Bitcoin Gambling has grown substantially over the last 10 years. With that many new casinos have come onboard to feed the demand for the best Bitcoin gambling experience. One of the most pertinent aspects of lobbying for new gamblers is developing a site that is trusted by the gambling community.
It is important that recognized regulation and licensing authorities are in place to monitor the industry as it grows like wildfire. In jurisdictions around the world, authorities have been set up to shoulder the responsibility of ensuring that all the operators they license provide games that are fair, random, and secure for Bitcoin gamblers to enjoy. They are also responsible for assisting in establishing rules that ensure player funds are always secure.
It is advised that gamblers only use online Bitcoin casinos that are registered with at least one of the top regulatory bodies.
Here we highlight some of the most renowned regulators which ensure that the gambling sites have the Bitcoin players best interest at heart. There are many regulators in the industry, and we have chosen the top 6 worldwide.
UKGC was established by the Gambling Act of 2005 and took over from what was previously called the Gaming Board for Great Britain in 2007. Except for sportsbetting, it regulates most forms of betting in the United Kingdom. As part of its duties, the UKGC oversees remote betting, which includes the licensing of online Bitcoin gaming sites.
A license from the UKGC holds a lot of weight in the online Bitcoin casino community and has further cemented its authority with the passage of the Gambling Licensing and Advertising Bill which not only introduced a point of consumption tax for remote betting in the UK, but it also makes it mandatory for the company that wants to take bets from UK customers to obtain a license with the UKGC.
Some companies have chosen to abandon the UK market rather than comply as this could mean having to abandon perhaps dubious operations under this legislation.
Malta is seen as a hub for online Bitcoin casinos and the Malta Gaming Authority oversees a great number of operators that enjoy its generous tax scheme, amiable local financial institutions, as well as the multiple worldwide destinations available to take bets from
The MGA was formerly known as the Lotteries and Gaming Authority. The name changed in 2015 after there were significant adjustments made to remedy the reputation of the LGA which had was seen to handle issues at several poker and casino sites badly.
Maltese authorities have worked tirelessly to rebuild that trust, and the MGA remains one of the premier regulatory bodies in Europe for firms that want to service the worldwide Bitcoin gambling market.
Formed under the Gibraltar Regulatory Act of October 2000, the GRA has earned a reputation of being one of the most reliable regulatory bodies in Europe.
The GGC, previously known as the Gibraltar Regulatory Authority, is home to a vast segment of the more reputable and well managed Bitcoin gambling companies and has become one of Gibraltar’s biggest industries.
Gibraltar initially started offering online gambling licenses for sportsbooks, betting, and casinos and in the process over the years they have established a reputation as one of the leading regulatory authorities, insisting on fairness checks on the software each of their licensees’ use and that the company involved has an outstanding history of ethical business practice.
AGCC was established in 2000 and is based in the British Isles. The British Isles offer a business-friendly climate which involves a 0% taxation rate and with only a set annual fee being collected from each company. The other advantage for sites based in the British Isles is to be able to access target markets globally without any restriction.
The AGCC has a good reputation with Bitcoin players, though they did receive some criticism in 2011 when they initially failed to respond to growing concerns about payment issues at Full Tilt Poker in the months after Black Friday. However, they did eventually suspend the company’s operating license, a move that ultimately led to the shutdown of the site worldwide and restored faith in their regulatory prowess.
The name Curacao is synonymous with online Bitcoin gambling being one of the oldest running online gambling regulators. Casinos sporting the Curacao eGaming license on their website have been through the initial investigation process required by CeG and will also be subject to future audits on a regular basis.
Many gambling operators have chosen to make Curacao their home due to its favorable tax laws and a relatively quick and inexpensive licensing procedure. Curacao charges a tax of just 2% on net profits.
In addition to licensing and regulation, Curacao eGaming provides technical and financial support for the online Bitcoin gambling industry. Some of these services include dedicated services, private cloud servers, international finance, and assists with other matters related to running an online Bitcoin casino.
Australia is one of the strictest jurisdictions when it comes to online Bitcoin gambling. That is why it keeps a firm hand on what wagering is allowed. It is essential that casinos receive an appropriate license from the ACT Gambling and Racing Commission to be deemed legitimate. These include racebooks and lotteries both of which can be offered to Australian customers. They also issue licenses to Australian betting sites.
Despite relatively high taxes and fees for the industry, many of the world’s largest betting brands choose to get a license from the ACT, as according to research Australians spend more on their betting than any other nation per capita, making this a very lucrative market for major operators.
With online Bitcoin gambling, players have found it difficult to have confidence in the integrity of the games they play since they can’t really see how the results of each spin or hand are being determined. Online Bitcoin gambling regulators play an essential role as the watchdog for gamblers to ensure their money is safe and their gaming fair.
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