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Cloudbet at 5: Who We Are & How We Got Here

Tags: bitcoin, Cloudbet, cryptocurrency.
Posted on 16 April 2019 by "T".

Five years is an eternity in crypto. Since Cloudbet first launched, the landscape has changed countless times. One thing has been constant though, the community.

  • Cloudbet is born
  • How Cloudbet built trust
  • Rewarding the early players
  • What went wrong
  • What the future holds

These are the dates that made us.

October 013 - Cloudbet is born - Bitcointalk makes the delivery
Cloudbet took its first ever wager in October 2013; 0.12 BTC (worth just $24 at that time) was placed on Korea's K-League (soccer) - it won. We'd like to thank that first player for trusting Cloudbet; there have been over 6.5 million wagers in our sportsbook since, including plenty more winners, who we've happily paid out in bitcoin, contributing to the amazing growth of Satoshi Nakamoto's dream.

Our customers continue to play with Cloudbet because we have built a site that meets the needs of the growing number of gamblers who appreciate the advantages of Bitcoin over traditional fiat operators.

When Cloudbet was launched back in October 2013 it was the first major site that enabled users to bet on sports with bitcoin. Our mission was to address the shortcomings of fiat bookmakers by leveraging the power of bitcoin in an intuitive platform - we wanted (and still strive) to provide ‘the easiest way to bet with bitcoin.'

At that time BTC was trading at just $200 and awareness of crypto's huge potential was limited to early adopters. Understanding the grassroots nature of Bitcoin (Cloudbet's founder was inspired by Satoshi's white paper to build a payment engine) there was unanimous agreement among the small startup team that the only way to gain meaningful traction and feedback on the product was to announce Cloudbet in Bitcoin's most active community -

So on the morning of November 13th, 2013 - with some trepidation - Cloudbet posted its meta thread on Bitcointalk and immediately began to receive friendly but cautious responses, which is perhaps representative of the community at large. Ideas are welcomed but trust must be earned, and Cloudbet set about gaining that with a thread that has now spanned 263 pages and over 5000 posts.

November 2013 - Adjusting our limits
With a background in professional betting the Cloudbet team understood the importance of offering meaningful betting limits - mainstream fiat bookmakers routinely limit or even close the accounts of successful bettors - which is why from the start, maximum bets were set at 50BTC, but back in those days with the price fluctuating so much, minimum limits were pricing out smaller players.

Knowing that to succeed we had to offer what people wanted we took on board the feedback adjusting the minimum bet limits down to 0.001BTC for most events. That is still the case today but we have retained our exceptionally high maximum limits, as demonstrated at the 2018 World Cup where we were accepting 100BTC bets on the final. The same is true of our casino where you can play table games for up 5BTC a hand. We want to keep pushing the boundaries and making the case for crypto over fiat.

November 2013 - Instant Withdrawals
As a crypto sportsbook and casino Cloudbet is entirely free of third-party payment providers, and the inevitable processing delays they incur, so from the outset we wanted to fully leverage the benefits of decentralised transactions. Just a few months after launching Cloudbet had automated the majority of withdrawals, and since then 90% of withdrawals have been processed instantly. We do still process larger amounts manually, which as Bitcointalk members rightfully point out, is frustrating, but our commitment to responsible gambling means that we have to make sure that, on occasion, we need to verify some player's activity.

January 2014 Rewarding our earliest players
Having focused on the critical aspects of our service, such as the limits, markets and payment processing, Cloudbet started to earn a loyal customer base. In order to reward those early adopters and attract a wider audience, Cloudbet introduced a 100% first deposit bonus - up to 5BTC - which was retroactively applied to existing customers.

The Welcome Bonus was intended to be a short-lived promotion, but is still available to this day, though active players can expect a wider range of ongoing incentives across sportsbook and casino.

February 2014 - Cloudbet Live Casino launch

Though our original idea was to be the home of bitcoin sports betting, it soon became clear that our users wanted other ways to play. So with the launch of our live casino, we made sure that our users could play with live dealers, just like you would in real life.

Our first bet was on Blackjack and the lucky player won.

Each month we add more games to our casino. And as our range of online slots grows, the number of winners also increases. Our casino has seen a number of successful players, the most impressive of which was the record 160 BTC ‘Troll Hunters' winner, to players learning the ropes in the free to play area, our casino welcomes everyone.

