The European online casino Vera&John has recently become the first officially regulated online casino that will accept both deposits and withdrawals of the new electronic-based Bitcoin currency. The site, owned and operated by Dumarca Gaming Ltd, has been in operation since 2012. The company, which employs over one hundred people, has their official headquarters in Malta.
Due to this, they are regulated by Malta’s Lotteries and Gaming Authority, which audits the company regularly to ensure that all bets are fair and that the site itself is secure. Now they are also affiliated with Satoshi Slot, a site that has been using Bitcoins for some time and is aware of the best way of working with the virtual currency. Bitcoin, at its core, is a very rapidly fluctuating currency. One amount of Bitcoins worth the equivalent of one hundred euros at the time that someone buys into a game might be worth substantially more or less by the end of it.
In order to avoid that sort of problem, Vera&John immediately sends the coins to Bitcoin wallet service provider Coinapult as soon as they are deposited. Coinapult then immediately converts them to Euros in order to preserve the currency amount, and deposits them back into the Vera&John account. When the gamer cashes out later, that amount is converted back into the amount of Bitcoins that it’s currently worth. This ensures a fair and stable gaming experience, while allowing the gamer to both pay in and cash out with their Bitcoins. A player is allowed to win up to five thousand Bitcoins off a single bet.
Vera&John’s status as an officially regulated casino means that they use the same software providers as Vegas-based physical casinos do. They are a large, respected company with games from such companies as Play’n GO, Betsoft, IGT, and Three Pigeons. This is unlike previous Bitcoin-based online gambling sites such as SatoshiDice, which would not be able to host games from companies like IGT so easily.
Their reputation and history as a regulated casino means that those companies are more willing and able to work with them. Overall, the introduction of Bitcoins to Vera&John is a step forward in the recognition of the virtual currency. There is more to be done, but gamers who want to use Bitcoin should feel encouraged.