UK Eyes Crypto Bets: New Payment Option Explored

The UK Gambling Commission is actively investigating the feasibility of permitting cryptocurrency payments for bets. This initiative aligns with the UK's broader efforts to establish digital-asset regulations, with the Financial Conduct Authority anticipated to finalize rules governing crypto activities this year, becoming effective by late 2027. Gambling firms are expected to be among those seeking crypto licenses under the new regime.

Tim Miller, the Gambling Commission's executive director, stated that the growing interest from bettors necessitates an examination of how cryptoassets could be integrated as a consumer payment option. This proposal seeks to enhance consumer safety by offering a regulated avenue for digital payments, thereby reducing the reliance on and risks posed by unlicensed gambling platforms.

Miller acknowledged significant challenges but stressed an open approach to innovation, focusing on possibilities rather than limitations. The move also addresses the growing presence of illegal gambling operators, which captured a substantial portion of the European market in 2024. While this opens avenues for regulated betting, it does not automatically imply regulation for crypto casinos.