CoinBet Casino & Sportsbook - 125% Match Bonus plus March Madness Contest!

[Jcw188]

On the "transactions" page I noticed that on the mid ot lower right side they have a tab for the exchange rate.  Right now it's at $941/BTC.

[CoinBet]

I'm going to be honest with you (coinbet).  when i use bitcoins i dont want them converted to anything.  i buy in for bitcoins, i bet bitcoins and then i cash out for bitcoins.  there can be no mistakes or conversion issues at that point. 

We are unable to keep account values in bitcoin, unfortunately. All account values are calculated in USD. You can deposit bitcoin, and withdraw bitcoin, but it must be converted to and from USD to play on the site. We have to abide by a number of various gaming regulations, and unfortunately this is what we are required to do to maintain our 100% legal compliance and stay on the good side of the law. Sorry.

How can you offer such a large bonus, particularly the free credit?  I will be happy, and pleasantly surprised I might say, to see if someone meets the rollover requirements and gets paid out.  Good luck!

The large bonuses are temporary, we are just trying to build up our player base so we are offering the large bonuses (with heavy rollover requirements) to do so. It's a bit of a loss leader, but we feel it's worth it for now.

My second question is what is the rate used to calculate dollars to bitcoins and vice versa?  Like if I have $150 in my account and want to withdraw Bitcoins, where can I find the rate of what that would be?

The current exchange rates are listed on the transaction page.

[TheJacob]

You have a tennis category, but no lines are up for the aussie open?

Also, I understand if you want to keep things in USD, but if you are going to do that you have to use the actual market rate.
Gox is virtually play money so that doesn't count.

Whats the minimum withdrawal amount? I can't find that on the site.

[geniusboy91]

From the splash page, when I click on the "Online Casino Bet Now" button, it takes me to the "available bonuses" page, but I can't actually get to any of the games.

Edit: I now see that you can get there from the promotions page, but that seems like a roundabout way to get there.

[CoinBet]

From the splash page, when I click on the "Online Casino Bet Now" button, it takes me to the "available bonuses" page, but I can't actually get to any of the games.

Edit: I now see that you can get there from the promotions page, but that seems like a roundabout way to get there.

We're making a couple changes to the layout as we speak. Sorry about that

[Jcw188]

How long does sportsbook grading take normally?  Been waiting like an hour for a grading of a bet...

[geniusboy91]

Just played the deuces wild video poker game and I think the game is broken. Hit a straight using a deuce and it didn't pay out. Picture attached. Please correct me if I'm missing something obvious.


EDIT: I can confirm this has happened three times now. Once it still paid out a pair (as it was a King high straight).

[geniusboy91]

Here is another problem. It says any formation containing a deuce will pay double. But you see it pays only the normal amount here.
I can confirm that this happens regardless of whether or not you hit the slot multiplier.

[BitcoinzRulez]

LETS TRY THIS AGAIN NOW THAT I'VE GOTTEN HALF THE ANSWER:


ok, now that i know you convert bitcoins to a cash equivalent to wager with, lets follow that up with a question.

i buy in for 5 BTC (with a current value of $800).  that gives me $4000 to wager with.  you also give me $8000 bonus which i rollover the proper number of times.  i now have $12,000.  then i win another 18,000 and i now have a total of $30,000.

in the interim the bitcoins i used to buy into your site have gone up to $10,000 a piece.  when i cashout my $30,000 do i only get 3 bitcoins back?

because here is the dilemma, i bought in for 5 of them, and as the price of them went up, i'm cashing out for only 3 total.

SO AT THE END OF THE MONTH AM I ONLY GETTING THE BITCOIN EQUIVALENT OF THE NEW BITCOIN PRICE??

[quone17]

I now see minimum withdrawal is $100.  But there is no Bitcoin withdrawal option available.  Is the only way to withdraw via Bitcoin to e-mail you?

[CoinBet]

Just played the deuces wild video poker game and I think the game is broken. Hit a straight using a deuce and it didn't pay out. Picture attached. Please correct me if I'm missing something obvious.

