I am sure most sportsbook are doing great having bitcoin rise from $5K to $50K. If they have a sizeable holding that holding would just keep rising in value.
But what happens when the value of bitcoin drops? Their bitcoin holding would drop faster than their player balance. A player that deposit $2000 with .1 bitcoin would be requesting a $1000 withdrawal for .2 bitcoins. This won’t be a problem if the books regularly transfer money back and forth between a cash holding account, but that would cost money like 2-3% to send back and forth all the time.
Is there any risk of establish books going bust if Bitcoin makes a substantial drop?