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

[RocketSingh]

We're excited to announce a major new step for BitPay and bitcoin payments in Europe. This week NetBet became the first UK-licensed gambling merchant to begin accepting bitcoin for bets in its online sports betting platform and casino.

NetBet is a leading gambling operator in the United Kingdom. They decided to start accepting bitcoin to reach the growing digital currency user base in the UK (the United States and other restricted countries are not included). Since bitcoin is new to the regulated gambling industry in Europe, we've worked closely with NetBet to ensure that the addition of this new payment method meets their existing UK Gambling Commission regulatory requirements.

NetBet customers will now have the option to use bitcoin to load their online account funds in seconds. This bitcoin checkout option will allow more NetBet users to get back to playing and placing bets with the peace of mind that their transactions won't expose them to the risk of online payment fraud.

We look forward to bringing bitcoin payment processing to more licensed online gaming merchants. If you are a licensed gambling business, email sales@bitpay.com to learn more about accepting bitcoin.

Source: https://blog.bitpay.com/netbet-accepts-bitcoin/

[Carlton Banks]

It sounds rather like this company is using Bitcoin as a payment rail, not a currency. If they're doing this out of fear of losing business to the BTC denominated online gambling outfits, they're gonna find their Bitcoin business to be a little thin on the ground; people using BTC gambling sites are going to be used to the freedom they get from a non-fiat system.

On the other hand, they no doubt understand the gamblers mentality all too well, so there's bound to be a way to tempt those that are by definition easily tempted. Interesting to see where this goes; I wonder whether being a licensed gambling business will remain competitive in the long term, for instance. It's too easy to set up shop in some island nation with far more favourable local extortion fees (sometimes referred to by warlords and their acolytes alike as "taxes").

[erpbridge]

I completely agree with Carlton banks on this. Specially because with using bitpay they aren't really accepting bitcoin, but just integrating bitcoin through them. You can already do this on sites like bet365 by depositing your money onto neteller through bitcoin and playing with them. Do they allow withdrawals in bitcoin ?

[amacar2]

I completely agree with Carlton banks on this. Specially because with using bitpay they aren't really accepting bitcoin, but just integrating bitcoin through them. You can already do this on sites like bet365 by depositing your money onto neteller through bitcoin and playing with them. Do they allow withdrawals in bitcoin ?

I doubt they allow withdraw to bitcoin as there is no any single mention of withdraw word in bitpay blog. And usually the casinos which accept payment through bitcoin don't have withdraw to bitcoin option. Actually i love to bet on bitcoin only betting/sportsbook rather than going through all verifcation policy usual legal/registered sportsbook have.

[eaLiTy]

Bet365 also accepts bitcoin as a mode of payment for a long time and bet365 is also a United Kingdom based gambling company so how can they claim to be the first licensed gambling site.It is good too see many sites accepting bitcoin as i dont want to use my credit card for gambling

EDIT: only with the help of Neteller you could fund using bitcoin in BET 365, sorry for the mix up

[hilariousandco]

It sounds rather like this company is using Bitcoin as a payment rail, not a currency. If they're doing this out of fear of losing business to the BTC denominated online gambling outfits, they're gonna find their Bitcoin business to be a little thin on the ground; people using BTC gambling sites are going to be used to the freedom they get from a non-fiat system.

Doesn't matter. 99% of businesses who are thinking of accepting bitcoin will not 'save' bitcoins. Would it be any different if they did but chose to cash them out straight away? Nope. Bitpay just cut out that process and protect them against volatility which most businesses can't gamble on.

Bet365 also accepts bitcoin as a mode of payment for a long time and bet365 is also a United Kingdom based gambling company so how can they claim to be the first licensed gambling site.It is good too see many sites accepting bitcoin as i dont want to use my credit card for gambling

Do they? I'm not seeing bitcoin listed here: http://help.bet365.com/en/payments

[Carlton Banks]

It sounds rather like this company is using Bitcoin as a payment rail, not a currency. If they're doing this out of fear of losing business to the BTC denominated online gambling outfits, they're gonna find their Bitcoin business to be a little thin on the ground; people using BTC gambling sites are going to be used to the freedom they get from a non-fiat system.

Doesn't matter. 99% of businesses who are thinking of accepting bitcoin will not 'save' bitcoins. Would it be any different if they did but chose to cash them out straight away? Nope. Bitpay just cut out that process and protect them against volatility which most businesses can't gamble on.

That's pretty much a tautology: "What's the difference between cashing out straight away, and Bitpay cashing you out straight away?". Um, yeah, nothing, sure.

In any case, I'm not talking about the site's revenue taking, I'm talking about the money in their user accounts.

[tiggytomb]

Bet365 also accepts bitcoin as a mode of payment for a long time and bet365 is also a United Kingdom based gambling company so how can they claim to be the first licensed gambling site.It is good too see many sites accepting bitcoin as i dont want to use my credit card for gambling

I am pretty sure they do not accept bitcoin, I am a user of Bet365 and have not seen this option unless I am missing something, can you provide more information on where you see this in Bet365?

[gentlemand]

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.

