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Author Topic: Sports Book that takes Bitcoins  (Read 956 times)
MarioRamirez
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January 28, 2014, 08:47:55 PM
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I just found out the sports book i use takes Bitcoins.

They take your coins and turn into into cash to play then pay out in coins or if you want cash they will convert for a fee.

What do you guys think , is this worth it ?

i have played with them for like 12 years and all has been good .

I just got into this bitcoin stuff and i wonder if there can be an edge to betting in coins

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BitcoinzRulez
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January 28, 2014, 08:55:51 PM
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my only thought is that turning bitcoins into cash sucks for people who believe in bitcoins.  Most people feel they'll go up so think of it this way.  you deposit one bitcoin at $800.  you double that money and now you have $1600, but in the interim bitcoins value rises to $1000.  when you cashout you either lost some money in the conversion or you get 1.6 BTC back (not the 2 you should have for doubling your investment).

that opposite can happen and bitcoins could decline in value and then you made some, but people who hold bitcoins are 99% sure they'll be a lot higher than what they are now.

the ideal situation is to bet bitcoins for bitcoins, no conversion to any cash.  this means you either bet 1 btc to win 1 btc or when you buy into a site for bitcoins there's a standard conversion.  1 btc = 500 chips.  then when you turn it into more chips you just convert the chips back into bitcoins.  500 chips turns into 2500 chips which is 5x.  your 1 btc is now 5btc.  chip value is constant so it doesn't matter what the value of a bitcoin is.
MarioRamirez
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January 28, 2014, 09:03:23 PM
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i see what you mean. thanks for the info

i send in $500 in bitcoins at the rate.

i play and win $2000 in a week or so .

get those $2000 paid out in Bitcoins at the rate of that time .

Could be less coins worth but definitely more cash.

So i should accept cash or coin payout based on current rate.

What i am going to do is try it out on the superbowl , on some props and so forth .

They are running a promotion for the superbowl where you can try them out with only $50 .

Any one else interested just pm me i will give you the number


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b!z
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January 29, 2014, 03:45:33 AM
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If you're looking for sportsbooks, you can try http://bitcoinreviewer.com/sportsbook/
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