May 2014 - Trust & Security
As much as we recognised the importance of gaining trust we also realised that we had to demonstrate that funds held by Cloudbet were secure, so the decision was made that Cloudbet would go to market offering cold storage as standard. If you're not sure what that means you can read this article about why it's important, but in short we keep all funds offline - except for those required to honour withdrawals - where they are impossible for hackers to reach. And we've done that since day one.

1. Set up your wallet
2. Buy bitcoin
3. Deposit into your account

Though Cold Storage was a good start, it was clear from community feedback that there was more we could do. So in May 2014 we introduced two-factor authentication (2FA). Widely available thanks to the Google Authenticator app, it gives users a second level of authentication, to help keep your Cloudbet account secure.

Security has remained a fundamental aspect of our service, and as recently as June of 2018 we took further measures to make accounts even more secure, adding SMS Verification. By registering your phone number to your account you get a further layer of security.

July 2014 - Live betting for the World Cup
Though we are a bitcoin sportsbook rather than simply a sportsbook offering bitcoin, we appreciate that without an excellent betting product the advantages of crypto are meaningless. The biggest development in betting over the last decade has been live betting, so from the very beginning Cloudbet was focused on being able to offer a wide a choice of live markets as possible - something that sets aside from other crypto operators. This began at the 2014 World Cup in Brazil and has grown every year since.
As well as listening via communities like Bitcointalk we regularly survey our customers, and we consistently hear ‘we love your live betting options' but equally ‘we want more'. We are listening, and are continually expanding live markets.

January 2017 - The First Steps For Localisation
Though bitcoin has proven itself to be a global currency, we knew that as long as our site was only available in English, we wouldn't be offering the best experience possible. That's why in January 2017, we rolled out Korean and Indonesian translations for our site. This was followed by Turkish, Chinese and Russian. In our quest to bring bitcoin gambling to as wide an audience as possible, we'll be looking to add even more in the coming months.

April 2018 - Bitcoin Cash & Fork Funds

The world of cryptocurrency gambling is almost unrecognisable from when we first announced the site to the bitcoin community, and these positive changes allow us to bring new features faster than ever. It's why we introduced Bitcoin Cash as the first altcoin to our site in April 2018 - announcing exclusively on Bitcointalk - not in preference to Bitcoin, but because we want to provide customers with more choice. We don't simply convert Bitcoin Cash deposits into bitcoin either, that would mean added costs for our users. Players can deposit, bet and withdraw Bitcoin Cash in just the same way as bitcoin.

Introducing a new currency might be enough for most sportsbooks. But not us. As another way of giving something back to our players, in the same month as we launched BCH as a currency on Cloudbet, we honoured the Bitcoin Cash fork. Every player who had bitcoin funds in their Cloudbet account at the time of the fork was granted corresponding Bitcoin Cash to match their bitcoin balance. If you were playing with us at that time, check your account, you might still have some of your windfall. Adding Bitcoin Cash has proven to be a popular choice, with over 11,000 BCH paid out as winnings in our sportsbook since it launched, and players still place huge amounts of bets daily.

May 2018 - More than just a bitcoin betting site
Cloudbet has come a long way over the last five years, but because our business is predicated on cryptocurrency, our progress is also a testament to bitcoin's resilience (both big and little ‘b'). In order to talk about Cloudbet's intrinsic connection to the wider Bitcoin movement we created our blog in May of 2018; it is also the means to tell this story. We have great plans for the blog, not just as advocacy for the power of cryptocurrency, but as a comprehensive guide to sports betting and casino games as well as the place to learn the basic bet types all the way up to the intricacies of progressive betting strategies.

Getting things wrong
We haven't always got it right. There are things the community have rightly held us to task about. We know that sometimes withdrawals can be delayed and that support hasn't always been up to scratch. But we're investing heavily into our customer service team, even opening another dedicated office to make sure we're able to respond to queries as fast as possible, no matter what timezone you're in. It's our number one priority.
Thanks to the early improvements and the feedback from the community from our early adopters we saw incredibly rapid growth in the number of our users. It was an incredibly exciting time for us, despite bitcoin having a troubled year, we saw more players than ever before. But it wasn't all smooth sailing. We weren't able to respond to our customer's queries as quickly as we'd liked. And there's a good chance that some were frustrated by that. Even though we couldn't sort the situation out as quickly as possible, it was a reminder that we had to invest in the right places.

