EURO

EURO 2016 Sees BTC Flow to Sports Betting Sites

Bitcoin sports sweepstakes site Sportsbet.io has seen a 20% increase in stakes in just two weeks of the EURO 2016 championships.

Also read: Bitcoin.com Launches a High-Stakes Casino

EURO 2016 Attracting Bitcoin Users

EURO-2016-soccer

Services such as Coin Gaming’s new site Sportsbet.io, which launched June 1 as an off-shoot of sister site Bitcasino.io, are demonstrating the continued interest in Bitcoin as a betting tool.

“This summer’s European Championship action has been really exciting so far and there is still a lot more to come, both on the pitch and on Sportsbet.io,” SBC News quotes Sportsbet.io spokesman Joe Jordan as saying.

Across the industry, approximately 1.5 million BTC is expected to be wagered surrounding EURO 2016. Stories of wildcard betting abound in mainstream media, with Vietnamese gamblers reportedly betting their houses on the outcome of games.

Sportsbet.io had stated its jackpot would be equal to 300BTC, which was initially greeted with suspicion, with calls by users for proof of funds going unacknowledged. After around three weeks of operations, however, the enthusiasm which has captured the Bitcoin gaming market in recent times shows no sign of slowing.

Mobile markets appeared as a particularly strong area of use, with 52% of bets being placed via mobile channels: 45% on smartphones and 7% on tablet devices.

2015 ‘Important for Industry Awareness

Coin Gaming’s fledgling empire had seen dramatic growth even prior to Sportsbet.io’s launch. Data released for 2015 from Bitcasino.io showed a 1,370% increase in turnover in the period to December 31, with over 24,150BTC ($15.9 million) in jackpots being offered.

Spokesperson Mark McGuinness said commenting on the results

Bitcoin gambling continues to gain mainstream acceptance amongst players, particularly the millennial demographic and it will continue its growth trajectory into 2016 and beyond.

He added that “player acceptance of Bitcoin as a ‘seamless gambling chip’” was at the heart of Bitcasino.io’s success and that 2015 “was an important year for industry awareness.”

Online_Sports_Gamblers-1024x9441The tone was echoed by other betting players, with Oshi.io founder Nick Garner remaining bullish on the industry’s future despite worries about legal challenges in the form of KYC conformity.

“The question will be whether tech-savvy consumers will go to crypto-currency gambling because of the freedoms and innovations it offers,” Garner commented. “I think crypto-gambling will evolve and in five years’ time become a real issue.”

What do you think about the rise of Bitcoin betting? Let us know in the comments section below!


Images courtesy of sportsentertainmentattorney.com, coin-turk.com, ibtimes.uk.co