NetBet Start Supporting Bitcoin

Posted by Harry Kane on Thursday, October 27, 2016

NetBet is a reputable UK online casino that has been around since 2001, providing a safe and fun gambling experience. With software provided by companies like NetEnt and Microgaming, NetBet is a preferred website for many players. A few days ago, it was announced that the operator is likely to become the first UK online casino to support Bitcoin as a payment method – a decision made with the support of the global Bitcoin services provider Bitpay. This move is obviously meant to expand NetBet’s player base in the UK – residents of restricted countries (like the United States, for example) will not benefit from the development at all.

Bitcoin has become the most popular and used cryptocurrency in the world, supported by a large number of online stores. As we are writing this, the value of a single unit of Bitcoin stands at around £525, without much fluctuation. The main advantage of using this cryptocurrency for online payments is the fact that it minimizes the risk of fraudulent activities due to its nature. Also, paying with Bitcoin guarantees your anonymity, as all that is required to process the payment is a valid email address.

NetBet and Bitpay have announced that the inclusion of Bitcoin as an accepted payment method will by no means violate any of the requirements set by the United Kingdom Gambling Commission. The recently updated Licence Conditions and Codes of Practice state that recipients of the casino licence should implement ‘appropriate policies and procedures concerning the usage of cash and cash equivalents’. This effectively means that cryptocurrencies were okay to be used, as long as the focus is set on player security and prevention of fraudulent activities. NetBet claim to have developed a suitable system, one that will allow players to enjoy the benefits of using Bitcoin while in a safe environment.

If the endeavour is successful, it is expected that many other operators will follow in NetBet’s footsteps, adding Bitcoin as a payment option at their online casinos. Which can only be seen as something good for us – the players. We look forward to seeing how this one unwinds.