Clearly the story of the year has been Bitcoins and its rise to being at one point more expensive than gold. Which was a little weird since you can do stuff with gold such as making necklaces, rings etc. The only thing you can do with Bitcoins is store them until you want to cash them in or buy drugs.
People are trying to organise betting with Bitcoins but as seen in regular scam stories Bitcoins are very handy if you want to steal them. Since they are untraceable i the sense they leave no obvious paper trail, how would a victim make a claim of theft?
I suppose intellectual property rights become an option since you’ve effectively had licence to an algorithm or software which is unique and usable. But the question remains unless you can prove that the Bitcoins left your wallet and went to another wallet directly, then what claim do you have? So for now unless there is a viable way of securely having some sort of paper trail you would be mad to bet with Bitcoins.
Just hang onto the virtual currency and what until the market is sufficiently good for you to convert to proper money with which you can bet with and is traceable.