Beware of NetBet for bitcoin gambling

Discussion in 'General Bitcoin Gambling Discussion' started by Umair, Nov 21, 2016.

  1. Umair

    Umair Member

    There was a lot of fanfare a few weeks ago when NetBet became the first UK licensed sportsbook and casino to welcome bitcoin punters. The site looks decent and they're obviously legit if they have a license so I thought I'd give them a go. The deposit part went fine and my money was in my player account within an hour. The problems started when I wanted to withdraw my winnings back into my bitcoin wallet. When I went to their cashier to request a bitcoin payout, I realised that BTC has only been activated as a withdrawal method. After that I had to deal with their customer support who told me the only payout option available to me was wire transfer, which can take 1 to 2 week. What a joke!

    My advice. If you want to sports bet or play casino games with bitcoin, forget NetBet and use one of the major btc gambling sites like FortuneJack, BetCoin or Nitrogen.
  2. Smug Satoshi

    Smug Satoshi Member

    These type of betting sites that offer 30 deposit options and 3 withdrawal options are a scam. If you deposit with one payment method, you would be able to withdraw the same way. They are hoping that you will not go to the hassle of processing a bank wire and just gamble away the rest of your money.
  3. 2damoon

    2damoon Member

    They use BitPay and since BitPay are a payment processor, it's unlikely that they will be adding bitcoin withdrawals anytime soon since BitPay do not do withdrawals.
  4. Humble Servant

    Humble Servant Active Member Staff Member

    This is probably the reason that PaddyPower, Ladbrokes or William Hill have added support for cyrptocurrencies yet. They haven't been able to find a reliable processor who can handle both deposits and withdrawals.
  5. Dara

    Dara Member

    NetBet users should beware that these guys use BitPay and BitPay are bad actors. BitPay have recently received millions from a chinese mining company called BitMain and they are no longer acting in the best interests of bitcoin users. Don't use any service that uses bitmain.

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