There’s no doubt that the gambling industry has significantly changed for the better with the development of blockchain technology. However, it takes real effort to understand the clash of finance and computer systems to be able to experience the bitcoin gambling industry.
Thankfully, our team of trained experts is here to provide everything you need to know regarding Bitcoin gambling in the UK to help you unlock the full potential of the crypto world.
So don’t be a nocoiner and keep reading our Bitcoin gambling guide!
What is Crypto?
Before we step into the world of crypto gambling, let’s look closer at the fascinating phenomenon of cryptocurrency as part of this bitcoin gambling guide.
Cryptocurrency appeared in 2009 when someone under the pseudonym Satoshi Nakamoto was trying to pay for services online anonymously and thus came up with the idea of a decentralised digital currency. Many people have tried to present themselves as Satoshi Nakamoto. However, his identity remains unknown.
The first cryptocurrency might be familiar to you, it’s called Bitcoin, and it’s still around, encouraging bitcoin gambling in the UK, now more than ever. But ever since the creation of blockchain technology, various cryptocurrencies have constantly been reappearing, with the current figure estimated at nearly over 6,000. Bitcoins are created through a process called mining and can be exchanged for products, services and even other currencies. However, the real value of bitcoin is constantly fluctuating.
So How Does Crypto Work?
Every transaction between bitcoin users is saved into a particular digital ledger, copied and safely stored on multiple computers. This guarantees the anonymity of the users and protects them from illegal alterations.
The bitcoin gambling industry is quite complex to understand, but its essence lies within the concept of decentralised payment, independent of standard banks. Some gambling sites are starting to work with cryptocurrency, meaning you can pay and get paid in cryptocurrency when playing various gambling games online.
Bitcoin Gambling Industry in the UK
Along with esports, cryptocurrency has recently seen a rise in popularity, increasing its demand. Experts have evaluated a stable growth of the cryptocurrency gambling market in the past few years with an aggregate value of above $150 million. Additionally, the transactional volume surpassed $3 million daily, whereas the number of players practising blockchain casino gambling has exceeded 30,000 per week.
The gambling market isn’t stopping here, though; its size is continuously increasing. Imagine that in 2018, the gambling industry was worth around $450 billion. Professionals are now expecting the market to reach $876 billion in the following years.
According to a recent survey, from October 2020 through January 2021, the market size of the crypto gambling industry surpassed the entire gambling sector by a 6% margin, which speaks of its spike in popularity recently.
Presently, betting sites use two kinds of payments – crypto-only and hybrid. Both are self-explanatory: hybrid sites use both crypto and traditional currencies, whereas crypto-based betting sites only allow their clients to use cryptocurrencies as a payment type. If you’re wondering which one is better, you can read all about it in the Bitcoin Gambling Sites VS Traditional Betting Sites section below.
Now let’s look at the top 10 most frequently used currencies for gambling with crypto, in the order of their value:
- USD Coin
- Bitcoin Cash
How to Choose a Bitcoin Gambling Site
With the popularity of crypto casinos over the roof, choosing the right crypto gambling site may be a devil of a job. Don’t worry, though, because we’ve prepared a list of the most important things to have in mind when browsing through crypto gambling sites.
According to a study from 2021, about 55% of mobile users access online casinos via mobile devices or tablets, which encourages casinos to build mobile-friendly websites and/or apps to ease the gaming experience. If you find mobile devices more convenient, try to find an online casino that offers a decent app.
Although most countries officially regulate online gambling, when it comes to crypto gambling, a small number of nations employ regulations. While some crypto-friendly countries welcome bitcoin with open arms, others have restricted it or outright banned it. Most countries are still waiting to define their legal stance on digital currencies. Evidently, this issue needs to be clarified further.
So, how does the UK feel about Bitcoin legality? Given the extreme popularity of sports betting in the UK, online gambling sites are starting to accept cryptocurrency. Such casinos must comply with the existing gambling laws active in the United Kingdom. Having that in mind, the UK Gambling Commission issued a warning on its website, advising users to “be cautious when using Bitcoin due to the associated risks.”
Reputation and Trust
Not all online casinos are reliable. In fact, a number of them rely on scams. So what can you do to ensure you’re not throwing your money away?
- Check if they’re licensed.
Gambling sites using bitcoin should hold a legitimate license from an appropriate jurisdiction. Apart from the certification, the crypto betting site you choose should also be evaluated by an independent testing agency to prove its credibility. Licensing agreements can help you tell the safe casinos apart.
- Consult other players.
Crypto sports betting has always had a friendly community of like-minded people, so you should always check out some user reviews in addition to licenses and certifications. Some aspects of crypto casinos might be a matter of preference, such as the gaming experience and the types of games they offer. However, everyone wants a safe and secure cash-out when it comes to payment, so take some time to see what other players say about the casino you’re eyeballing.
