Business

Is Bitcoin the new go-to gambling currency online?

One of the most interesting industries accepting Bitcoin is the online gambling sector

The Manc The Manc - 13th May 2021

As the world’s leading cryptocurrency Bitcoin continues to flourish. While it is yet to impact on the lives of a huge chunk of society, it is becoming more and more prevalent and accepted in far great places than ever before.

One of the most interesting industries accepting Bitcoin is the online gambling sector. Not in the UK yet, where the regulations surrounding betting accounts, payments and money laundering are far stricter than other jurisdictions. But worldwide.

Here in the UK, the Gambling Commission have put in strict regulations that bookmakers and betting sites must abide by. The KYC (Know Your Customer) rules means that identity, payment methods and authenticity are a must if customers are to be allowed to place a bet. 

Does Bitcoin Casino Gambling Make Sense? - The European Business Review
Bitcoin

As a result, betting with Bitcoin – or other cryptocurrencies for that matter – isn’t yet possible on these shores. And that is unlikely to change any time soon unless the crypto world can dovetail with the UK Gambling Commission regulations.

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Elsewhere, however, bookmakers and betting sites around the world are accepting bets and deposits via ewallets and in cryptocurrencies from Bitcoin to ZCash and Ethereum to TRON.

Some of the leading global bookmaking brands like Betwinner, 1xBet, Melbet and 888Starz, all accept deposits in cryptocurrencies, which is bet in BTC or converted into a currency to bet with online or via their betting apps.

One that has taken things even further is 1xBit, which offers the 1xBit promo code NEWBONUS. They are a sportsbook and online casino that only deals with crypto currencies and particularly Bitcoin. No surprise where the name came from.

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It isn’t something new either, because 1xBit saw this coming some time ago having been formed and founded in 2007. They are a traditional bookmaker in every sense other than the accepted payment methods of initially Bitcoin and now a wider array of cryptos.

What 1xBit saw about cryptocurrencies was the benefits of withdrawing winnings instantly. The experience mimicked that of a betting shop, collecting hard cash as soon as the bet was won. There was no three or five day delay for winnings to appear into a bank account.

Now it is possible to bet online using Bitcoin far widespread than just via 1xBit, although they do remain one of the leading betting sites for crypto customers.

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Is Bitcoin about to become the best way to bet online? Not every bookmaker will ultimately accept it as a payment method, particularly when the regulations governing them are tight. But the list of those that do is growing weekly and monthly worldwide.

What is the Future of Cryptocurrency on Online Gambling Sites? - InsideBitcoins.com
InsideBitcoins

Betting via BTC is beneficial on both sides of the wagering fence, because it is easier for both customer and bookmaker to process payments and get their hands on the money quickly and easily.

As a currency that transcends countries, regions and continents, it is a global player and undoubtedly here to stay. While the online gambling sector can be accused of being slow to react from time to time, this is one area where innovation is leading the way.

Expect other industries like online shopping to learn from how bookmakers have adapted and added cryptocurrencies to their offering and business model. Bitcoin is set to boom in online betting and as it paves the way for a far wider impact.

Business

The Glazer family are FINALLY considering putting Manchester United up for sale

Danny Jones Danny Jones Glazers open to selling United

In an absolutely staggering day for Manchester United, it looks like the Glazer family could finally be considering selling the club. Parades outside Old Trafford incoming?

The announcement was made in an official statement by the club on Tuesday, 22 November, while most fans had not long finished watching the last World Cup game and were still digesting the news from earlier in the evening.

Should a sale actually go through (we’ll believe it when we see it), it will bring the Glazer‘s ownership of the club to an end after more than 17 years of protests and regression as a once top European team.

You can read the full statement down below, including words from the typically silent Glazers themselves.

The statement detailed how the board of directors are now “commencing a process to explore strategic alternatives for the club… with the ultimate goal of positioning the club to capitalize on opportunities both on the pitch and commercially.”

“As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company.” Yes, you read that right: they might seriously consider selling.

The mere notion of a sale will come as a surprise to virtually every football fan, let alone United supporters, as the US businessmen have long made it clear they had no intention of letting the multi-billion pound sports franchise go.

