If you have a bitcoin or betting question please post it in the comments box or contact us.
Are bitcoin bets and payouts transactions on the blockchain?
When you deposit and withdraw to and from a bitcoin sportsbook those transaction are on the blockchain. Everything in between, like your bets and payouts, is just being recorded by the sportsbook not on the blockchain.
As such your balance is not 100% in your control until you withdraw it back to your own wallet on the blockchain.
How can I bet on the value of bitcoin? ie short or long bitcoin
In FortuneJack’s (review) binary option section you can deposit bitcoin and take a position whether the value of bitcoin will go up or down in a predetermined time frame. If you are right you will return 1.8 mBTC for every 1 mBTC risked.
What happens to a bet for a team to win if the game is a draw and that was not a betting option?
The most common rule sportsbooks follow if the draw was not a betting option is the dead heat rule. Bets on the equal winners are paid out at the full value of the ticket (as if it was a winner) divided by the number of equal winners.
In a 2 team market such as an NBA game this means you will get back half of what you would have got if your selection won. So if you backed the favourite you would be better off getting your bet refunded but if you backed the underdog you are better off under the dead heat rule.
The exact answer for where you bet is found in the rules section of their website or by contacting the sportsbook directly.
Is bitcoin gambling legal?
Please see bitcoin gambling laws and jurisdictions.