"We remove 100 bits (about 0.05 USD) from any withdrawal amount to cover mining fees. We charge this amount regardless of the actual mining fees attached to the transaction, which may be more or less than this, depending on the block competition at the time of your withdrawal.
Withdrawals must be in increments of 1 bit (100 satoshis), with a minimum withdrawal of 200 bits (of which 100 bits goes towards the mining fee). As required, we will chip in our own money to help expedite confirmation time, such that we typically pay 200 bits in mining fees, despite charging you only 100 bits." [source:https://betbitcoin247.io/faq]
They state that 1 single bit worth $0.0003 so it is contradictive already with the other information as you quoted above where they say 100bits = $0.05
A bit is a millionth of a bitcoin or 100 satoshis. At the time of this writing, a single bit is worth roughly $0.0003 USD. You are able to deposit and withdraw bits at any time by going to your account page.
Not really sure when they wrote the FAQ page but it is clear that it is an out of date FAQ page. They claim that they bought it from the previous owner, maybe they did not do any updates in the FAQ page. Looks so professional, right? LOL. Have you checked the leaderboard page? I guess you will be surprised to know that this site has 100 players with net profit more than 27,000,000 (I assume it is bits) each so it is 27btc net profit. So they have paid more than 2700BTC in short period of time?
Is that even real leaderboard? Sorry to say but I doubt it.