Bitcoin betting UK: The ultimate guide to bitcoin gambling in UK [2024]

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.

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 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.

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.

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.

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.

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.

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.

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.

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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