The UK Gambling Commission has asked stakeholders to weigh in with their thoughts on how to regulate betting with virtual currencies, social gaming and eSports.
On Thursday, the UKGC published a discussion paper stating its belief that lines between social gaming and gambling products were “blurring,” that some social gaming operators were unknowingly offering gambling games, and “new issues” raised by the burgeoning eSports gambling market.
The UKGC claimed that recent reports that it was now allowing licensees to accept virtual currencies like Bitcoin was actually old news, while reiterating that Bitcoin-friendly operators “must satisfy themselves and the Commission that they can meet their obligations for anti-money laundering and for social responsibility.”
As for eSports ‘skin betting’ operators, the UKGC says a betting license is required when skins “are traded or are tradable and can therefore act as a de facto virtual currency and facilities for gambling with those items are offered.”