Caesarbit.eu was a Bitcoin casino launched in July 2013 and on its official launch only provided players with two games to play with Bitcoin. The problem, at first, with Caesarbit.eu, was its lack of any sort of fair gaming implementation. While most Bitcoin casinos use the provably fair system (a system where players can confirm a win/loss using the same hash algorithm that was used in the specific hand or roll of the game) Caesarbit.eu’s owner did not use this particular system, which is now an industry standard. The owner claimed to use his own algorithm. This meant that players could not verify their bets, and that they would have to take the word of the owner on the integrity of his casino. After getting many complaints that there was no provably fair system implemented, the owner finally decided to add it. Eventually, most players that were winning, were getting slower and slower payments and finally, none at all.
The first problem with CaesarBit was the fact there was only a selection of two games that players could play. While they were the two of the most popular games that any casino has, blackjack and roulette, it seemed very peculiar that a site was only established to provide two games, when others at the time, had a vast selection. While ultimately the number of games didn’t necessarily mean that it was doomed to be unsuccessful, it was a red flag that no further games had been added, although the promise was made that there would be.
The second problem with Caesarbit.eu was the lack of timely response to support questions. At the beginning stages, questions were answered quite quickly. As time went on, the support through email and through forums, quickly diminished from days, to weeks, to no response at all. This, of course, was a second red flag and as a result, got players scrambling to try to withdraw any funds that were still associated with their account.
The final problem, was eventually no withdrawals, whatsoever. It coincidentally was occurring more and more as Bitcoin was spiking in price, in early November to early January. The owner made the excuse, that he was a Bitcoin trader and didn’t have time to process the payments that were pending, but would do so when he had an opportunity. Numerous player complaints of receiving no payouts when requested, resulted in the site shutting down, and leaving players with their funds stolen, and nobody to answer any questions. As one would probably guess, the owner ran off with players funds and the last contact received from the owner, was in early January 2014, stating he was still processing payments.