For reasons that we will explain in detail below, a new Bitcoin betting site in the UK opens almost every month and punters who are interested in crypto horse betting have more and more options to choose from.
So, how do these sites work and how Bitcoin is used for gambling? Does all this have a legal basis? How can you buy Bitcoin and join the UK Bitcoin gambling experience?
If you’re looking for the answer to all these questions, today is your lucky day:
In this guide, we explain everything you need to know about Bitcoin gambling UK in a language that everyone can understand.
- 1First things first: What is Bitcoin and how do UK Bitcoin gambling works?
- 2Bitcoin gambling taxes UK: Do you need to pay them?
- 3Bitcoin gambling in the UK: How to buy your first Bitcoins
- 4Creating your wallet to use at Bitcoin gambling UK sites
- 5The most important things to know about UK gambling Bitcoin
- 6Bitcoin gambling is not limited to UK sportsbooks
- 7You are now ready for playing at a Bitcoin gambling site UK
- 8You are also ready for withdrawing from a Bitcoin betting UK website
- 9Converting Bitcoin to Pound: The easy way
- 10Our picks for UK Bitcoin gambling: The best crypto betting sites in 2023
- 11Bonuses at Bitcoin gambling sites UK: What to expect?
- 12Is Bitcoin gambling UK the right choice for you?
- 13FAQ about Bitcoin betting UK
- 14Start your UK gambling Bitcoin adventure today!
Best Bitcoin Betting Sites in the UK in 01 March 2024 – Updated List
First things first: What is Bitcoin and how do UK Bitcoin gambling works?
Bitcoin is a digital currency, first appeared in January 2009. No government manages it and no central bank publishes it: The users (called “miners”) are the ones producing this currency. You can store Bitcoin and send it to other users via a secure database called “blockchain”. All records and transfers on this database are encrypted and nobody can see them: The government and the tax office, for example, cannot see your balance and transactions.
We can tell you a lot more about Bitcoin, but for now, these are the things you need to know.
In summary, this is a digital and secure currency. You can shop with it and use it to buy any service you want, including online gambling.
Bitcoin in UK is legal but this legality stems from the lack of regulation. In other words, it is considered legal because there is no regulation that makes it illegal.
The only official statement on the subject was made by the Tax Office, and it was reported that Bitcoin would be considered a financial asset and taxed. This alone is not enough to make Bitcoin legal, but at least it is a start.
By 2024, you can make your payments and buy all kinds of services using Bitcoin in the UK. In other words, the answer to is bitcoin gambling legal in the UK question is yes, but we still have a long way to go.
Bitcoin gambling taxes UK: Do you need to pay them?
Truth be told, this is a very interesting situation. As perthe Gambling Act 2005, players are not required to pay any taxes due to their gambling winnings. All gambling-related taxes are paid by the operators. So, does this also apply to Bitcoin gambling UK? Is there a Bitcoin gambling tax UK?
The truth is nobody has a definite idea about this issue. The Tax Office believes that Bitcoin transfers must be subject to a tax, just like stock transfers. They think that the tax rate should be determined separately for each transaction.
It is possible to claim that transfers on Bitcoin betting UK sites are also included in this scope. However, it is also possible to claim that the betting tax in UK should not be paid by referring to the Gambling Act 2005.
Bitcoin and gambling are these:
• You can use Bitcoin for gambling, this is legal,
• There is no official consensus on whether UK Bitcoin tax gambling should be paid or not.
Bitcoin gambling in the UK: How to buy your first Bitcoins
Alright, now we can start talking about the actual experience. You need to own Bitcoin (BTC) first and foremost, so where to get it?
The simplest answer is “exchanges”. Owners of BTC sell and trade their currencies in exchange for Fiat and other cryptocurrencies. For example, any BTC owner can post a message that says “selling 20 BTC in exchange for 3.000 GBP”. (This is just an example, 20 BTC actually costs much higher than that.) Or, he/she can ask for a different cryptocurrency in return.
Exchange sites work in a way like eBay: The product sold is not their own, but they provide security for both the seller and the buyer and receive a commission in return. Since this is not the subject of this guide, we will not go into detail, but exchange sites we recommend are CEX, Coinbase, and Coinmama.
Of course, the decision is yours: With a simple Google search, you can find dozens of different results.
