The UK Gambling Commission is preparing to explore whether licensed betting operators in Great Britain should be allowed to accept cryptocurrency payments, a move prompted by growing consumer demand and the country's forthcoming digital-asset regulatory framework being developed by the Financial Conduct Authority.
What Happened: UK Betting Crypto Review
Tim Miller, the Gambling Commission's executive director of research and policy, announced the initiative during a speech at the Betting and Gaming Council's annual general meeting in London on Thursday.
Miller said the FCA is expected to finalize rules governing crypto activities this year, with regulations taking effect in late 2027. Gambling firms may be among those applying for crypto licenses under the new regime.
"That, as well as the growing appetite we see from punters, means we do now want to start looking at what the potential path forward would be to create a way for cryptoassets to be used as a consumer payment option for licensed and regulated gambling in Great Britain," Miller said. He has asked the Industry Forum, an advisory group representing gambling sector workers, to examine how crypto payments could be "progressed sensibly."
Around 8% of the UK's adult population own cryptocurrencies, a figure that declined last year even as Bitcoin (BTC) rallied to a record in October before pulling back. Miller noted that allowing bettors to pay with digital assets on regulated venues could help reduce the risks posed by illegal sites, which according to data from Yield Sec captured 71% of Europe's online betting and casino market in 2024.
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Why It Matters: Regulated Crypto Betting
The initiative reflects a broader effort by the crypto industry to build ties with UK regulators and lawmakers in a country that has fallen behind the US and the European Union in passing digital-asset legislation.
Miller acknowledged significant challenges but struck an open tone. "I am keen that we approach this in the spirit of exploring the art of the possible rather than starting from a position of finding all the reasons not to innovate," he said.
However, he cautioned that allowing crypto payments does not necessarily mean crypto casinos will be regulated in the UK, since they are unlikely to pass know-your-customer and suitability checks. "If they had been operating illegally up to this point, they would struggle to pass a suitability test," Miller told Bloomberg News.
Unlicensed gambling operators have used pirated streaming sites to grow to 9% of the UK's gambling market, according to a separate Yield Sec report published in January.
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