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Bitcoin Sportsbook Cloudbet Instant Payouts Not So Instant Claims ‘Watchdog’

Written by:
Aaron Goldstein
Published on:
Nov/23/2015
Bitcoin Sportsbook Cloudbet Instant Payouts Not So Instant Claims ‘Watchdog’

Sportsbook Review is reporting that a player waiting for a payout via the anonymous digital currency Bitcoin has finally gotten paid after a few days wait despite the book’s claim of “instant payouts”.

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To be fair and putting this into perspective, even the best online gambling sites catering to North American clientele typically take longer to pay than this allotted time frame utilizing other payment methods such as checks and even Western Union.

SBR explains that this is all about false advertising and not necessarily related to Cloudbet’s ability to pay.

Online sportsbooks that offer bitcoin and promote instant withdrawals will be held to that time-frame as far as their sportsbook rating is concerned. Unlike traditional betting sites that have third party processors to deal with, there should be no such delay moving bitcoin funds when that is the sole method offered in the cashier and business model of the sportsbook.

With bitcoin, players do not need to store their balances for long given the wild fluctuations in currency value plus the ease of moving funds and free cost of doing so. Online sportsbooks who offer bitcoin should be able to pay instantly, or at the very least within a reasonable amount of time, especially if this is promoted as being the case.

- Aaron Goldstein, Gambling911.com

 

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