A leading bitcoin betting sportsbook and casino has recently added support for PAX Gold. The commodity backed gold stablecoin becomes the third stablecoin integration to date. With the addition of PAX Gold, the sportsbook and casino become the first entity to let their users bet with gold.
PAX Gold – Gold Backed Stablecoin
Cloudbet, the online platform for casino games and sports betting has announced support for PAX Gold. Prior to the announcement, Cloudbet operated a platform that let players bet in Bitcoin, Ethereum, Bitcoin Cash, and other cryptocurrencies.
With the addition of PAX Gold, Cloudbet is allowing users to bet with gold for the first time. PAX Gold is a stablecoin where each PAX GOLD is backed by 1 fine troy ounce of gold managed by Paxos. By tokenizing gold, Paxos gives investors the ability to hold digital gold tokens without needing to physically hold onto gold bars.
A spokesperson from Cloudbet stated that:
“Tokenisation allows individuals to express their spending habits through the assets they choose to hold, rather than having to use currencies to which they hold no philosophical or economic attachments. In this case, we’re empowering players that want to own gold with the means to place bets with a gold casino or a gold sportsbook.”
PAXG Promotion On Cloudbet
According to the announcement by Cloudbet, the platform will be running PAXG promotions. Users who deposit PAXG will be eligible for a 5x welcome bonus, which is valued around $10,000 at current market prices. With PAXG’s value being tied to the price of Gold, PAXG currently trades at $1,913.73 based on CoinGecko.
In addition to the welcome bonus, Cloudbet is also offering 100 free spins over a 2 week timespan on their gold-themed slots. According to Cloudbet’s website, a player once won 160 BTC on a single spin in the Bitcoin casino.
More On Cloudbet
Cloudbet was established in 2013 and continues to be a leading crypto casino platform and sportsbook. The Bitcoin casino offers popular games such as bitcoin slots, roulette, video poker, baccarat, and blackjack. The “immediate seating feature” at Cloudbet attracts users to 65 different live dealer tables. The platforms Bitcoin sportsbook has betting limits up to 36 Bitcoin / Bitcoin Cash. Users can bet on many sports such as MLB, NFL, NBA, UFC, and the Premier League. Over 100,000 players are flocking to Cloudbet due to features such as:
- Efficient seating ( as discussed above )
- Instant cash-outs
- Simple to use bet slips
- Accepting a diverse set up digital assets such as BTC, BCH, ETH, USDT, USDC, and PAXG for deposits, withdrawals, and betting.
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