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History of the British Pound Sterling

british_pound_sterling_casinosThe British pound sterling is the official currency of the United Kingdom, along with several other locations governed by the crown. These include Jersey, South Georgia and the South Sandwich Islands, Gibraltar, Guernsey, Isle of Man, Tristan da Cunha, and the British Antarctic Territory. Unlike most other modern currencies used today, the British pound sterling has a much richer history. Its coins got their start during the reign of Henry VII in 1489, while the first notes started circulating in 1694, not long after the Bank of England was established.

It’s safe to say that the currency has come a long way from where it started. The system it was based on consisted of complex divisions that have thankfully been left behind. Since 1971, the British pound sterling operates through the decimal system we all know and love. At the moment, there are four notes and eight coins. The notes come in denominations of £5, £10, £20, and £50. In comparison, you can find 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2 coins.

Safe Casino Deposit Methods that Accept British Pound Sterling

The British pound sterling is the national currency in several popular gambling hubs, so it’s easy to assume it’s a hit in online casinos. While it might not be the most used currency for online gambling transactions, conceding the title to the US dollar, it’s a go-to for many players worldwide. Thankfully, this comes with advantages. Mainly, the British pound is available as an option in most online casino venues, regardless of how well-established they are. If you’re looking to give online gambling a shot using this currency, here are the best payment options to choose from:

  • VISA Debit: Most players from the United Kingdom are more than familiar with VISA. The bank card is easily the most widespread payment option in the world at the moment, reaching locations that extend far beyond the UK. VISA doesn’t have many of the benefits that some modern payment options offer, but it offers guaranteed safety. For most players, this is more than enough.
  • MasterCard Debit: Another bank card that’s beloved by UK players is MasterCard. Like VISA, MasterCard is well-established worldwide, giving users a convenient and safe way to transact in online casinos. Something to keep in mind when using this bank card and others like it is that only their debit versions are available for online gambling transactions. The use of credit cards for these purposes is banned in the UK, so be sure to factor this in before choosing this option.
  • PayPal: Everyone’s heard of PayPal at this point. As the leading eWallet in the financial services industry, it gives players more than just a safe way to make money transfers online. There are plenty of perks that come from using PayPal, but the fast transactions and low fees are undoubtedly at the top. If you’re always in a hurry and want to get your hands on your winnings as soon as possible, just remember that most PayPal transactions are instant!
  • CASHlib: CASHlib might not be as popular as the other options on this list, but it’s a smash-hit with online casino fans hailing from the UK. Because of its nature, the eVoucher is one of the best options you can use when online banking these days. It’s convenient, easy to access, quick, and grants users much more anonymity than any of the other options on this list. Given the hesitation most players have about sharing their banking info, that last feature is something most look forward to.

Gambling Restrictions for British Pound Sterling

Talking about the restrictions placed on the British pound sterling when online gambling is in question is tricky. As we’ve discussed, the currency is used in the UK, along with other locations governed by the crown. Among them are Jersey, South Georgia and the South Sandwich Islands, Gibraltar, Isle of Man, Tristan da Cunha, Guernsey, and the British Antarctic Territory. While most face similar online gambling restrictions, they have separate regulations in place that players should be aware of. Of course, the good news is that online gambling is legal in most of these territories.

When exploring the regulations for these locations, it’s best to look at them on a country-by-country basis. The differences might be slim, but they’re still important. While it’s best to check out the in-depth information we offer on our website, there is some recent UK gambling news you might have heard of. Mainly, the country has banned the use of credit cards for online gambling purposes. Additionally, the use of some eWallets, such as Neteller, has also been banned.

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