Neds, an online Australian bookmaker, has started a new betting platform that would allow the use of Bitcoin. The popular cryptocurrency is the oldest and the largest digital asset in the market. Paul Cherry, the CEO of Neds said that Thursday that they would launch a new crypto-based betting site on Friday developed in-house. The site is expected to use Bitcoin only in the beginning, but it could add other cryptocurrencies later in the year if there is sufficient demand.
Cherry talked to the Australian Associated Press that the new platform will accept Bitcoin deposits. It will also pay winnings in the crypto coin. There will be no option to work with fiat. The odds, however, will remain identical to the main betting site of Neds. Wagers will be handled in a one-thousandth fraction of Bitcoin.
The company’s chief noted that their recent outing in Bitcoin is inspired by the recent buying frenzy in the crypto coin. He said that some of the non-sophisticated investors of the crypto-coin might not know what to do with them. Neds wants to encourage users to start betting and is offering to pay them a 2.5% transaction fee if they transfer their Bitcoin holdings to the platform. Neds suggests that it considers itself a technology company and as Bitcoin is a “technological solution,” it finds it fitting to include it into its platform.
Talking to the Australian Financial Review, Cherry described how Bitcoin could be a worthwhile addition to their offerings. He noted that the company’s staffers as well as its target demographics of 18 to 35-year-old males, were not just sports fans but computer nerds as well. They already know about digital currencies, and Cherry believes that there is significant crossover in the target market of both crypto and sports betting fans.
Neds is the brainchild of former CEO of Ladbrokes Australia and founder of Bookmaker.com.au Dean Shannon. The company launched Australia operations last October. Cherry suggests that the site already has 75k regular customers, surging ahead of target.