Isle of Man licensed gambling sites to accept bitcoin

Discussion in 'General Bitcoin Gambling Discussion' started by Humble Servant, Jun 23, 2016.

  1. Humble Servant

    Humble Servant Active Member Staff Member

    The Isle of Man is home to some of the biggest online gambling companies in the world, including major operators like PokerStars and Full Tilt Poker. The Isle of Man is also positioning itself to be a major hub for crypto-currency businesses so it should come as no surprise that the Isle of Man’s Gambling Supervision Commission (GSC) is in the process of updating their rulebook to allow sportsbooks, casinos and poker rooms licensed in their jurisdiction to accept btc.

    This change was inevitable when you consider that major bookmakers and poker rooms like Carbon Poker, Bodog, Bovada, 5Dimes and BetOnline had already begun to accept bitcoin earlier this year.

    Isle of Man licensed operators will be forced to put in place safeguards to ensure that their players cryptocurrencies are kept safe. The draft regulations also stipulate that suspected money-laundering activities using bitcoin will need to be reported to a financial intelligence unit.
    Last edited: Jun 27, 2016
  2. uglymug

    uglymug Member

    The gambling companies licensed out of Isle of Man like Paddy Power don't service U.S. citizens so adding bitcoin will be of limited use to most of them.
  3. Lance

    Lance Member

    if you have to pay a credit card charge then i don't think it's fair to say bitcoin is of limited use.
  4. Smug Satoshi

    Smug Satoshi Member

    Even though the average Ladbrokes or William Hill customer in the UK or Australia have no real need to use bitcoin, I think it is good that the option appears in the cashier of all bookmakers. The more people see it the more it legitimizes the currency.
  5. Umair

    Umair Member

    The bookmaker business in the UK is pretty cut throat. You walk down any high-street and you'll probably pass a Ladbrokes, Paddy Power, Betfred, William Hill, Coral and a few other betting shops. If they think adding bitcoin will give them even a tiny advantage over their competitors then they will add it.
  6. Humble Servant

    Humble Servant Active Member Staff Member

    The UK Gambling Commission has now approved crypto-currency gambling which will likely put pressure on the Isle of Man’s Gambling Supervision Commission to follow suit.
  7. Humble Servant

    Humble Servant Active Member Staff Member

  8. Humble Servant

    Humble Servant Active Member Staff Member

    Malta is the latest gaming regulator to start the process of licensing cryptocurrency gambling sites. Antigua have also said that they will soon license and regulate crypto operators. At this stage every gambling jurisdiction seems to realise that bitcoin gambling is the future and they are all in a rush to introduce legislation so that they can attract this new influx of investment.

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