New Ruling Could Rewrite Rules For Online Casino Action
Added: Aug. 29, 2016
This comes from the U.K. As you, the U.K. is an oft looked to example of how to go about legal online casino action the right way. Recall that not so long ago U.K. legislators made the studied decision to go ahead and legalize online casino action and online gambling sites for residents of the U.K. Since then, online casino action has continued to grow in the U.K.
More importantly, these legal online casinos provide a clear value to online casino players as well as much appreciated tax and fee revenue to the government. Since the casinos are in fact regulated, U.K. residents feel more comfortable venturing out to these online gambling sites. The point to get here is that the online gambling site model is a clear demonstration of how to go about this the right way.
So the above is the back story you need to have to put the latest news in the proper context. In case you missed the press release, the U.K. Gambling Commission made headline news recently with an announcement addressing acceptable payment methods. Get this: the U.K. Gambling Commission has now added the option of digital currency, more specifically Bitcoin to the list. That’s right, Bitcoin.
Although it is true there have been a negative story or two popping up surrounding Bitcoin over the last few weeks, this decision by the U.K. Gambling Commission is quite extraordinary. The exact language concerning the digital currency acceptance is found in the most recent update of the License Conditions and Codes of Practice (LCCP)document. For the record, the new LCCP requirements are scheduled to take effect on October 31, 2016.
Naturally you can understand the decision by the U.K. Gambling Commission is most likely going to have far reaching effects. On one hand, the acceptance of Bitcoin through clearly defined rules and regulations spelled out in the Gambling Commission’s LCCP is an unmistakable tacit endorsement of virtual currency payments. Obviously this will spur ever increasing uses of digital currencies such as Bitcoin.
At the same time, you can now expect other online casinos around the world to take steps to accept Bitcoin payments. This will lead to even more acceptance of Bitcoin around the world. In other words, the decision by the U.K. Gambling Commission will start a cycle of increased acceptance of Bitcoin which can only help increase the popularity of Bitcoin at online casinos and other venues around the world.