The Bitcoin bubble may not have burst but it’s growth does seem to have settled down.
From growing at an unprecedented rate the value has stabilised since it became more regulated.
This means that instead of investing in Bitcoin, and other crypto-currency, in the hope of selling it on for a massive profit, people are actually looking for a way to spend the ones that have accumulated.
This has, obviously, led to many more companies being willing and able to accept Bitcoin as payment.
It hasn’t taken too long for Online Casinos to realise that there are many Bitcoin/Cryptocurrency investors out there who like an online bet.
After all, inesvting is a form of gambling.
In this article, I’ll look at:
Whats so great about Crypto-currency?
The beauty of Crypto-currency is the fact that the coins can be transferred from one e-wallet to another without the need for a middle-man like a credit card company.
This has meant that crypto-currency can be transferred across countries without any legislation and the hassle of converting it into different currencies.
In terms of investments it basically means there are no international borders to worry about.
Are Bitcoin Casinos safe?
Well, to operate gambling services to UK customers, Casinos need to be licensed by the Gambling Commission. Casinos based aborad and accepting payments in Bitcoin are no exception.
There is no reason why a Casino couldn’t take deposits and make payouts in Bitcoin and be licensed by the Gambling Commission.
However the Commission do have a warning on their site about gambling with Bitcoin as it has no central regulating authority and there have been some stories about wallets being hacked.
You can check their list of licensed operators – here.
The advantages & disadvantages of betting with Bitcoin?
Well, the high value of them means that even small amounts can translate to quite a lot of money to bet with. And withdrawal times can be reduced from days to hours or even minutes.
On the other hand depositing can take between 15 mins and 3 hours as compared to seconds with traditional Credit/Debit cards.
And if the value of your Bitcoin was to take a sharp rise again after you had deposited it you might lose more than you would have gained if you had just kept hold of it.
The main disadvantage is that, with Bitcoin being international, a lot of the Casinos who accept it are not licensed in the UK. So they may not accept UK customers.
Even if they did, we would not advise playing at an unlicensed Casino. Even if they had a licence from another Country.
The reason for this is, if you did have a dispute with them, you would not have a local authority to liaise with to help get it sorted. You would be fighting them on your own.
Which UK Casinos accept Bitcoin?
Well, after an exhaustive search using all the tools at my disposal (ok Google), I have found that a lot of the Casinos that are featured on Casino list-sites as being Casinos who take Bitcoin – actually don’t.
They are really just clickbait pages that list Casinos who only accept traditional methods of payment.
A few pages say OJO accept Bitcoin payments but I can’t see any evidence of that anywhere.
Lucky Niki Casino, the Manga-themed Casino, is also listed as accepting Bitcoin but again I can’t see evidence of that.
Both of these examples accept payments from Skrill (which used to be called Moneybookers). They are a virtual “e-wallet” and they do let you buy and transfer Bitcoin but you have to have a separate e-wallet with someone else. So as far as I can see you could transfer Bitcoin into Skrill and then use Skrill to fund your Casino account in cash.
But you’re not really depositing and withdrawing in Bitcoin. As far as I’m concerned anyway.
Please leave me a comment if I’m wrong here. Happy to update this article if that’s the case.
Is Skrill any good then?
I’ve not used them myself. But they seem to be pretty well accepted in most Online Casinos.
This suggests they are fairly reliable.
Also the withdrawal time is described as “almost instant”, which makes a good change from waiting for days to get a withdrawal into a traditional bank.
You can find out more about them and apply for free – here.
Casinos accepting cryptocurrency like Bitcoin will definitely become more common. It is one of the emerging trends we will be keeping an eye on in the future.
I’m sure that list will grow.