One of the hottest trends shaping online gambling is the transaction using digital currencies. Online casinos have the edge with the exponential increase mainly since the release of Cryptocurrency in 2009 enabling worldwide gamblers to move money in a much more convenient way. Bitcoin is the leading digital currency globally and has also invaded online gaming sites not only in the UK but across the world. Aside from winning 20 free spins with no deposit on bingo, the emergence of Bitcoin and other cryptocurrencies also demonstrates that Great Britain has one of the largest markets. Bitcoin enables the online gaming industry to gravitate towards the significant benefits pushing the UK Gambling Commission to accept this digital payment but not for the No Deposit Sites.
The connection between Bitcoin and online gambling
To keep up the latest innovations by maintaining a remarkable advantage over the fierce competition, several crypto gambling platforms have been released. Decentralised virtual currencies using blockchain technology are, today, used by online casinos and bingo sites. Thus, several players worldwide are able to access the gambling market opening new opportunities to grow for the operators. Thanks to digital currencies, transferring funds at the iGaming sites has become more comfortable.
Why Bitcoin gambling sites have noticed a rise in popularity?
The security and safety when moving money using Bitcoin are more enhanced as Blockchain technology is the application of cryptocurrencies. This innovation is, in fact, a digital ledger that has the role to record online transactions in form of blocks sequentially. Blockchain means that the blocks are interconnected so each transaction that passes through the chain is certainly precise with the correct value. The gamblers using the BTC payment can check all the transactions meaning that transparency is ensured with Bitcoin. Moreover, Bitcoin dealings are called pseudo-anonymous because this well-used currency does not operate through the bank service so the confidentiality of the transactions is guaranteed. With the transparency, very low fees transfers, and high level of safety and anonymity, it is undeniable that this cost-effective solution has invaded the British online gambling market.
Digital payment regulations for the UK online gambling industry
The cryptocurrencies' growth has become a real worry in the gaming site as it can result in money laundering and other possible financial crimes. To make gambling fairer and safer, the UKGC set laws to regulate these digital currencies. The latest regulations on gambling cryptocurrency payments center on accepting Bitcoin but not for No deposit websites. The betting sites and internet casinos rely heavily on digital payments so all the licensed operators are bound by the rules imposed by the British gambling watchdog. In these laws, all licensees are required to review their Anti Money Laundering (AML) risk assessment upon the introduction of new methods of payment by players. As Crypto-assets present additional risks compared with fiat currency, the licensed operators must implement policies to reduce the relevant risk issues as well as provide a higher level of users’ protection.
The online gambling industry is among the largest markets in the UK that has incredibly expanded over the past decade. Coupled with Bitcoin and other cryptocurrencies’ emergence, the gambling sites working with Bitcoin are gaining more and more reputation. While some countries completely ban all activities involving this digital currency, the British gambling regulatory body accepts it as one of the payment options on gambling websites. With the worry about the possible harm related to the spread of this currency, an obvious regulation must be implemented by this respected regulatory entity. Before hastily signing up and moving money using Bitcoin in online casinos or other gaming sites, you have to check whether this brand is licensed or not by the UKGC.
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