A unique Bitcoin betting service for the Brazilian World Cup 2014 has launched – and its value in the gambling world is unique.

BitKup, which offers home-grown sweepstakes for the tournament due to kick off in two weeks’ time, is setting itself apart from traditional services both in its structure and hard figures, while its creator envisages universal appeal. In an interview with Cryptocoinsnews, co-founder Gus Fring said:

“We created Bitkup with the main objective of disseminating Bitcoin interest beyond enthusiasts and providing the currency to people that just want to have fun and want to try their luck with predictions for the World Cup in Brazil 2014.”

Not gambling as you know it

The world of sport betting has become searingly competitive, particularly for major international events. Perhaps in an attempt to counter this and provide an attractive alternative for non-Bitcoiners, Bitkup is offering an initial buy-in of 0.05BTC. Interestingly, this fee represents a one-off payment, after which players can bet on all the games in the World Cup.

The low cost does not mean lax regulation, however, something which Fring is keen to reiterate:

“We have a policy of transparency and very tight security. To ensure the transparency of all participants, each user can follow each other’s betting history from past games that have happened at that moment.”

Bitkup’s rewards are similarly transparent, as perhaps would be expected. A total of 20 winners will receive a portion of the jackpot ranging from 50% for first place to approximately 1.3% for those coming between fourth and twentieth.

The financial buy-in and jackpot refer to Bitkup’s PRO League service, while the Free League running concurrently will allow those who would rather not part with their cash to play for fun.

It would be difficult to imagine a setup more unlike traditional gambling - where privacy is key - to be alluring for potential risk-takers. Whether an open-format community will attract the desired lay fans thus remains to be seen. Developers are confident of the initial scheme’s credentials, however, and are already considering their next move. Fring added: