UKGC-Licensed NetBet Now Accepts Bitcoin
Date Posted: October 20, 2016
Bitcoin gambling UK just received a big boost. Leading online gambling site NetBet has become the first UK-licensed online gambling operator to offer Bitcoin payment options to UK bettors. Though the site is focused mainly on sports betting, it also has sections to service poker players, casino fans, and more.
Last Monday, Bitcoin payment service provider BitPay announced on their blog that it had helped NetBet become the first online gambling operator licensed by the UK Gambling Commission (UKGC) to offer Bitcoin deposit and withdrawal options to all of its online sports betting and casino customers.
BitPay is considered as one of the world’s largest Bitcoin payment processors and they were who NetBet turned to while looking for help on their Bitcoin payment problem. The company chose to include Bitcoin payment options to better serve the UK’s growing digital currency user base. It also helps in assuring customers and giving them the peace of mind that comes with freedom from online payment fraud. Since Bitcoin is still not a big name in the UK online gambling marketplace, BitPay worked closely with NetBet to ensure that its new payment option met all of the UKGC requirements.
Earlier this year, the UKGC updated its License Conditions and Codes of Practice (LCCP). The change in language reminded licensees to ensure that they were implementing appropriate policies and procedures concerning the usage of cash and cash equivalents. This included the UKGC’s first reference to “digital currencies” under this category.
The UKGC has been looking into new emerging technologies that could affect the gaming landscape. Its acceptance of Bitcoin is a part of the organization’s goal of keeping up with the times. However, the UKGC reminded everyone that the need to ensure proper anti-money laundering and social responsibility obligations transcends whatever currency is used along with payment format.
UKGC-licensee Sky Betting & Gaming has gone in a similar direction by adding Apple Pay to its list of approved deposit methods. Since early this month, people can now use Apple Pay to deposit at Sky Bet, Vegas Casino and Bingo apps. The option is only available to Sky Bet players who have an iPhone 6 or higher, iPad pro, iPad Air 2 or Apple Watch. Instant deposits are the norm while withdrawals take 3-5 days and can only be made to the bank card registered to a customer’s account.
With changing times, it is hoped that the gambling in the UK adapts quickly.