The Betcoin Poker operator officially shut down its poker client on December 25, 2017. It definitely wasn't a Merry Christmas for the cryptocurrency-based gambling site as it decided to pull the plug on Christmas Day.
On December 18, Betcoin made an announcement in regards to being acquired by a third party and discontinuing their poker client on December 25.
Despite having a strong cryptocurrency draw, Betcoin failed to become a force in the online poker cryptocurrency market. There were a number of reasons as to why Betcoin.ag failed and the most glaring reasons are the site's dishonest business practices which led it to become a poker site of ill-repute.
Betcoin never managed to shake off its bad reputation throughout its existence. The sites shady business practices commenced in 2015 and poker players quickly started shying away from playing at Betcoin.ag. We take a look at some of the shady practices that Betcoin has used during the last couple of years.
The online cryptocurrency poker website got caught for paying for positive BTCTalk forum posts, it then decided to increase its rake without announcing it, took money for a nonexistent Bad Beat jackpot, allowed cheaters who collude with each other to play in a 10 BTC Freeroll that's supposed to be anti-collusion and had a complete lack of concern for game integrity and player security.
Betcoin now belongs in the poker graveyard filled with sites like 24hPoker, Absolute Poker, BetOnSports, Big Bet Poker, Boss Media, Bugsy’s Club, Cake Poker, Cardspike, Cereus Poker, Choice Poker, Cryptologic, DoylesRoom, Entraction Equity, Poker Network, Eurolinx, Everleaf Gaming, Full Flush Poker, Futurebet, Gamesgrid, Interpoker, Jet Set Poker, Jungle Poker, LiveAce Poker and Lock Poker.
We must point out that not all of the above poker sites were as dishonest or as shady as Betcoin was throughout their existence. But like Betcoin, they weren't able to evolve enough in the ever-changing online poker landscape to win over their consumer base and remain financially stable. Betraying your own loyal poker players as an online poker operator is the rough equivalent of shooting yourself in the foot. The fall of Betcoin and other shady poker operators showcases how dishonesty and scamming doesn't pay when it comes to long term success.
In particular, betting in the unsustainable cryptocurrency bubble sets you up for failure. It doesn't help that Betcoin also engaged in behavior that soured its relationship with players. The site's management was responsible for most its troubles, but poker players will now rest easy that this unscrupulous operator has shut shop.