EDIT: I can confirm this has happened twice now.

Thanks for pointing this out. I've forwarded the issue on to tech support. You'll receive a credit to your account accordingly.

If you run into any further issues, please email them to support@coinbet.cc - If you don't mind, go ahead and email them now as well with this info, just to expedite the credit. Thanks!

---

LETS TRY THIS AGAIN NOW THAT I'VE GOTTEN HALF THE ANSWER:


ok, now that i know you convert bitcoins to a cash equivalent to wager with, lets follow that up with a question.

i buy in for 5 BTC (with a current value of $800).  that gives me $4000 to wager with.  you also give me $8000 bonus which i rollover the proper number of times.  i now have $12,000.  then i win another 18,000 and i now have a total of $30,000.

in the interim the bitcoins i used to buy into your site have gone up to $10,000 a piece.  when i cashout my $30,000 do i only get 3 bitcoins back?

because here is the dilemma, i bought in for 5 of them, and as the price of them went up, i'm cashing out for only 3 total.

SO AT THE END OF THE MONTH AM I ONLY GETTING THE BITCOIN EQUIVALENT OF THE NEW BITCOIN PRICE??

Yes, we have to convert BTC deposits to USD at the current exchange rate. Then, if you choose to withdraw your winnings in BTC, it will also be at the exchange rate at that time. You can also deposit or withdraw using straight USD if you prefer, but unfortunately we have to convert to and from USD for casino play.

-----

I now see minimum withdrawal is $100.  But there is no Bitcoin withdrawal option available.  Is the only way to withdraw via Bitcoin to e-mail you?

Yes, we are working on an automated BTC withdraw process, but for now please email support@bitcoin.cc and your withdrawal will be processed immediately.

Thanks

[BitcoinzRulez]

Alright, at least I finally got an answer.  I would recommend against anyone depositing bitcoins on this site.  I would also recommend this whole thread be removed from the bitcoin section.  merely accepting bitcoin isn't reason to keep it here.


for those of you who dont understand, we all own bitcoins as both a currency and as a potential investment.  the investment part is whats relevant here because we all assume bitcoins will go up.   if you bet on an ACTUAL BITCOIN SITE you're using bitcoins and so you never lose a bitcoins as a part of an exchange process.

here at coinbet they're always converting at a daily rate back to your countries currency.  since bitcoins swing as much as 10% on an average day, 30% on a good day, and more importantly most of us assume they will go up in price it makes it a losing proposition to bet on this site.  

you basically have to beat 50/50 type casino games at a rate of higher than maybe 10-30%/day to overcome the exchange rate.

please dont use your bitcoins on this site.  not only does the casino have the edge, but now they're basically a store of bitcoin value as it rises returning your investment at a higher price (meaning fewer bitcoins).


*****to coinbet: you're basically completely worthless to the bitcoin community if you dont change your policy and i'm sure you either knew that going in (and were trying to capitalize on an ever increasing commodity) or you know that now and need to adapt****

please leave the bitcoin community alone until you come up with a system that doesn't rip off bitcoins value.

[quone17]

OP correct me if I'm wrong but I don't think that's what the website is saying.  I think it says it converts your BTC to dollars one time, when you sign up.  Then you have a dollar amount that won't change daily.  The only time it will change is when you cash out dollars into BTC.  So if you deposit 1 BTC and do nothing wiht it on the site for a week, and the price of BTC goes down, then you will get more BTC when you cash out. 

[BitcoinzRulez]

quone17: i think your interpretation is correct.  if you buy in for 1BTC and the value of bitcoin declines when you cash out that exact amount you'll end up with more than 1 BTC.

unfortunately the reverse is true and a lot more likely.  we all own bitcoin knowing they will probably go up (greatly) in value.  and history has taught us that after time its always worth more than it was before.

so the reverse is A LOT more likely.  we buy in for 1 BTC with a USD value of $900, we win $100 and cashout at the new USD value of $1000 2 weeks later.  all we get back is the exact same bitcoin.  you have to win enough to stay ahead of the bitcoin value growth curve.

