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Cloudbet is a cryptocurrency-based online casino and sportsbook established in 2013[1]. It was among the first major betting platforms to allow wagers in Bitcoin, pioneering crypto gambling with a mission to offer a secure and fast betting experience leveraging blockchain technology[2]. Cloudbet operates globally under an offshore license and has built a reputation for high betting limits, fast withdrawals, and a wide selection of crypto wagering options[3][4].

Company Overview

Cloudbet launched in October 2013, taking its first bet (0.12 BTC on a South Korean K-League soccer match) that month[5]. The company was co-founded by a small team led by individuals from the online gaming sector who were early Bitcoin adopters. In a 2021 interview, a founding member identified as “Leandro” (“Leandro X”) recounts that the idea for Cloudbet emerged in 2012 from the realization that Bitcoin could solve payment frictions in gambling[6][7]. The startup began with only two people building the platform and a modest seed investment from a small group of believers, essentially bootstrapping the operation in its early days[8]. Cloudbet quickly achieved positive cash flow, reportedly breaking even within months of launch, and did not rely on major venture funding[9][10].

From the outset, Cloudbet positioned itself as a Bitcoin-only gambling site, aiming to address “the shortcomings of fiat bookmakers” by leveraging crypto’s advantages[11]. By 2014, the platform expanded beyond sports betting into casino games, introducing a live dealer casino that allowed users to play games like blackjack and roulette with Bitcoin[12]. Over time, Cloudbet added more cryptocurrencies in response to user demand, integrating its first altcoin (Bitcoin Cash) in 2018 and later adding Ethereum and stablecoins in 2020[13]. As of the mid-2020s, Cloudbet supports over 40 digital assets for wagering, ranging from Bitcoin and Ethereum to Binance Coin, Tether, and even tokenized gold[14][15].

Cloudbet’s corporate structure is based offshore. The site is owned and operated by Halcyon Super Holdings B.V., a company registered in Curaçao[16]. Halcyon holds an eGaming sublicense (No. 1668/JAZ) authorized by the Government of Curaçao[17]. Payment processing for the platform is handled in part by a wholly owned subsidiary, Solas Technologies Ltd, based in Cyprus[18]. This arrangement is common among international betting operators, allowing Cloudbet to serve players in multiple countries while maintaining a legal base in a gambling-friendly jurisdiction. Although Cloudbet’s headquarters address is in Willemstad, Curaçao, its operational team is distributed. Publicly disclosed ownership details remain minimal, reflecting the crypto industry’s preference for privacy. However, media outlets often cite Leandro Rossi as a Managing Director or spokesperson of Cloudbet[19][20]. Some sources also reference Sam Davies as a founder and CEO[21], but details on executive titles have not been widely publicized.

Business Operations

Cloudbet operates as a full-service online gambling platform, with both a sportsbook (covering sports, esports, and events) and an online casino. Customers create an account on the website, deposit cryptocurrency to an account wallet, place wagers, and can withdraw winnings in crypto. Transactions are near-instant, thanks to blockchain settlement, allowing for faster deposits and withdrawals compared to traditional banking[22]. Cloudbet emphasizes quick payouts and high betting limits as competitive advantages, initially advertising single-bet maximums up to 50 BTC[23][24]. The operator typically does not limit high-rolling bettors, banking instead on volume and liquidity from the global crypto audience[25].

On the sportsbook side, Cloudbet covers major international sports, niche sports, esports competitions, and novelty or political events[26]. It was an early adopter of live betting (in-play wagering), rolling out live odds during the 2014 FIFA World Cup[27]. The casino section includes slots, table games (blackjack, roulette, baccarat), video poker, and live dealer games streamed in real time[28]. The site’s game catalog is supplied by well-known iGaming software providers. Over the years, Cloudbet has steadily expanded its feature set, adding an integrated credit-card-to-crypto purchase service, bet sharing on social media, and, in April 2021, an open API that lets professional bettors and partners interface directly with Cloudbet’s sportsbook[29]. The platform is fully web-based, mobile-friendly, and was among the first Bitcoin casinos to launch a mobile version[30].

Licensing and Jurisdictions

Cloudbet is licensed in Curaçao under sublicense No. 1668/JAZ[31], a framework that allows global operations but is not recognized by certain regulated markets. Consequently, Cloudbet restricts access from jurisdictions with strict gambling laws or where Curaçao eGaming licenses are invalid. This includes the United States, the United Kingdom, China, and other prohibited markets[32]. In early 2018, Cloudbet formally withdrew from the U.S. market, banning new American sign-ups and asking existing U.S. players to withdraw their balances[33]. This move aligned with its desire to comply with regulatory requirements and avoid potential U.S. enforcement actions.