Become a member of the exchange site and take a look at the BTC offers: If you have purchased something on eBay before, you already know what to do.
Determine the amount of BTC you want to buy (if you can afford it, 1 BTC will be a good starting number) and pay by credit card or bank transfer. The BTC you have purchased will be credited to your account on the exchange site.
Creating your wallet to use at Bitcoin gambling UK sites
Ok, now we are the proud owner of Bitcoin but it is waiting for us at the exchange site: We still don’t have our hands on it. Our next step will be getting a digital crypto wallet UK. We have mentioned above that Bitcoin transfers take place via a database called “blockchain”. Each user has an “address” in this database. This address consists of a series of random numbers and letters.
It is not possible to find out which user the address belongs to: This information is stored in encrypted form on the blockchain. You can think of these addresses as anonymous IBAN numbers: Everyone’s identity is hidden, but money can still be transferred through the addresses.
So, you also need an address like that. The easiest way to get one is to use a digital wallet. There are countless free wallets for your desktop or mobile phone that you can download from the internet.
To make it easy to understand, you can think of these wallets like Neteller, Skrill, or PayPal applications: they give you a blockchain address and allow you to make your money transfers. In other words, you perform all of the deposit and withdrawal transactions using wallets, you do not need any other application.
We can recommend using Electrum, Exodus, Copay, and Bitcoin Core, but once again, the choice is up to you.
As an alternative, we recommend trying the new online bookmakers that accept iDeal.
The most important things to know about UK gambling Bitcoin
Now, you are really in control of your currency: You can pay with Bitcoin UK anywhere you want, including Bitcoin betting UK websites. We will explain making a deposit and a withdrawal with your wallet too, but first, let us mention a couple of important things about Bitcoin.
There is no chargeback. Once payment is done on the blockchain, it is impossible to cancel it or ask for a refund. There is no “manager” you can talk to.
• Your wallet is your entry to the blockchain and your balance on it. Make sure it is protected: If you forget its password, for example, there is no “reset”. If someone else gets to control it, there is no way of tracking your own money. Basically, protect your wallet at all costs.
• Bitcoin transfers are usually free of charge. We say “usually” because based on how busy the blockchain is, a fee may be applied to all transfers. This fee is not a fixed number; it will depend on the transaction amount & how busy the blockchain really is. However, to give you an idea, it can be as high as 8-10% of the transaction. This is important especially if you are transferring small amounts: The transaction fee will reduce the overall transfer amount.,
• Bitcoin is the first cryptocurrency and it can be said that these days it has turned into an investment instrument rather than a currency. Due to the old technology it uses, it is not a very suitable option for transferring small amounts: If we explain without going into technical details, it is very difficult to separate Bitcoin into very small pieces and the transaction fees sometimes cost more than the transaction itself.
Bitcoin gambling is not limited to UK sportsbooks
This guide is dedicated to Bitcoin betting UK but now that BTC can be used for gambling & betting in every country in the world. It is a global currency and its value is the same everywhere.
You can play CSGO Bitcoin betting in Malaysia, but for more read our article about the Malaysia betting site. Or, you can try your chances in eSports betting Bitcoin in Russia, at Russian betting sites. This is a digital currency that can be used anywhere, but for more info, read our main article about crypto esports betting, or about match crypto betting.
You are now ready for playing at a Bitcoin gambling site UK
Ok, you have learned where to obtain Bitcoin and how to make deposits & withdrawals with it. Now, it is time to start playing at a Bitcoin gambling site UK.
We will explain the registration process and how to make your first deposit, step-by-step.:
You have an active balance now: You can start placing bets or playing games. This part of the process is the same, if you placed a sports bet (or played an online casino game) before, you can keep doing the same things, the rules are not different. Depending on the UK gambling Bitcoin website, your balance may be shown with “chips”. In other words, while playing the games, you can see the currency listed as chips, instead of BTC. This is normal and there is nothing to worry about.
BTC looks really weird when used in small amounts (like 0.000020321 BTC) so displaying the bet amounts with coins is a better idea. Those coins are tied to your balance anyway, it’s just for your convenience.
