In today’s world, crypto gambling is a steadily growing industry and the UK is no exception, as a lot of people there are looking for bitcoin casinos that accept UK players. In this article, we will provide you with all the necessary information that you might need to know about how this industry works, what are the rules, and in general, if it’s a good idea to start gambling on UK-friendly BTC casino sites.
According to the Gambling act of 2005, it is legal for people living in the UK to gamble, and current gambling laws are designed in a way that enables to control all the illegal activities and make it safer for players to bet on different platforms. However, the country’s approach to cryptocurrency is a little different but clearly has matured over the last few years. What we mean is that crypto is accepted as a property in the UK, but it has no specific laws and moreover, is not considered money. Currently, all UK-licensed casinos are not able to accept cryptocurrency deposits, as it is considered illegal. However, you can find casinos where you can use different banking options and still pay with Bitcoin.
The good news is that while in some countries players have to pay tax fees on their gambling winnings, players in the UK have the privilege of not paying anything from their gambling winnings. However, if you have crypto assets such as Bitcoin, you will have to pay Capital Gains Tax on any profit gaining from it. The basic rate for Bitcoin is 10% and the maximum can be 20%, it’s important to note that tax rates for cryptos change every year.
After so much information, it’s time to show the actual best UK Bitcoin casinos we have reviewed and played on. The list may not be that big, but that’s simply due to how hard it is to be counted among the best.
There is no ban on cryptocurrencies in the UK. The bank of England has issued a range of warnings about the use of cryptocurrencies, which addresses the absence of monetary protection, the status of cryptocurrencies, and the dangers of high volatility. The special task force which was created in 2018, considers that cryptos have a “unique identity” and their taxability depends on the parties involved. As we already mentioned, cryptocurrencies are subject to capital gains tax.
In order for crypto exchanges to operate in the UK, they need to register with FCA (Financial Conduct Authority) – if they have not already applied for an e-money license. Cryptoassets in the UK are split into regulated and unregulated ones, what this means is that characterization of cryptocurrencies must be reviewed case by case in order to discover if it’s subjected to financial regulations. We can all agree that things could have been more simple, but here we are.
As you may already have guessed, the UK bitcoin casino sector is highly regulated, but it also gives the assurance that players are protected from dishonest behaviors from different providers. The laws have also become more strict for minors who are participating in gambling. We do believe that all of these efforts are striving for more responsible gambling practices. Right now, the gambling commission of the UK is considering Bitcoin as a method of withdrawing or creating an online casino account. From now on, the British people will be able to find UK-friendly bitcoin casinos on the internet and the experience that they are going to get is definitely worth it all. We know it might be hard to choose reliable online casinos, so we will outline some key factors for you.
There are some things that we need to consider before deciding whether or not UK Bitcoin gambling is even worth it. Those things to consider come in the form of pros and cons, like everything else in the world. Let’s start with taking a look at the advantages first
One of the main reasons why Bitcoin casinos are in very high demand across the world is the ability to make fast transactions. The reason behind the popularity of crypto payments at different online casinos is the speed of transactions. In most cases, the process of deposits and withdrawing using cryptocurrencies is immediate, and according to our calculations, the top 15 cryptos average transaction speed is 15.8 minutes. While the same “metric” for Visa/Mastercard payment methods can be 24-48 hours. It’s clear that compared to fiat currencies blockchain can win you a lot of time and the whole process will be more comfortable, meaning you won’t have to wait for a day or two for your payment to process.
If you are a beginner and not familiar with UK crypto casinos, you might not know that casinos have varying rules about their funds. You might come across some online casinos that have withdrawing fees, which mostly vary between 1-5% and this is due to the fact that they are working with fiat payment methods and pass transaction fees to their customers. However, with the bitcoin in the game, it’s more likely that you won’t be charged with transaction fees and the number of your daily transactions can be unlimited. In addition, bitcoin casinos because of their digital nature can be accessed 24/7 from everywhere, which is definitely a plus.
Before you sign up for a British Bitcoin casino it might be a good idea to check that you will be able to withdraw your winnings. The majority of cryptos are withdrawn instantly and are available to use immediately. However, it’s also important to note that bigger cryptos such as Bitcoin, might take a little more time but it’s not more than an hour, which is still better than most of the fiat currencies. For instance, wire transfers for fiat take from 5 to 7 business days, while Visa and Mastercard might take up to 3 business days. Different casinos might have different withdrawal options, which mostly include both – cryptos and fiats. It’s up to you which one you decide to choose, but it’s clear that using cryptos is much more beneficial.