Security and KYC/AML Measures

Cloudbet has long employed a cold-storage policy for customer deposits, minimizing the amount of cryptocurrency in hot wallets to reduce hacking risks[34]. The platform also provides optional two-factor authentication and other account safeguards. While initially allowing near-anonymous play, Cloudbet tightened its Know-Your-Customer policies over time to meet licensing and anti-money-laundering (AML) obligations. Players who meet certain thresholds or show suspicious activity must submit identification documents; non-compliance can lead to account freezes under Cloudbet’s terms of service[35]. This represents the company’s attempt to balance the crypto community’s preference for privacy with regulatory demands.

Partnerships and Marketing [edit]

Cloudbet runs an affiliate program offering revenue-sharing commissions to partners[36] and a VIP program for high-value players. In 2024, the company introduced a loyalty “Marketplace,” granting users points redeemable for cash back, bonuses, and daily drops[37].

Cloudbet has forged sponsorships and partnership deals with sports properties to raise brand awareness. In 2020, it launched a local-language site in Argentina to cater to the growing Latin American crypto market[38]. Later, the Professional Fighters League (PFL) named Cloudbet an official sports betting and casino partner in 2024, granting Cloudbet promotional opportunities during MMA events[39]. In early 2025, Cloudbet announced an exclusive partnership with Karate Combat to integrate live crypto wagering into that martial arts league’s broadcasts[40].

Key People & Leadership [edit]

Cloudbet, as a privately held crypto-gambling platform, has disclosed little about its executive team. Leandro Rossi frequently appears as Managing Director or representative in press statements[41][42]. In 2015, he was mentioned as the managing director during Cloudbet’s acquisition of a rival’s customer base[43]. Rossi’s background suggests expertise in both cryptocurrency and iGaming, and he continues to serve as the public face of the brand.

  • Sam Davies has also been referenced as a founder or CEO in early coverage[44]. However, Davies is rarely mentioned in subsequent press releases, leading some industry observers to speculate that “Sam Davies” may be a pseudonym or that he has taken a less public role. Overall, Cloudbet’s leadership emphasizes a low-profile approach; the company credits a founding team of online gambling veterans and early Bitcoin adopters rather than high-profile executives.

Funding & Growth Trajectory [edit]

Unlike many tech startups, Cloudbet did not raise large external funding rounds. The founding team secured a small seed investment from friends or angels and became profitable within months[45]. Industry databases list no venture funding or Series A for Cloudbet[46]. By the time of its fifth anniversary in 2018, the site had taken over 6.5 million sports wagers. In a 2021 interview, a Cloudbet representative noted having 200,000+ registered customers worldwide. By 2020, Cloudbet claimed a cumulative 10 million bets placed, growing further in the mid-2020s amid rising crypto adoption.

In 2015, Cloudbet acquired the player accounts of rival Bitcoin sportsbook BetVIP, which had failed financially[47]. As part of that deal, Cloudbet reimbursed BetVIP customers in full and migrated them to Cloudbet’s platform, thus growing its user base and cementing a reputation for financial stability[48]. Over the years, product innovations—such as live casino, multi-language support, esports betting, and expanded cryptocurrency options—have fueled Cloudbet’s growth. The company focuses on reinvesting revenues into engineering and customer-facing features rather than pursuing external capital.


Legal & Regulatory Challenges

Operating a crypto-based online casino across international markets has presented Cloudbet with complex regulatory considerations. Curaçao’s eGaming regime has served as the company’s licensing base[49]. However, this license is insufficient in some strictly regulated jurisdictions, leading Cloudbet to block or restrict those regions. It formally prohibited U.S. bettors in March 2018 to comply with American anti-online gambling enforcement[50]. Similarly, it does not serve the UK market due to the lack of a UK Gambling Commission license. Cloudbet enforces these restrictions via geo-blocking and account verification, and no major legal actions against the company have been reported.

Many countries have updated AML rules regarding cryptocurrency, prompting Cloudbet to strengthen its KYC checks. While some customers object to identity verification after years of presumed anonymity, Cloudbet asserts it is legally obligated to verify large transactions and to ensure restricted jurisdictions do not access its services[51]. Curaçao, meanwhile, is overhauling its licensing framework, and Cloudbet has indicated its intent to secure a direct license under the new system. Future stricter regulatory requirements (e.g., from the Curaçao Gaming Control Board) could increase Cloudbet’s compliance obligations.

