Have you ever tried to play casino games with bitcoin in the UK? Not as easy as it sounds right? Weirdly, even though the UK has one of the best regulated and most professional online gambling environments in the world, the bitcoin and crypto currency brands are ‘forced’ to operate somewhat outside it.
Yes we used the word ‘forced’. The reason being that due to the double overheads of compliance with UK Gambling Commission regulation and UK banking, and payments legislation, the UK is prohibitively expensive for such a niche market. So we miss out on some of the innovators in the crypto gambling space that want to offer official big name slots from NetEnt et al. On the flip-side we get established providers offering bitcoin payments, and the standalone bitcoin dice and crypto-gambling operators.
We think bitcoin has the potential to revolutionize the gambling space, and we hope the UKGC take note of some of the provably fair gambling innovations happening at the moment. Blockchain gambling applications can be provably fair by using a known algorithm that writes its results into a permanent ledger. Payments using bitcoin are much safer and in many ways more traceable than those made with e-wallets. It’s an interesting area and one that we think is currently under-developed.