NetBet Becomes the UK's First Licensed Gambling Site To Accept Bitcoin

[neochiny]

Hmmm. Since all the various cons have already been said, then so far the only plus I can see here is that playing on legal,licensed casinos does offer more security and assurance. In the sense that, one can be assured that if ever they win, they can claim their winnings.
There's no question of whether it will run instead or refuse to honor a LEGIT win. With licensed ones,they'll pay out or else risk getting sued. Compared to BTC casinos, where I've seen so many either running or outrightly refusing to pay out. The winners end up getting nothing. Every time one manages to win a big amount, one gotta hope that the casino actually pays it.  

Although this assurance does come with plenty of cons, I think it's still good that these traditional licensed gambling sites are starting to accept bitcoin(even with a third-party payment processor) since that's adding another 'choice' for the users.

[RocketSingh]

Although this assurance does come with plenty of cons, I think it's still good that these traditional licensed gambling sites are starting to accept bitcoin(even with a third-party payment processor) since that's adding another 'choice' for the users.

From a bitcoiner's perspective of privacy, it is not a choice. Because licensed casinos will always force KYC, which most bitcoiners are NOT OK with.

[Dabs]

Reputable BTC casinos have proof of funds, or proof of liabilities, or proof of solvency. They have cold storage addresses that show they can pay you. They have provably fair games, or games which are not unfair if it can't be proven. And for most of them, they don't even ask for any info from you except your bitcoin address (and username and password, and 2FA code.) All other details are optional I think.

The good ones that have been around, they pay out.

But yeah, if you don't mind playing in a casino with a 5% to 10% to 30% house edge, that's your choice.

[calkob]

Happy days cause i use Netbet all the time,,,, think ill go there now and place a bet....lol

[calkob]

Just placed a bet, super simple and also benefits Bitcoin........     Donald Trump 2 win .........lol 

[neochiny]

From a bitcoiner's perspective of privacy, it is not a choice. Because licensed casinos will always force KYC, which most bitcoiners are NOT OK with.

Bitcoin nowadays is not synonymous with privacy. Almost every exchange/trading site are asking for KYC/AML verification and bitcoiners STILL use them. So I say there will still be those who will use licensed casinos despite KYC, especially because these licensed casinos can't just run with players money. That's a huge pro, thereby, a choice.

Reputable BTC casinos have proof of funds, or proof of liabilities, or proof of solvency. They have cold storage addresses that show they can pay you. They have provably fair games, or games which are not unfair if it can't be proven. And for most of them, they don't even ask for any info from you except your bitcoin address (and username and password, and 2FA code.) All other details are optional I think.

The good ones that have been around, they pay out.

But yeah, if you don't mind playing in a casino with a 5% to 10% to 30% house edge, that's your choice.

Of course, it is still better playing in BTC casinos. With the low HE, provably fair and all that.

My point is, finding a reputable one is the crux of the matter. Often times, players are left with no avenue of recourse when a site refuses to pay out.
And anyway, BTC casinos also resort to documentation/verification when they're delaying pay out.

So, comply with KYC for licensed sites, play on good reputable BTC sites, or take risks with other BTC sites. It's all choices.
It's really tiring seeing people criticize others when they choose to comply or go with sites that use KYC. Just because it's bitcoin.
Far as I'm concerned, it's a currency. Shouldn't be restricted just because it must be anonymous.

[eternalgloom]

So basically, NetBet has just added another payment processor option. That's great and all, as it may help spread awareness of bitcoin, but what is the point of converting your bitcoins to fiat in order to gamble on a regulated site when you may as well just deposit fiat via the other ways available? Especially when a bitcoin withdrawal option isn't even available.

It's good if other well known casinos would follow suit and also adopt Bitcoin.
Gambling can be pretty great for Bitcoin and I could see it being very useful for the traditional players as a means to gamble with increased anonymity.

Although the anonymity aspect doesn't do much in certain countries which require gamblers to register before they can play.

[Dabs]

I'd like PokerStars to accept Bitcoin directly. (Do they already? I haven't checked.)

[acarli]

Add withdrawals or bugger off. I don't really know who they're going to appeal to as is. Crypto gamblers will stay with their fave sites. Newcomers will wonder why they have to buy something so they can throw it away on this site.

