Vera & John First Licensed Online Casino to Accept Bitcoin
The Maltese licensed casino, which focuses mainly on the Scandinavian market, began taking Bitcoin deposits this week, according to a report in EGR Magazine.
Bitcoin players will be able to make deposits in Bitcoin, which will then be automatically converted into Euros. When they’re ready to withdraw, their account will be converted back into Bitcoin and deposited in their Bitcoin wallets.
The ground breaking move puts Vera & John way ahead of the rest of the igaming industry which has, so far, been reluctant to deal with the virtual currency. A spokesman for the company told EGR:
One of our key company values is innovation and this is why we are very proud to be the first regulated and licensed casino to offer Bitcoin to our customers.
Most online casinos have been avoiding the move into Bitcoin because the currency’s wild fluctuations make it a bit risky. While it’s currently trading at about $800 (USD), Bitcoin values have varied between $13.50 and $1,000 over the last 12 months.
There’s also been some concern that the relatively anonymous currency is being used to launder money for criminal enterprises.
Despite the risks, Bitcoin-only casinos have been doing a bang-up business and that, apparently, is too big a temptation for igaming interests to ignore.