[RocketSingh]

Bet365 also accepts bitcoin as a mode of payment for a long time and bet365 is also a United Kingdom based gambling company so how can they claim to be the first licensed gambling site.It is good too see many sites accepting bitcoin as i dont want to use my credit card for gambling

I am pretty sure they do not accept bitcoin, I am a user of Bet365 and have not seen this option unless I am missing something, can you provide more information on where you see this in Bet365?

Some people will post just anything for sig payment. Sig payment does not require factual verification.

[Yakamoto]

Bet365 also accepts bitcoin as a mode of payment for a long time and bet365 is also a United Kingdom based gambling company so how can they claim to be the first licensed gambling site.It is good too see many sites accepting bitcoin as i dont want to use my credit card for gambling

I am pretty sure they do not accept bitcoin, I am a user of Bet365 and have not seen this option unless I am missing something, can you provide more information on where you see this in Bet365?

Some people will post just anything for sig payment. Sig payment does not require factual verification.

We're on a forum that emphasizes free speech, for the most part, and this means anyone is allowed to say whatever they want and get their opinions argued against, read, etc. It is up to the individual user to choose what they believe, agree with, and it is up to them to research information presented to them. While I don't agree with being able to say something without verification, they can say whatever, and it is up to us to put in some effort on our parts.

[Hirose UK]

am I the only one here thinking that this thread should be in service announcement or service discussion.

however, even the gambling site is legal, I don't want to gamble any coins because it's too risky dude, you can lose your money just in seconds. I don't want to lose my money because of this fool way.

[Dabs]

Uh, do they have any games which are "provably fair" ?

[Shiroslullaby]

Uh, do they have any games which are "provably fair" ?

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.

[Dabs]

Uh, do they have any games which are "provably fair" ?

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.

I know and understand what you are saying, but that's not what I am asking (although I think my question is rhetorical.)

Provably Fair is something which any player can verify that the game they played is fair, usually involving hashes of server secrets or seeds and input from the player as well. All the other bitcoin gambling sites operate this way, the ones that have survived until today are deemed "trustworthy" but none of them are "controlled" by taxation or regulation. Since the games can be verified by players and by the public, there is no need for a code review. The random number generation is actually deterministic (which is how you can "prove" the fairness) but unpredictable without knowing the actual inputs, which are revealed after the game.

The minute you tax and regulate any site, they can no longer offer a very low house edge (close to 1% or even less.)

[JeffBrad12]

We're excited to announce a major new step for BitPay and bitcoin payments in Europe. This week NetBet became the first UK-licensed gambling merchant to begin accepting bitcoin for bets in its online sports betting platform and casino.

NetBet is a leading gambling operator in the United Kingdom. They decided to start accepting bitcoin to reach the growing digital currency user base in the UK (the United States and other restricted countries are not included). Since bitcoin is new to the regulated gambling industry in Europe, we've worked closely with NetBet to ensure that the addition of this new payment method meets their existing UK Gambling Commission regulatory requirements.

NetBet customers will now have the option to use bitcoin to load their online account funds in seconds. This bitcoin checkout option will allow more NetBet users to get back to playing and placing bets with the peace of mind that their transactions won't expose them to the risk of online payment fraud.

We look forward to bringing bitcoin payment processing to more licensed online gaming merchants. If you are a licensed gambling business, email sales@bitpay.com to learn more about accepting bitcoin.

Source: https://blog.bitpay.com/netbet-accepts-bitcoin/

Like the first comment they do not recognize the bitcoin be a currency, they a realize the potential in the bitcoin. but they always prioritizing the fiat balance becoming their main balance. I don't think that is will success for reaching bitcoiners to play with them if already there another way us such a more easy than it.

[pooya87]

they are too late to the party
there are so many gambling sites that are well known and popular and we can easily play there with a provably fair system and pay "directly" with bitcoin.
so although this is still good, i can't really get excited about this!

[Kakmakr]

Interesting, we should test if this regulated gambling would stand the test of time, if you channel your winnings through regulated exchanges like Coinbase and Circle. They have a history of suspending accounts linked to Bitcoin gambling. I have to agree with previous posters that these regulated gambling site, will never be able to compete with the unregulated sites.

If I had to gamble, I would prefer to go with the regulated sites, because your winnings will be guaranteed. ^smile^

[RocketSingh]

If I had to gamble, I would prefer to go with the regulated sites, because your winnings will be guaranteed. ^smile^

I think, regulated gambling sites have no way to verify provably fairness. U need to trust regulators that the sites they collect tax from are provably fair.

[eaLiTy]

Do they? I'm not seeing bitcoin listed here: http://help.bet365.com/en/payments

Bet365 also accepts bitcoin as a mode of payment for a long time and bet365 is also a United Kingdom based gambling company so how can they claim to be the first licensed gambling site.It is good too see many sites accepting bitcoin as i dont want to use my credit card for gambling

I am pretty sure they do not accept bitcoin, I am a user of Bet365 and have not seen this option unless I am missing something, can you provide more information on where you see this in Bet365?

i am sorry for the mix up,i am using Neteller to fund bet365 and Neteller do accepts bitcoin ,i was positive about it because i do remember i first started gambling depositing some coins ,just forgot that i used Neteller to fund my account.sorry guys

Some people will post just anything for sig payment. Sig payment does not require factual verification.

so you came here just to pin point my mistake and not spam ,good job .

We're on a forum that emphasizes free speech

cheers mate.