Anecdotes & Controversies

  • **Notable Wins**: In March 2017, a Cloudbet player famously turned a 0.16 BTC slot wager into a 160 BTC payout (ultimately cashing out 216 BTC), one of the largest single-spin wins in Bitcoin casino history at the time[52]. Cloudbet publicized this “Troll Hunters” jackpot as evidence of its high limits and instant payouts.
  • **BetVIP Bailout**: Cloudbet’s 2015 acquisition of BetVIP’s player base showcased its financial stability and earned goodwill for reimbursing stranded users[53].
  • **KYC Disputes**: Some users have alleged that Cloudbet only requests KYC documentation after large wins, potentially delaying payouts[54]. Cloudbet states such checks are necessary under AML obligations. While most disputes are resolved, such episodes highlight tensions between crypto’s initial anonymity ethos and evolving regulations.
  • **Technical Glitches**: The platform has experienced periodic outages during peak traffic spikes and isolated software bugs in certain casino games. Users who reported documented errors generally received compensation after Cloudbet investigated[55].
  • **Media Coverage**: Cloudbet has been cited by major crypto news outlets (Coindesk, CoinTelegraph, etc.) as an early success story in Bitcoin gambling and for fueling significant betting volume in the mid-2010s[56].

Industry-Specific Insights and Differentiators

Cloudbet’s trajectory highlights several characteristics of the crypto-gambling sector:

  • **Early Adoption of Bitcoin**: Launching in 2013, Cloudbet was among the first licensed sites to embrace Bitcoin, demonstrating that cryptocurrency could offer speedier and more cost-effective transactions than fiat-based casinos[57].
  • **High Betting Limits**: Its policy of allowing large wagers without restricting winning players appealed to professional “sharp” bettors and showcased the global liquidity provided by cryptocurrencies[58].
  • **Security-First Custody**: By adopting cold-storage best practices, Cloudbet avoided the hacking incidents that plagued some early crypto gambling sites[59].
  • **Broad Crypto Support**: Rather than staying Bitcoin-only, Cloudbet continually added altcoins and stablecoins (e.g., BCH, ETH, USDT) to widen its user appeal[60][61].
  • **Community Engagement**: Cloudbet built trust in the early Bitcoin community by interacting on forums and incorporating user feedback, an approach that helped establish loyalty in a competitive space[62].
  • **Regulatory Navigation**: By maintaining an offshore license, implementing KYC/AML practices, and geo-blocking restricted areas, Cloudbet has largely avoided direct legal conflicts and operates in markets that permit online crypto gambling[63].

