Bitcoin sportsbook BetVIP surprised online sports betting fans when it suddenly announced its decision to cease further operations.
After spending only a year in the Bitcoin gambling industry, BetVIP’s shareholders opted to shut the site down due to concerns over the lack of revenue, legality, and tight competition.
According to the notice posted on its website:
“The shareholders of BetVIP have decided to suspend trading of the business as of Friday 12th June. Due to the early nature of Bitcoin sports betting and an increasingly restrictive legal environment, BetVIP was unable to reach a viable revenue in order to make it feasible to continue operating the business going forward.”
Following the announcement, members of the sports betting website are requested to withdraw all their remaining funds before June 28 in order to receive the balance before the month ends.
BetVIP to continue in a different form
Despite the unfortunate exit from the online sports betting scene, BetVIP is poised to prioritize its recently launched Bitcoin poker site.
Using the Enterra poker software, BetVIP Poker appears to be unaffected by the shareholders’ decision to kill its Bitcoin sportsbook arm. The poker room is still accessible, but many BetVIP members are left asking if it will suffer the same fate.
BetVIP Poker debuted in March with the aim to equip players with the ability to experience a wider range of products designed for cryptocurrency.
Catering to both Mac and Windows users, the poker software offers a selection of game variations, including Omaha Hold’em, Omaha for High Low, Seven Card Stud, Seven Card Stud for High Low, and Rank of Hands.
Granted that BetVIP’s poker site still stands, it appears that the company sees a better future in this sector instead of competing against more established names in Bitcoin sports betting like Anonibet and Nitrogen Sports.
Hints toward BetVIP’s demise
Although BetVIP’s closure shocked and disappointed most Bitcoin bettors, some incidents might have already pointed to its eventual shut down.
Earlier this year, BetVIP announced that it would no longer use Coinbase to process Bitcoin payments.
Moreover, there were reports that players complained about the slow process of withdrawals and deposits. With the admission of the sportsbook that it failed to meet expected revenues, the slight payment delays may be attributed to its inevitable shut down.
In addition, even its venture into the Bitcoin poker niche can be seen as BetVIP’s effort to salvage its name in the business. Foreseeing the unfavorable results of its year-long operation, the management may have decided to switch to poker betting, which proves to have a stable and more active market.
However, BetVIP Poker is faced with a tougher competition since Bitcoin poker names set up years and months before it have already imprinted their name on the go-to lists of online poker players.