After suffering a few kinks this year (due to the closure of prominent online exchanges like Mt. Gox), Bitcoin has managed to rise back to fighting form once more. The most prominent cryptocurrency in the world today is drastically changing the way people do financial transactions this year, and nothing- not even huge setbacks like the Mt. Gox fiasco- is going to stop it.
While Bitcoin has already proven its worth in e-commerce, the use of the cryptocurrency in gambling is a bit of a grey area due to the various legalities and security issues involved. Every week there seems to be a new bitcoin-centered gambling site that pops up and a few others that close down.
If you really want to get started on the world of bitcoin gambling, here are some of the sites that have made their mark in the industry, and have already proven their trustworthiness over the past couple of years.
Satoshi Dice is considered as one of the pioneering bitcoin gambling sites on the web. It was opened way back in July 2012, back when bitcoin was merely a blimp on the cryptocurrency radar. Today, it stands as the largest bitcoin-only gaming service on the Internet, processing thousands of bitcoin bets per day.
There are no fancy casino games here- no dice, no cards, and no spinning reels. Players will just choose their preferred betting odds from a betting table, send over their bets (in bitcoins) to the specified address, and wait for the system to determine if it’s a win or lose. If you lose, your original bet is returned to you minus a cut; if you win, the bet is returned and increased by the multiplier stated on the betting table.
Hot on the heels of chance-based games such as Satoshi Dice, Bitcoin has also ventured into the world of sports betting. CloudBet is currently the largest online Bitcoin-only sportsbook by virtue of it being the first in the market to accept bitcoins for bets. One of the main selling points of this site is that there are literally thousands of games from different sports that you can bet on- there’s football, basketball, American football, golf, snooker, and even volleyball and handball. Another great plus would be the site’s comprehensive loyalty and rewards program. Every single bet placed on any game, at any price, will receive corresponding loyalty points which can be redeemed for rewards later on. For first time players, their first deposit on the site will be doubled by CloudBet up to a maximum of five bitcoins.
WinPoker, a subsidiary of the popular iPoker network (Paddy Power, Betfair, Bet365, etcetera) made waves last year when it became the first major online gambling outfit to accept Bitcoins. The WinPoker system instantly converts users bitcoins into a chosen currency when they deposit on the site. The Bitcoin deposit option is a welcome addition; the only problem is that a layer of anonymity is stripped off since users are still required to pass identifying documents to the site when they sign up.