Interesting news is rippling through the gaming community in the United Kingdom. Bitcoin has been approved by the United Kingdom Gambling Commission (UKGC). Previously, Bitcoin was not afforded any legitimacy by the respected gaming commission so casinos were not allowed to work with the digital currency. All that is now going to change. People who prefer to make and withdrawal deposits in Bitcoin can open up their virtual wallets to do so.

Consider this a trend the entire world of business may be latching onto. Bitcoin moves closer and closer to acceptance in many different venues of commerce. Honestly, there is no reason why resistance to Bitcoin should exist. Bitcoin can be cashed out for government-backed currency at any time. Millions of people prefer to perform transactions with the crypto, digital currency. Vendors and proprietors willing to meet the needs and requests of customers. After all, pleased customers are ones that patronize – and continue to patronize – a business.

The gambling industry, however, is not as free to do what it wants as other industries are. Gambling is heavily regulated so casinos cannot just make arbitrary decisions to accept Bitcoin without commission approval. All of that is moot now. The commission has rendered and approval.

Brick and mortar casinos are not covered under the new rules. Only online casinos have been approved to deal in Bitcoin. Honestly, online casinos would be the appropriate match for Bitcoin fans. The highly tech-oriented likely do the bulk of their wagering – if not all of the activity – online. They are probably already using Bitcoin for other transactions and doing so with frequency. Perhaps the move to approve Bitcoin use was done to accommodate them.

The logistics of the change are found on the “condition 5.1.1 of the ‘License Conditions and Codes of Practice'”, which deals with “cash equivalents. The most common cash equivalents are standard credit cards, debit cards, wire transfers, and the like. Bitcoin has now be added to the mix although the official commencement of being allowed to use Bitcoin won’t occur until October 31, 2016.

The online casino industry is likely thrilled about Bitcoin’s newfound approval and status for the same reason players are. Bitcoin is extremely easy to transfer. Players can deposit Bitcoin quickly and, as a consequence, wager quickly. The casinos are surely happy players can spend their money without impediments. Of course, the players could end up winning big to the casinos’ chagrin. Such is the nature of wagering.

The approval by the UK Commission opens a much safer doorway for fans of Bitcoin. Since Bitcoin is now regulated, there are consumer/player protections in place. Gamblers who wanted to play with Bitcoin could do so provided they played at a casino licensed by Curacao. Players in the United Kingdom take a huge risk venturing to those gambling establishments outside of the regulatory authority of the UKGC.

All legitimate casinos try to run as best a proverbial ship as possible, but problems and mishaps do arise. Turning to a third-party regulatory agency to handle a dispute aids those players who were wronged in some way. Going outside and around the UKGC was a risky path Bitcoin players had to travel. Soon, they won’t need to go in that direction anymore. Bitcoin and the United Kingdom gaming industry are in a partnership.

A very interesting scenario may play out with those Curacao casinos. A number of the online Curacao enterprises are “Bitcoin only” operations. Once Bitcoin is approved in the United Kingdom gaming market, those Curacao casinos could apply for a UK license and start a migration over to the U.K. Players looking for both consumer protections and expanded gaming options are going to be quite pleased if this plays out.

The approval of Bitcoin assuredly has the potential to positively effect the gambling industry and, as a result, the economy in the United Kingdom. The gambling commission was probably not motivated solely by a desire to enhance conveniences for gamblers. The idea here is to remove impediments to commerce. Concerns exist about the use of Bitcoin as a virtual currency, but several years of Bitcoin’s use on the internet has built enough confidence a major regulatory commission has faith in its use.