Irish authorities approve bitcoin options

Authorities from Ireland approved a gaming proposal to add bitcoin options to gaming platforms.

Ireland.- Irish gaming operator Lottoland has approved a gaming proposal to add bitcoin options to its online betting platform. Authorities announced that from next Monday, Lottoland’s gaming platform will allow players to bet on Bitcoin lotto jackpot, innovating the iGaming market with the international online coin.

“Bitcoin is a worldwide phenomenon, and Lottoland is giving our customers the opportunity to get involved in the big league,” said Lottoland’s Irish country manager Graham Ross, according to the Irish Times. Consumers will chose six numbers out of a pot of 49 with the odds of winning at 14 million to 1.

The statement reveals that the bitcoin proposal “involves 1,000 bitcoins, worth about €14.2 million, and is based on a similar format to the Irish lottery.” Ireland has no clear legislation on gambling and that forces the industry to act as its own watchdog, controlling suspicious transactions, potential event fixing and underage gambling. That’s why operators are calling for new regulations to be imposed, despite potential hurdles that may impose on their business, as they consider a clear regulatory framework would favour the sector as a whole.

The Gaming and Leisure Association of Ireland (GALA) and the Irish Bookmakers Association, representing Irish casinos and bookmakers respectively have urged for a regulation in the country. Despite approving a Gambling Control Bill in 2013, the Irish have made no progress ever since and the industry has to regulate itself, generating several irregularities.