UKGC Allows Bitcoin Payments

SlotMonster

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The UK Gambling Commission (UKGC) has added digital currencies like Bitcoin to its list of acceptable payment methods available to UKGC licensees.

More information here:
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conker

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Feb 10, 2012
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.

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spoton

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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
 

ThePOGG

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Feb 17, 2012
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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.
 

Casinomeister

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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.
 

Harry_BKK

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Dec 18, 2014
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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:
 

spintee

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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:
 

Richas

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Joined
Jan 17, 2013
Location
UK
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.

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:

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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.
 

Richas

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Jan 17, 2013
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.

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Two men charged with offences under the Gambling Act 2005

Posted on 16 September 2016
Following the Gambling Commission's investigation into the website www.futgalaxy.com, summonses were obtained and served on Dylan Rigby and Craig Douglas for alleged offences contrary to the Gambling Act 2005, including the provision of facilities for gambling (Mr Rigby), advertising unlawful gambling (both defendants) and inviting children to gamble (Mr Douglas).
The alleged conduct involved the use of a virtual currency.
Both defendants appeared at Birmingham Magistrates' Court today. They will next appear on 14 October 2016 at 2pm.
We won't be issuing any further information about the case at this point.
 

nisosbar

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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.

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.
 

vinylweatherman

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Joined
Oct 14, 2004
Location
United Kingdom
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.

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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