Bitcoin Sports Betting Site Folds

Coinbet lasted only a few months

The Bitcoin-denominated online sports betting site Coinbet.cc has gone into liquidation after operational activity that lasted less than a year in which it carried out heavy marketing activity to pull in players.

The website was unavailable and carried a "closed for business" notice over the Easter weekend, advising players to contact a support email address to record their claims.

Likely player losses have been estimated at $5 million in some informed quarters, where observers are speculating that the operator was under-capitalised and over-ambitious.

A former poker pro, Michael Katz, was among the worst hit at $340,000, and his tragic and detailed story can be read here: http://www.cryptocoinsnews.com/news/completely-insane-saga-coinbet-cc/2014/04/20.

In addition to accusations of questionable practice, the unknown operator of the discontinued Bitcoin site has also been cited for misleading players and other interested parties by presenting a picture of his headquarters which was actually a building belonging to another company on which his logo had been superimposed.

In the ensuing furore on various forums, it has been alleged that two other sites, Betcas.com and SportBet.im, appear to be associated with the same operator.

Online Casino News Courtesy of Infopowa

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The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophography.
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