Brisbane bookie Neds embrace crypto-currency gambling

Discussion in 'Bitcoin Sports Betting' started by Humble Servant, Feb 7, 2018.

  1. Humble Servant

    Humble Servant Active Member Staff Member

    Last year we reported that the Australian government were cracking down on online gambling by prohibiting sportsbooks from offering live in-play betting and by forcing poker rooms like PokerStars and PartyPoker to leave the Australian poker market place. As a result, we saw offshore crypto gambling operators like Ignition Casino & Poker launching in Australia to fill the void left by the withdrawal of major poker sites. Offshore gambling sites were able to continue servicing Australian poker players and sports bettors by allowing Aussies to deposit and withdraw with popular cryptocurrencies like BTC and LTC.

    Now it seems that Australian based bookmakers also want in on the action following the announcement that Neds will be offering cryptocurrency sports and horse race betting in the near future. If like us you've never heard of the Neds, it's probably because this Northern Territory-licensed bookie was only launched in October 2017. This probably explains their willingness to explore new markets and take bigger risks that their competitors like William Hill and Ladbrokes. In just a few short months, the new Brisbane-based bookmaker has managed to sign-up almost 80,000 regular sports betting and horse racing punters so they're obviously doing something right.

    According to Neds CEO Paul Cherry, many of their players are in their 20's and 30's so many are geeks who are already knowledgeable about cryptocurrencies. He also feels that many Aussies may be sitting on a stash of bitcoin's that have greatly increased in value over the past couple of years and they may be looking for ways to spend their new wealth.

    To begin with, Neds will only accept bitcoin so Ethereum, Bcash, Dash and Litecoin fans are out of luck for now. All bets will be places in bitcoin rather than in Australian dollars so there will be no conversion when you deposit or withdraw. This means that the Neds betting service will resemble bitcoin-only bookies like Nitrogen Sports rather than crypto-friendly sportsbooks like Bovada who convert your bitcoin to fiat currency as soon as you deposit. However, even if you decide to gamble exclusively with BTC, Neds will still require you to go through their anti-money laundering process like every other sports bettor.

    Cryptocurrency punters in Australia will also be glad to hear that odds appearing on the Neds bitcoin betting site will be identical to those offered on the main website and they'll even cover the network costs when you want to deposit and withdraw, which should make it cheaper than using traditional banking methods like PayPal and credit cards.

  2. Lance

    Lance Member

    i'm pretty sure i read in the paper here last week that the australian government has banned bitcoin gambling but maybe that just applies to offshore companies like nitrogen sports and cloudbet? does anyone know? it would be very unfortunate timing if they had to withdraw their cryptocurrency bookie a couple of weeks after they launched it just because of some stupid regulation.
  3. Humble Servant

    Humble Servant Active Member Staff Member

Share This Page