Bitcoin is probably the most transparent payment method available in the financial market. All the transactions made by this cryptocurrency are public and that’s why it’s considered the safest. If you gamble with bitcoin, it means that anonymity is guaranteed, while gambling with fiat currencies might get you in trouble. What this means is that using fiat can have a negative effect on your overall credit score, if the bank finds out that you’re playing. Blockchain technology ensures that UK players are offered the best bitcoin casino UK no deposit bonus accompanied by fast transactions and what’s the most important – privacy.
With every advantage, there’s always a disadvantage, which are some of the main reasons why we don’t see everyone and their mother gamble with cryptocurrencies in the UK. So let’s take a look at some things that are not too great about crypto casinos.
Gambling in the UK is defined as a non-taxable activity, while capital gains are taxable. Capital gain tax laws in the UK can affect crypto gamblers. What this means is that most cryptocurrency holders must pay capital gains tax when they sell it for fiat money or exchange it for another cryptocurrency. If you trade volumes that amount to what revenue services consider as financial trade, you’ll also be liable to pay Income Tax.
The biggest challenge of using Bitcoin as a different payment method is that cryptocurrencies, in general, have high risks and are speculative. Because of its popularity, a lot of people rush into the field, which makes the market volatile and prices often fluctuate a lot. A good proof of it can be the history of Bitcoin, which has seen many ups and downs during its existence. Because of that, the chances of losing money are common in crypto gamblers. For instance, imagine that you deposited 1 BTC that at the time of depositing was worth 10k. If you gamble and win 0.5 BTC, the price of Bitcoin may fall at 5k and now you have 7.5k despite the fact that you won and should have more amount if the price was the same. Compared to cryptos, fiat currencies prices do not fluctuate that much and risks are lower.
There are hundreds of online casinos that you can find on the internet, however, as crypto gambling is just introducing itself to gamblers, you might not see a lot of Bitcoin casinos for UK players. Besides that, fiat online casinos might be more convenient for some users and the main reason behind that is that if you decide to gamble with cryptocurrencies, you have to create a crypto account & wallet and it can be too much of a process. It’s a lot easier to stick to something that is more familiar with you and does not contain risks e.g. money loss.
Crypto gambling sites are known as generous in terms of bonuses, which is no surprise, as they’re trying to introduce themselves to as many new players as possible. Almost every UK gambling sites offer different kinds of bonuses to its customers. The most common one is probably the “Welcome package” bonus as a reward for sign-up. In order to gain the reward, you have to register on the gambling site, make a minimum Bitcoin deposit and get a welcome bonus code which later can be redeemed. After redeeming the code, you will be able to collect the bonus but it’s important to consider the fact that you have to meet some special requirements, which are different for specific platforms. If everything’s fine, then you can instantly withdraw what you earned.
This type of bonus means that you will receive a reward every time you make a deposit in your UK BTC casino account. You might come across the same formulated sentence, for instance, if the platform says that the first deposit is a 100% match bonus, the casino will match the deposit value completely. Many casinos offer 50 and 75 % matches, and it can go up to 200% in some cases. Here’s the process of how to get the deposit bonus:
The main feature of this bonus is that you don’t need to make a deposit in order to get a reward and that’s the main reason why it’s so popular among gamblers. One thing that might be common for this type is that you may have a limited time to redeem your bonus. For instance, a casino might offer a gambler $30 of free play but you will have 10 days to use it. Loyal members are the ones who will most frequently get no deposit bonuses and to be eligible for the United Kingdom Bitcoin casino no deposit bonus you have to simply register a new account and make a deposit.
Free Spins Bonus is mostly offered in online slots and players have the chance of winning real cash or bonus cash for free. You might also come across free spins in different online games besides slots. One good thing about this bonus is that new players might get it even if they don’t deposit anything in their account. Sometimes free spins are included in the welcome bonus package – meaning that if you register on a gambling site, you get a deposit bonus plus 100 or 150 free spins, depending on which casino you use.
In conclusion, Bitcoin casinos are not illegal in the UK, and the popularity of them is increasing day by day. Before the development of blockchain technology, people used to gamble in standard casinos or online casinos with fiat currencies. Playing at a UK BTC casino is no different from playing at other online casinos. Provided you are playing at a licensed site that offers Bitcoin as a payment method, you’re all good and ready to be part of the huge online gambling industry.
Keep in mind, that gambling may be associated with a lot of risks, including damage to physical or psychological health. People who live with this addiction may experience depression, anxiety-related problems, bankruptcy, domestic abuse, and in the worst-case scenario – suicide. The rate of problem gambling has risen all over the world in the last few years. In the U.S alone, around 6 million people had a gambling disorder, that needed additional help from experts.