Bitcoin gains legitimacy in gambling according to Off Shore Gambling Association

Discussion in 'General Bitcoin Gambling Discussion' started by Humble Servant, Oct 27, 2016.

  1. Humble Servant

    Humble Servant Active Member Staff Member

    A recent article by the Off Shore Gambling Association makes the case for crypto-currency being the future of online gambling and they also contend that gambling with BTC is becoming increasingly legitimate. Here is a quick overview of the main points in the article...
    • Gambling commissions in Central America, Kahnawake and the Caribbean have permitted their licensed sites to use bitcoin for a number of years now.
    • Gambling sites in other jurisdictions have largely ignored BTC over the past few years because they though it's only use was to entice players from the USA who were experiencing difficulties using traditional banking methods.
    • Some gambling analysts said that licensing bodies like the UK or Isle Of Man gambling commissions would never accept bitcoin, however, they have already been proven wrong as UK licensed NetBet sportsbook and poker room now welcomes bitcoin gamblers.
    • US facing online sportsbooks like Bovada, Heritage and 4Dimes believe that bitcoin is the future of gambling not only in the U.S. but worldwide. Many of their non US-based players have requested bitcoin because they want to remain anonymous.
    • Many cite price volatility as a major disadvantage to using bitcoin but following the recent drop in the price of the euro and the pound sterling, bitcoin is actually less volatile.
    • The UKGC, which is widely regarded at the toughest and most stringent online gambling licensing organisation, recently updated the licensing requirements for their gambling sites to include acceptance of virtual currencies.
     
    Last edited: Feb 9, 2017
  2. Freddy

    Freddy Member

    It's interesting that offshore sportsbooks are getting requests for btc from players outside the United States. If anonymity is actually a major selling point it's only a matter of time before Paddy Power, William Hill and Bet365 start to offer bitcoin.
     
  3. I really hope Donald Trump will not be the U.S. president that tries to kill bitcoin.
     
  4. 2damoon

    2damoon Member

    When major brands like Bwin and William Hill start accepting bitcoin, then it will be completely legit. I look forward to the day when I can enter a betting shop and pay the teller with btc.
     
  5. Humble Servant

    Humble Servant Active Member Staff Member

    NetBet, a UK online bookmaker, has already started accepting BTC so it won't be too long until Paddy Power, Ladbrokes and William Hill do the same.
     
  6. EvilK

    EvilK Member

    Yes, but NetBet have only installed half a solution. They accept bitcoin deposits (with a fee) via bitpay and you can't withdraw your winning in crypto-currency. I'm still waiting for a UK bookmaker to offer free bitcoin deposits and withdrawals like the US sportsbooks do.
     
  7. Humble Servant

    Humble Servant Active Member Staff Member

    Malta are running a "sandbox test" at the moment where they ware using a fake virtual currency to test whether the controls and regulations they have in place will be sufficient. If the tests are a success then we may see the first crypto-gambling licensed casinos, poker rooms and sportsbooks sometime in late 2017 or early 2018.
     
  8. Terry

    Terry Member

    has malta finished testing and approved cryptocurrency gambling yet?
     
  9. i know the major crypto exchange binance has moved there and it has opened it's doors to crypto in general but i'm not sure about the gambling sector.
     

Share This Page