BitPay a payment processing firm confirmed that NetBet Casino licensed by the British Gambling Commission has become the first UK online casino to accept the digital currency. Players based in the United Kingdom can now use the digital currency to wager at the operator and on its sports betting platform. Clients from other jurisdictions like the United States for example are not allowed (http://calvinayre.com/2016/08/03/business/uk-gambling-commission-okays-bitcoin-online-licensees/).
”Bitcoin is busy shaping the online gambling industry across multiple jurisdictions.” Casinowhizz.com
NetBet a prominent gambling site in the UK said that the time has come for it to accept casino players who wish to use Bitcoin as a deposit option. The crypto currency’s popularity has grown by a significant margin the past few years. The British government said that it now accepts Bitcoin as a currency and the it meets the regulatory requirements as stipulated by the UKGC (United Kingdom Gambling Commission).
Although Bitcoin deposits are instant, it affords the user a high level of anonymity and it’s secure. Every time a user wants to login into his or her account a secret code is sent to their mobile phones. Once received, the code can be used to login into their Bitcoin accounts making it one of the safest payment methods online.
”Defragmentation of payments will occur rapidly as more operators take on Bitcoin as a deposit and cash out method.”
Bitcoin has engulfed the Internet and the smartphones of online casino players across the world. Digital and virtual content has greatly benefited from changes in the way we pay. At first players used credit cards to fund their accounts at web casinos, it wasn’t long before ewallets (Neteller and Skrill) followed and…now it’s Bitcoin. The innovation in the coming years, fueled by an ability to revolutionize the industry is enormous.
When it comes to deposit and cash out methods the old silo approach no longer works. To win operators must put the consumers needs first by integrating Bitcoin into its Cashier section. When it comes to funding their casino accounts players seek simplicity and clarity an fragmented payments often leave them confused and disgruntled.
Take credit cards for example, more often then not they come with steep service fees and it takes a couple of business days before their winnings are paid into their accounts. With Bitcoin this is not longer the case because cash outs are cleared within minutes. It stands to reason that UK licensed internet casinos are already well-positioned within the market and that they’ve already obtained a certain economics.
In summary. In order to win at digital-money, online casinos must start at regional and local levels if they are to succeed at a global level. The digital money journey is about building closer relationships with the consumer but it also relies on creating a safer space. Bitcoin is seen as a cash-replacement but one that is capable of conferring many benefits and advantages to both the operator and the player. At the time of writing Bitcoin was trading at £523.84.