The brand new Australian bookmaker Neds has broken out into a whole other ballgame by launching the very first online Bitcoin betting platform within the country. This past Thursday the CEO of Neds Mr. Paul Cherry eagerly shared that they would be unveiling the new Cryptocurrency-based betting platform that their team developed on the Friday. For the first stage of the release, players will be limited to only betting using Bitcoin, however, the plan is to add more Cryptocurrencies throughout the year.
Why Neds Is Braving New Waters
Paul Cherry disclosed to the Australian Associated Press that the booking platform would allow for players to pay with deposits or EFT and then convert them to Bitcoin. All winnings will be paid using Bitcoin, however, there will be no opportunity on the site to convert the provided winnings into traditional fiat currency. The odds will be exactly the same as the main bet making site for Neds, however, the wagers will be presented in milli-Bitcoins or one-thousandth of a Bitcoin.
Cherry offered more insight into the decision to launch the platform, stating that many novice investors have purchased Bitcoins and now have no clue what to use them for. Therefore by providing this platform, the investors will be able to transfer their Bitcoins to Neds and Neds will cover 2.5% of the transaction fees for the movement of the Bitcoins across to the betting platform.
Cherry then added that Neds sees itself first and foremost as a technologically oriented company and therefore it was the most natural step to take this forward and host a betting platform site using one of the foremost monetary innovations out there. In addition, Cherry explained to the Australian Financial Review in a recent interview that the vast majority of Neds employees are males between the ages of 18 and 35 who are not only interested in sports, but are also ‘computer nerds’ who are highly aware of the Cryptocurrency phenomenon as well. Based on this knowledge he feels that the platform will pull a lot of appeal from that particular segment of the market.
Neds has come a long way considering it only set up the Australian part of its operations in October last year, it currently has accumulated an estimated 75 000 routine betters. These betters have around an 80/20 split percentage of those who partake in races versus sports betting. And with the launch of the new Cryptocurrency platform, we are quite sure that they will continue to grow from strength to strength.