Heritage has cemented itself over the course of twenty years as one of sports betting's most established and respected offshore sportsbooks. As an industry leader they are not hesitant to adopt new practices to grow their business model.
We all know well by now that one practice was the Utilization of Bitcoin. Not only did it solve all of their financial risks related to client deposits, but it opened them up to a new revenue stream: Cryptocurrency Investing.
Sportsbooks like Heritage, used their sports betting business model to accrue Bitcoin over time. Initially Bitcoin represented fiat currency to the books in the same way that it does for bettors. But over time, sportsbooks witnessed their crypto wallets brimming with cash, as Bitcoin doubled, and doubled again, and again and again. Little did they know that profits earned in Bitcoin would multiply hundred fold, and in some cases thousand fold due to appreciation.
So it is notable when a leader like Heritage expands it's cryptocurrency deposit options.
As you can see above Heritage is now accepting:
(Corrections Made To This List On 10/24/17)
One thing we know about the sportsbook model, when they have a profitable angle they have mastered the ability to stand pat / stand down. Whether it be the pricing of a line that is drawing action they desire, or simply the types of games and propositions they offer their bettors, they have mastered the ability to draw the action where the profit is.
So why move in a new direction?
Bitcoin has been a golden goose for them.
What more could you need or want if you are Heritage?
...A second golden goose?
It's clear that the addition of more cryptocurrencies is meant to open them up to increased appreciation profit. Heritage has built a solid reputation based on their solid financial standing. It is clear they feel strongly about these established cryptocurrencies and their ability to appreciate moving forward. When they begin to accrue a coin they do everything they can to hold it. That includes instituting rules like Bitcoin withdrawals only for Bitcoin depositors.
Accepting altcoins is not unheard of in online casino platforms, but Poker and Sports Betting firms have held firm to the tool that has rewarded them so much (Bitcoin). So this early adoption of altcoins represents something new for sports betting. Other major sites like Bet Online, Just Bet, You Wager, Sport Bet, 5Dimes, Wager Web, Intertops, Bovada, etc are still Bitcoin only.
America's Cardroom, part of the Winning Poker Network, has also expanded into altcoins. It now accepts 60 cryptocurrencies including for example, EOS, Gnosis, Augur, Waves, ZCash & TenX. In essence they are developing their own cryptocurrency mutual fund as they seek to accrue cryptocurrencies of all types as part of their investment approach. Their bettors bring them the coins and they sit on them, accumulating profit margins in crypto until those coins expand in price exponentially.
The bottom line is this. Bitcoin is King, and it's dominance is unquestioned. But just as we pointed out in our Wagerr Cryptocurrency Review Video, you make the exponential profit early on in the development curve. With crypto investing it's similar to real estate, or automotive sales. Profit is often times considered a byproduct of purchase price and not sale price. The realization is that you purchase things with value, and things with value sell themselves. But what price did you pay initially? Buying in early in crypto is often like buying for the right price in other industries... it's what ensures healthy profits. While Bitcoin is poised for continued growth as it's acceptance continues, it is still just so easy to earn ten fold, hundred fold, and even thousand fold returns from coins like Wagerr that are in development.
I would take from Heritage and America's Cardroom that the future is extremely bright for altcoins, regardless of Bitcoin's present dominance...otherwise they wouldn't waste the effort opening themselves up to additional risk. I would also take from Heritage that they forsee appreciation in the coins that they added.
We are witnessing the birth of Cryptocurrency in it's infancy. It's not going anywhere. It's just like the internet. Once you let them out of the bag... there's no way to put them back in. They are paradigm shifting. Additionally, it is clear that financial institutions of all shapes and sizes want in just like the individual investors do. Launch the right coin with the right application, and it will draw investments exponentially.
Stay tuned for more Wagerr related news and speculation as it becomes available.