Normally, most bitcoin casinos are based on various games, such as dice, cards, roulette, jackpots and more. However, BitBet brings in a new concept of betting on this emerging market. To put things better into perspective, the idea behind the platform is to allow people to bet on actual world events, and on their likely outcome.
While the website's user friendliness does need some improvement in terms of design, the platform can be considered solid from all the points of view. There are however, a couple of internal rules meant to increase the site's security, and to make sure that people do not abuse of the betting system hoping for an easy win. Thankfully, because of internal issues, the site now has a new management team which is planning to add in numerous features over time, as an effort of making the site better, and gradually improving its position on the market.
Bets carried out on BitBet are of the following nature: Bitcoin value at or above $600 on the 1st of July, 2016, France to win the UEFA 2016 cup, etc. While some bets may be added by the sites team, users are free to add in their own bets as long as they are worthy, and stand for a cause. Once a bet is resolved, payments will be sent out to the address filled in when making the bet.
Understanding how winnings are calculated is essential to enjoying the site to its true potential. With this in mind, every bet consists of two sides: the winning side and the losing side. Once a bet closes, the system will determine which side has won, thus paying it for the bets placed.
When it comes down to depositing on the website, users are required to send their coins over to a unique address generated by the betting platform. Once this happens, players will need to wait for at least one confirmation on the network, prior to being able to use the funds. Withdrawals are automatic, and are paid-out once bets that players have gambled on are closed/resolved.
In order to be able to run the platform efficiently, BitBet currently takes a 1% fee from all bets which are made, while paying winners 99% of the earnings. There is currently no affiliate platform, although this is likely to change in the future.
Based on everything that has been outlined so far, if you would like to experience a true betting, bitcoin casino, then BitBet may be one of the best choices so far.