​It's rare in the gambling industry to have a site that receives very little negative attention. Crypto-currency gambling site DirectBet was one of those rare sites with which there have been little to no issues for players. But none of that matters any longer, because DirectBet has shut down unexpectedly, without any notice to speak of for its players, ending what was an unabashedly positive run in the crypto gambling industry.

What made DirectBet as special as it was is the fact that they did not require full on deposits from their players. All players had to do to be a part of the action on DirectBet was select a game that they wanted to wager on and send the amount of crypto-currency that they wanted to risk on that one event. Once the game was over, winning bets were paid back to the wallet address that the player used to send their funds to DirectBet, and it was as simple as that.

​Cryptocurrency betting platform DirectBet has suddenly shut down its operations without explanation, leaving an ample amount of Bitcoin gamblers in limbo. Growing Bitcoin transaction fees are being speculated as the reason for the abrupt closure, which came just hours after the company was running promotions on its website.

DirectBet has developed a fledgling reputation in the online sports betting space in recent years thanks to its unique service offering, which encompassed a wide-ranging sportsbook that accepted payments in both Bitcoin and altcoins such as Dash, Dogecoin and Litecoin. Like many online gambling companies that accepted cryptocurrency, DirectBet offered complete anonymity for users, allowing customers to gamble via their platform without having to create accounts nor provide sensitive data.

 
The company also offered novel features such as the ability to negotiate odds, whereby users could attempt to try and convince DirectBet to adjust their odds on specified markets. Its reputation was excellent among cryptocurrency bettors, with no reports of a failure to pay out winning bets. That reputation has now been thrown into jeopardy, however, as users have been left in the dark as to the reasons for the sudden shut down, which DirectBet has hitherto failed to explain.
 
The company website is not taking anymore bets, although a statement on the site explains that all pending bets stand and will be settled at the completion of the event.

A new bill is aiming to weed out international bookmakers from Russia’s gambling industry by blocking payments related to online wagering, yet it is a move that may present an opportunity for Bitcoin betting. The legislation, which has the strong backing of president Vladimir Putin and was unveiled by the Russian Ministry of Finance earlier this month, is targeting a growing amount of unauthorized online gambling in the country. ​

Online bookmaker NetBet has become the first UK-licensed sports betting and casino site to offer Bitcoin payment options.  Prominent Bitcoin payment service provider BitPay announced the move in October, and revealed it is working with NetBet to ensure all UK regulatory requirements are adhered to with the introduction of the new payment method.

​Bitcoin’s venture into the UK online betting market was foreshadowed by the UK Gambling Commission in August, when the regulatory body included a first-ever reference to “digital currencies” in its updated License Conditions and Codes of Practice.