How to Bet with Crypto in the UK: Rules, Regulations and Tips
- Crypto betting legal in the UK, regulated by UKGC with AML focus.
- UKGC mandates conversion of crypto to fiat for transparency.
- Offshore platforms offer more anonymity but less legal protection.

Crypto UK
Crypto betting in the UK is a largely complex and evolving landscape. While cryptocurrencies themselves are not regulated as financial products in the same way fiat currencies are, gambling activities are legal and heavily regulated.
There are no explicit laws legalizing or prohibiting crypto betting but with online gambling legal in the UK, licensed operators are permitted to accept crypto deposits. However, there are certain stringent regulatory requirements, particularly regarding anti-money laundering (AML) and consumer protection.
We will take a look at the legal overview surrounding crypto betting in the UK, offering a breakdown of the intricacies.
Top Crypto Betting Sites available for UK Players
Before we delve into the regulations surrounding crypto betting in the UK, it helps to know the global operators that are available to players in the UK. Below is a list of some of the more prominent platforms:
Is Crypto Betting Legal in the UK?
Yes, crypto betting is legal in the UK. There are no explicit laws legalizing or prohibiting betting with cryptocurrencies but general online betting is permitted, which means licensed operators can accept crypto deposits, provided they adhere to certain regulatory requirements.
Always ensure that whatever betting site you choose is fully licensed and regulated by the relevant authorities.
UK Crypto Gambling Regulations Explained
The primary regulatory body for gambling in the UK is the UK Gambling Commission (UKGC). They provide licenses to any platform offering gambling services to UK gamblers. Every operator is required to obtain a license as operating without one is considered illegal.
While crypto betting was not explicitly mentioned in the Gambling Act 2005, the UKGC permits its licensed operators to accept crypto deposits. Any platform that wishes to accept crypto deposits adheres to stringent regulatory requirements, particularly regarding anti-money laundering (AML) and consumer protection.
The UKGC also mandates the betting sites to convert the crypto deposits into fiat currencies in the players accounts, meaning account balance will not be displayed in cryptocurrency (like GBP). This is to ensure transparency and mitigate volatility risks for consumers.
AML/KYC for Crypto Gambling Site in the UK
Crypto betting is subject to the same rigorous AML and CTF regulations as traditional gambling operators. This is one of the issues as one of the features of crypto betting is the anonymity it offers.
Operators are required to implement robust KYC procedures, including:
- Verifying the identity of players (often requiring ID documents).
- Monitoring transactions for suspicious activity.
- Appointing a Money Laundering Reporting Officer (MLRO).
- Conducting risk assessments.
- Keeping records for at least five years.
Offshore Crypto Betting for UK Players
Due to the heavily regulated nature of crypto betting in the UK and the requirement for conversion to fiat currency, players with the UK often go to offshore crypto betting platforms. These sites operate outside the jurisdiction of the UKGC and do not operate under their regulations.
It should be noted that there can be some risks engaging with offshore platforms as players have little to no legal protection in case of disputes or unfair practices. They are not subject to the same consumer protection laws, responsible gambling mandates imposed by the UKGC.
It should be noted that a lot of reputable crypto betting sites in other parts of the world are also subject to certain regulations and guidelines from the relevant authorities. They have KYC and AML rules that they adhere to.
Things to Consider Before Choosing an Offshore Crypto Betting Site
With offshore crypto betting sites not subject to UKGC regulations, it is important to choose legitimate platforms to avoid falling victim to scams. We will now offer some things to consider before opting for any offshore betting site:
- Legality
The first thing to consider before choosing an offshore crypto betting site is legality of the platform. Always ensure that your chosen operator has a license from reputable gambling authorities
Some of the more popular licensing bodies are Malta Gaming Authority, Curaçao eGaming, Gibraltar Regulatory Authority, etc.
