Bovada removing bitcoin as payment option

[ChiBitCTy]

Logged in to my bovada account yesterday to find some unfortunate news ( as seen below ). This is very unfortunate and I just don’t understand the move at all. Allowing other crypto coins to be continued to use is what’s really puzzling to me. Anyone familiar with this situation?

[acroman08]

I think you should ask their support to get an answer for both of us. I am really curious as to why they decided to let go of BTC but not other cryptocurrencies.

I can't think of any reason other than bitcoin being too expensive. I mean among all the other cryptocurrencies bitcoin holds the highest price. but then again, I don't why would that be a reason to remove bitcoin on their gambling site.

edit:

This is something that might come just from the new rules and regulations from the commission therefore you can't really do anything about it.

I guess this could be a reason. but why only bitcoin and not other cryptocurrencies.

[fiulpro]

Checked online there is literally no news regarding the same. But do you know that they are operating without any licence since 2016? They might not really be considered legal now. But at the same time customer review ratings have always been high for them so they continue to flourish in the US since 2011. ( Some information I got from google)

If they are not supporting bitcoins as a method of payment in betting hands down. This is something that might come just from the new rules and regulations from the commission therefore you can't really do anything about it.

Try some other casinos.
It might be due to high fee as well, are they still using ETH tho?? It was also listed in the top bet online sports book as well.

They might change their decision in a while tho, wait for any news or statements.

[Zilon]

My anonyance is the rate at which online casinos make decisions without passing a questioner so they can get reactions from their users before making any decision. We are gradually coming to a autocratic era where casinos just jump into decision making forgetting their decisions affects their customers. There is actually no legitimate reason for this action. I'm not buying into it at all

[Fortify]

Logged in to my bovada account yesterday to find some unfortunate news ( as seen below ). This is very unfortunate and I just don’t understand the move at all. Allowing other crypto coins to be continued to use is what’s really puzzling to me. Anyone familiar with this situation?

It is some very puzzling news and makes me wonder if they have been approached by some sort of financial regulator or their Bitcoin wallet service faces particular issues. It's a highly unusual move and definitely a step backward for this casino but there must be a reason they are throwing away this revenue stream. Maybe they just never had a big enough audience of cryptocurrency betting players to justify the various additional expenses and have other companies offering different cryptocurrency services for much cheaper rates. It's not a big loss to be honest as the cryptobetting scene is a highly competitive market with dozens of major players and they've just ruled themselves out of it. I do find it curious they refer explictly to banning crypto wagering, so maybe they still allow crypto deposits and will just convert it to fiat currency equivalent bet on the fly?

[carlfebz2]

My anonyance is the rate at which online casinos make decisions without passing a questioner so they can get reactions from their users before making any decision. We are gradually coming to a autocratic era where casinos just jump into decision making forgetting their decisions affects their customers. There is actually no legitimate reason for this action. I'm not buying into it at all

Questionnaire could really be done but results wouldnt matter.Why? whenever the government had impossed out such regulation then it would be final.

If a certain platform does had been required on doing so then they would follow it no matter what or that would really be end of business.Period.

Im not surprised for these things to happen because as we do go further ahead then regulation does go even more stricter.

[magneto]

Makes no sense whatsoever.

Why ban BTC but not ETH? Onchain fees are now way higher with the crazy ETH gas prices.

I don't understand this move. They clearly want to take advantage of the move of most of the gambling industry towards crypto payments but this is just mind-boggling.

[samcrypto]

They can't just remove Bitcoin as an option, most probably they are being force by the situation especially if the regulations are restricting you from using Bitcoin, this is the only reason that I see or better yet you can ask them for a reason.

Bitcoin has been an option on many crypto gambling site since then, even if the fees are quiet expensive so this is a rare move from them, hopefully they give an update with regards to this one.

[blockman]

Anyone who asked for their support and gave the reason why they've removed it? I've tried to find some related news about this or any article of theirs.
But there is nothing to see if someone is also interested of looking for the reason of removal of bitcoin to their casino. Just after the taproot, they've made this removal? quite odd if we keep on guessing the reason.

[Fatunad]

Anyone who asked for their support and gave the reason why they've removed it? I've tried to find some related news about this or any article of theirs.
But there is nothing to see if someone is also interested of looking for the reason of removal of bitcoin to their casino. Just after the taproot, they've made this removal? quite odd if we keep on guessing the reason.

Regulation issues?
Personal issues?

It would depend basing on the two things i do mention above but there's nothing we can do if they do opt out on crossing out bitcoin on the list of crypto options.
not really that a surprising thing.

Its their business then its their decision to make and if there are some add ups or removal then we dont have any choice but to accept it.
We do still have some options though but if you are really that fan of making use of the site then deal with other options that
they do have.

[rhomelmabini]

Not making some sense tbh if it's about transaction fees if this was suggestion by the community around them considering there's segwit and with the current taproot upgrade I thought it will be more efficient now for tx fees. Might be related if where does Bovada based, any thoughts on that?

[Hydrogen]

Hopefully, removal of bitcoin support by bovada, 5dimes and other sportsbooks won't precede a decrease in BTC price. As occurred back when steam and other retailers did so back around 2017.

What will matter next is whether sportsbooks that are primarily cryptocurrency based follow the trend. Whether lack of crypto support will be isolated mainly in the large mainstream books.

