Why Don’t UK Bookmakers Accept Cryptocurrency?

Bitcoin and other forms of cryptocurrency are becoming more widely accepted in the world of online gambling. You only have to look at the current list of online casinos accepting cryptocurrency to understand the significant impact it is having on the gambling industry. Bitstarz, Fortune Jack, and BitCasino are all examples of online casinos that have been created with cryptocurrency in mind.

In terms of online bookmakers, both 1xBit and CloudBet offer standard and live sports betting using cryptocurrency. However, anyone residing in the United Kingdom who attempts to use either of these online bookmakers will find that access is blocked. Why is that happening and why don’t UK bookmakers accept cryptocurrency?

Interestingly, if you go back to October 2016, NetBet became the first licensed online bookmaker in the United Kingdom to begin accepting Bitcoin for bets. It was big news at the time but a quick glance at the current payment methods available on the NetBet sportsbook website and you will see Bitcoin does not appear. Therefore, it seems as though the cryptocurrency has been removed from the NetBet website in the UK and there is no information as to when it may return.

So, since the introduction of cryptocurrency, hardly any UK betting apps have adopted or currently accept cryptocurrency. The advantages of using cryptocurrency at online gambling websites is regularly highlighted and they include anonymity for the user, low or no fees, and fast transactions. However, many punters have discovered that when using cryptocurrency, the transactions are not always as quick as promised.

Using Bitcoin as an example, there have been reports of transactions taking up to 15 minutes and that is no good if you are planning on placing a bet within that time frame. When using cryptocurrency, you depend on miners’ work and if that is not up to speed you may miss out on the bet you wish to place. This in turn leads to complaints at the online bookmaker when in actual fact it was not their problem.

In addition, using cryptocurrency to place sports bets online has led to illegal activity in some countries. For example, if online gambling or a specific betting website is not legal or has been prohibited, users can be traced using their banking details. However, when using cryptocurrency, it is impossible to trace the person gambling as the transaction is not made via a third party such as a bank. This can lead to serious problems and perhaps the United Kingdom gambling authority have seen what can happen and decided to work against the acceptance of cryptocurrency on sportsbooks available in the country.

Other potential reasons why UK bookmakers don’t accept cryptocurrency is volatility and scams. Cryptocurrency can be extremely volatile and the value can fluctuate dramatically, making it difficult for online bookmakers to keep track. In addition, we have seen the introduction of scam online bookmakers. By choosing not to accept cryptocurrency, UK bookmakers are hoping to steer clear of these problems.