- Customer support
Before you make a deposit, test their customer support. Bitcoin gambling sites with proper customer service will provide you with a prompt, professional reply to your inquiry. Ideally, the staff should give you an impression the site is safe, so you’re comfortable with giving them your money. Paying attention to these details can help you avoid losses and other inconveniences.
Types of Games
After ensuring the casino you’ve picked is safe, study the variety of bitcoin gambling games they offer to see if they fit your needs. If you’re searching for slot games, look for a casino with a broader range of slot games. In case you’re into tables, try to find a casino specialising in blackjack, baccarat, and similar games. The same goes with bitcoin and sports betting. Some crypto casinos offer a greater variety of options, but to receive better service, choose a casino specialising in the games of your taste.
The cash-out might be secure, but it might take longer than intended. On top of that, some bitcoin betting sites might not allow your cryptocurrency of choice, which is a bit of a bummer. That is why you should always take the time to read all about the casino’s withdrawal process: how often does it happen, is it daily, weekly or monthly, and more importantly, do they accept your currency?
Speaking of withdrawal, another important thing to consider is fees. Withdrawal fees are practically unavoidable. However, some bitcoin gambling sites impose significantly lower fees, which in return saves you more money.
To avoid bad decisions and expensive mistakes when pursuing sports betting with bitcoin, make sure to review all of these features before grabbing your e-wallet.
Bitcoin Gambling Sites VS Traditional Betting Sites
With the value of cryptocurrencies constantly fluctuating, bitcoin gambling is undoubtedly a risky endeavour. Yet, so many people pursue it to gain income. So, are bitcoin betting sites better than the traditional ones? Let’s talk pros and cons.
One of the biggest advantages of bitcoin gambling is the value. Naturally, bitcoin complies with the laws of supply and demand, like any other product or good. Its demand at the moment is skyrocketing since plenty of people use it in daily transactions. Can you imagine that bitcoin was worth $0 when first introduced, yet its value amounts to almost $30,000 today? This means that gamblers have the opportunity to either withdraw bitcoins and exchange them for traditional currencies or wait for their price to rise and cash out a higher amount of money. Traditional betting sites only allow you to cash out your pounds, so there’s no space for financial creativity.
Furthermore, traditional gambling sites have often been associated with scams, including information concealing. They’re also quite infamous for the numerous tricks to make you spend more, many of which gamblers are entirely unaware of. Bitcoin gambling sites, on the other hand, are transparent. They provide honest gambling platforms with clear odds and credible numbers, providing a safe environment for gamblers.
Bitcoin betting sites are also significantly cheaper. The reason for this is the low or nonexistent transaction fees, whereas traditional casinos impose numerous taxes and duties, leaving the final amount next to nothing. This is not the case with bitcoin betting in the UK since it’s not regulated by any traditional payment services or institutions, making transactions almost free.
Last but not least, bonuses. The truth is, traditional casinos offer almost twice as much compared to bitcoin casinos. However, keep in mind that the welcome bonus of 1 to 5 bitcoins they do offer might bring you a fortune in a few years, presumed that the price of bitcoin goes to the moon. What is more, bitcoin casinos offer decent promotions to attract bitcoin sceptics to their sites, which can also be quite lucrative.
It certainly sounds too good to be true. There must be a catch, right?
Well, betting with bitcoin is highly volatile. Bitcoin, as well as other competitors, is a fickle currency. The exchange rate can drop in a heartbeat, and you can lose all your savings just like that. There’s no real way to calculate the next big crash, so it’s a hazardous endeavour.
Additionally, the risk is present for casino owners as well. Crypto licensing agreements are a costly investment, which is why fewer online betting sites allow cryptocurrencies. Thus, finding an online crypto casino that ticks all the boxes may be hard to accomplish. This is where traditional betting sites excel – there are tons of them, and you can find one without even looking. However, investing your time and patience to find a decent crypto casino will surely pay off more.
Is Bitcoin Gambling the Future?
Blockchain technology has undoubtedly changed the way we live and remains one of the most important innovations of the 21st century. With the massive abundance in both cryptos and gambling, the crossover was bound to happen.
We can’t really tell what the future holds. In any case, bitcoin gambling in the UK will surely be part of it, given how swiftly the gambling industry adapts to novel currencies to further strengthen its power on the market and provide the best possible service to its customers.
Is bitcoin gambling legal?
Bitcoin sports betting in the UK is both allowed and prohibited due to the lack of regulation by appropriate jurisdictions. Unlike traditional currencies regulated by state and international law, bitcoin is not a “real” currency, which helps it slip through the legal cracks.
Why is bitcoin gambling so popular?
Bitcoin, similarly to other currencies, goes through thousands of different transactions, including deposits and withdrawals in a short period and excluding fees. What’s more, the price of bitcoin is continuously rising, making it an attractive option.
What is bitcoin gambling?
Bitcoin gambling is an activity where one gambles on outcomes of games in casinos using bitcoin as a currency. According to Scams.info, a website that independently tests online gambling sites, the best crypto casino in the UK is Energy Casino.