Is UK crypto betting legal?
Would you be breaking the law if you joined a UK betting site and deposited using a cryptocurrency? Technically, the answer is no… but that word ‘technically’ points to an area you must know more about before you get underway.
Gambling in the UK is covered by the Gambling Act 2005. There’s the first hazard, since Bitcoin - the first cryptocurrency to successfully launch - didn’t come into being until 2009. While changes have been made to the Gambling Act since its own launch, these do not currently cover online crypto betting.
So, what’s the deal?
Any bookmaker or casino operator wishing to gain a licence from the UK Gambling Commission (UKGC) to legally operate in the United Kingdom must fulfil all necessary steps required to do so. These steps include proving the source of funds used to operate the betting site. According to information shared on the UKGC website, this has proven tricky to do. They must be sure that any betting site granted a licence funds their operations legitimately and does not receive anything from the proceeds of crime.
So, yes, an operator can run a legitimate crypto bookmaker online… but they must be able to prove where their funds for crypto betting in the UK come from. At the time of writing, no operator has yet been able to successfully get through that hoop.
Where does that leave those wanting to bet online with crypto in the UK?
There are plenty of licensed UK bookmakers and casinos to use, but none currently offer cryptocurrencies, as per the above details. Hopefully, that will change, and if it does, we’ll let you know here.
However, there are other sites you can bet at, so there are still opportunities to join one of the best crypto betting sites available to UK bettors just now.
Exploring bookmakers with offshore licences
There are plenty of bookmakers catering to those wishing to get involved with crypto betting in the UK. You’ll usually see licences issued from the Malta Gaming Authority (MGA) or the Curacao Gaming Authority (CGA). Logos for those authorities, along with details of the licences and their validity, should appear near the bottom of any sportsbook that has qualified for them.
This means those sites are not covered by UK law, which in turn means that if anything should go awry, you won’t be covered. For example, if you make a deposit at an offshore-based site offering crypto betting in the UK and the site vanishes, you may not be able to get your money back. The same applies if you were to scoop a major win on a football match, horse race, or any other sport (or even casino game) and you didn’t receive your prize.
That said, we have researched this topic and have plenty more tips and tricks to share with you here. Make sure you read everything on this page before you place a bet on any crypto betting sites in the UK. You can certainly sign up to a crypto-friendly sportsbook offering services to those living in the UK, providing you know what to do before choosing your preferred site. That’s what we’re going to cover below.
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3 advantages of using Bitcoin and other cryptocurrencies to bet with
If you’re thinking this sounds negative thus far, don’t worry. There’s a lot to get through yet, and we’re going to begin by highlighting three of the biggest perks of trying crypto betting in the UK below.
1: Security and anonymity
Even if you’ve just started reading about Bitcoin and other altcoins such as Litecoin and Ethereum, you likely already know how secure and safe crypto transactions are. Everything is encrypted from start to finish, so you don’t need to worry about your details going astray or being seen by anyone else. Some sites do not even ask for your name or address, just a username and password. This applies to crypto-only sportsbooks and casinos.
2: Quick deposits and withdrawals
Deposits are often instant, while withdrawals tend to be completed within around 15 minutes in many cases. Even if they take a little longer at some betting sites, you’ll notice they tend to be faster than many other traditional withdrawal methods. We’ve noted some betting sites stating withdrawal times in terms of days - seven to 10 days for some methods - so crypto is always much speedier.
3: There are often lower minimum deposit amounts too
It’s common to see different minimum deposit amounts for different payment methods. With cryptocurrencies like Bitcoin, those minimums are often lower and more accessible to players. You might also see lower withdrawal levels, making it easier to access any cash you’ve won with your sporting wagers.
The other advantage here is that you can stay safer by depositing only the minimum amount each time. Once you’ve used that, you can make another secure deposit. Since you’re betting via an offshore site, this is a smarter approach to take. It provides an extra level of security for you.
How to start crypto betting in the UK
So, are you ready to make some bets on your favourite sports? Would you like to do so using a virtual currency? We’ve compiled a list of pointers to cover before you get started.
Do your research - can you sign up?
You may think that a site with an offshore licence would welcome players from around the globe. This is often true, although even then, most betting sites will have some restrictions in place. Sometimes you may find you cannot see a website you wish to visit because they’ve got geographical restrictions in place that prevent you from doing so.
Even if you can access a betting site, don’t assume you’re fine to sign up. Your first stop should be the page that displays its terms and conditions. This is often the longest page on the site, yet it is necessary to examine it closely to find out whether players from the UK are accepted. There should be a list of banned countries, so if the UK doesn’t appear on that list, you’re good to go. If you don’t see that list and you’re unsure, look for a live chat feature and ask there. Failing that, you can either contact them via email or go in search of an alternative site providing crypto betting in the UK.
Choose sites that are well established
Since there are not yet any UK-based bookmakers that have received approval to provide cryptocurrencies as a payment method, it makes it even more important to be sure you choose a trusted website to place your bets at.
You’ve certainly got lots of online bookmakers to choose from, and this can be both promising and overwhelming. Don’t skip this step though - you want to be sure you only join a bookmaker that has proven themselves to offer reliable services to its players. Strafe.com regularly puts lots of betting sites through their paces, so you can start here if you want some sites to explore and read about.