Lack of news articles and media on the topic is somewhat concerning. I hope this shows the importance of anonymous bloggers and independent sources of information. Who often report on topics that the media ignores.

[romero121]

They can't just remove Bitcoin as an option, most probably they are being force by the situation especially if the regulations are restricting you from using Bitcoin, this is the only reason that I see or better yet you can ask them for a reason.

Bitcoin has been an option on many crypto gambling site since then, even if the fees are quiet expensive so this is a rare move from them, hopefully they give an update with regards to this one.

Regulation might be the major issue causing them to stop the usage of bitcoin into gambling. Apart from that transaction cost is mentioned by most people, but that doesn't make sense. Because coins that have got high transaction fee than bitcoin is there in the updated list.

Hopefully they might be into the accumulation of bitcoin than making it into business. This is what strikes my mind when one has stopped accepting bitcoin into their service all of the sudden.

[Hydrogen]

Regulation might be the major issue causing them to stop the usage of bitcoin into gambling.

There were bitcoin and cryptocurrency provisions contained inside the recent US infrastructure bill passed on november 5th 2021.

Some aspects of crypto regulation will be delayed until I think 2023.

But you could definitely be correct that some regulatory aspects go into effect immediately, which is what forced bovada to drop bitcoin support on their platform.

[timerland]

They can't just remove Bitcoin as an option, most probably they are being force by the situation especially if the regulations are restricting you from using Bitcoin, this is the only reason that I see or better yet you can ask them for a reason.

Bitcoin has been an option on many crypto gambling site since then, even if the fees are quiet expensive so this is a rare move from them, hopefully they give an update with regards to this one.

Regulation might be the major issue causing them to stop the usage of bitcoin into gambling. Apart from that transaction cost is mentioned by most people, but that doesn't make sense. Because coins that have got high transaction fee than bitcoin is there in the updated list.

Hopefully they might be into the accumulation of bitcoin than making it into business. This is what strikes my mind when one has stopped accepting bitcoin into their service all of the sudden.

AFAIK I think they may still be accepting other cryptos?

I'm not sure what regulatory strain they would be under to be honest. There are now a lot of U.S. listed companies that are willing to accept crypto as a form of payment.

I for one definitely do not understand this decision. If they were forced by authorities, fine, but if this was their own doing it is the wrong choice.

[Lanatsa]

They can't just remove Bitcoin as an option, most probably they are being force by the situation especially if the regulations are restricting you from using Bitcoin, this is the only reason that I see or better yet you can ask them for a reason.

Bitcoin has been an option on many crypto gambling site since then, even if the fees are quiet expensive so this is a rare move from them, hopefully they give an update with regards to this one.

Regulation might be the major issue causing them to stop the usage of bitcoin into gambling. Apart from that transaction cost is mentioned by most people, but that doesn't make sense. Because coins that have got high transaction fee than bitcoin is there in the updated list.

Hopefully they might be into the accumulation of bitcoin than making it into business. This is what strikes my mind when one has stopped accepting bitcoin into their service all of the sudden.

AFAIK I think they may still be accepting other cryptos?

I'm not sure what regulatory strain they would be under to be honest. There are now a lot of U.S. listed companies that are willing to accept crypto as a form of payment.

I for one definitely do not understand this decision. If they were forced by authorities, fine, but if this was their own doing it is the wrong choice.

Currently they have
Bitcoin (BTC)  | Bitcoin SV (BSV) | Bitcoin Cash (BCH) | Litecoin (LTC) | Ethereum (ETH)
payment options and since its only mBTC they had mentioned then you could still have some options on other coins.

For sure this is a forced up decision to be made because they had been pressured?  It would really be just normal if they would be having
that kind of decision.

[goinmerry]

They should at least have a memo about the reason.

Can't imagine BTC will be removed where in the first place, ETH also has crazy fees.

Regardless, the decision is final and users of the platform should adopt the changes.

[bittraffic]

Checked online there is literally no news regarding the same. But do you know that they are operating without any licence since 2016? They might not really be considered legal now. But at the same time customer review ratings have always been high for them so they continue to flourish in the US since 2011. ( Some information I got from google)

If they are not supporting bitcoins as a method of payment in betting hands down. This is something that might come just from the new rules and regulations from the commission therefore you can't really do anything about it.

Try some other casinos.
It might be due to high fee as well, are they still using ETH tho?? It was also listed in the top bet online sports book as well.

They might change their decision in a while tho, wait for any news or statements.

Strange because of all cryptocurrency to remove, its BTC that they disallow and without notice while other coins can be used. But if what was said above is true then, its possible that this is just the start and they may scam.

[alegotardo]

Logged in to my bovada account yesterday to find some unfortunate news ( as seen below ). This is very unfortunate and I just don’t understand the move at all. Allowing other crypto coins to be continued to use is what’s really puzzling to me. Anyone familiar with this situation?

Many pleople said "high rates", but I disagree with that opinion.
Bitcoin has had moments of high rates, but most of the time the rate is absurdly low.
Unless these unusually high bitcoin rates are really causing them a problem.
I do believe, however, that the problem is the speed of confirmations... 10 minutes or more to confirm a transaction can be a problem for casinos that have players eager to gamble as a customer.

[ralle14]

They're not removing bitcoin, it seems like they're just removing the "mBTC" denomination, they're still taking bitcoin deposits and withdrawals here's a thread posted on their subreddit.

I have to say that the announcement is indeed confusing as other users also thought bovada stopped accepting bitcoin.