Coingaming Launches White-label Bitcoin Sportsbook

Ahead of the first weekend of the new Premier League season on 8 August 2015, Coingaming has launched bitcoin currency that is intended for fans of the cryptocurrency. Coingaming is a specialist in developing white-label software and has created its new sportsbook especially for bitcoin.

Coingaming is attempting to capitalise on the rising demand for bitcoin in the online gambling world by ensuring that its sportsbook can be integrated alongside other digital betting channels maintained by gambling operators. A recent development saw Coin Palace Casino set up its platform to accept bitcoin on its casino games.

An Instant Service for Sports Betting

Bitcoin is appealing for gamblers because they can make and receive payments almost instantly, while also avoiding the high transaction fees that are often applied to e-wallets. Coingaming communications director Mark McGuinness confirmed that sports fans would be able to expect the same benefits.

At present, though, there appears to be a higher level of bitcoin activity among the smaller gambling operators, with their larger counterparts yet to make a significant investment in the cryptocurrency. However, it could be the case that operators such as 888, bet365, and Winner Sports are waiting to see a whether a significant market emerges first, at which point they can make the necessary upgrades.

Some Are Reluctant to Use Bitcoin

Investment banking group Goldman Sachs revealed recently that 51% of respondents from a US survey were yet to use bitcoin, which suggests that the cryptocurrency is still in its infancy compared to established payment methods.

From now until the end of 2015, there could likely be further announcements made in relation to bitcoin and online gambling. For now, though, it would appear that smaller level operators are more willing to take the risk, with larger operators content to wait and see how the market develops over the coming months.