The large and reputable online Casino Vera&John can be considered as the first licensed and regulated venue to accept deposits in form of Bitcoin. It is important to emphasize that the virtual coin is not considered as a type of currency, but merely added to the list of payment methods. The casino itself does not carry Bitcoin funds, as all deposits are converted to euros.
The feature to use Bitcoin was launched yesterday, on the 28th of January. The company is registered in Malta, so the entered coins are exchanged towards euros. However, the digital currency users are reminded that the withdrawal of funds can also be made only in Bitcoin. The gaming platform rejects to perform as an exchange service, as it has no own Bitcoin deposits and does not plan to acquire any in the nearest future.
Comments on this decision were received from Johannes Klasson, a SEO consultant, who provides advice to Vera&John already two years and has prepared background for the Bitcoin introduction. He easily explains the differences and advantages of the casino in comparison to other competitors of the branch. Satoshi Dice and other cryptocoin gambling sites are built upon the principles of the virtual coins. The bets are checked using the BlockChain and a specially designed algorithm determines the fairness of a particular action. In comparison with such companies Vera&John is an officially recognized venue that features around 200 slot games. All the funds deposited in form of Bitcoin or other values are exchanged towards euro using the current ration. As the company has no funds in Bitcoin it can be hardly affected by the price fluctuations or other happenings of the virtual market.
Vera&John is a giant among similar venues. It has about 100 employees and their software is developed by Las Vegas suppliers. Among these contributors of the success are Play’n GO, Betsoft, IGT, Nextgen Gaming, Bally Technologies and Three Pigeons. Mr. Klasson believes that
“Even SatoshiDice would get turned down if went to IGT and said, ‘hey, give me your games to host on my page’. It doesn’t work like that.”
The casino exists corresponding to the Malta’s Lotteries and Gaming Authority and other relevant EU laws and organizations. Regular audits serve to determine possible faults or violations, which had never occurred before. Coinapult is the payment processor that works with Bitcoin deposits. The service provides instant exchange, which also contributes to the positive image of the platform. The representative of Coinapult stated that:
“Vera&John have been extremely excited to get Bitcoin payments up and running.”
Both the casino and the payment processor also complain on the strict anti-gambling laws of the US. Coinapult spokesperson adds:
“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.”