You, Me, and BTC Your Liberty & Bitcoin Podcast
When comparing and choosing casinos, it is important to check whether they are licensed or not. In the UK, this means seeing if they have a license from the UK Gambling Commission (UKGC). The UKGC is responsible for licensing and overseeing the actions of all betting operations on land and online.
As Bitcoin gained popularity, it was only a matter of time until online gamblers started using it. With cryptocurrency, it's easy to start rolling the dice at the best Bitcoin casinos and wagering at BTC betting sites. To adapt to this need, many casinos started to accept Bitcoin. However, the UKGC has yet to license any BTC casino. Of the 239 gambling providers listed in the UKGC website, none of them use Bitcoin.
Why Aren’t There Any BTC Casinos Regulated in the UK?
The first problem for BTC casinos in the UK is the nation’s view of Bitcoin. The Financial Conduct Authority (FCA) stated that it does not regulate nor recognize Bitcoin as an asset or currency. And it can be very difficult for a BTC casino to acquire a license when its primary mode of funding is not actually recognized.
Furthermore, there’s the problem of restrictive gambling laws in the UK. The UKGC gambling laws are not as strict as those in the Nordics, but they are still tough to adhere to. That, combined with Bitcoin’s status in the UK, makes BTC casino regulation almost impossible. For example, BTC casinos can't meet client identity verification or taxation requirements since Bitcoin hides the client’s identity and earnings can be hidden to avoid tax.
Can You Gamble Through a BTC Casino in the UK?
Fortunately, Bitcoin is a peer-to-peer mode of payment that is not restricted by borders. Therefore, anyone wanting to gamble with BTC can do so at the several BTC casinos around the world. Some notable ones include:
BitCasino.io
This site boasts that it's first regulated BTC casino in the world. In fact, it only accepts Bitcoin. The company is licensed in Curacao, but accepts clients from all over the world.
NetBet
NetBet is an online casino that accepts Bitcoin as well as other forms of deposit.
SatoshiBet
This used to be the world’s most trusted BTC casino before it was shut down in 2015.
All the above online casinos accept UK residents, but gamblers should know the risks involved. Without regulation, the UKGC will not act on any complaints, leaving you at risk of fraud.
How Do You Know If a BTC Casino Is Regulated?
According to the UKGC, each casino they license should display the UKGC badge on its websites. That badge is the first sign that a casino has UK regulation. However, we know that anyone can easily add the badge to their site, even without a real license. Fortunately, the UKGC website provides an inventory of all licensed casinos from which to confirm the license number.
