NetBet Becomes First UK Online Casino to Embrace Bitcoin

NetBet is about to become the first UK online gambling operator to include cryptocurrency Bitcoin in its list of payment methods. The UK-based gambling operator’s decision was backed by global Bitcoin payment services provider Bitpay.

As the operator is a licensee of the UK Gambling Commission, its partnership with Bitpay will enable UK players to use the cryptocurrency as their chosen method of processing deposits and withdrawals to and from their NetBet accounts.

NetBet first obtained its license in 2001 and has been providing a secure gaming environment for players, giving them the opportunity to enjoy a wide range of games, developed by software providers the likes of NetEnt and Microgaming. A sports betting platform and a live dealer casino are also on offer.

Bitpay, which is arguably one of the largest payment providers to process Bitcoins, reveals NetBet’s decision to embrace the cryptocurrency is prompted by the operator’s desire to expand its player base in the United Kingdom. Players, domiciled in restricted countries like the United States will not benefit from NetBet and Bitpay’s partnership.

As of today, Bitcoin exchanges one unit of its cryptocurrency at rates fluctuating between £523 and £525. By adding the currency to its list of payment options, NetBet will enable registered players to fund their casino accounts in a matter of seconds. Additionally, using the cryptocurrency minimizes the risks of fraudulent activities and allows players to preserve their anonymity as only an email address is required to process a Bitcoin payment.

As Bitcoin was introduced only recently to the regulated gambling markets in Europe, Bitpay announced it has worked closely with NetBet to ascertain adding the cryptocurrency as a payment option will not violate the requirements of the UK Gambling Commission (UKGC).

The UKGC, first referenced digital currencies, like the said Bitcoin, when it updated its License Conditions and Codes of Practice (LCCP). The regulatory body prompted its licensees to enforce “appropriate policies and procedures concerning the usage of cash and cash equivalents.” The idea is to bring the risks of money laundering and fraudulent activities to a minimum.

The regulatory body later attempted to discard the suggestion that its recent acceptance of Bitcoin is something new by stating its primary goal was to ensure licensees fully understand the importance of enforcing adequate anti-laundering and social responsibility obligations, regardless of the type of payment solution they offered to their players.

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