Cryptocurrencies Now Accepted in Placing Gambling Bets

Cryptocurrencies are creeping into a broader range of industries.

Live horse betting platform announced it would start accepting Bitcoin and Bitcoin Cash deposits for waging purposes. The company said they were approved by U.S. regulators to implement a technology that would allow it to accept cryptocurrencies as an advance deposit wagering (ADW) company.

"Over the past several years we have witnessed Bitcoin and other cryptocurrencies evolve from an esoteric concept to a widely recognized digital currency, that is quickly making its way into the mainstream. With mainstream acceptance, cryptocurrencies have the potential to transform our global payment systems drastically, and we at AmWager seek to be on the forefront of that transformation. To that end, we have worked diligently with the Oregon Racing Commission and BitPay to bring cryptocurrencies to the ADW industry," said CEO, Nelson Clemmens in a statement.

With the acceptance of Bitcoin and Bitcoin Cash, customers are offered an alternative to the traditional method of using funds to place bets on their favorite sport, live horse racing. The company said blockchain technology had addressed some of the challenges in using the traditional banking system in verifying and rapidly finalizing transactions.

The decentralized network of computers used by blockchain solves this issue, the company added.

It said that digital currencies offer a fast settling process that mitigates chargeback risks, and eliminates the need for a delay in the availability of funds during transactions "clear" through the traditional methods.

“Bitcoin and Bitcoin Cash deposits to AmWager accounts are processed by BitPay, the world's largest Bitcoin payment processor, who converts the funds immediately to U.S. dollars, eliminating any trading risks,” the company added.

Users can sign up for an account on AmWager in less than 100 minutes, and add funds using BitPay or traditional funding option to place bets on racing from more than 450 tracks around the world.

Crypto invades the gambling scene

Gambling operators are widely using digital currencies in recent months. Most recently, the police in China cracked a gambling gang operating in Maoming, in southeastern China’s Guangdong province, for allegedly running an illegal gambling operation on the World Cup and using cryptocurrencies totaling $1.5 billion (CNY 10 billion). The Guangdong Provincial Public Security Department reported arresting six key members of the gang in simultaneous raids in Shenzhen and Guangzhou.