Bitcoin sportsbook goes dark, costs Michael Katz $340,000

[The Buzz]

Bitcoin-only sportsbook Coinbet announced over the weekend that it was closed, and players with balances were told they could contact a special e-mail address to resolve their situations.

But poker pro Michael Katz says Coinbet has stiffed him out of $340,000. From the CalvinAyre.com story:

In a nutshell, Coinbet claimed Katz had failed to meet his bonus rollover requirements and therefore wasn’t eligible to withdraw any funds. Katz was betting tens of thousands of dollars at a time, depositing 28 times and zeroing out his account on 25 occasions, yet his rollover requirement continued to grow, ultimately topping $2.2m.

This is why Buzzy keeps his money under the mattress.

http://calvinayre.com/2014/04/23/bus...medium=twitter

[-Shay-]

Wow, I find the part of the article where they talk about the bonus terms very interesting.

The bonus terms and "muzzle term" sound quite similar in nature to a certain past platinum sponsor's terms.

[TheGooner]

two different Bitcoin-friendly sports betting sites – Betcas.com and SportBet.im – appear to have links to Coinbet.

The whole bitcoin gambling eco-system is full of unlicensed, underfunded sites that you would have to be NUTS to play at.

[szachinista]

New bookmaker, licence on Costa Rica (description this worthless jurisdiction written in Polish is here: http://www.surebety.pl/artykul/costa...mbling-licence), hidden licence (it took few minutes to find it, should be at the bottom of the page), weird T&C.

That the all the signs saying "do not deposit there much money". Gambling brand is full of traps...

[JackTenSuited]

I have no idea why anyone would use bitcoin, the user has absolutely no buyer protection once it is in the hands of the sportsbook.
Even if you can't gamble in your own country why would you play with so much when the risks are so high?