You are also ready for withdrawing from a Bitcoin betting UK website
Making a withdrawal from a Bitcoin casino UK is also easy. In fact, it is easier than making a withdrawal. Let’s explain step-by-step, once again:
There are two possibilities after you hit the submit button. If this is a true crypto betting site (that supports only cryptocurrencies – for more read our crypto betting guide), the process will be automatic and instant, there will be no “approval” process. You will receive your winnings to your wallet in a maximum of one hour.
If this is a hybrid casino that also supports Fiat currencies & traditional payment methods, you may be asked to verify your identity. After that, someone still needs to approve your withdrawal request. In this case, the withdrawal may take up to 24 hours or even more, especially if you did not verify your identity before.
Converting Bitcoin to Pound: The easy way
You can easily do this by using the exchange sites. Do you remember buying BTC with your credit card? Well, now it is your time to become a seller. List your Bitcoin at the exchange site and if someone buys it, the fee will be credited to your account in Pounds. (You are exchanging BTC with Pounds, it is also possible to pick another Fiat currency like Euro.)
Transfer your exchange balance directly to your bank account. You can complete the whole process in less than an hour.
Our highly recommended pick for UK Bitcoin gambling: The best crypto betting site in 2024
If you open your account by using the ZBBC01 promo code, you can win up to 100 GBP in free bets. Placing 5 single bets of £10 or more will give you a £20 free bet. Repeat this 5 times and get a free bet budget of 100 GBP.
You should check out our special guide about making a living on Betfair.
Bonuses at Bitcoin gambling sites UK: What to expect?
- Bitcoin Sports Welcome Bonus: Your first deposit will be matched by a certain percentage (i.e. 100%).
- Reload Bonuses: Every time you make a deposit, it will be matched by a small figure (i.e. 20%).
- Cashback Bonuses: A certain percentage of your losses will be refunded on a constant basis (i.e. every week).
And, of course, these bonuses will require completing a wagering requirement too. The only exception is the cashback bonus, it usually does not require wagering.
After you make your first deposit you will have to make successive deposits in order to benefit from promotions. In other words you will have to reload your account. So you could divide the bonuses in one time only offers, such as the welcome bonus and offers for existing customers, such as reload offers UK.
Is Bitcoin gambling UK the right choice for you?
We believe that Bitcoin gambling is the right choice for everybody, due to its advantages: It offers a private and fair experience, due to the “provably fair” feature of casino games. This feature encrypts the results of a roll and sends this information to the device of the player.
After the roll ends, you can check & compare the results to ensure fairness – this feature alone eliminates the need for third parties like eCOGRA.
However, some players do not like this much “privacy”. As mentioned above, BTC transfers are final and there is no authority to comply. There are no chargebacks. Sometimes the fees can be quite high, especially at peak hours. And while it is not rocket science, making a deposit & withdrawal is much more complex when compared to Fiat currencies.
So, the choice is up to you: If you think that the advantages are more than the disadvantages, you can switch to Bitcoin betting UK bookies as they are bookies that don’t limit players. Otherwise, it will be much better to stick with Fiat currencies.
FAQ about Bitcoin betting UK
Of course. Like “normal” online casinos and sportsbooks, Bitcoin gambling UK websites work on mobile too. You don’t even need to use a crypto betting app; you can simply visit the mobile website.
All forms of gambling in the United Kingdom are legal. Bitcoin is just the currency; it is not a new kind of service. In other words, Bitcoin betting UK websites are legal too.
HM Revenue & Customs think that Bitcoin itself (not the gambling) is am income and must be taxed accordingly. On the other hand, the Gambling Act 2005 says gambling profits are not subject to any taxes. So… nobody really knows.
It is safer than “regular” betting. Blockchain transfers are encrypted and nobody can track them. If you value your privacy, UK Bitcoin gambling is the right choice for you.
Start your UK gambling Bitcoin adventure today!
This is the end of our Bitcoin betting UK guide for beginners and you are not a beginner anymore: You have learned the basics of Bitcoin gambling UK and ready to start your adventure in the Bitcoin cricket betting industry.
You can pick one of our recommended websites and start playing or take a look at our advanced guides, the choice is up to you. We have even prepared a guide about Dogecoin betting and the best Dogecoin betting sites in 2023. In any case, make sure to visit us often because we update our content and lists on a regular basis. This is the start of your crypto gambling adventure: Good luck!
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