Business

Is Bitcoin the new go-to gambling currency online?

One of the most interesting industries accepting Bitcoin is the online gambling sector

The Manc The Manc - 13th May 2021

As the world’s leading cryptocurrency Bitcoin continues to flourish. While it is yet to impact on the lives of a huge chunk of society, it is becoming more and more prevalent and accepted in far great places than ever before.

One of the most interesting industries accepting Bitcoin is the online gambling sector. Not in the UK yet, where the regulations surrounding betting accounts, payments and money laundering are far stricter than other jurisdictions. But worldwide.

Here in the UK, the Gambling Commission have put in strict regulations that bookmakers and betting sites must abide by. The KYC (Know Your Customer) rules means that identity, payment methods and authenticity are a must if customers are to be allowed to place a bet. 

Does Bitcoin Casino Gambling Make Sense? - The European Business Review
Bitcoin

As a result, betting with Bitcoin – or other cryptocurrencies for that matter – isn’t yet possible on these shores. And that is unlikely to change any time soon unless the crypto world can dovetail with the UK Gambling Commission regulations.

Elsewhere, however, bookmakers and betting sites around the world are accepting bets and deposits via ewallets and in cryptocurrencies from Bitcoin to ZCash and Ethereum to TRON.

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Some of the leading global bookmaking brands like Betwinner, 1xBet, Melbet and 888Starz, all accept deposits in cryptocurrencies, which is bet in BTC or converted into a currency to bet with online or via their betting apps.

One that has taken things even further is 1xBit, which offers the 1xBit promo code NEWBONUS. They are a sportsbook and online casino that only deals with crypto currencies and particularly Bitcoin. No surprise where the name came from.

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It isn’t something new either, because 1xBit saw this coming some time ago having been formed and founded in 2007. They are a traditional bookmaker in every sense other than the accepted payment methods of initially Bitcoin and now a wider array of cryptos.

What 1xBit saw about cryptocurrencies was the benefits of withdrawing winnings instantly. The experience mimicked that of a betting shop, collecting hard cash as soon as the bet was won. There was no three or five day delay for winnings to appear into a bank account.

Now it is possible to bet online using Bitcoin far widespread than just via 1xBit, although they do remain one of the leading betting sites for crypto customers.

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Is Bitcoin about to become the best way to bet online? Not every bookmaker will ultimately accept it as a payment method, particularly when the regulations governing them are tight. But the list of those that do is growing weekly and monthly worldwide.

What is the Future of Cryptocurrency on Online Gambling Sites? - InsideBitcoins.com
InsideBitcoins

Betting via BTC is beneficial on both sides of the wagering fence, because it is easier for both customer and bookmaker to process payments and get their hands on the money quickly and easily.

As a currency that transcends countries, regions and continents, it is a global player and undoubtedly here to stay. While the online gambling sector can be accused of being slow to react from time to time, this is one area where innovation is leading the way.

Expect other industries like online shopping to learn from how bookmakers have adapted and added cryptocurrencies to their offering and business model. Bitcoin is set to boom in online betting and as it paves the way for a far wider impact.

Business

New bidder enters the race to buy Man United, but there’s a catch — he wants fans to pay for half of it

Danny Jones Danny Jones Who is United's new bidder from Finland?

Following the last-minute flapping around Wednesday’s supposed 9pm deadline for those looking to buy Manchester United, one of the latest bidders has revealed themselves with a unique new offer.

Despite it being initially stated that frontrunners Sheikh Jassim bin Hamad Al Thani and British billionaire Sir Jim Ratcliffe had submitted their second bids in time for the deadline, miscommunication between United, their brokers and the bidding parties meant that those reports turned out to be premature.

In actuality, both the Qataris and Ratcliffe’s INEOS group had been granted an extension and will now submit their follow-up offers tonight (Thursday, 23 March). However, it was revealed that “approaching eight” other candidates had emerged and one of the newest bidders’ proposals has raised eyebrows.

Thomas Zilliacus is a Finnish entrepreneur who operates as Founder and Chairman of the Mobile FutureWorks investment and novaM social media groups. Now, according to a statement issued by the new United bidder, he wants to make a kind of social media app part of his offer — and that’s not all.

According to CBS Sports‘ Ben Jacobs, although Zilliacus is also yet to submit an official bid — said to have simply written a “letter of intent” to Raine Group, who are handling the deal — he has now publicly expressed his interest in buying the club and detailed how he plans to do it, it seems like a serious offer.

As the 69-year-old goes on to explain in his lengthy press release, he believes that “any sports club ultimately should belong to its fans” and that the current trend of “billionaire sheikhs and oligarchs taking over clubs and controlling them as their personal playgrounds is not a healthy trend”.

While many will no doubt agree with the sentiment, with the UK government themselves having recently announced a new independent regulator will be installed throughout English football, Zilliacus’ solution to not only purchasing the club and putting control back in the hands of the fans is an intriguing one, to say the least.

Stating that his team believes the current value of the club is approximately $3.9 billion (£3.45bn and some way off the Glazers’ £6bn asking price), he poses the suggestion of financing half of the sum by buying the Americans out and, “through a new company being set up for this specific purpose”, fans would then be encouraged to cover the rest by buying the remaining shares for less than $3 each. Yes, really.

