One of the largest online casinos in the world, Vera&John, has become the first licensed and regulated Internet casino to accept bitcoin (BTC) deposits. The initiative was part of a two-month bitcoin project.
The website made the announcement Wednesday and deposits would automatically be converted into euros with real-time exchange rates, which would then be transferred to the client’s account. Customers who make deposits will only be permitted to withdraw those same deposits in bitcoin.
Unlike other online casinos that use bitcoin transactions as the basis for bets, Vera&John will allow users to pay with the digital currency for games already presented on the website. The online casino will not hold bitcoins and thus would not experience any risks in the bitcoin marketplace.
Each customer’s account can have access to more than 200 slot games and the software doesn’t have to be adapted to synchronize with bitcoin. The European Union-based casino is collaborating with Coinapult, an acting payment processor. Gamers can win up to 5,000 bitcoins in a single bet
“The popularity of the digital currency bitcoin takes new ground when Vera&John as part of an industry first, agree to offer their players a chance to use the new cyber currency on the casino site,” the company said in a news release. “One of our key company values is innovation and that is why we are very proud to be the first regulated and licensed online casino to offer bitcoin to our customers, said a representative from Vera&John.”
Due to the heightened regulations and anti-gambling legislation by the Maltese Lotteries and Gaming Authority, Vera&John does not accept clientele from the United States.
“Being able to build business relationships like these – in jurisdictions and with banks that have clear, market-friendly regulatory frameworks – is why Coinapult opted to leave the US and establish itself in Panama,” a spokesperson for the casino told CoinDesk.
At the time of this writing, bitcoin is trading at around $825 (605 euros).
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