What does the future hold?
We've used this line a lot in 2018 but it still holds true, five years is an eternity in crypto so it is hard to know for sure what the future will hold, but we firmly believe crypto will go from strength-to-strength. Because of that, we'll be looking to add more coins, revamp our website, and improve the experience for all players, but above everything else listen to what the community wants and move forward and grow along with the burgeoning crypto industry.

Visit Cloudbet

Cloudbet is one of the first bitcoin sportsbook and casino operators in the crypto space. We have hundreds of bitcoin slots and dozens of table games to play, with free play options to try before you buy in our bitcoin casino. You can also learn more about bitcoin gambling, betting strategies, and bitcoin 101 here in the Cloudbet blog.


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24 comments on "Cloudbet at 5: Who We Are & How We Got Here"

 CALICUL16/04/2019 14:01:20 GMT
I'm happy because you can bet on the sport at Cloubet and this betting agency resists on the market for 6 years. Tens of millions of bets is a pretty good result and that means he lives very well in this industry. Bitcoin does not matter too much about this situation as long as there is currency conversion. Important is to win.
 Milos75316/04/2019 19:14:05 GMT
Have here account but still didnt make any bet. Idk why. Maybe because I do not understand how bitcoin works, and because I do not know how to buy bitcoin in my country. Anyway site is good, and I recommend everyone to make account on this site. Gl
 bowie198416/04/2019 23:09:00 GMT
Never realized maximum bets here were between 50 and 100 bitcoins - one could only wonder if anybody maxed these out (apart from the World Cup bets mentioned above) when one bitcoin was close to 20k last year...
 pajalnick17/04/2019 08:46:44 GMT
5 years for cryptocurrency is really a very long time ... if Bitcoin survived such ups and downs in one year, then 5 years is generally a long time for cryptocurrencies ... Probably it was one of the first casinos to accept cryptocurrencies .... it's nice that he still works
 Mober17/04/2019 12:21:16 GMT
I knew there were btc casinos of course, but didnt know that there were
ones with sports book also.
Quite a few years in the market, and yet i hadnt heard of them at all.
The impressive thing is that win with 160 BTC.
Wonder when that players converted the btc to usd. No matter what it was a
huge win for a slot.
 bowie198418/04/2019 20:56:20 GMT
Wonder how that player - with the slot win - have brought up the whole thing when he/she was doing taxes after that. You could say you exchanged btc's for money but what if they want to know how those btc's have gotten into your possesion especially if cloudbet does not have a local license there...
 Mober19/04/2019 09:52:00 GMT
I guess it depends on your country of residence at the end.
It is just another gambling site. And there are countries like ours, banning all the sites
with no local vat number and registration.
If they are legal, they are just taxing your winnings and thats all.
If you are a regular high stakes player living out of the gamble, there is no point living
in a country like this, from the moment you can support yourself, from the gambling itself.
 Gerimantas20/04/2019 19:47:21 GMT
I personally not interested to have cryptocurrency so to me it is not place to play. but I think for people who play from bitcoin it is good place and now open for long time - six years and have many customers. also good to read that they talk about bad things and not only all good.
 Mober21/04/2019 11:15:12 GMT
There are lots and lots of players playing with cryptocurrency.
And if it goes up again, then more will follow and try their luck with it,
in any form they can. Including playing in a casino.
And it has made a small leap lately. It went from 4k to 5k USD and now balances
at 5300 USD. Good news and hoping to go even higher Smile
 CALICUL22/04/2019 15:12:03 GMT
Years pass very quickly and the cryptocurrency Bitcoin has resisted on the market. Probably will resist in the future but will decrease as value. Honestly, i did not use this bitcoin until now, but i hope that i will use it in the future. All I need is to play in a casino, poker room or betting house that accepts this.
 bowie198422/04/2019 15:19:05 GMT
Posted by CALICUL:
Years pass very quickly and the cryptocurrency Bitcoin has resisted on the market. Probably will resist in the future but will decrease as value.

