Bitkup Bitcoin betting during the World Cup 2014

World Cup 2014 Betting

You can now place an anonymous Bitcoin wager on the World Cup results. This is the first time that a cryptocurrency is participating in a major sporting event. With Bitcoin you can anonymously place a bet on the outcomes of the World Cup 2014.

The betting platform that Bitcoin will be using is called Bitkup

This platform relies on a public wallet for its prize money pool, which it calls the bitpot as you can see above. This means that anybody can review the transactions as the pot accumulates in size.

Bitkup – How it works

Bitkup players place their bets on the outcome of the World Cup and receive points in return. Those points get you various prizes. The players are also ranked into leagues which cost a different amount of bitcoins to enter. The pro league for example costs 0.05 BTC to enter. Once the player is in the league he can bet on an unlimited amount of matches.

Now, the top scoring players from the pro league will have their share at the pot which is currently at 6.82 BTC. The top player will get 15% of the pot, the second best gets 13%, etc. etc. until 20 players are rewarded. Bitkup makes money off of the 0.01 BTC fee that it takes for the initial entry.

The purpose of Bitkup is to promote gambling in cryptocurrency, there is also a free league where the top 20 players also get prizes but they are obviously not as good as those from the pro league.

In the end, the pro league players still have to trust Bitkup to transfer the winnings from the pot to their addresses. When the organizers of Bitkup were asked about this they said:

“We are definitely not a fraud, let alone a fake, we have spent much time working on this, our goal being to create something different for the World Cup.”