References

  1. ↑ https://pflmma.com/news/professional-fighters-league-teams-up-with-cloudbet-as-official-sports-betting-and-online-casino-partner#:~:text=ABOUT%20CLOUDBET
  2. ↑ https://www.cloudbet.com/en/blog/posts/cloudbet-at-5-who-we-are-how-we-got-here#:~:text=When%20Cloudbet%20was%20launched%20back,%E2%80%99
  3. ↑ https://www.coindesk.com/markets/2014/09/02/why-bitcoins-gambling-boom-is-only-just-getting-started#:~:text=Cloudbet
  4. ↑ https://bitcoinist.com/bitcoin-casino-cloudbet-big-win/#:~:text=,over%20four%20years%20of%20operation
  5. ↑ https://www.cloudbet.com/en/blog/posts/cloudbet-talks-to-crypto-fireside-about-how-it-all-started#:~:text=I%20say%20we%E2%80%99re%20the%20%E2%80%9Coldest%E2%80%9D,customers%20all%20around%20the%20world
  6. ↑ https://www.cloudbet.com/en/blog/posts/cloudbet-talks-to-crypto-fireside-about-how-it-all-started#:~:text=Leandro%20X%3A%20Hi%2C%20I%E2%80%99m%20Leandro,30%2B%20coins%20that%20we%20support
  7. ↑ https://www.cloudbet.com/en/blog/posts/cloudbet-talks-to-crypto-fireside-about-how-it-all-started#:~:text=%E2%80%8DCF%3A%20What%E2%80%99s%20your%20backstory%2C%20how,did%20Cloudbet%20come%20to%20be
  8. ↑ https://www.cloudbet.com/en/blog/posts/cloudbet-talks-to-crypto-fireside-about-how-it-all-started#:~:text=LX%3A%20The%20path%20we%20took,Even%20today%2C%20we%E2%80%99re%20mostly%20engineering
  9. ↑ https://www.cloudbet.com/en/blog/posts/cloudbet-talks-to-crypto-fireside-about-how-it-all-started#:~:text=LX%3A%20The%20path%20we%20took,Even%20today%2C%20we%E2%80%99re%20mostly%20engineering
  10. ↑ https://tracxn.com/d/companies/cloudbet/__tZvdyRchRxBSC8kYjPHA38GgNXvxNbQZluXYsl84SmM#:~:text=Cloudbet%20,Who%20are%20Cloudbet%27s%20investors
  11. ↑ https://www.cloudbet.com/en/blog/posts/cloudbet-at-5-who-we-are-how-we-got-here#:~:text=When%20Cloudbet%20was%20launched%20back,%E2%80%99
  12. ↑ https://www.cloudbet.com/en/blog/posts/cloudbet-at-5-who-we-are-how-we-got-here#:~:text=Though%20our%20original%20idea%20was,you%20would%20in%20real%20life
  13. ↑ https://www.businesswire.com/news/home/20201110005626/en/Crypto-Gaming-Pioneer-Cloudbet-Officially-Launches-in-Argentina#:~:text=Founded%20in%202013%2C%20Cloudbet%20is,in%20recent%20months
  14. ↑ https://pflmma.com/news/professional-fighters-league-teams-up-with-cloudbet-as-official-sports-betting-and-online-casino-partner#:~:text=Founded%20in%202013%2C%20Cloudbet%20is,cash%20drops%20for%20frequent%20bettors
  15. ↑ https://cryptopotato.com/cloudbet-partners-with-karate-combat-as-official-online-casino-and-sportsbook/#:~:text=Working%20together%2C%20Karate%20Combat%20and,own%20%24KARATE%20token%20is%20built
  16. ↑ https://www.cloudbet.com/en/affiliates/terms-of-service#:~:text=www,25%20Voukourestiou%20Street%2C%203045%20Limassol
  17. ↑ https://www.cloudbet.com/en/support/articles/103203-is-cloudbet-safe#:~:text=We%20are%20fully%20licensed%20and,by%20the%20Government%20of%20Curacao
  18. ↑ https://www.cloudbet.com/en/affiliates/terms-of-service#:~:text=www,25%20Voukourestiou%20Street%2C%203045%20Limassol
  19. ↑ https://www.reviewed-casinos.com/news/cloudbet-acquires-troubled-betvip-customer-base/#:~:text=%E2%80%9CAcquiring%20the%20BetVIP%20player%20base,%E2%80%9D
  20. ↑ https://www.coindesk.com/markets/2014/09/02/why-bitcoins-gambling-boom-is-only-just-getting-started#:~:text=recently%20launched%20a%20mobile%20casino%2C,is%20preparing%20a%20mobile%20sportsbook
  21. ↑ https://medium.com/@afkesportsbar/esports-betting-using-the-cryptocurrency-5211372be95a#:~:text=Medium%20medium,Coin
  22. ↑ https://www.coindesk.com/markets/2014/09/02/why-bitcoins-gambling-boom-is-only-just-getting-started#:~:text=Cloudbet
  23. ↑ https://www.cloudbet.com/en/blog/posts/cloudbet-at-5-who-we-are-how-we-got-here#:~:text=With%20a%20background%20in%20professional,were%20pricing%20out%20smaller%20players
  24. ↑ https://bitcoinist.com/bitcoin-casino-cloudbet-big-win/#:~:text=,over%20four%20years%20of%20operation
  25. ↑ https://bitcoinist.com/bitcoin-casino-cloudbet-big-win/#:~:text=,over%20four%20years%20of%20operation
