w Bitcoin-only sportsbook has gone live ahead of the Brazil World Cup.

BetVIP labels itself the first fully licensed sportsbook to only accept the internet currency.

The platform is the brainchild of South African digital entrepreneur Daniel Schwartzkopff.

"BetVIP is not a PR stunt – it is a long-term business venture,” he said.

Schwartzkopff believes his site offers unique opportunities to bettors, allowing them to “benefit from the fast transactions and low costs of Bitcoin exchange”.

Schwartzkopff downplayed the stigma and associated concerns surrounding Bitcoin.

“Our gaming licence and strict bet acceptance policy demonstrates our commitment to the longevity of the currency,” he said.

“There is a massive opportunity to provide both a secure and reliable platform for Bitcoin holders and take on the traditional online sportsbooks.”

The BetVIP platform, which is powered by developers BetTech, offers pre-match and in-play wagering opportunities across hundreds of markets in international sporting events for online and mobile players.

A Bitcoin casino product is set to follow later this year.

BetVIP is licensed in Curacao and has offices in Malta and South Africa.