Do you thing it is feasible to use Bitcoin to place bets compared to the system of using local currency or the USD. Some betting websites have been very flexible in using Bitcoin as the currency of placing Bets.
What I never liked is, if the actual stake was $5 (for example). And the winning amount was $43. The amount of Bitcoin worth will be paid instead of the calculated number of Satoshi. That is usually when the price of BTC drop.
Let's do some maths.
Odd=2.5
BTC stake 10,000 Satoshi
Returns: 25,000 Satoshi
Instead of 25000 Satoshi as returns, the player might get less than the winnings because the rewards will not be calculated based on the amount staked.
However, some people are convenient with the whole thing.
but the risk of losing very high, I do not recommend you to play your bitcoin on gambling sites, you better invest in ICO that has the potential to go month, the results you get can be bigger and not too risky.