The UK Gambling Commission (UKGC) has said they are investigating the possible regulation of crypto payments for licensed online casino and bookie sites.
Speaking at the group's Annual General Meeting, the Commission's Executive Director, Tim Miller, says searches for crypto gambling have increased, and results currently lead players to unlicensed and unregulated sites.
The move comes less than three months after the Government put forward the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025 – an amendment to the 2000 Act that would bring cryptoassets under the regulatory remit of the Financial Conduct Authority (FCA).
The UKGC's stance on crypto gambling
The UKGC does not strictly prohibit cryptocurrency payments. The regulator's website states:
"If you want to accept digital currency as a means of payment… you must satisfy yourself and us that you can meet your obligations in relation to anti-money laundering and that you are acting in a socially responsible way."
However, the Commission requires licensees to conduct 'Know Your Customer' (KYC) checks and meet anti-money-laundering and anti-fraud checks.
The Commission has previously classified crypto customers as "high risk" and said they should undergo stricter source-of-funds checks.
For most operators, accepting cryptocurrency has been considered too challenging, and those that have tried have failed to meet the UKGC's requirements.
As a result, no major operators licensed by the Gambling Commission currently accept cryptocurrency payments.
The burgeoning crypto gambling market
Despite the lack of regulation, the cryptocurrency gambling market continues to grow. It's difficult to know exactly how big the market is because of the anonymity of crypto payments.
However, recent estimates suggest it reached $80bn globally in 2025. Analysts expect the figure to reach $150bn by the end of the decade. It is a market on the rise, driven by companies like Roobet and Stake.
Stake's owners, Easygo Group Holdings, announced annual profit equivalent to more than £135m for the year ending 30 June 2025, generated from more than £500m in revenue.
Despite only launching in 2017, Stake.com has gone on to sponsor the UFC, the Sauber F1 team and rapper Drake.
It is also the front-of-shirt sponsor for Everton Football Club, although the deal expires at the end of this season when the league's self-imposed ban on gambling ads comes into force.
Stake left the UK gambling market in 2025 after regulatory pressure, but it could return if market conditions change.
According to Commission research, crypto is one of the two main searches that push players to unregulated sites.
Without UKGC oversight, sites do not have to perform the same KYC checks and don't generally conduct affordability, security, or fraud checks.
As a result, the UKGC's Industry Forum has been tasked with exploring how crypto payments can be integrated into the UKGC licensing process.
The body may be feeling pressure from within the Government. In December, the Government tabled the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025.
The Bill is widely expected to gain approval, and it would bring cryptocurrencies under the umbrella of the FCA. The Bill introduces a capital gains tax allowance of £3,000 while enabling the issuance of regulated UK stablecoins.
