Are bitcoin casinos licensed and regulated?

Discussion in 'Bitcoin Casinos' started by Umair, Jul 7, 2016.

  1. Umair

    Umair Member

    I've been gambling online now for over 15 years. Mostly at major UK sites like William Hill and Ladbrokes. All of these companies are fully licensed and regulated so I can be pretty sure they won't cheat me or disappear overnight with my money. Can the same be said about bitcoin casinos or bookmakers? What is stopping them taking my BTC and closing my account? Who can I complain to?
     
  2. Humble Servant

    Humble Servant Member Staff Member

    Some bitcoin casinos are licensed and regulated and some aren't. I think the truth is that many of the gaming commissions in jurisdictions like Panama, Kahnawake, Costa Rica and Curaҫao are still grappling with how to fully monitor and regulate this new breed of gambling operator. Some gaming commissions, like the one in the Isle of Man, are rushing through bitcoin gambling guidelines in order to catch up with the competition.

    Right now there are a few reputable casinos that are licensed and regulated by reputable gaming commissions. We trust...

    FORTUNE JACK - WWW.FORTUNEJACK.COM
    Fortune Jack is licensed by the gaming commission of Curaҫao. They grown to be the largest bitcoin casino over the past couple of years, largely because of the reputation they've earned for fairness and top quality customer support. Real our full FortuneJack review if you'd like to learn a little bit more.
     
    Last edited: Jul 10, 2017
  3. Humble Servant

    Humble Servant Member Staff Member

    The UK Gambling Commission have recently updated (July 2016) their "License Conditions & Codes Of Practice" document to include crypto-currencies, like bitcoin. This means that any major gambling site that is operating in the United Kingdom will soon be able to accept BTC for deposits and withdrawals providing they put in place AML procedures.
     
  4. Header

    Header New Member

    are any major online casinos regulated by the UK gambling commission?
     
  5. Humble Servant

    Humble Servant Member Staff Member

    If you are a casino operating in the UK then you need to have a license from UKGC regardless of where your HQ is. This means that anyone offering casinos games, whether it be Ladbrokes, William Hill or mFortune, are all regulated by major online casinos.
     
  6. Humble Servant

    Humble Servant Member Staff Member

  7. Humble Servant

    Humble Servant Member Staff Member

    If you want to operate any kind of a gambling site in Australia you will soon need a license. My guess is that most bitcoin bookies and casinos that operate in Australia will not apply for the license.
     
  8. Humble Servant

    Humble Servant Member Staff Member

  9. EthHead

    EthHead Member

    I don't have an issue with bitcoin gambling sites trying to become legitimate and getting licenses. What I have a problem with is the fact that some of these gaming commissions then block them from operating in the USA. The whole point of bitcoin gambling sites is that they service customers anonymously from anywhere on the planet.
     
  10. Humble Servant

    Humble Servant Member Staff Member

  11. Tommy82

    Tommy82 Member

    Personally I only gamble at sites that have the requisite licenses and are fully regulated. I don't care whether they accept dollars or bitcoin, if someone isn't auditing your accounts regularly, you're not going to get any of my money. I reckon I've lost in excess of $5,000 over the past 15 years at shady, unregulated gambling sites.
     
  12. NKOTB

    NKOTB Member

    i'm pretty sure i read somewhere that bovada is no longer regulated in any jurisdiction. any truth to this?
     
  13. Humble Servant

    Humble Servant Member Staff Member

    I think this is true. Bovada used to be licensed and regulated by the "Kahnawake Gaming Commission" but unfortunately last year following pressure from the United States government, the Kahnawake Gaming Commission stopped licencing sites that welcomed real money gamblers from the United States. I could be wrong, but I think Bovada have been unregulated since that happened.
     
  14. phenvargas

    phenvargas New Member

    How about those Bitcoin Online casinos that do not have "Eu license", but regulated at their jurisdiction? They are back-up by land-casinos in Cambodia and operate under its online gaming license. In terms of payment, there is no worry and they are legit. Could they target countries especially in Europe? Why do they still need a license for if they accept Bitcoin? Just asking.
     
    Last edited by a moderator: Nov 13, 2017
  15. NKOTB

    NKOTB Member

    i don't understand why bitcoin gambling sites bother getting a license if it means that they are only allowed to operate in certain countries. as fas as i'm concerned the whole point of bitcoin and other cryptocurrencies is to free us from regulations. bitcoin gambling sites should be global and not care where their customers are based.
     
    phenvargas likes this.
  16. EthHead

    EthHead Member

    The problem is that the United States government has very long tentacles. You might operate one of these unregulated cryptocurrency casinos today and then in 10 years time you get arrested in a U.S. airport as you try to make a connection. Most people don't want that headache and would like to be able to visit countries like Australia and America without fearing arrest and prosecution.
     

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