Non-Gamstop casinos have been growing in popularity in Britain since the UK Gambling Commission brought in new regulations to the gambling sector in the country. With the UKGC implementing a lengthy self-exclusion scheme with GamStop and other measures to protect problem gamblers, others have been affected and have been looking at non-UK casinos as an alternative.
As funding methods have also become tighter in the UK with credit cards banned, cryptocurrencies are emerging as an option for those looking to access casinos outside of the UK. There are advantages and disadvantages in using both options as we will explore in this article.
How Do Cryptocurrencies Work at Online Casinos?
The use of cryptocurrencies is growing in many areas of commerce, and after some strong profit runs in Bitcoin, many punters are looking to cash out some of their gains. The majority of online merchants don’t accept cryptos as payments yet, so online gaming is one outlet for investors in digital currencies.
One benefit of using cryptocurrency is that it offers anonymity in transactions, although this option is nullified by the KYC requirements at some casinos and gamblers are really just seeking an outlet to spend their coins. The holders of these digital coins should really consider whether running digital money through KYC firms is the best use of the technology.
Non-UK Casinos like those found on non-gamstop-casinos.com are increasingly offering their support for cryptocurrency deposits and will have designated Bitcoin addresses which users can send their coins to, much like a traditional bank transfer. Users must first acquire the coins through a digital currency exchange such as Coinbase. Casinos have been expanding their offerings from BTC and now offer a range of coins such as ETH, LTC, and DOGE. Coin holders are also looking to avoid costly fiat exchange fees when withdrawing coins to betting sites.
How Are Cryptocurrencies Restricted at UK Casinos?
The UKGC banned credit card deposits in the country and that was another negative development for UK gamblers. The move was made to protect problem gamblers, but many users like to separate gambling transactions from bank accounts in order to avoid stigma when applying for a mortgage or other products.
Banning credit deposits is certainly a good thing to protect problem gamblers, but again, it punishes those who are comfortable with their gaming habits. UK casinos using Bitcoin and other cryptos would require strict KYC checks and the anonymity of transactions is therefore lost.
At present, the UK financial regulators are not entirely convinced about how they will treat blockchain currencies, but ECB Chie Christine Lagarde has recently called for global regulation of the coins. The US is also taking a more active stance on digital coins. Until regulation is concluded, UK firms are likely to avoid allowing deposits and casinos not on GamStop will remain popular because they are offering another deposit option.
How Are Non-GamStop Casinos Handling Cryptocurrencies?
Casinos not on GamStop are usually based in Europe, or more recently in Latin America. The rise of computing technology and the internet has brought online gaming to our living rooms and mobile devices, but it also meant that casinos do not need physical locations and companies are setting up in countries that can offer a more suitable climate and corporate environment.
European firms usually require more thorough identity checks, but maybe less limitations on crypto withdrawals. Latin American firms are usually providing a looser regulatory environment and users can setup an account without any ID or proof of address etc.
Users should keep these differences in mind and apply due diligence if their using Non-UK Casinos differ in their approach to regulation and users should apply some due diligence to ensure that sites are legitimate. If you are considering signing up for casinos not on GamStop then online forums can be a good starting point for help.
Should Cryptocurrency Casino Transactions Be Tracked?
The irony of using cryptocurrencies with KYC is that it defeats the initial purpose of having decentralized money that offers a level of privacy. It is fair that all casinos should be held to the same standard as other financial-related firms to clamp down on tax avoidance and black-market activities such as money laundering, but having the transactions tracked would likely not be the best tribute to the architects of digital blockchain money.
But the reality is that many have seen investment gains from cryptocurrencies and are looking for avenues to cash out those profits. Withdrawing cryptos to fiat can come with costly exchange charges and this is a common reason for crypto deposits to gambling firms.
The use of Non-UK casinos have become more popular as gamblers react to the increasingly strict environment at betting sites. It is right that problem gambling should be tackled, however, a one size fits all approach does not benefit all and those who are comfortable with their gambling habits are also being punished with funding restrictions and an increased level of in-game regulations such as spin timers and bet size limits.
The use of cryptocurrencies in the UK is still limited outside of the digital money exchanges because financial regulators are still undecided about how to treat digital money. This means that UK casinos tend to shy away, and they are also unprepared for the change in technology. The use of cryptocurrencies shouldn’t be seen as another way to get around the GamStop rules, but these new forms of digital money look like they are here to stay, and casinos are simply responding to consumer demand.