Hey gentlemand, Yea, I noticed it. I would not call it a "bitcoin casino". They offer deposits via neteller (Bitcoin by Neteller), and no withdraw options.

[neochiny]

I'd like PokerStars to accept Bitcoin directly. (Do they already? I haven't checked.)

Nah. Not directly.
Still through Neteller or some other third party. There's also some who sells Pokerstars in Digital Goods sections but seems shady.
Noticed that these traditional casinos always go through a third party.
But Neteller does have some good bonuses. Still, would be great if they would actually add BTC directly.
-sigh

[Dabs]

Yeah, I'd play there more often if they accept BTC directly, and have BTC withdrawals too (understandably at the current exchange rate, since they use USD as their base, right?) Which would be bummer if you bought in at $700 USD per BTC, and then cash out the next day at $300 USD per BTC because some dumb online wallet got hacked again ...

[fritzdark]

Hopefully part of the process to becoming a licensed site involves a code review.
This is one of the reasons we need regulated gaming in the United States.
Offshore sites are making millions of dollars with games that could easily be rigged.
Just like drugs, the real way to help control gambling is through taxation and regulation.

[acarli]

Hopefully part of the process to becoming a licensed site involves a code review.
This is one of the reasons we need regulated gaming in the United States.
Offshore sites are making millions of dollars with games that could easily be rigged.
Just like drugs, the real way to help control gambling is through taxation and regulation.

Yup, I agree 100% The main issue I see is that when it does become regulated the variety of operators will diminish drastically due the the high threshold the regulators will set (Lobbyist will want to have control).
Regulation will be a double edged sword.

[Kakmakr]

Although this assurance does come with plenty of cons, I think it's still good that these traditional licensed gambling sites are starting to accept bitcoin(even with a third-party payment processor) since that's adding another 'choice' for the users.

From a bitcoiner's perspective of privacy, it is not a choice. Because licensed casinos will always force KYC, which most bitcoiners are NOT OK with.

It does however give you the opportunity to use your "legal" coins at a legit casino, when you want to. The coins that you bought through a exchange that adhere to these KYC/AML regulations. I just hope these exchanges will not block the legal casinos, like they did with the other "illegal" casinos.

These regulated casinos are feeling the heat from their gamblers moving over to online Bitcoin casinos. Their 30% house edge are just not cutting it anymore. ^smile^

[manbitcoinlover]

Who cares? I am pretty sure that if they are the same as the rest of the bookies from the UK, in my opinion, they will limit winners or even kick them out from their shop. If I am wrong, great. But still, they will push the K.Y.C policy and that ruins the whole point of bitcoin, so they are no-no for me. Anyone have experience there?

[DutchDemon]

These regulated casinos are feeling the heat from their gamblers moving over to online Bitcoin casinos. Their 30% house edge are just not cutting it anymore. ^smile^

Current situation is really funny.

In one hand we have...
www.netbet.com - 30% house edge - secured by regulators

On the other hand we have...
www.bitcoinbetting.website - 0% house edge - secured by blockchain

The choice is clear & obvious

[Maskedman]

Seriously ? Woo, that's very awesome news ! I've always been attracted by NetBet and its included live-streaming service.

[CoinLearn]

Seriously ? Woo, that's very awesome news ! I've always been attracted by NetBet and its included live-streaming service.

Be careful. AFAIK, they dont allow bitcoin withdrawal yet...

[manbitcoinlover]

not only that, but I heard stories where they take 8-10 days to pay, that is horrible. From basic capitalistic laws, you should not play there in my opinion. Plus they ask for K.Y.C to add more hassle before withdrawing, which is very bad for bitcoin in general.   

[acarli]

These regulated casinos are feeling the heat from their gamblers moving over to online Bitcoin casinos. Their 30% house edge are just not cutting it anymore. ^smile^

Current situation is really funny.

In one hand we have...
www.netbet.com - 30% house edge - secured by regulators

On the other hand we have...
www.bitcoinbetting.website - 0% house edge - secured by blockchain

The choice is clear & obvious

IMO, You don't want the house edge to be zero. You have to have some percentage for the game sponsors. If not there would be no impetus for game development. How would build the games?

I think the real saving in bitcoin is not the change of the house edge on the games, but the speed and efficiency of using bitcoin over the conventional fiat currencies. Also, they shiuld give you more bonuses due to less operating costs on their side.