Australia’s Neds rolls out Bitcoin betting service

Australian online bookmaker Neds has rolled out a new sports betting service based on the Bitcoin cryptocurrency.

According to the Australian Associated Press agency, Neds will initially only work with Bitcoin, but could open up the service to other virtual currencies in the future.

Customers can deposit, wager and withdraw winnings in Bitcoin, in a move chief executive Paul Cherry believes is the first-of-its-kind services in the Australian sports betting market.

“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,” Cherry said.

“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.”

“So, rather than placing a $1 bet, you might place a five milli-Bitcoin bet.”

Cherry added that the decision to roll out the new service was made internally, rather than being based on customer demand.

Neds, based in the Northern Territory region of Australia, launched in October of last year.

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