- Crypto Availability
The point of seeking out an offshore crypto betting site is to wager with cryptocurrency. It is vital to ensure your chosen platform accepts a wide array of crypto currencies. Unlike operators in the UK that require the crypto be converted to GBP, a lot of offshore platforms carry out their transactions directly with cryptocurrencies.
- User friendliness
Betting is usually a simple and straightforward process and should be done with minimal fuss. A cluttered site makes it tricky navigating through the numerous sections, so a good crypto betting site should have a user-friendly interface.
It should be easy to navigate the different sections of the page. Carrying out your wagering needs from making deposits, withdrawals and claiming your bonus, should be done with minimal fuss.
- Bonuses and Promotional offers
Everyone likes freebies so bonuses and promotional offers will be a major consideration when choosing a sports betting site. The welcome offer is usually your first introduction to promos on a betting platform and the ones with generous bonuses.
There are also other offers that may catch your attention like the loyalty bonus, accumulator bonus and numerous free bets.
Offshore Crypto Casinos vs UKGC Licensed
Below is a detailed breakdown of the fundamental differences between crypto betting sites and UKGC-licensed.
- UKGC-Licensed
- Highly stringent and reputable.
- Fully legal and regulated for UK residents.
- Mandatory Know Your Customer (KYC) and anti-money laundering (AML) checks required.
- Primarily traditional methods, with crypto deposits immediately converted to fiat currencies.
- Generally no fees for deposits/withdrawals, but some payment providers might charge.
- Offshore Crypto Betting
- Various offshore jurisdictions (e.g., Curacao, Costa Rica, Panama), with varying regulations.
- Operating in a legal "gray area" for UK residents but not illegal to use.
- Offers greater anonymity with less stringent KYC/AML, especially for crypto transactions.
- Fully crypto-enabled, with transactions, with transactions carried out in cryptocurrencies
- Crypto transaction fees (network fees) apply.
UK Crypto Betting Tax
Gambling winnings are generally tax free for UK residents as the burden usually falls on the regulators not the players. However, crypto-assets are treated as a form of property in the UK, which means that while the winnings might not be taxed, the cryptocurrency involved can trigger tax implications at various stages.
When you place a crypto-bet, this is treated as a "disposal" of that crypto-asset. If the value of the crypto has increased between the time you acquired it and the time you used it to place the bet, you could owe Capital Gains Tax on that gain.
Also, if you receive crypto as a form of income from (bet winnings, bonus rewards, etc.), this would be subject to Income Tax.
Betting with Crypto in the UK FAQS
- Is Crypto Betting Legal in the UK?
Yes, crypto betting is legal in the UK. There are no explicit laws legalizing or prohibiting betting with cryptocurrencies but general online betting is permitted and regulated. This means licensed operators can accept crypto deposits, provided they adhere to certain regulatory requirements.
Always ensure that whatever betting site you choose is fully licensed and regulated by the relevant authorities.
- Are Offshore Crypto Betting Sites Safe For UK Players?
Due to the restrictive and inconsistent regulations within the UK, many American players often go to offshore crypto betting platforms. These operators are safe as long as they are licensed by some of the more prominent authorities like Malta Gaming Authority, Curaçao eGaming, Gibraltar Regulatory Authority.
- Are Crypto Betting winnings taxable?
Gambling winnings are generally tax free for UK residents as the burden usually falls on the regulators not the players. However, crypto-assets are treated as a form of property in the UK, which means that while the winnings might not be taxed, the cryptocurrency involved can trigger tax implications at various stages.
- Does the UKGC directly license crypto-only betting sites?
The UKGC licenses gambling operators based on their adherence to the Gambling Act 2005 and its licensing objectives. If a UKGC-licensed operator chooses to accept cryptocurrencies, they must do so within the existing regulatory framework and must accept only crypto deposits.
- Are crypto winnings taxable in the UK?
Gambling winnings are generally tax free as the burden falls on the operators. However, crypto-assets are considered property and subject to UK tax laws. This means that while the winnings might not be taxed, the cryptocurrency involved can trigger tax implications at various stages.
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