A new verifiably fair Bitcoin sports betting site has been formally launched in the industry and it highlights security of its players and betting system through parimutuel betting.
Bitbook.ie, the first no-fee parimutuel Bitcoin sports book, was developed to address the vulnerability of Bitcoin sports betting sites to online theft and to bankruptcy due to unequal bets and unexpected results.
Unlike the system used in most Bitcoin casinos and other gambling sites which uses accounts or deposits to monitor wagers, Bitbook.ie tracks bets placed by its customers by generating new Bitcoin addresses for every game or sporting event.
This method secures the deposits from possible instances of theft, which has become one of the growing issues faced in the online gambling industry.
Moreover, Bitbook.ie transfers the winnings of every bettor to their respective wallet addresses immediately after each betting session finishes. Although not new in the industry, with this system being used in most Bitcoin casinos currently in operation, it is, nonetheless, a great added feature for a provably fair Bitcoin sportsbook.
Meanwhile, this newcomer on the online Bitcoin gambling scene does not charge any house take, and it heavily banks on parimutuel betting, which it deems more suitable for use with bitcoins as compared to fixed-odds betting. Bitbook.ie maintains that parimutuel betting is advantageous as the winnings awarded to successful bettors come from the risked bets of losing players.
The prime focus on this form of betting for a sports betting site is yet to be judged; and if successful, the question then is will it be applicable to Bitcoin casinos and betting sites too.
New in the industry, Bitbook.ie was the recipient of the 1 BTC prize at the April 25th Boost Bitcoin Hackathon competition held in San Mateo, California. It offers spread and moneyline or straight bets, and it features a range of sports, including football, baseball, basketball, hockey, tennis, golf, martial arts, and many others, along with major sporting events like the 2014 FIFA World Cup, 2014 NBA Finals, MLB Baseball, NFL Football, and NCAA Football.