Buisness
Benefits of crypto casinos for UK players
Cryptocurrency is a type of digital currency that is created and secured using specially developed cryptographic technologies. It exists only in virtual space and cannot be touched. Any crypto is a block of transaction information, each block containing data about a previous transaction. These blocks make up electronic registries or logs that contain information about all crypto transactions, making its use completely transparent.
Cryptocurrency has penetrated many areas. Many digital currencies have gained immense popularity all over the world. It is used by a variety of IT companies, retail chains, hotels, banks and, of course, online gambling establishments.
UK casinos and cryptocurrency
The UK is the world leader in the online gambling market in terms of volume. The United Kingdom surpasses even its Western European counterparts in size. All operators who want to conduct gambling activities in the British market are obliged to acquire a licence. It can be obtained from the UK Gambling Commission (UKGC).
Given the high profitability of this market, this licence is highly desirable. In order to obtain an online gambling licence in the UK, extensive documentation must be provided to prove compliance with local legal requirements. For this reason, the number of casinos with cryptocurrency deposit methods offered in the UKGC market is not that high.
Non-UK gambling sites with crypto payments
Outside the UK, obtaining a gaming licence is also required for operators in this niche. One of the most common licences in the iGaming world is the Curacao licence.
Curacao is one of the gaming licences available, which allows gambling activities in a large number of countries in the world. In addition, the requirements imposed by this regulator allow providers to handle cryptocurrency payments. This gives players a choice and allows non-UK casinos with crypto payments not to lose their loyal audience due to limitations of provided payment methods.
Benefits of playing at cryptocurrency casinos
The number of cryptocurrency operators is constantly growing thanks to the opening of new establishments and also because existing non-UK gambling sites are adding the ability to pay in bitcoin and other digital currencies. Cryptocurrency casinos are available to players from anywhere in the world without having to convert their local currency. All you need to do is register on one of the cryptocurrency exchanges and create a wallet.
Being able to use cryptocurrency wallets on gambling sites has a number of advantages for many players, but especially for Brits. You can read about the mentioned advantages further in the article.
- High security standards, 100% confidentiality. When making a transaction, the player does not give his financial details to the provider. And there will be no mention of gambling in the bank statement. For many Britons, this is a very significant criterion.
- No currency conversion. Regardless of the region of residence and the currency used there, the player can make a deposit and withdraw his winnings without unnecessary conversions. This way the player minimises transfer losses and gets the full amount to play with.
- Low commissions. There is no intermediary in the form of a bank or financial institution when making transactions. Thanks to this, the commissions are minimal. By the way, many cryptocurrency casinos do not charge any commission at all, regardless of the transaction.
- Fast transactions, no delays. Bitcoin and other cryptocurrencies operate around the clock and make payments almost instantaneously, regardless of the day of the week or time of day.
- Easy deposits and withdrawals. Deposit and withdrawal limits are set for some payment methods. Cryptocasinos are known for their loyalty and introduce more flexible limits.
- UKGC casinos are regulated by the Financial Conduct Authority. This means that users of these operators can be absolutely sure of safety and complete security on the pages of these casinos and sportsbooks. By the way, cryptocurrencies are certified before becoming generally available to UK residents.
- Mobile friendly. Many crypto casinos offer user-friendly mobile site versions and mobile apps.
- Non-GamStop bitcoin casinos for Brits. Non-UK gambling sites that accept deposits in Bitcoins and other Coins are not members of Gamstop’s self-exclusion scheme. This allows players to make large deposits, and play at higher stakes.
It is wrong to talk only about the pros of playing with cryptocurrency. The bitcoin system is not without its disadvantages. One of them is that it is complicated and confusing for some players to understand. Many internet users still consider bitcoin to be an idea of swindlers. However, the long and successful existence of the currency disproves this opinion. The monetary system is perfectly suited to the gambling industry.
The future of crypto-gambling
The impact of cryptocurrency on the iGaming sphere cannot be ignored. Anonymity, speed and privacy are still strong arguments in favour of bitcoin gambling for many players. Operators that recognise only fiat currencies are losing a significant portion of their loyal audience.
Certainly, cryptocurrency legislation is set to develop strongly over the next few years. Governments around the world are still fine-tuning their policies on cryptocurrencies, so bitcoin’s position is now really flexible and could change.
Operators are now advised to comply with the gambling laws that apply to fiat money casinos in their target jurisdictions. This will help eliminate any potential risks associated with illegal business operations.
