DerbyJackpot is the First U.S. Regulated Online Gambling Site to Accept Bitcoin

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by Polina Chernykh · 3 min read
DerbyJackpot is the First U.S. Regulated Online Gambling Site to Accept Bitcoin
Photo: Egor Pavlovich/CoinSpeaker Ltd.

Online gambling site DerbyJackpot became the first legal gambling site in the US that incorporated payments in digital currency.

New York City-based gambling site DerbyJackpot has incorporated bitcoin payments through a partnership with payment processor GoCoin, thus becoming the first legal gambling site in the US that accepts the virtual money.

The move will now enable people all over the country to legally use the digital currency for making bets on horse races. “DerbyJackpot, the easiest way to bet, watch and win real money on online horseracing, has integrated GoCoin payments processing to now accept bitcoin,” the company stated in a press-release.

“Upon popular request by DerbyJackpot players, bitcoin integration comes right during the height of the Triple Crown Season, giving players the ability to bet bitcoin on races at the Preakness, Belmont Stakes, and hundreds of other horse races daily.”

The new feature will allow players to deposit dollars into their digital wallets, as well as withdraw winning funds from their accounts.

“Having spent the last 18 months circling the globe educating gaming and financial regulators in Europe and Southeast Asia, I’m thrilled to see the U.S. be the first to market with a legal-regulated real-money gaming site with DerbyJackpot,” Steve Beauregard, founder and CEO of GoCoin, told Bitcoin Magazine. “And being from Maryland, I’m especially proud to see the launch on the eve of the Preakness Stakes.

“As a Bitcoin company, compliance needs to be top of mind. Our compliance team was uber impressed with the thoughtfulness and thoroughness of the DerbyJackpot compliance program, that they were a natural fit for GoCoin,” Beauregard added.

Today, we see an ongoing spread of the bitcoin gambling all over the globe. Players nowadays have a great choice of online gambling sites that offer an option of digital currency payments. By integrating bitcoin, gambling websites leverage such important advantages, as high speed of transactions and low cost of payments.

DerbyGames was opened by Tom, Bill and Water Hessert in 2012. The company is focused on providing fun and easy way to win money by playing games based on live horse racing. Since DerbyGames launched its operations, it’s users around the US have been paid over $10 million.

The company has already received funding from such influential entrepreneurs as Bullpen Capital managing director Paul Martino, Reddit co-founder Alexis Ohanian and Freakonomics co-author Steven Levitt. It has raised $6.5 million in Series A funding led by Bullpen Capital.

Other investors included Andlinger & Company, angel funders Alexis Ohanian, LightBank Partner Bill Pescatello, LightBank partner Bill Pescatello, Muskateer Capital partner Martin Lautman and Primary Venture Partners general partner Ben Sun.

Founded in July 2013, GoCoin has received over $2 million in funding led by Bitcoin Shop, Inc. (OTCQB: BTCS) and maintains offices in Singapore, London, Douglas and Santa Monica. For more information, please visit the GoCoin website.

GoCoin, one of the world’s major providers of bitcoin payments, became the first international website in the UK allowing people accepting bitcoin and other virtual currencies, including Dogecoin, Litecoin and Tether.

Since its opening in 2013, the firm was invested with more than $2 million in a funding led by Bitcoin Shop, Inc. The company has its offices in London, Santa Monica, Douglas and Singapore.

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Polina Chernykh

Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.

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