Bitcoin-only sportsbook launches ahead of World Cup
Curacao-licensed BetVIP only accepts the digital currency for its pre-match and in-play betting markets
An online sportsbook using Bitcoin as its only payment option has launched in time for the FIFA World Cup with the aim of “normalising” the use of the currency in online gambling.
Licensed in Curacao, BetVIP was founded by Cape Town-based entrepreneur Daniel Schwartzkopff who said the venture “demonstrates our commitment to the longevity of the currency”.
BetVIP.com runs off BetTech’s sports betting platform and offers a range of in-play and pre-match markets. It accepts bets and pays out exclusively in bitcoins within regulated jurisdictions.
Despite the limited amount of Bitcoin users in the world, Schwartzkopff BetVIP is not a PR stunt “ it is a long-term business venture,” said. “There is a massive opportunity to provide both a secure and reliable platform for bitcoin holders and take on the traditional online sportsbooks.”
Schwartzkopff previously founded FSMS, a telecoms start-up with more than 325,000 registered users and DataProphet, a unique consultancy specialising in solving prediction problems in the financial industry.
“Given the embryonic status of Bitcoin, we understand that it is surrounded by concern and confusion. At BetVIP we are determined to help the growing movement of people that want to normalise the currency and bring it into everyday use,” Schwartzkopff said.
Earlier this year casino operator Vera&John suspended its Bitcoin payment option due to regulatory concerns, just three months after it claimed to be the first regulated online casino to accept the currency.