BetVIP Launches the World’s First Licensed Sports Betting Platform That Accepts Bitcoin

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BetVIP Launches the World’s First Licensed Sports Betting Platform That Accepts Bitcoin
BetVIP Launches the World’s First Licensed Sports Betting Platform That Accepts Bitcoin

BetVIP Launches the World’s First Licensed Sports Betting Platform That Accepts Bitcoin

BetVIP is the first licensed sports betting platform that uses Bitcoin as its currency. According to various local reports, the Cape Town-based company BetVIP obtained a gaming license in Curacao last week which allows it to charge customers in Bitcoin. With this measure the company owner believes that it will be ahead of the curve when Bitcoin becomes mainstream. The company believes that it will have an edge over others when governments move to establish laws to govern the unregulated virtual currency as it has initiated it earlier and early beginners tend to have thr advantage. The sentiments are shared by BetVIP founder Daniel Schwartz-kopff as well. He says that Bitcoin is though a concern for a number of states and regulators, allows for instant deposits and payouts which is far better than money transfers done using credit cards wherein it takes a lot of time to clear and even the fees are higher. Higher fees are a major issue that credit card companies may face at heat when compared with Bitcoin. According to the company Bitcoins could also be transferred instantly around the world and that is what makes it one of the most preferred payment options. Those who are looking for easy cross-border payments in traditional currencies require costly currency exchanges and Reserve Bank clearance which is not a requirement with Bitcoin. Though there are a handful of South African firms that accept Bitcoins that include some top notch online fashion retailers, legal practices and computer retailers, etc. BetVIP would be the first sports betting website. Some top sellers of Bitcoin include exchanges such as bitx.co.za which provide user-friendly experience for customers. **relatedarticle** Even Though BetVIP does Not Need License, it Will Enhance Legitimacy Mr Schwartzkopff says that currently, BetVIP accepts minimum bets of 0.01 Bitcoin i.e. R65.20. He added that the volumes on the exchanges are definitely picking up. BetVIP has agreed to use software from Cape Town-based company, BetTech and focusing mainly on markets such as China and Europe which have a lot of Bitcoin users. Mr Schwartzkopff believes that BetVIP would not accept bets from the US as the country does not legalize sports betting. He made it clear that though BetVIP did not require a gaming license as it was operating in an unregulated market, the license has added legitimacy to the sportsbook and improved its long-term prospects. Now, according to Mr Schwartzkopff as Bitcoin becomes more popular there will be moves to regulate the space, so his company thought it would rather stay ahead of the curve. To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com