UKGC to Allow Acceptance of Bitcoin Payments at Online Casinos
The United Kingdom Gambling Commission has made some changes to gambling regulations, making it possible for online casinos to now regard cryptocurrency as a cash equivalent.
This new amendment will come into force on October 31st of this year, and will apply only to online casinos operating in the UK market. The regulatory body has issued over 700 licenses to more than 400 online casinos this year. Understandably, bitcoin casinos in other regions might now consider the possibility of expanding to the UK market.
This move further strengthens the viability and potential of bitcoin in engaging players and creating more opportunities for gambling markets.
40% of bitcoin yield is already attributed to online gaming. There are more than 150 bitcoin casinos worldwide, and hundreds of websites that accept cryptocurrency as a method of payment apart from traditional options like credit and debit cards, cheques, and drafts. Bitcoins can be used as a betting currency or gaming chips and can encompass several games from blackjack to poker.
There are various advantages of bitcoins, such as the fact that it can be deposited and withdrawn instantly at online casinos. Bitcoins also offer the cheapest transaction fee in comparison to debit cards and even PayPal. As bitcoins allow players to make anonymous transactions, they are also highly appreciated by those people who do not want their bank or credit card statements to reflect gaming-related payments.
There are some online gaming platforms that already use bitcoins to fund loyalty programs, thereby encouraging players to further explore the use of digital currency for transactions. It is also expected that bitcoins will eventually become a standard payment option at casinos.
China and the UK have a pro-bitcoin stance, while France has been wary of them. In Cyprus, bitcoins are not illegal but neither are they regulated. According to bitcoin.com, the US, Canada, Denmark, Sweden, Estonia, the Netherlands, Finland, South Korea, Australia, and the UK are the most bitcoin-friendly countries in the world, in no particular order.
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