It was only just over a month ago that long-time suitor Sir Jim Ratcliffe said he was told by the Glazers directly that the club “is not for sale“.

The announcement goes on to explain that they will be examining plans on everything from “stadium and infrastructure redevelopment… expansion of the club’s commercial operations on a global scale”, to the “long-term success of the club’s men’s, women’s and academy teams” before taking next steps.

They also reiterated that the fan base’s interests will also be considered as much as stakeholders. Yeah, we’ve heard that one before…

News of the club being put up for auction was first broken by The Athletic, who reported that the much-maligned American owners had instructed their banks to handle the sale of the sporting giants.

Shortly after that, Sky News revealed that the share price of the club rocketed by 17% following the rumours alone.

Speaking in a rare statement from the two, co-chairmen and directors Joel and Avram Glazer said: “As we seek to continue building on the Club’s history of success, the Board has authorized a thorough evaluation of strategic alternatives.

“We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the Club today and in the future.

They also insisted that they will “remain fully focused on serving the best interests of our fans, shareholders, and various stakeholders.”

Whether what happens next is a full-blown agreement to sell or simply an invitation to welcome other investors on board, it is thought that the incoming parties will also be American. It also thought that were they to sell, they will be looking for offers between $5-9 billion.

It has also been confirmed that banking giants Rothschild and Co. will be acting as the exclusive financial advisor to the Glazer family shareholders and all those financially invested in the club.

Before fans get too carried away, the club did reiterate that “there can be no assurance that the review being undertaken will result in any transaction involving the Company” and no further comments will be made until an official decision or breakthrough has been made.

This earth-shattering news comes just hours after the Red Devils confirmed the departure of Cristiano Ronaldo by way of mutual agreement — an outcome that seemed significantly more likely than the club being put up for sale.

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Manchester United are approaching nearly a decade without a league title and have won few trophies in the years since Sir Alex Ferguson.

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Moreover, despite numerous additions to the squad itself down the year, the consensus has long been that the club has seen little investment from its owners — certainly not with their own money, anyway. With that in mind, a done deal or not, this is a momentous day for United fans around the world.

While we don’t expect a decision before the end of the year, Reds may finally be able to put their Glazers Out banners down in the near future.

For all the latest news, events and goings on in Greater Manchester, subscribe to The Manc newsletter HERE.

Featured Image — Manchester United/Andre Zahn

Business

Inflation has risen to a ‘higher than expected’ 41-year UK high of 11.1%

Emily Sergeant Emily Sergeant

Inflation rose at a “higher than expected” rate last month, and is now at a 41-year UK high of 11.1% amid the cost of living crisis.

Up from 10.1% in September, the Office for National Statistics (ONS) has confirmed today that the consumer prices index (CPI) measure of inflation had risen by a whole 1% in October too 11.1% – which is the highest it has been in 41 years since October 1981 as the rising cost of living crisis continues to make its impact felt nationwide.

The cost of electricity and heating for homes was one of the fastest rising figures last month, the ONS said, despite most households receiving help from the government’s energy price guarantee – which was introduced at the start of last month, and limits wholesale charges for gas and power – while food costs were was also cited as another major element.

At 16.5%, the cost of food rose at the fastest annual pace since 1977, the ONS stated.

The ONS also added that prices rose between September and October 2022 by as much as they did in the entire year to July 2021.

“Over the past year, gas prices have climbed nearly 130%, while electricity has risen by around 66%,” explained Grant Fitzner – chief economist at the ONS.

The confirmation of the new rate of inflation comes ahead of newly-appointed Chancellor Jeremy Hunt’s Autumn Budget statement tomorrow, and also suggests that Bank of England will have to raise interest rates further to bring inflation down to its 2% target, the Financial Times reports.

Inflation has risen to a ‘higher than expected’ 41-year UK high of 11.1% / Credit: Aldi

Blaming Russia’s invasion of Ukraine for the deepening cost of living crisis, Hunt has pledged to take “tough but necessary decisions on tax and spending” in the Autumn Budget to help bring inflation down.

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He added: “We cannot have long-term, sustainable growth with high inflation.

“Tomorrow I will set out a plan to get debt falling, deliver stability, and drive down inflation while protecting the most vulnerable.”

Featured Image – Flickr

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