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

[shinratensei_]

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.

That's right, every gambling site the probably fair is always be an unknown reason. There is no player are knowing about that except the owner or administrators. The probably fair is so vague and that also makes me for thinking a twice playing again.

[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.

That's right, every gambling site the probably fair is always be an unknown reason. There is no player are knowing about that except the owner or administrators. The probably fair is so vague and that also makes me for thinking a twice playing again.

I dont think u understood what I said. I said Provable Fairness of many regulated gambling sites are not verifiable by gamblers. Gamblers need to trust authorities that the bets are fairly handled. But, Provably Fair is a pretty established concept and it allows each and every player to confirm that house had no control on the win/loss of their bet.

For example, take the case of www.bitcoinbetting.website, which is Provably Fair. U chose a hexadecimal digit between 0-F and place a bet using a bitcoin Tx. The last hexadecimal digit of the bitcoin block hash, that would confirm your Tx decides whether u won or lost that bet. If u win, u get back 16x of your bet amount.

As a gambler, do u find any way in the above process where house can cheat u?

[wikenpp]

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.

That's right, every gambling site the probably fair is always be an unknown reason. There is no player are knowing about that except the owner or administrators. The probably fair is so vague and that also makes me for thinking a twice playing again.

I dont think u understood what I said. I said Provable Fairness of many regulated gambling sites are not verifiable by gamblers. Gamblers need to trust authorities that the bets are fairly handled. But, Provably Fair is a pretty established concept and it allows each and every player to confirm that house had no control on the win/loss of their bet.

For example, take the case of www.bitcoinbetting.website, which is Provably Fair. U chose a hexadecimal digit between 0-F and place a bet using a bitcoin Tx. The last hexadecimal digit of the bitcoin block hash, that would confirm your Tx decides whether u won or lost that bet. If u win, u get back 16x of your bet amount.

As a gambler, do u find any way in the above process where house can cheat u?

The fact that it is provably fair is good, even more that it is licensed but the domain tld is something that bothers me.
In general I don't trust companies who can't afford a premium tld. It shows how they think about professionalism in taking it a little bit futher the lack of it.

I do hope more gambling sites will follow and becoming a licensed site will be the standard (as it should be).

[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.

That's right, every gambling site the probably fair is always be an unknown reason. There is no player are knowing about that except the owner or administrators. The probably fair is so vague and that also makes me for thinking a twice playing again.

I dont think u understood what I said. I said Provable Fairness of many regulated gambling sites are not verifiable by gamblers. Gamblers need to trust authorities that the bets are fairly handled. But, Provably Fair is a pretty established concept and it allows each and every player to confirm that house had no control on the win/loss of their bet.

For example, take the case of www.bitcoinbetting.website, which is Provably Fair. U chose a hexadecimal digit between 0-F and place a bet using a bitcoin Tx. The last hexadecimal digit of the bitcoin block hash, that would confirm your Tx decides whether u won or lost that bet. If u win, u get back 16x of your bet amount.

As a gambler, do u find any way in the above process where house can cheat u?

The fact that it is provably fair is good, even more that it is licensed but the domain tld is something that bothers me.
In general I don't trust companies who can't afford a premium tld. It shows how they think about professionalism in taking it a little bit futher the lack of it.

I do hope more gambling sites will follow and becoming a licensed site will be the standard (as it should be).

I dunno what u mean by premium tld. Is it any .com/.net/.org or some $$$$ keyword stuffed domain? If u think .website is a free domain, then u r wrong. It was more costly than .com even a year ago. Now, registration is ~1$ on most registrars, but renewal is still more costly than a .com/.net/.org.

[Dabs]

Domain doesn't mean anything. One popular dice website was criticized for having a hyphen or dash in it's name (by someone from another forum), yet it accepted a few tens of thousands of BTC before.

[Wind_FURY]

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.

I would not blame them and who could? The Bitcoin network should be used in a way that would help their business more efficient in the processing of payments and to augment it in a way that is giving them more freedom and a choice away from traditional payment processors. This is still a plus for Bitcoin.

