Crypto Casino Guide 2026: How KYC and Verification Protect Your Funds in the UK

The UK gambling market processed over £15.3 billion in gross gambling yield between October 2023 and September 2024, according to the Gambling Commission. Crypto casinos operate in a curious spot within that landscape — some hold UK licences, while others serve British players from offshore jurisdictions like Curacao, Malta, or Gibraltar. The distinction matters more than most players realise.

Bitcoin deposits at online casinos have grown steadily since 2020, yet the regulatory framework around them remains fragmented. A crypto casino licensed by the UK Gambling Commission must follow the same anti-money laundering rules as a traditional operator. That means identity verification, source of funds checks, and transaction monitoring are not optional extras — they are legal requirements under the Money Laundering Regulations 2019.

This guide breaks down how KYC procedures work at crypto-friendly sites, why casinos demand your passport before paying out, and which operators balance privacy with compliance. You will also find practical comparisons of withdrawal limits, verification times, and the specific documents UK players need to provide in 2026.

Why Do Crypto Casinos Require KYC Verification?

Know Your Customer checks exist for one simple reason: the law demands them. The Gambling Commission’s Licence Conditions and Codes of Practice (LCCP) require all licensed operators to verify a customer’s identity before allowing them to gamble or withdraw winnings. This applies whether you deposit in pounds sterling, Bitcoin, or Ethereum.

The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2019 set the baseline. Casinos must conduct customer due diligence before establishing a business relationship, which in practice means verifying your name, date of birth, and address. For crypto transactions, additional checks kick in because digital currencies offer a degree of pseudonymity that fiat payments do not.

Operators holding a UK licence must also register with HMRC for anti-money laundering supervision. Failure to comply can result in fines up to £17 million or licence suspension, which explains why even crypto-first brands like 888 Casino and William Hill enforce strict verification protocols. The days of anonymous Bitcoin gambling at licensed UK sites ended around 2020, when the Commission clarified that crypto deposits do not exempt operators from CDD requirements.

What Documents Do UK Players Need to Provide?

Standard verification at a UK-licensed crypto casino requires two documents: a government-issued photo ID and proof of address. A passport or driving licence covers the first category. For address proof, operators typically accept utility bills, bank statements, or council tax letters dated within the last three months.

Crypto-specific checks go further. If you deposit £2,000 or more in Bitcoin, the casino may ask for proof of funds — screenshots of exchange transactions, wallet addresses, or bank statements showing where the cryptocurrency originated. This requirement stems from the Fifth Anti-Money Laundering Directive, which treats crypto exchanges as obliged entities.

Some offshore operators like Mystake casino or NineWin casino request less documentation, but that convenience comes with trade-offs. Unlicensed sites do not contribute to the £5.4 million annual levy that funds problem gambling treatment, nor do they offer access to dispute resolution through the Independent Betting Adjudication Service (IBAS).

How Long Does Casino Verification Actually Take?

A well-run verification process takes between 10 minutes and 24 hours. Automated systems at operators like PlayOJO and Casumo can verify your identity instantly by cross-referencing your details against electoral roll databases. Manual reviews, triggered by mismatched documents or high-value deposits, typically require 24 to 72 hours.

Withdrawal requests at most UK crypto casinos cannot be processed until verification completes. This creates frustration for players who deposit with Bitcoin, win quickly, and then face a waiting period before accessing their funds. The Gambling Commission mandates that operators verify customers before allowing withdrawals, not before accepting deposits — a loophole some sites exploit.

For crypto withdrawals specifically, casinos must confirm the destination wallet belongs to you. This usually involves a micro-deposit verification or a signed message from your wallet. Withdrawal processing times at licensed UK sites average 2-5 business days for crypto, compared to 24 hours at many Curacao-licensed competitors.

Can You Gamble Anonymously at a Crypto Casino?

True anonymity at any casino accepting UK players is a myth in 2026. The Gambling Commission’s guidance explicitly states that operators must identify customers before they can gamble. Even offshore sites that advertise no-KYC gambling typically impose withdrawal limits — often £100 or less — before demanding identification.

Privacy-focused casinos like Roobet or Gamdom operate under Curacao licences and allow Bitcoin deposits without upfront verification. But when you request a withdrawal exceeding their threshold, the KYC process kicks in. Roobet’s withdrawal limit before verification sits at approximately £1,500, after which full document checks apply.