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5 things to look for before you join a site with crypto betting for UK fans
Bookmakers across the world do share plenty of features. However, some are more important than others, and a few might be country-specific too. This applies to crypto betting in India along with that in the UK or anywhere else.
Once you’ve narrowed things down to a few sites using the above steps, consider these aspects too.
Sporting market availability catering to UK fans
Football is big news in the UK, and since many Bitcoin bookmakers are based in other countries, you should make sure they still cover the Premier League and big events such as the FA Cup. Fortunately, most sites do have plenty of available markets, with top sports including tennis and horse racing also doing well in the UK. Specific betting types will vary according to the sport in question, but there should always be plenty of options for each.
Competitive odds across all markets and bets
This is another aspect that’s made easier once you have done your research in the previous section. If you narrow the field to two or three sites, you can see whether they match up well in the odds stakes, or whether one stands out more prominently than the others.
Check too whether you can easily switch to fractional odds if you don’t see them when you visit a cryptocurrency bookmaker. The controls are often at the top of the site, near the bottom, or inside your account once you’ve logged in.
A range of welcome promotions and other offers
Some sites providing access to crypto betting in the UK might provide a crypto betting bonus for you to claim. This is more common at casinos, which may enhance their welcome bonus for those opting to deposit via a virtual currency. There may also be deals for sports fans though, so it’s something to check before you sign up anywhere.
The small print for all bonuses is essential to read, especially for those that are not specifically offering a crypto bonus. Oftentimes, sites exclude some payment methods from being valid when claiming a bonus. Make sure you can use your selected cryptocurrency to get your next bonus.
Live sports with in-play betting
This may not be relevant to you if you tend to place bets ahead of an event or match. However, if you do prefer the live markets, you can check for competitive odds in those as well. You may find it faster to deposit using a virtual currency - ideal if your account is running low and you want to make a bet on an in-play event. Topping up ahead of time is always preferable though.
Customer service facilities that are easy to use
And perhaps more importantly, easy to get a fast reply from. Live chat is always preferred, as you can use it while you’re online. Phone contact is also ideal. Many of the best sites provide pages of information about cryptocurrencies too - how to use them, how to sign up for a wallet, and how to make deposits and withdrawals. Compared to standard payment options, crypto is still new to a lot of people. Accessing a guide on how to go about buying Bitcoin and depositing it in your crypto betting UK account is going to make things easier for you.
Be aware of these facts relating to crypto betting in the UK
There’s nothing too concerning here, but you’ll be better able to get the best from your betting efforts if you remember these facts. If you already have a cryptocurrency wallet, you’ll know these already, but if not, you should keep these facts at the back of your mind.
You cannot reverse a transaction made via a cryptocurrency
This means you need to double check all details - especially the amount - before depositing at a UK crypto sportsbook. For example, if you intend to make a Bitcoin deposit equivalent to £10 but accidentally end up transferring £100, you won’t be able to reverse it. You also need to double check the destination wallet address at the betting site. Even when you’re used to how the process works, don’t rush it - always take your time with crypto betting in the UK.
The value of Bitcoins and other virtual currencies is volatile
This means the value could be higher or lower on any given day. It’s best to only transfer the amount of money you need to when depositing into your bookmaker account. It may mean making more transactions of a smaller nature, but it’s an easier way to protect yourself. You can also buy limited quantities of altcoins depending on what you require. You cannot predict how high or low the value might go, but dealing in smaller quantities helps to protect against sudden drops in value.
Are you ready for crypto betting in the UK?
We hope our overview of cryptocurrency betting in the United Kingdom has helped you understand what to expect and how to proceed. As with all online bookmakers in the UK, it’s important to know how each site works to be able to legitimately use it and get the most out of it. We’ve seen that the lack of UK licences for such sites makes it more important than ever to confirm that you’re using a trusted betting site. We’ll end with our exclusive code for Stake.us too, offering 5% rakeback for players signing up and using STFSOCIAL to get started.
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Crypto betting UK FAQ
👀 Can you bet with crypto UK?
If you’re thinking about betting at a UK bookmaker by using cryptocurrencies, you must find out where the law stands on this first. Fortunately, you can rely on the experts at Strafe.com to make things clear on that subject. We’ve explored the law and legislation, so you don’t have to.
🏆 What are the best crypto UK betting sites?
UK residents have plenty of betting sites to choose from. They do not all offer the same payment methods, so if you are searching for crypto bookmakers in the UK, Strafe.com can provide some guidance. Some are far better and more trusted than others, and we can help you tell the difference.
👮 Is crypto betting banned in UK?
Every country has its own laws surrounding online gambling, laws which also cover the currencies and payment methods it accepts. Sites excluding certain methods may do so because of reasons other than the law, and you can learn more about this subject at Strafe.com.
👕 Is it safe to place sports bets with crypto?
Online betting has gone through much development over the years. It’s easy to place a sports bet online, whether on a mobile device or via a computer. You can also choose from many diverse payment methods when depositing into your online account, with various safety measures in place to protect your security.
👋 Are there crypto welcome bonuses for UK players?
Welcome offers are among many bonus types provided by online sportsbooks. Some may link to a specific payment method while others are wider reaching. We explain more about this topic and how it affects crypto users at Strafe.com. It will provide a framework of knowledge to follow ahead of betting at those sites.
