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UK online bitcoin casino licensing

Bitcoin casinos UK are similar to regular online gaming websites, but have a slight advantage - they accept both fiat and crypto payments. Major bitcoin casinos in UK have built-in wallets where players can store BTC or other cryptocurrencies. There are various bonuses and promotions that are also similar to those offered by regular casinos: deposit bonuses, no deposit bonuses, free spins, and tournament tickets. Due to the high price of bitcoins, the site accepts deposits in mBTC, which is equal to 0.001 BTC.

So at first glance bitcoin casino UK is a perfect choice, but what about the license? Different countries have different attitudes to bitcoin and online gambling, what about Great Britain?
UK Bitcoin

Great Britain gambling license

To regulate the gambling industry in the UK, the country's government has created a rulebook - License Conditions and Codes of practice. Entrepreneurs that have been verified by the Gambling Commission and comply with the rules and laws are able to open an online casino under a UK license anywhere in the world. The UK Gambling Commission (UKGC) issues two types of licenses for online casinos and land-based: "online" and "not remote". The country's legislation allows the issuance of permits to operators who are located outside its borders. "Online" licenses are required for anyone who wants to provide gambling services to residents of the UK.

Given the relatively high importance of online gambling for the country's economy, at the end of 2014, the UK government passed a law defining the taxation of online gaming operators at the place of residence of players. Thus, the state managed to reduce tax losses from the outflow of money to offshore gaming jurisdictions, this is a very important point for bitcoin casinos UK. Since the adoption of this law, all gambling business owners wishing to advertise or provide services in the field of virtual gambling are required to obtain a local license and pay taxes in the country.

What are the requirements for casinos with a UK license and what advantages it gives to players?

The UK government supports player rights and has complete control of casinos management actions. Online casinos, which are certified by the UK, use the latest developments in software and allow players to get the newest of their gambling games. All license applications are processed within 4-8 weeks. An online casino owner who wants to register needs to go through several stages:
  • First, the casino must be registered as an LLC (limited liability company).
  • Second, pay all license fees and taxes
The tax that the license holder must pay will vary, the cost of a permit to conduct gambling activities depends on income:
Casino UK income Casino UK license price
£500 thousand or less £2993
from £ 500 thousand to £ 5 million £7169
from £ 5 to £ 25 million £11 274
from £ 25 to £ 100 million £16 551
from £ 100 to £ 250 million £26 641
from £ 250 to £ 500 million £37 591
More than £ 500 million £63 971
Thanks to such government support, the gambling market in this country is one of the most developed. According to the latest data, about 70% of its population participates in online gambling games.

Bitcoin in the United Kingdom

It can be assumed that in the UK they have a friendly attitude towards cryptocurrencies. Government adheres to the position that regulation should be minimal and banks are encouraged to provide assistance. The Treasury of the UK has allocated 10 million pounds to the Alan Turing Institute for cryptocurrency research, and five British universities have joined this process.

The Payment Systems Regulator is not the most well-known division of the FCA, created under the "Financial Services Act 2013". This Act states that: "the Treasury can recognize a payment system as such only if any shortcomings in its organization or disruption of its work with a high probability won't have serious consequences for those who use or can use the services provided by such a system". Also, the payment system in the UK is determined by other parameters:
  • the number and amount of transactions;
  • heir nature;
  • the ability to process them by other payment systems;
  • others.

Bitcoin casinos England conclusions

Summarize in short words the situation with bitcoin casinos in the United Kington is the next:

1. The British are well familiar with online gambling and most of the population likes to place bets;

2. The UK gambling laws have been existing for a long time, it has been tested enough and it's optimal for both players and casino owners;

3. The country's Government has a loyal attitude to Bitcoin and other cryptocurrencies.

As we can see all conditions have been created for Bitcoin casinos in the UK. Therefore, if you choose an online gambling site, pay attention to Bitcoin gambling sites with UKGC license.

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