As you’d expect, we’ve been all over Bitcoin’s rise, fall, and semi-rise again over the last few years. It was only the other day that we reported how the price topped $7,500 for the first time in 2020, with more people flocking back to this infamous crypto. This most recent surge has brought about it the old familiar questions about where it can be used to pay for goods and services. Microsoft, of course, was one of the biggest names to adopt these payments, but an industry which really felt its presence was, and still is, online casino.
The trouble is, not all regions accepted it. Great Britain, for example, is a country that is heavily populated with crypto outlets – but Bitcoin online casinos often evaded them. Is that still the case today? Here we’ll explain the legal status of Bitcoin gambling in the UK – but first, a little refresher.
Playing at a Bitcoin Casino
Although the technology is pretty complex, playing at crypto casinos is incredibly simple. Watch this helpful video to see how it’s done:
So, depositing at a casino using this digital currency is broken down into three easy steps:
1. Get some Bitcoins
2. Sign up to a crypto gambling site
3. Deposit and start playing!
First, you need to buy Bitcoin. You can do this at many places, so it’s worth checking out where you can get the best price. Second, you need to play at a casino that accepts it. There’s a good handful of them out there, but as mentioned above they’re only available in certain countries – so make sure to do your homework! Finally, you need to transfer your new crypto to the gambling site if you are eligible. This will be easy to do, as the cashier page will provide an address to send it to. In a matter of moments, you’ll be up and ready to go.
Are Bitcoin Casinos Legal in the UK?
Now you know how to deposit, the question that remains is: can you use Bitcoin at UK casinos? The short answer is yes – Bitcoin UK gambling is legal – but there is a much longer answer to all of this which makes it difficult to do so at the time of writing.
In short, every GB casino must have a license from the Gambling Commission (UKGC). Whilst the UKGC allows gambling with digital and virtual currencies, they state that this is only possible for operators who can “meet [their] obligations in relation to anti-money laundering”. They are also required to act in a socially responsible way.
As there are very few British casinos currently offering this virtual currency as a deposit or withdrawal method, it seems as though many have not yet managed to crack the UKGC’s demands.
Online Casino Deposit Methods Accepted in the UK
While this doesn’t spell great news for British crypto fans, there are many different payment methods available to facilitate gambling. Currently, you’re typically able to use the classic services such as Visa, MasterCard, Bank Transfer, Skrill, Neteller, and in some cases PayPal. And it is this last method, PayPal, that can give us an idea about how Bitcoins could develop into a leading UK casino payment method in the not too distant future.
Not that long-ago, casinos that accepted PayPal were very few in number. However, that’s changed rapidly over the course of the last year or so, with many gambling sites within Britain now accepting PayPal. Hopefully, something similar will happen with Bitcoins. The crypto industry provides too many advantages for casinos to overlook, so we’re predicting a domino effect as soon as one of the big platforms begins offering it.