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Is CoinBet Safe
Thursday January 23 ,2014 : HOW SAFE IS COINBET.CC?
Latest online gambling operator to accept Bitcoin virtual currency displays some worrying characteristics.
The New York-based online gambling company Coinbet.cc splashed out with a press release Wednesday, claiming that by transacting in the virtual currency Bitcoin - not defined as legal tender in the United States - it was safe from the unwelcome attention of the Department of Justice.
"Since bitcoin isn't officially recognized as currency by the U.S. government, online gambling with Bitcoin is not an illegal event under the Wire Act or Unlawful Internet Gambling Enforcement Act," claimed John Bauer, a senior vice president for the owners, CoinBet Interactive Gaming, S.A.
Bitcoin.cc offers online gambling on sports, poker and casino games and styles itself as "...the 1st fully licensed gaming operator to bring legal online gambling back for U.S. residents."
It "...uniquely enables U.S. gamblers to instantly and safely move U.S. dollars in and out of their accounts using the increasingly popular cryptocurrency bitcoin. Privacy minded gamblers are calling this the ultimate betting account, because of the anonymous registration option, which requires only an email and password," it boasts.
But the company's claim regarding pay-outs has come under fire on several internet message boards.
Coinbet claims it is the: "...first online casino & sportsbook ever to process cash payouts for players within minutes of a wagering result becoming final," but a slew of players nursing burned fingers would argue that this is far from the truth.
A simple Google search unearths a litany of complaints and recriminations from players who claim that they were misled and cheated out of legitimate, and in some case considerable, winnings.
Adding to concerns regarding the bona fides of the company, its website displays an eCOGRA seal which not only does not link as is required, but was not awarded to the company, according to eCOGRA management.
The company claims that it has recently been voted "the #1 Bitcoin processing online casino & sportsbook" but does not elaborate. Requests for clarification on its licensing, eCOGRA accreditation and this award have so far gone unanswered.
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Gambling News :
Amaya FY2016 Trading Update -
The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.
LeoVegas To Sponsor Leicester Tigers -
The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.
Optima Information Services iShop -
Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.
CAGAYAN CHIEF MOVES TO REASSURE LICENSEES -
Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.
New Massachusetts Online Gambling Bill -
It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.
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