Blockchain technology that facilitates cryptocurrency payments is typically much quicker than the average transaction times processed by most other online payment processing companies, and the higher levels of encryption used during crypto payments also make transactions more secure.
However, hundreds of fully licensed and regulated iGaming sites still don’t accept cryptocurrencies, which means it is still not the top payment option at online casinos. Let’s dive in to find out why so many online casino operators still don’t accept crypto payments from fully registered members.
Why do some sites still not accept crypto payments?
Online casino operators must obtain the necessary licenses to operate in certain markets/jurisdictions. To legally operate in the United Kingdom, businesses must be licensed and regulated by the UK Gambling Commission – the main governing body/gaming commission that oversees all legally permitted gambling activities in this region.
The UK Gambling Commission has not ruled out using Bitcoin, Ethereum, Tether, DogeCoin, Litecoin, XRP, Stellar, Solano, or any other legitimate cryptocurrencies to play the best UK slots at UK-licensed online casinos. A page even states that they ‘can’ issue operating licenses to businesses that receive crypto funding.
However, due to the very decentralised nature of cryptocurrencies and blockchain technology, it’s impossible for the casino operator to prove/verify where it receives its source of funding when cryptocurrency is involved, which contradicts the United Kingdom Gambling Commission’s policy of transparency of funding.
Therefore, for the time being, we are unlikely to see this gaming commission granting licenses to crypto-accepting sites that allow players to deposit and withdraw via this method.
In other words, if you want to play at trusted sites like Unibet, you will first need to convert your cryptocurrency into fiat currency, which, in this case, would be GP Pound Sterling (GBP).
Which payment methods can UK online casino players use for deposits and withdrawals?
Each site is different in terms of which payment methods it accepts. However, UK-licensed casino site operators tend to cater to a wide audience by accepting several highly secure and popular online payment methods (traditional online payment methods and alternative payment methods.
When you sign up to play online casino games in the real money mode, some of the most commonly accepted deposit and withdrawal options include the following:
- Trustly and other instant/direct bank transfer options
- Debit cards, such as Visa and Mastercard
- Paysafecard prepaid card
- eWallets, such as Neteller and Skrill
- Mobile wallets, such as Apple Pay
The minimum deposit amount is typically either £10 or £20, depending on the casino and your deposit method. Deposits are processed instantly, and withdrawals usually take no longer than a couple of hours to be processed.
To deposit on a UK-licensed site, you must be at least 18 years old and have an active account on that site. It takes less than a minute to sign up to most UK online casinos and to prove you are of legal age and who you say you are, you must also be prepared to complete the account verification process known as KYC (Know Your Customer).
Final thoughts
There may come a time when UK online casinos start accepting cryptocurrencies, but it won’t be any time soon. If you sign up to a UK online casino to play games in the real money mode, remember to gamble responsibly at all times.
iGaming operators today provide a range of safer gambling tools that players are advised to use to ensure they remain within their budgets. For example, some of the most effective gambling controls used by UK players today are win/loss limits, session time reminders, and deposit limits.
Gambling responsibly also means never playing while tired or intoxicated, learning game rules before playing, and never playing games or placing bets out of sheer necessity.