Well, now it's worh 5k but a couple weeks ago was close to 3k and year or two ago was over 15k - I would not say with confidence that it will keep it's value on the long run.
 Mober25/04/2019 11:46:50 GMT
There is still money on it.
And from what is see the mining keeps going normally for most of them.
Although with that drop, many have stopped making profit, if you take in money
the expenses on the electrical bill Smile
But if it starts rising again, they will plug them once more.
Gambling sites like this, still have a future.
 CALICUL25/04/2019 15:24:35 GMT
There will always be something to their advantage when it comes to foreign exchange transactions with all sorts of money. Those who own the world banks will always do something what will be for their benefit. It will never be in our favor, if we do not take action. Smile
 Mober01/05/2019 12:56:56 GMT
There are already banks involved in crypto coins transactions.
But still the whole thing, hasnt been touched, like many countries and governments
would like to.
Perhaps due to the fact that the price has dropped so much, and the game
has become less lucrative.
In the future if the price goes to crazy levels again, we will see them itching again Smile

No matte what, gambling sites offering cryptocoins have nothing to worry about.
The game is still on Smile
 CALICUL02/05/2019 15:56:56 GMT
Banks are involved in cryptomonade transactions because they bring a good profit. There is a bank that refuses the money of customers? I do not believe when these coins bring money. In the future their value may increase but not too much because competition is big.
 Mober07/05/2019 11:38:17 GMT
Banks involved into the cryptocurrency world, for their own benefit so far.
Meaning that there is no connection with their customers.
All the transactions are free from taxes so far, and as they sat they cant be tracked Smile
On another note, the news are getting better since bitcoin is almost at 6k again today,
after quite some time Smile
 Tony_MON7ANA14/09/2019 06:43:40 GMT
I am going to open an account at Cloudbet today. Good luck to everyone playing.
 pajalnick14/09/2019 14:07:17 GMT
in Russia, there is a problem with bitcoins ... they want to pass a law so that bitcoin wallets are deprived of anonymity ... it's certainly just a mess ... bitcoins assumed anonymity from the very beginning .... And now in my country they want to deprive people of this. .. allegedly to fight terrorism .... It seems to me that this is absolutely wrong and unfair Aww crap!
 Mober17/09/2019 13:41:35 GMT
And as always, no matter what you think, they will do what ever thy think is the best for them.
They want to control everything and not only your country, so anonymity,
is out of the question.
It wouldnt be a surprise, if at some point in the future anonymity will be over for all
the crypto coins. Cause they are not only after bitcoins...
 CALICUL18/09/2019 09:38:09 GMT
It's nice to have Bitcoin everywhere and after that to be strong solar storms that would damage the cryptocurrency network and the players to be very upset. I would like to see this because i do not like these coins. I would have liked to be a single cryptocurrency in the whole world but unfortunately there are more and this thing bothers people at calculations.
 Tony_MON7ANA21/12/2019 10:30:49 GMT
Posted by Tony_MON7ANA:
I am going to open an account at Cloudbet today. Good luck to everyone playing.

I have made 4 deposits and 3 withdrawals without any problem since I opened my Cloudbet account in September. (Cloudbet has never asked me for documentation.) Funds transfer was always reflected in my account instantly.
There is only one thing that bothers me: a nominal 0.0002712 BTC (approximately 1.93 USD as of today) withdrawal fee per transaction.
 Skpmorita22/12/2019 10:08:28 GMT
this is some old news
i have never thought about bitcoin betting sites ..
but now im seriously thinking about it , seems like a lot of people benefting from cryptocurrency ..
so why not invest and betting with them , but i need to educate myself a little bit more on this ..
wish me luck im gonna become a bitcoin investor Big Smile
 shaded27/12/2019 17:44:00 GMT
Cryptocurency sites are cool but for some reason theres no action is most of em, havent tried this one or even heard about it. I gues ill check it out, to me its nothing special tho. They all advertise like their site is something new and revolutionary when truth is its all the same game, POKER Big Smile
 CALICUL10/01/2020 10:41:47 GMT
I do not like crypto currency because cash money will disappear from the market. It will be very bad because all people will be controlled and this things will prove many problems to our disadvantage, but to their advantage. I like that the money to remain in circulation.

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