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Bitcoin Bookies

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Author Topic: Bitcoin Bookies  (Read 1070 times)
cortomaltese
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« on: April 11, 2016, 07:41:34 PM »

Eventhough i have some experience with "traditional" bookies i have to admit that when it comes to the so called "bitcoin" bookies my knowledge is almost zero.
So i thought it might be a good idea to take the initiative to open a conversation regarding them
What is totally strange to me is the absent of any KYC procedure to the most of them
How can they do it? I mean since their lines is soft for most of them , they should have a way to limit their risks , and with no KYC this is impossible!
What i am losing here?
Also the way i see it biggest disadvantage is the unstability of the bitcoin exchange rate , so apart from the risk involved in making an arb with them , this is maybe an even greater risk
Is there any way to bypass or reduce that risk?
Are there any other disadvantages?
Do you think there's potential with bitcoin bookies?
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qbet
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« Reply #1 on: April 11, 2016, 09:00:37 PM »

As far as I know bitcoin books target US players.Americans can't use E-wallets or banks for deposits and bitcoin serves as a solution to that problem. I think you can keep your balance in USD and only convert to bitcoins when you need to deposit or cash out. That reduces the risk of bitcoin flactuation. 
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cortomaltese
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« Reply #2 on: April 11, 2016, 09:24:43 PM »

Keeping balance in usd the way i see it serves only as a way to  more easily do the calculations needed if you arb between bitcoin and usd or euro
I can't see however how will help reduce risk of  flactuation!
If exchange rate are against you , you are stucked with funds inside bookie and wait for better rates!
Also how about no KYC?
How they cope with risks?
« Last Edit: April 11, 2016, 09:28:26 PM by cortomaltese » Logged

arber_PL
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« Reply #3 on: April 12, 2016, 09:04:33 AM »

Also how about no KYC?
How they cope with risks?
From what I know they just copy sharp odds (mostly from Pinnacle) and put some additional juice on it.
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cortomaltese
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« Reply #4 on: April 12, 2016, 09:29:40 AM »

Also how about no KYC?
How they cope with risks?
From what I know they just copy sharp odds (mostly from Pinnacle) and put some additional juice on it.

Really?!
All of them?
So no soft lines here
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fairpunter
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« Reply #5 on: April 12, 2016, 10:51:28 AM »

Also how about no KYC?
How they cope with risks?
From what I know they just copy sharp odds (mostly from Pinnacle) and put some additional juice on it.

Yes it is true, in this case Bitcoin bookies take some risks, because most of all copy odds from Pinny, but they get profit more than enough from Bitcoin exchange rates and it covers some risks. All these Bitcoin bookies are like affiliates of Bitcoin wallets.  sorry my english
« Last Edit: April 12, 2016, 10:59:38 AM by fairpunter » Logged

fire777
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« Reply #6 on: April 12, 2016, 10:54:36 AM »

The bookmakers bitcoins are extremely dangerous, because in most cases you do not know the owner, you do not know their home, not their license know, you do not know what business register are registered .... So in these sites I never pour a cent.
  Another story is a traditional bookmakers who also accept bitcoin payment, but in this case for a serebettor's is dangerous, because the price of bitcoin are too volatile
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fairpunter
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« Reply #7 on: April 12, 2016, 11:02:05 AM »

I didn`t know that Bitcoin offers Bitplastic debit card for ATM withdrawals, 5% conversion fee from Bitcoin to send cash to card. ATM usage fee is minimal, about $1.50 per transaction. No other fees.
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fire777
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« Reply #8 on: April 12, 2016, 11:19:00 AM »

Bitplastic? I had to read on google the first search page to find the scams
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cortomaltese
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« Reply #9 on: April 12, 2016, 06:35:03 PM »

Interesting..
So do you have experience with limits and withdrawals?
Generally speaking
1) What are approximately their initial limits and do they limit like the other traditional bookies? (This wouldn't be much importand though due to absent of any KYC)
2) Are they reliable to payments ? How much time neede for a  withdrawal?
3) Another problem i see is extra time for calculations when you arb between them and euro currency bookies , how you bypass that problem ? Don't tell me that every time you arb between a bitcoin bookie and a euro one you are searching for the current exchange rate and then do the calculations?!
A mate said that they Do  offer for example option to keep funds in usd , is this option available for euro also?
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water_element
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« Reply #10 on: July 05, 2016, 03:24:55 PM »

I gave a good friend in Greece which is asking me daily about bitcoin alternative, will advice him this thread
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