Recently, a milestone occurred for Bitcoin gambling UK. Although Bitcoin has already become available to UK gamblers through via other gaming sites, with TonyBet being the first UK-licensed sites to offer Bitcoin to players, UK-based gambling operators have been wary of accepting the cryptocurrency.
However, that has changed with leading online gambling site NetBet becoming another UK-licensed online gambling operator to offer Bitcoin payment options to UK bettors. The site is mainly focused on sports betting, but it also has sections dedicated to poker and other casino games.
NetBet managed to integrate Bitcoin into its payment infrastructure with the help of BitPay. Considered as one of the world’s largest Bitcoin payment processor, BitPay has a solid reputation in helping companies add Bitcoin as one of the payment options. BitPay has a lot of experience and it shows in the way that the payment process is simple and easy for those checking out NetBet’s Bitcoin payment option. Essentially, it allows for a simple Bitcoin transfer, while also allowing for instant currency conversion into Bitcoin.
There are a couple of advantages to using Bitcoin. The main one is that it is easier and more convenient than fiat currencies. It also assures customers and gives them the peace of mind that comes with freedom from online payment fraud. However, Bitcoin is still not that a big presence in the UK online gambling marketplace, so it was a good idea for NetBet to seek Bitpay’s help in developing its Bitcoin payment option.
The main impetus for this adoption is the fact that, earlier this year, the UKGC updated its License Conditions and Codes of Practice (LCCP). The UKGC changed the language in one section to ensure that they were implementing appropriate policies and procedures concerning the usage of cash and cash equivalents. This included the UKGC’s first reference to “digital currencies” under this category.
This is just one step to the UKGC’s push to the future. The UKGC has been looking into new emerging technologies that could affect the gambling landscape. Its acceptance of Bitcoin is a part of the organization’s goal of keeping up with the times. However, the UKGC states that Bitcoin was just one facet of it. The need to ensure proper anti-money laundering and social responsibility obligations transcends whatever currency is used along with the payment format used. Players can expect a lot more to follow NetBet’s lead in the future.