[CoinBet]

OP correct me if I'm wrong but I don't think that's what the website is saying.  I think it says it converts your BTC to dollars one time, when you sign up.  Then you have a dollar amount that won't change daily.  The only time it will change is when you cash out dollars into BTC.  So if you deposit 1 BTC and do nothing wiht it on the site for a week, and the price of BTC goes down, then you will get more BTC when you cash out. 

You, sir, are correct. I'm not going to bother replying to the person above you because he's obviously intent on raking us over the coals for not allowing players to keep their account balance in Bitcoin.

We are firm believers in bitcoin, as a currency and commodity, but we have to answer to gaming regulators and are at the mercy of them. There are casinos that are willing to skirt around the law and regulations, but we are not willing to do that. We are intent on being a player in this industry for a long time and will continue to support bitcoin and the bitcoin community. As regulations change, we will continue to evaluate ways in which we can further improve our site and casino to benefit bitcoin users.

[BitcoinzRulez]

I will give everyone who uses this site some amazing advice though:

buy in for bitcoins and do nothing until they go down slightly in value.  cashout and repeat.  this site can be used as a bitcoin exchange.  dont even bother betting, play the bitcoin highs and lows. 

bitcoins are up $40 today, put one on this site and hope they go down overnight and withdraw for 1.05, rinse and repeat.

[notserp]

Alright, at least I finally got an answer.  I would recommend against anyone depositing bitcoins on this site.  I would also recommend this whole thread be removed from the bitcoin section.  merely accepting bitcoin isn't reason to keep it here.


for those of you who dont understand, we all own bitcoins as both a currency and as a potential investment.  the investment part is whats relevant here because we all assume bitcoins will go up.   if you bet on an ACTUAL BITCOIN SITE you're using bitcoins and so you never lose a bitcoins as a part of an exchange process.

here at coinbet they're always converting at a daily rate back to your countries currency.  since bitcoins swing as much as 10% on an average day, 30% on a good day, and more importantly most of us assume they will go up in price it makes it a losing proposition to bet on this site.  

you basically have to beat 50/50 type casino games at a rate of higher than maybe 10-30%/day to overcome the exchange rate.

please dont use your bitcoins on this site.  not only does the casino have the edge, but now they're basically a store of bitcoin value as it rises returning your investment at a higher price (meaning fewer bitcoins).


*****to coinbet: you're basically completely worthless to the bitcoin community if you dont change your policy and i'm sure you either knew that going in (and were trying to capitalize on an ever increasing commodity) or you know that now and need to adapt****

please leave the bitcoin community alone until you come up with a system that doesn't rip off bitcoins value.

i agree just a gambling site not a bitcoin gambling site

[CoinBet]

i agree just a gambling site not a bitcoin gambling site

Unfortunately this is how it has to operate to be in compliance with gaming regulations and applicable law. Like I said though, we are working on ways to expand our bitcoin utilization. We fully support the bitcoin movement, and the community, and want to make it as easy, and as fun, as possible for bitcoin users to play the games on our site.

[quone17]

I'm not being a shill for the site but I do appreciate they're being upfront about how they are doing the BTC utilization.  I would like to hear if anyone's gotten any withdrawals though.  I hate depositing before I know I can get money if I win.

[CoinBet]

I'm not being a shill for the site but I do appreciate they're being upfront about how they are doing the BTC utilization.  I would like to hear if anyone's gotten any withdrawals though.  I hate depositing before I know I can get money if I win.

There's never a problem withdrawing funds You can email support@coinbet.cc directly if you want to inquire as to how to process works, what to expect, how quickly it can be handled, etc. If withdrawing to BTC, all you have to do is email support with your wallet address and it'll be processed right away (quicker than it takes most exchanges to transfer to other wallets, that's for sure!)