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Bitcoin betting UK: The ultimate guide to bitcoin gambling in UK [2020]


The number of websites that accept Bitcoin is increasing day by day. This includes gambling and UK betting sites too:

For reasons we’ll explain in detail below, a new Bitcoin betting UK site opens almost every month.

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.

Top Bitcoin Gambling Sites in UK [2020]

Rank
Bookmaker
Bonus
Bitcoin Accepted
Rating
Get Started
1
100% up to £50
Yes
Rating 9.99 out of 10
2
Up to £100 in Free Bets
Yes
Rating 9.90 out of 10

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 2020, 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 Betting UK

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.

There is no clear consensus on the issue by 2020 and there is still no exemplary decision from the courts. Due to its nature, the fact that Bitcoin transfers cannot be tracked prevents an exemplary decision. At the moment, UK terms of use for

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

Tip

Once you get your wallet, simply go back to the exchange site and transfer your Bitcoin to your wallet, using your unique blockchain address (you will see it once you launch the wallet for the first time).

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. 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.

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.:

Step 1
The first obvious step is picking a Bitcoin gambling site UK. For the best experience, simply pick one of our recommendations below.
Step 2
Visit the website of that sportsbook/casino. Now, there are two possibilities at this point: If the Bitcoin gambling UK website supports Fiat currencies & traditional payment methods too, you need to fill out a registration form, like usual. If the website supports only cryptocurrencies, completing a registration won’t be necessary: You can just pick a username & password and login.
Step 3
In any case, your third step will be making the first deposit. Check the “promotions” page before doing that and look for bonuses: Maybe you can get a match bonus for your deposit, who knows? Open the “deposits” page and select “Bitcoin” among the offered options.
Step 4
You will just see the blockchain address of the UK Bitcoin gambling website. That’s normal. Switch to your wallet and open it. Enter this address as the “recipient” and send any amount of BTC you like, using your wallet. You won’t give any information to the website at any point, the whole process will be completed on your side.
Step 5
Wait for a while – blockchain transfers are usually instant but if the blockchain is exceptionally busy, it may take an hour to complete. Once you see the credits in your account, you are done. Contact customer support with your wallet logs if necessary.

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:

Step 1
Open your profile page and look for an option that says “withdraw”, “cashout”, etc.
Step 2
Click on it and open the “withdrawals” page. Specify the amount you wish to withdraw.
Step 3
Next, enter your blockchain address, like entering your PayPal email address. To find your blockchain address, use your wallet.
Step 4
Hit “submit” and finalize the process. That’s it.

There are two possibilities after you hit the submit button. If this is a true crypto casino (that supports only cryptocurrencies), 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

Tip

After making a withdrawal from a Bitcoin gambling site UK, you may want to convert your BTC to Pound, for practical purposes. After all, BTC is not physical and not as easy to use as Fiat currencies.

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 2020

Betfair
If you like betting exchanges, Betfair will be your favorite address. It is the first betting exchange in the United Kingdom and still the most popular one.

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.

Bonuses at Bitcoin gambling sites UK: What to expect?

Further Information

UK gambling Bitcoin websites also offer bonuses and they are not different than the regular UK betting offers of online casinos/sportsbooks. In other words, you can expect to see the following promotions at Bitcoin betting UK websites:

  • Welcome Bonuses: 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.

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. 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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