The Isle of Man, one of the safe havens that many USA online casinos use in order to get licensed and be regulated, has become the first online gambling jurisdictions to move towards the future and allowed the use of Bitcoin and other virtual currencies, for gambling. This news comes with many changes by the Gambling Supervision Commission (GSC) and Treasury of the island, where they have expanded on what casino operators can and cannot do.
Online Casino Gambling Regulation Package 2016
The changes that the GSC set out to implement this year came in the nicely wrapped Gambling Regulation Package 2016. The biggest news was the fact that they have now approved the acceptance of virtual currencies, which includes Bitcoin, as cash. This will expand what online casinos already offer in terms of banking options. This comes as a surprise, especially after the assumed creator of the Bitcoin came forward and revealed his identity. Known solely as the pseudonym Satoshi Nakamoto, it seems he was actually an Australian entrepreneur named Craig Wright.
The other changes that are included in the package that directly affect how a casino operator does business includes:
Sublicensee Rights Clarified
Another major change in regulation includes the clarification that sub-licensees can use all parts of a full licensee’s platform. This would mainly affect the back office type of operations, which include payment processing, commercial marketing, management tools, and other non-gaming functions.
Test Certificates Addressed
This is an important change, as the GSC will list jurisdictions and transactional organizations that it officially recognizes test certificates that are on the same level as the Isle of Man. They will run tests to ensure that the payouts and randomness are fair for the online casino games. This will allow casinos to get listed as the Isle of Man approved if their own test certificates are up to standard.
Choice of Control
Operators will be able to provide functions that set the maximum bets permitted. Once the betting limits are set by the player, they will not be able to increase the limit for seven days. However, these limits are not always used and prove to be troublesome.
Protection of Winnings
This change will address the issue every gambler worries about, the safety of their winnings.
The Future of Virtual Currencies in Gambling
More and more online casinos, even those that accept players from the United States, are expanding their banking options to include virtual currencies, primarily acting as Bitcoin casinos. With such a huge step forward by the Isle of Man, a trusted and widely recognized gambling regulator, it won’t be long for others to follow in their footsteps and make similar changes.