Online Bitcoin casinos form part of a massive industry and the number of them continues to grow as the boom in cryptocurrency gambling shows no sign of slowing. The increasing number of online gamblers combined with the ever-growing amount of online casinos is a positive for the industry which shows no sign of slowing down. However, as more and more parties are coming to the table and getting involved, in one way or another, in the world of cryptocurrency gambling, it is important to put standards in place for the online casinos so that the player’s protection is guaranteed.
The need for regulation of online casinos is important as unregulated casinos can do what they please and this can have grave consequences for gamblers. Although gambling is restricted in many countries, it continues to exist and there is a need to acknowledge this and legislate for it. The online gambling industry is harder to pin down as the Internet crosses borders and can be accessed and supplied anywhere in the world. While regulation for one country may not be legally-binding in another, a seal of approval issued by an official authority can be just as good.
The United Kingdom Gambling Commission is one such entity whose job is to regulate gambling within the United Kingdom. Gambling in the UK is worth £13.5bn (€15bn, $17.5bn) and roughly £4.5bn (€5bn, $5.8bn) comes from remote (online) gambling. The Gambling Commission has also developed a policy for dealing with online casinos, which stresses the need for online players to have access to information which details their gambling activity.
Online casinos that have obtained licenses from the United Kingdom Gambling Commission can display a banner, usually found at the bottom of the homepage, as confirmation that they meet the regulatory criteria established. For residents of the United Kingdom, if you are playing at an online casino which proudly sports one of these banners then you can be confident that the company is up to scratch in terms of regulations. For foreign-based players, a UK Gambling Commission logo can be seen as a seal of approval and a reassurance that the online casino holds itself to standards at some level, even if they are not the ones set out by the country you reside in.