  26. ↑ https://www.businesswire.com/news/home/20201110005626/en/Crypto-Gaming-Pioneer-Cloudbet-Officially-Launches-in-Argentina#:~:text=The%20operator%20relaunched%20its%20site,card%20coin%20purchases
  27. ↑ https://www.cloudbet.com/en/blog/posts/cloudbet-at-5-who-we-are-how-we-got-here#:~:text=July%202014%3A%20Live%20betting%20for,the%20World%20Cup
  28. ↑ https://bitcoinist.com/bitcoin-casino-cloudbet-big-win/#:~:text=players%2C%20offering%20more%20liquidity%20and,%E2%80%9D
  29. ↑ https://www.affiversemedia.com/cloudbet-unveils-new-features-for-professional-sports-players/#:~:text=On%20April%2016%2C%20Cloudbet%20has,activities%20with%20the%20operator%E2%80%99s%20sportsbook
  30. ↑ https://www.coindesk.com/markets/2014/09/02/why-bitcoins-gambling-boom-is-only-just-getting-started#:~:text=Cloudbet
  31. ↑ https://www.cloudbet.com/en/support/articles/103203-is-cloudbet-safe#:~:text=We%20are%20fully%20licensed%20and,by%20the%20Government%20of%20Curacao
  32. ↑ https://www.cloudbet.com/en/support/articles/101693-which-countries-are-restricted-from-using-cloudbet#:~:text=Cloudbet%20does%20not%20accept%20players,whether%20with%20cash%20or%20cryptocurrency
  33. ↑ https://forum.bitcoingambling.io/threads/cloudbet-bans-united-states-sports-bettors.361/#:~:text=,your%20region%20are%20now%20allowed
  34. ↑ https://www.cloudbet.com/en/blog/posts/cloudbet-at-5-who-we-are-how-we-got-here#:~:text=As%20much%20as%20we%20recognised,done%20that%20since%20day%20one
  35. ↑ https://www.cloudbet.com/en/support/articles/101693-which-countries-are-restricted-from-using-cloudbet#:~:text=here
  36. ↑ [36]
  37. ↑ [37]
  38. ↑ [38]
  39. ↑ [39]
  40. ↑ [40]
  41. ↑ [41]
  42. ↑ [42]
  43. ↑ [43]
  44. ↑ [44]
  45. ↑ [45]
  46. ↑ [46]
  47. ↑ [47]
  48. ↑ [43]
  49. ↑ https://www.cloudbet.com/en/support/articles/103203-is-cloudbet-safe#:~:text=We%20are%20fully%20licensed%20and,by%20the%20Government%20of%20Curacao
  50. ↑ https://forum.bitcoingambling.io/threads/cloudbet-bans-united-states-sports-bettors.361/#:~:text=,and%20withdraw%20any%20outstanding%20balances
  51. ↑ https://www.cloudbet.com/en/support/articles/101693-which-countries-are-restricted-from-using-cloudbet#:~:text=Cloudbet%20reserves%20the%20right%20to,of%20our%20Terms%20and%20Conditions
  52. ↑ https://bitcoinist.com/bitcoin-casino-cloudbet-big-win/#:~:text=A%20player%20won%20160%20BTC,%E2%80%9D
  53. ↑ https://www.reviewed-casinos.com/news/cloudbet-acquires-troubled-betvip-customer-base/#:~:text=Under%20the%20terms%20of%20the,immediate%20effect%20and%20without%20restriction
  54. ↑ https://bitcointalk.org/index.php?topic=5468472.40#:~:text=Not%20at%20all%2C%20however%20as,found%20to%20be%20playing
  55. ↑ https://www.reddit.com/r/Bitcoin/comments/35yl70/cloudbet_you_have_been_revealed/#:~:text=Cloudbet%2C%20you%20have%20been%20revealed,and%20patience%2C%20I%20managed
  56. ↑ https://www.coindesk.com/markets/2014/09/02/why-bitcoins-gambling-boom-is-only-just-getting-started#:~:text=Cloudbet
  57. ↑ https://www.cloudbet.com/en/blog/posts/cloudbet-at-5-who-we-are-how-we-got-here#:~:text=When%20Cloudbet%20was%20launched%20back,%E2%80%99
  58. ↑ https://bitcoinist.com/bitcoin-casino-cloudbet-big-win/#:~:text=,over%20four%20years%20of%20operation
  59. ↑ https://www.cloudbet.com/en/blog/posts/cloudbet-at-5-who-we-are-how-we-got-here#:~:text=Though%20Cold%20Storage%20was%20a,keep%20your%20Cloudbet%20account%20secure
  60. ↑ https://www.affiversemedia.com/cloudbet-unveils-new-features-for-professional-sports-players/#:~:text=To%20make%20a%20name%20for,card%20coin%20purchases
  61. ↑ https://www.prnewswire.com/news-releases/cloudbet-unveils-betting-with-gold-in-gaming-world-first-301154249.html#:~:text=First%20www
  62. ↑ https://www.cloudbet.com/en/blog/posts/cloudbet-talks-to-crypto-fireside-about-how-it-all-started#:~:text=In%20the%20early%20days%2C%20a,follow%20through%20and%20build%20it
  63. ↑ https://www.cloudbet.com/en/support/articles/103203-is-cloudbet-safe#:~:text=We%20are%20fully%20licensed%20and,by%20the%20Government%20of%20Curacao
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