Digital Currencies Now Available at More Online Casinos

Published Saturday, August 27, 2016 -
Digital Currencies Now Available at More Online Casinos

The future of online gambling is being shaped by the use of virtual currencies such as Bitcoin and others. Recently this month the U.K. Gambling Commission announced that it will allow online gambling companies to accept virtual currency for payments. This policy will be officially implemented by Oct. 31 2016.  The commission has included a best policies and practices publication to prevent the use of virtual currencies for money laundering.

Since the U.K. Gambling Commission will now allow Bitcoin to join the many ways funding can be made at online gambling enterprises there will be more operators who will offer the option of crypto currency payments. The decentralized and anonymous nature of the virtual currency has challenged many governments and many countries are still studying ways to regulate the crypto currency.

Established in 2009 online gambling operator TonyBet secured a license to operate from the U.K. Gambling Commission in 2014 and has moved recently to accept deposits in digital currencies such as Bitcoin. The firm founded by professional poker player  businessman and politician Tony Guoga, has partnered with the SpectroCoin e-wallet to begin offering Bitcoin financial services.

A spokesperson for TonyBet Warren Lush commented,  “We’re always keeping up with the latest digital innovations in order to adapt them to our online gaming platform. With the introduction of Bitcoin deposits we saw a dramatic increase in recreational punters and poker players, especially from the Asian countries who have been struggling to transfer their funds before.

“Another advantage of using Bitcoin for online gaming is that users can also speculate the exchange rates and earn extra. The fast and easy deposit and withdrawal process makes this an even more attractive feature.

“What’s more is that partnering up with SpectroCoin we not only opened our online sportsbook, casino and poker site to those who wanted to use their digital currency for online gambling, but also encouraged customers to exploit the advantages of using Bitcoin.”


Related news

Return to Latest News