Bitcoin betting launched by newcomer Neds

Business News

Bookmaker Neds has embraced the current bitcoin boom by offering a cryptocurrency-based betting service.

Neds chief executive Paul Cherry said with bitcoin and other cryptocurrencies becoming more widespread and accepted, creating a gambling platform for them was an attractive idea.

“It (bitcoin) is a technological solution, and we see ourselves as tech guys, so it seems very fitting that we integrate bitcoin or some other cryptocurrencies into our platform,” Mr Cherry told AAP.

“A lot of people may be non-sophisticated investors who have acquired some bitcoins during the recent hype and are probably wondering what to do with them.”

Initially, Neds will work only with bitcoin but may introduce other cryptocurrencies to the wagering platform.