LONDON, March 17, 2021 /PRNewswire/ -- Cloudbet, the pioneering crypto sportsbook, is offering basketball fans a chance to win bitcoin through a bold new March Madness competition.
"Cloudbet Madness" combines a tipping competition with two lucky draws, and is aimed at players betting on the premier event of the U.S. men's college basketball calendar.
In the first phase of the competition, eligible players predict which teams will make the Sweet 16 round - with the best forecasters banking a slice of the US$5000 bitcoin prize pool into their Cloudbet accounts. The next two phases feature lucky draws, in which eligible participants stand to win an Elite Eight team jersey and more bitcoin bonuses from the prize pool following the Championship round.
Founded in 2013, Cloudbet established itself as a leading bitcoin betting operators, with a reputation built on unparalleled security and speedy withdrawals. Its March Madness competition comes at a time when demand is surging for bitcoin amid large-scale purchases from investment firms and companies like Tesla and Square. Bitcoin is trading at about 10 times its price a year ago - with some firms still forecasting the coin's value to at least triple in coming months.
"We welcome anyone who's into March Madness bitcoin betting,'' a Cloudbet spokesperson said. "It doesn't matter if you're a Gonzaga or Michigan fan."
The operator is also running "Buzzer Beater Bonanza," whereby it will grade losing moneyline and 1x2 bets during the tournament as wins if the loss results from a last-second shot by the game winners. As it strives to offer the best bitcoin sportsbook for March Madness, the Cloudbet site will highlight the operator's well-known "zero margin" bets on some games, meaning it will essentially charge no fees to take on the risk of a player's wager.
Cloudbet's sportsbook has made a name for itself with its low-margin odds on markets around the world, while the Cloudbet casino has hundreds of slots and a live-dealer experience with all classic table games.
The operator now supports nine cryptocurrencies. Six of those coins were launched in 2020, a milestone year in which Cloudbet revamped its website and added features including esports, politics betting, virtual sports, social-media bet sharing and easy credit-card coin purchases.