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").

For me this makes the gambling sites open to new markets. Everyone could already see the potential of Bitcoin. We have the dark markets to thank for that.

[streazight]

The fact that it is provably fair is good, even more that it is licensed but the domain tld is something that bothers me.
In general I don't trust companies who can't afford a premium tld. It shows how they think about professionalism in taking it a little bit futher the lack of it.

I do hope more gambling sites will follow and becoming a licensed site will be the standard (as it should be).

It's true that every serious business should have a very good domain for their business but when you see a business having or using very poor quality domain for it business, it shows the exact manner with which they handle business. I will suggest you to have double check before you risk your money.

[Junko]

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.

[RocketSingh]

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.

That's what most of the mainstream companies are doing. Using CoinBase/BitPay, they are just saving their ass from chargeback. It does not add any extra benefit for a bitcoiner. If I am not wrong, BuySellAds.com also integrated bitcoin in the same way.

[Doamader]

Looks like that they are accepting bitcoin because the casinos and online dices related to bitcoins are taking some impact into those casinos, because they allow now bitcoin as deposit and about withdraws is that enabled as well, or just fiat cashouts?

[crazyivan]

Who cares about UK sites accepting anything. UK voted to get out of EU and they re not interesting from the point of financial market anymore. For anything else we do have US gambling website. UK s not relevant anymore.

[Wendigo]

So will NetBet ask the Bitcoin depositors for KYC info when they try to withdraw because I assume this would be the case which basically defeats the purpose of Bitcoin being a ''semi-anonymous'' currency. If they want my credentials I could use my debit card instead.
I don't think KYC procedures will fly well with Bitcoin gamblers.

[unamis76]

They can come back being news when they do actually accept Bitcoin. This is only good for BitPay's business...

[Wind_FURY]

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.

This. But we all have to realize what the reality is here. The site itself does not care about Bitcoin. It only cares about expanding its markets and having another source of money influx from another currency. Do not forget that the British Pounds is going down and also there are news coming out that the British banks are buying Bitcoins to "pay off ransomware demands". But I do not think that is the case, banks are smart, so I think they are hedging and that they are protecting themselves from a falling GBP.

[Slark]

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

So it basically means that as a gamblers we don't want to play on regulated and licensed sites because we will be paying 'tax' for that "Licensed Casino".

they allow now bitcoin as deposit and about withdraws is that enabled as well, or just fiat cashouts?

From what people commented here only bitcoin deposits are allowed, you will still need to withdraw your money via standard FIAT payment processors.
This system won't bring them many crypto customers. You don't stop half way with bitcoin acceptance.

[groll]

Thats good news to bitcoin but bad news to families since gamblers will have easy access to gambling. Many families will go addicted and go bankrupt. But lets go back to bitcoin, this willl bring huge impact on bitcoin since gambling is a multimillion business and that just means another multi million investment on bitcoins. Possibly another increase on bitcoins price may occur due to this.

[Daffadile]

Ha ! Maybe we will finally have have a fair place to play and if we disagree we can ask for it to be proved by officals. It givesd some legal backing to the website incase there is ever an issue. Sounds great I ope more is to come.

[RocketSingh]

Thats good news to bitcoin but bad news to families since gamblers will have easy access to gambling. Many families will go addicted and go bankrupt.

[Dabs]

Accepting bitcoin does not make it easier for degenerate gamblers. They have always had the use of cash, credit cards and other payment options. I'd argue that gamblers who play in "traditional" casinos the traditional games of chance, don't even know how to use bitcoin.

The ones that do, won't bet there.

[Cereberus]

Even if they accept bitcoin as a form of deposit they won't go very far if they don't allow withdrawals in bitcoin. Bitcoin gamblers by nature want easy play and easy pay. They don't want to tell any data to the site just depositing and withdrawing in bitcoin like very bitcoin sports book.

So far this site has not implemented bitcoin withdrawal so nothing new for me here until now at least.