Toucher
#6
Not sure what you're saying. Why would you want a sportsbook holding your money if there's no reason for it to be there? Payouts from sportsbooks are instant. They aren't holding your funds. You can receive your money a whole lot faster than from most offshore books by withdrawing from an exchange and you can convert to cash to avoid volatile BTC exchange rates.
I'm saying that BTC is an added layer on top of the regular processing scheme, which degens won't like. Stuff like e-gold never really took off, partly for that reason IMO. Too much of a hassle.

I'd totally play at a book that takes BTC.
 

MonkeyF0cker

Mean People Suck
#7
Some degens may enjoy gambling on the exchange rates as well.

They are degens afterall.

The extra layer isn't really a layer considering offshore withdrawal fees, etc. Pretty simple to convert to cash.
 

Matty

Toe Toucher
#8
Yeah. I guess that the BTC scheme (bank -> shady BTC exchange -> anonymous book) is a bit less risky than the traditional post-up process (bank -> 3 layers of shady banana republic processors -> shady banana republic sportsbook)

I'm just not sure that you're going to convince Iwinyourmoney that it's no big deal to trade his USD for a virtual currency that can fluctuate by 20% in a day.

 

FreeFall

Double Post King
#9
Not yet really. Anonibet is basically the only viable option.

Btcsportsbet and Btcsportsmatch (book and exchange) have far less betting options and Btcsportsmatch has almost no liquidity.
Thanks MF I'll check those out, but won't be expecting much. Would be nice if this took off considering the government doesn't want to put in the effort.
 
#10
Not yet really. Anonibet is basically the only viable option.

Btcsportsbet and Btcsportsmatch (book and exchange) have far less betting options and Btcsportsmatch has almost no liquidity.
do you see any big sportsbook adopting bitcoin in the future. do you think it would make sense for a big shop to do that?
 

senco78

Senior Member
#12
Yeah. I guess that the BTC scheme (bank -> shady BTC exchange -> anonymous book) is a bit less risky than the traditional post-up process (bank -> 3 layers of shady banana republic processors -> shady banana republic sportsbook)

I'm just not sure that you're going to convince Iwinyourmoney that it's no big deal to trade his USD for a virtual currency that can fluctuate by 20% in a day.

x2
I cant see this taking off.
past yr I may have been involved w/ bitcoins I;ve seen some massive swings.
most notable was something like $12 down to $5 in a day
been fairly stable last few months after upswing back to above $10 from my limited attention spent on it.

dont quote me but remember something about 1 group of investors holding a majority of coins in circulation???
meaning they could manipulate market ?
 

MonkeyF0cker

Mean People Suck
#13
do you see any big sportsbook adopting bitcoin in the future. do you think it would make sense for a big shop to do that?
It makes sense for exchanges or books that actually move on action. It doesn't make sense for cloners. The anonymity of bitcoin makes it possible to hit lines from multiple accounts rather easily. It would be much more difficult for books to profile players. I don't think many will adopt it for a variety of reasons. That decision won't have anything to do with the viability of bitcoin though.
 

MonkeyF0cker

Mean People Suck
#14
x2
I cant see this taking off.
past yr I may have been involved w/ bitcoins I;ve seen some massive swings.
most notable was something like $12 down to $5 in a day
been fairly stable last few months after upswing back to above $10 from my limited attention spent on it.

dont quote me but remember something about 1 group of investors holding a majority of coins in circulation???
meaning they could manipulate market ?
I believe that was after Mt. Gox was hacked. I don't think the swings are of that much concern. The BTC has shown resiliency - bouncing back after some rather big catastophes. The more people become involved in it, the more stable and more valuable it becomes.
 
#15
I believe that was after Mt. Gox was hacked. I don't think the swings are of that much concern. The BTC has shown resiliency - bouncing back after some rather big catastophes. The more people become involved in it, the more stable and more valuable it becomes.
This.

The fact that it cannot being manipulated by governments is a huge plus going forward imo...
 
#16
It makes sense for exchanges or books that actually move on action. It doesn't make sense for cloners. The anonymity of bitcoin makes it possible to hit lines from multiple accounts rather easily. It would be much more difficult for books to profile players. I don't think many will adopt it for a variety of reasons. That decision won't have anything to do with the viability of bitcoin though.
thanks for the nice analytical response. was hoping you would say you think it will be a possible breakthrough for US players, but i guess that is wishful thinking:reallymad:
 
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