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UKGC Allows Bitcoin Payments

Discussion in 'Casino Industry Discussion' started by SlotMonster, Aug 18, 2016.

    Aug 18, 2016
  1. SlotMonster

    SlotMonster Twitch Streamer - Affiliate webmeister

    Occupation:
    Affiliate
    Location:
    Belarus
    More information here: You must register/login in order to see the link.
     
  2. Aug 18, 2016
  3. conker

    conker Senior Member CAG MM webmeister

    Occupation:
    Marketer
    Location:
    UK
    I really hope that Bitcoin doesn't become the currency of online casinos. I have a feeling it is winning due to crap like UIGEA in the US and other jurisdiction bans.

    UKGC Allows Bitcoin Payments: j49zxr.jpg,Aug 18, 2016
     
  4. Aug 18, 2016
  5. spoton

    spoton Senior Member webmeister

    Occupation:
    Student
    Location:
    Right behind you
    I don't want to be the devils advocate here, but regular money is also used for criminal activities, so are prepaid cards and different types of vouchers that online casinos allow.

    The main issue with bitcoins are IMO its volatility and that you have to find a reliable exchange.

    For UK people who can play at online casinos legally I don't really see the point though since there are so many easier ways to move funds. May aswell put a load of coins in a envelope and ship it to the casino :p
     
  6. Aug 18, 2016
  7. citizenx

    citizenx Non-Gambler MM

    Occupation:
    Stuff
    Location:
    UK

    How charitable of them to decide the methods we can use to spend our own money.
     
  8. Aug 19, 2016
  9. ThePOGG

    ThePOGG Meister Member webmeister

    Occupation:
    Casino Affiliate
    Location:
    UK
    Yeah, other methods *can* and are used for criminal activity, but BitCoins draw in problems with people that have reasons to hide their identity like cider draws wasps. Can't say I'm happy to hear this.
     
  10. Aug 19, 2016
  11. Casinomeister

    Casinomeister Forum Cheermeister Staff Member

    Occupation:
    Homemaker
    Location:
    Bierland
    Seriously? I don't care how anyone paints this, the only reason to use bitcoin is to hide your identity. It should have nothing to do with the online gaming industry especially when this industry is rife with fraud and problem gamblers who will make every effort to slip through the cracks. What a disappointment via the UKGC.

    They might as well say that KYC is optional.
     
  12. Aug 19, 2016
  13. Harry_BKK

    Harry_BKK Senior Member CAG mm1

    Occupation:
    job is OK
    Location:
    Balcony
    All years of getting proper KYC and AML procedures in place will be in vain, wasted time and energy.

    We had Skrill asking players to complete and return a "Source of Wealth" form, where we thought were is this all going to lead and now the UKGC is happily allowing a clandestine currency. :confused: Go figure what their thinking was when they made their decision. :rolleyes:
     
  14. Aug 19, 2016
  15. spintee

    spintee Meister Member webby mm2

    Occupation:
    gambler :)
    Location:
    Northants
    Just makes me laugh, Whats next Smelted gold ?

    Only reason they will allow this if there was something in it for them, Oh yes its what the officials have started using for there expenses :rolleyes:
     
  16. Aug 26, 2016
  17. Richas

    Richas Senior Member

    Occupation:
    Project Manager
    Location:
    UK
    I am not convinced that Calvin has got this right here. The adding of "digital currencies" to the LCCP relates more to their concerns re "social gaming" and virtual in game currencies. They have a discussion paper here on the whole area:

    You must register/login in order to see the link.

    The deadline for responses is 30th September, given your viewabove I'd suggest responding, I am also inclined to agree with you BTW.

    I think Calvin has got the wrong end of the stick because the endless and continuous UKGC consultations accross various areas are remarkably confusing.
     
  18. Sep 16, 2016
  19. Richas

    Richas Senior Member

    Occupation:
    Project Manager
    Location:
    UK
    Virtual currecy - two charged

    I think this helps explain the UKGC position on "virtual currencies" better than Calvin's assumption that including it in the LCCP (rules) meant automatic green light to bitcoin.

    You must register/login in order to see the link.

    Two men charged with offences under the Gambling Act 2005

     
  20. Sep 27, 2016
  21. nisosbar

    nisosbar Ueber Meister PABnonaccred

    Occupation:
    Other
    Location:
    Right here
    Respectfully, I disagree with you.

    There are probably a lot of reasons why bitcoins make sense, but a big one I can think of at the moment is the issue of getting paid promptly, as well as getting paid without incurring fees.
     
  22. Sep 27, 2016
  23. vinylweatherman

    vinylweatherman You type well loads CAG MM

    Occupation:
    STILL At Leisure
    Location:
    United Kingdom
    This does not require Bitcoin. This can be achieved easily through standard retail banking in the UK under the compulsory "faster payment" system that requires banks to send and receive money "instantly" between accounts, which does not incur fees for the recipient.

    It is nothing to do with banking and processing that gives us delays and fees, it's all down to casinos deliberately slowing the process and adding their own fees. There are those that charge 2.5% on card deposits, yet since a recent EU directive was implemented such fees can no longer be charged to businesses accepting card payments by the banks, so casinos that have kept these fees have simply decided to use the savings to increase their bottom line, rather than pass them on to depositing players.

    I doubt Bitcoin would be any more "instant" than fiat currency, because the artificial delays would remain in place.
     

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