Brexit Influence On Bitcoin Online Gambling And The EUAfter the UK voted to leave the EU all types of problems have arisen for the online gambling industry, especially those registered on gaming commissions that belonged to the UK and EU like the ones licensed in Gibraltar, such as William Hill. The first effect after the Brexit was a complete devaluation of the British Pound, which in effect strengthen Bitcoin as a safe haven outside of Central Bank jurisdiction. So what does this means for UK based casinos and players? A lot may change and players might want to take proper steps to protect their existing balance.
Online Casinos paying in BitcoinFirst thing to note is the increase in use of Bitcoin as the preferred deposit and withdrawal method by online casinos. Casinos targeting the USA like Café Casino, a newborn project in 2016, is basely using Bitcoin for all its transactions to and from players. Why? Here are all the benefits of using bitcoin for online gambling:
- Pay no fees.
- $90,000USD per transaction
- Not affected by any government economic policies (like the Brexit)
- No taxes.
- Anonymous transactions.
- Withdraw from any country in almost any currency.
The Complexity of 6 Gambling Jurisdictions Involved in the BrexitOnline gambling laws and jurisdictions in the UK are a beautiful complexity. There are 6 overlapping license jurisdictions used by online casinos:
- UK Gambling Commission (UKGC)
- Gibraltar Regulatory Authority
- Alderney Gambling Control Commission
- Isle of Man Gambling Supervision Commission
- Jersey Gambling Commission
- Guernsey Gambling Control Commission