United Kingdom’s NetBet will be the first licensed operator that will begin accepting Bitcoin for payments and withdrawals
The United Kingdom Gambling Commission has had to deal with some of the virtual issues that have arisen in the gambling industry over the last few months, one of which was in regards to Bitcoin casinos. They approved the usage of virtual currencies for license holders to use as a form of payment and withdrawal in their platforms. The main gateway that this has opened up is the virtual currency known as Bitcoin, which is the most popular virtual currency in the world.
Following this, NetBet has just announced that they will be allowing for Bitcoin purchases to be made on their platform. This is the first time since the new policy that a casino has opened up the doors for Bitcoin. The currency can be used for online gambling products as well as the sportsbook area. They will be using the Bitcoin payment processor known as Bitpay in order to handle these transactions and accept the crypto-currency.
Not only is NetBet the first company to accept Bitcoin in the United Kingdom, but they are also the first platform that is accepting of any form of virtual currency.
It is quite likely that this move is going to incentivize other casinos and platforms to begin following suit. Most new policies like this take some time to be adapted, but as soon as one company brings it onto their platform everyone begins wanting in on it so that they can stay competitive and not lose customers from not having it available.
A spokesperson for NetBet, Alexandre Mangaud, did announce that the company has been looking into accepting virtual currencies for some time now. The user base for these types of currencies is continuing to expand, and so they have wanted to capitalize on it to bring in the highest number of customers to their platform.
NetBet plans on working hard to ensure that they follow the United Kingdom Gambling Commission’s policies as they implement Bitcoin into their system. It is still very new and so they want to be careful not to mess anything up or make the commission feel the need to further regulate the currency due to unfollowed procedures that might be eluded as gray areas.
Bitcoin has begun to become increasingly popular as a result of a recent two year value height, and is being included in far more than just gambling platforms. Companies such as Expedia and Microsoft have begun to accept the currency, which really shows that it is going places. It’s likely that NetBet decided to hop on board following the report from Sportsbet.io which showed a very successful start back in July, being one of the few Bitcoin only platforms out there at the moment.
Stay tuned because we can expect many other large platforms to begin hopping onto the hype train. If you have Bitcoin then hold tight because you are likely going to be able to use them on your favorite platform in the near future.