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Bitcoin Gaming Site Sold

SatoshiDice, an online casino that features Bitcoin as its payment processing option, was recently sold to an unnamed buyer for $11.5 million.

For those who keep track of the fluctuating value of Bitcoin, that purchase price amounts to 126,315 BTC. The sale is regarded as the first of its kind of major proportions that pertains to a website in the Bitcoin industry.

The site’s founder, Erik Vorhees, remarked that the sale was “a solid, desirable, and fair outcome for those who have put their trust in [SatoshiDice],” eGR reported. Those investors found the website on MPEX, an unregulated Bitcoin exchange in Romania.

SatoshiDice launched roughly 15 months ago and has recorded more than 5.3 million placed bets and has paid out over 3.9 million in the digital currency. Featuring instant payouts and no transaction fees, the online gaming site is quite popular among Bitcoin-using Internet casino players.

Just two months ago, players logging on from the U.S. were prevented access to the site. That action was likely the result of federal authorities in the U.S. seizing a subsidiary of Mt. Gox, the Japan-based leading Bitcoin exchange.

 

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Charles Rettmuller

Charles has been an avid poker player for a number of years, both live and online. He holds a degree in journalism and previously worked as a reporter for a Chicago-based newspaper. Charles joined the PokerUpdate team in early 2012 and writes daily news articles for the site.

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