Now, while fans owning and essentially helping run their own club has long been considered an ideal scenario for many supporters groups who have wrestled to keep some control from owners who are only financially invested in the club, the issue of stability and funding always remains an issue.

You only have to look at instances like Derby, Bolton, Bury, Macclesfield and more in recent years to see how precarious the situation can be. However, in cases like AFC Wimbledon, St Mirren and even clubs as big as Bayern Munich, significant ‘part ownership’ can be a recipe for both stability and success.

Zilliacus insists that not only is his “bid is built on equality with the fans”, but they will have a direct impact on how it is run through this novel new app where supporters “from anywhere in the world, can participate and cast their vote when deciding on footballing matters relating to the club.

As he goes on to clarify, “no decisions will be taken that are not supported by a majority of the fan base”. His proposition is, essentially, to put decisions that often do or should get put to a fan vote anyway onto an app to make the communication and cooperation with the club more streamlined.

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It almost sounds too good to be true, especially for a sporting franchise of this size and with such a global fan base. Unsurprisingly, plenty have reacted as such, with one account dubbing it “the funniest thing I’ve heard all week” and another simply saying, “Never ever going to happen”.

Jacobs did go on to state that Zilliacus is likely to submit a formal bid to buy the Glazers out of their shares through his XXI Century Capital investment firm (controlled by the Mobile FutureWorks holding company) before potentially inviting fans to help with funding. Either way, it all sounds very unlikely.

On the other hand, many haven’t been as quick to rubbish the concept off-hand and the fact he also happens to be a former footballer, not to mention part of Finland’s six-time ice hockey champions Jokerit ownership, has also been listed as a positive. Similar has been said of Ratcliffe’s Team Sky and OGC Nice ties.

You can read his full statement and details of his proposal down below:

The Finn is the first new United bidder to reveal themselves.

What do you make of United’s new bidder? Could it work or is this all just too much blue-sky thinking?

For all the latest news, events and goings on in Greater Manchester, subscribe to The Manc newsletter HERE.

Featured Image — Thomas Zilliacus (via Twitter)/vegaseddie (via Flickr)

Business

Amazon to donate surplus essential goods to Greater Manchester families in need

Emily Sergeant Emily Sergeant

A new charity initiative has been launched this week to help more than 50,000 families in need across Greater Manchester.

The Brick-by-Brick Project has been set up with support from Amazon, Mayor of Greater Manchester Andy Burnham, former Prime Minister Gordon Brown, and Wigan-based charity The Brick, and it’s setting out to donate more than 400,000 surplus essential goods to over 50,000 families in need throughout the region this year.

With the rising cost of living crisis sadly continuing to make its impact felt nationwide, the Brick-by-Brick Project will work as a community donations hub, where Amazon and other local companies can donate a wide range of surplus products to.

While reducing waste and helping the community at the same time, the donated surplus products will then be distributed out to to people in need through a network of local charity groups and care professionals – including teachers, midwives, and social workers.

Amazon to donate surplus essential goods to Greater Manchester families in need / Credit: Amazon UK

The launch of the initiative comes after it was revealed that, in February 2023, more than 32,500 people in Wigan, and the borough town of Leigh, were claiming Universal Credit, while 29 of the borough’s 200 neighbourhoods also all fall within the 10% most deprived neighbourhoods in England, which makes up for roughly 15% of Wigan’s total population.

The Wigan project is an extension of the ‘multibank’ model first launched in Fife in Scotland as ‘The Big House’ in 2022, which has now supported 50,000 families in Fife, Edinburgh, and the Lothians.

The Brick-by-Brick Project will bring the knowledge and network of charity, The Brick, together with other local charities, logistics expertise, donations from Amazon, and product donations from other national and local retailers to “provide the right products at the right time”.

Suppliers and partners will provide products that “meet the particular needs of families in the area”.

Some of the essential surplus products set to be distributed include bedding, toiletries, nappies, wipes, clothing, backpacks, home furnishings, lightings, and electrical products.

Speaking on the launch of the project this week, Andy Burnham said: “Last year, Gordon Brown invited me to Fife to see for myself the work he was doing with Amazon and a local charity there to support thousands of families with essential household items.

“The project made a huge difference to people’s lives, and that’s why I was determined to work with Gordon and Amazon to set up a pilot in Greater Manchester, so I’m delighted that we’ve been able to support the partnership with The Brick and I’m blown away by what has been achieved so far.

More than 50,000 families in the region are set to benefit from the new initiative / Credit: Amazon UK

“Families in Wigan are struggling in this cost of living crisis and that is why this project is vital in helping those who need it most.

“During these difficult times, it’s right that the public, private and VCSE sector work together and do what we can to alleviate difficulties, and I congratulate all those involved in this, and look forward to it being rolled out elsewhere across Greater Manchester.”

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Amazon’s UK Country Manager John Boumphrey added that the company is looking forward to “providing much-needed support” to families in other communities in Greater Manchester this year.

Featured Image – The Brick (via Twitter)

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