NetBet has announced that it will soon be the very first UK gambling operator online to accept Bitcoin as a payment method. In conjunction with Bitpay, a major Bitcoin services company, NetBet will begin accepting Bitcoins for deposits soon.As NetBet holds a license from the UKGC, UK players will soon be able to deposit and withdraw to live NetBet accounts using the cryptocurrency.
NetBet has been offering casino games, including live dealer games, and an online sports book, since obtaining a license and offers a selection of games from some of the best-known providers in the world including NetEnt and others. Bitpay are among the biggest providers of Bitcoin payment services on the web.
As it currently stands, the reason for accepting Bitcoin for online gambling purposes is to broaden its reach and attract new players. Players living in countries such as the USA won’t be able to use these services, despite some commentators speculating that the eventual acceptance of Bitcoin will offer US players a way back into the online gambling market.
While Bitcoin’s exchange rate against the GBP fluctuates, it currently trades in the region of £523 and £525 at the time of writing. Using it at NetBet will allowplayers to instantly fund and withdraw their accounts while enjoying increased anonymity and reducing the risk of fraud. While some are concerned about the fluctuation the digital currency typically undergoes, other see opportunity in the same fact.
The UKGC has recognized the use of digital currencies such as Bitcoin and has clauses within its licensing agreements. It instructs operators, such as NetBet, accepting digital currencies to have rules and regulations in place to reduce the risk of illicit laundering and fraud.
The UKGC claims the idea that it recognized Bitcoin is nothing new, and in fact that it has always done so, urging licensed operators to enforce policies and procedures in accordance with anti-laundering as well as other requirements.