Bitcoin Gaming Approved by UK Gambling Commission
In recent news, it has been reported that the UK Gambling Commission, the online and offline casino regulating authority in the UK, has claimed that gambling companies will be legally allowed to accept Bitcoin payments, starting 31 October, 2016.
Operators who want to open an online casino and cater to UK residents will be requested to take all the necessary steps towards avoiding money laundering. Since well-known companies from the US have already adopted Bitcoin as a payment method, the UK decided to take a step forward and allow operators to take advantage of cryptocurrency transactions.
The Gambling Commission will classify Bitcoin as a cash equivalent, which could eventually lead to other jurisdictions, such as Gibraltar of the Isle of Man, following this example. Therefore, we expect to see an increase in Bitcoin online gaming in the near future, and, especially after 31 October, we could to see a multitude of both Bitcoin-only and mixed-fiat online gaming sites operating in a regulated market.
The fact that Bitcoin transactions will be allowed by the Gambling Commission will favor both gaming operators and players. Casino users will get the opportunity to enjoy online gaming in a safer environment, without having to worry about the fact that betting money at a Bitcoin casino could be risky. Since regulated gaming sites will accept Bitcoin transactions, players will not take any risks.
Bitcoin online casinos must be run by licensed operators, who should implement policies and procedures regarding the usage of cryptocoins, in accordance with the UK Gambling Commission’s licensing guidelines.
Why should you choose Bitcoin for your casino?
Bitcoin gaming has quickly developed in the past years, and players seem to get more and more attracted to using this payment method. Operators who opened an online casino with Bitcoin in addition to fiat money have claimed that they saw their traffic grow tremendously.
Operators seem to prefer Bitcoin due to certain reasons:
- Small transaction fees – using a Bitcoin wallet is less expensive that making transactions with real money
- Quick payments - payments are confirmed almost instantly, and no specific person or organization needs to approve the transactions. Transactions via banks can take up to 5 business days, while Bitcoin transactions can be visible in 10 minutes
- Smaller risks for operators – in the online gaming world, it frequently happens that some users fraudulently ask for payment reversals. With Bitcoin, once the operator receives the money, the payment can’t be cancelled
- Transaction volume growing – major companies from the US, and not only, are starting to allow Bitcoin payments. Its increasing popularity will probably lead to an increase in price in the near future
- Provably fair – this term refers to an algorithm which allows players to verify the fairness of the games. All respected Bitcoin casinos should be provably fair, in order to encourage players to engage in placing bets using cryptocurrencies
Opening an online casino with Bitcoin can prove to be a great alternative to starting a real-money online casino, due to the numerous benefits that it offers.
Operators who are looking to engage in this type of business venture can take advantage of our Bitcoin Casino Starter Package, which includes our casino management software, one casino website template, Bitcoin integrations and 14 premium casino games.
BY CASINOWEBSCRIPTS PUBLISHED 19 September 2016