The regulatory direction is clear: anonymous crypto gambling is closing down globally. The UK’s 2023 consultation on gambling reform proposed extending verification requirements to all customers, regardless of deposit method. If implemented, this would eliminate the distinction between fiat and crypto onboarding entirely.

The conclusion is unambiguous: if you want to play at a casino with proper licensing and player protection, prepare for identity verification. No legitimate operator can legally serve UK customers without it.

Top Crypto-Friendly Casino Operators for UK Players in 2026

The UK market offers a split landscape. Some operators accept crypto deposits directly, while others require you to convert digital assets to fiat before playing. The table below compares the leading options based on licensing, accepted cryptocurrencies, and withdrawal processing times.

Not all brands treat crypto equally. Bet365 casino and William Hill casino accept Bitcoin indirectly through payment processors like PayPal or Skrill, which now support crypto-to-fiat conversion. Dedicated crypto platforms like Mr Vegas casino and 666 Casino offer direct blockchain transactions with lower fees but carry offshore licences.

Operator	Licence	Accepted Crypto	Withdrawal Time	Verification Level
888 Casino	UKGC	BTC, ETH (via processors)	2-5 days	Full KYC
Mr Vegas Casino	Curacao	BTC, ETH, LTC, USDT	Under 24 hours	KYC over £2,000
Roobet	Curacao	BTC, ETH, LTC, SOL	Instant to 24 hours	KYC over £1,500
PlayOJO	UKGC	Via fiat conversion	1-3 days	Full KYC
Mystake Casino	Curacao	BTC, ETH, USDT, DOGE	Under 12 hours	KYC over £3,000
Betfair Casino	UKGC	Via fiat conversion	2-4 days	Full KYC
NineWin Casino	Curacao	BTC, ETH, LTC, TRON	Under 24 hours	KYC over £2,500
LeoVegas	UKGC	Via fiat conversion	1-3 days	Full KYC

Which UK-Licensed Casinos Accept Crypto Directly?

Direct crypto acceptance at UK-licensed casinos is rare. The Gambling Commission has not prohibited cryptocurrency transactions, but the practical hurdles — volatility, AML compliance, and the need for crypto-to-fiat conversion — push most operators toward payment processors. 888 Casino and Betway casino accept Bitcoin deposits through third-party services that convert to GBP instantly.

Paddy Power casino and Sky Bet casino take a similar approach, allowing crypto funding via e-wallets but settling all bets in pounds. This means you never hold a casino balance in Bitcoin, which simplifies accounting and tax reporting. The downside is that conversion fees — typically 1.5% to 3% — eat into your deposit.

Genting Casino and Grosvenor Casinos, both land-based operators with online arms, have shown no appetite for direct crypto integration. Their compliance teams view digital currencies as unnecessary risk. Only 3 of the 25 largest UK-licensed operators accept crypto in any form, according to Gambling Commission licence data from late 2025.

What Are the Best Offshore Crypto Casinos for UK Players?

Offshore operators fill the gap for players who want direct Bitcoin gambling. Mr Vegas casino, launched in 2021, accepts 8 cryptocurrencies and processes withdrawals within hours. Its Curacao licence means UK players are not protected by the Commission, but the operator voluntarily follows many UK standards, including stake limits and self-exclusion tools.

Roobet, founded in 2019, built its reputation on crypto-native gaming with provably fair algorithms. The platform accepts Bitcoin, Ethereum, Litecoin, and Solana, with an average withdrawal time of 15 minutes for verified players. Its KYC threshold of £1,500 balances privacy with compliance requirements.

Mystake casino and NineWin casino target the UK market with generous bonuses — often 100% up to £500 — and low minimum deposits of £10. Both hold Curacao licences and use third-party auditors for game fairness. Their combined UK player base exceeds 400,000 users, based on site traffic estimates from SimilarWeb in December 2025.

How Do Crypto Bonuses and Wagering Requirements Compare?

Crypto casinos typically offer higher bonuses than their UK-licensed counterparts because offshore regulation permits more aggressive marketing. A standard crypto welcome package ranges from 100% to 200% of your first deposit, capped between £500 and £1,000. UK-licensed operators, by contrast, rarely exceed 100% match offers due to Commission guidance on bonus fairness.

Wagering requirements tell a different story. UK operators must present terms clearly, with most requiring 20x to 35x the bonus amount before withdrawal. Offshore crypto sites often demand 40x to 50x wagering, making their headline bonuses mathematically worse. A £100 bonus with 50x wagering requires £5,000 in bets before you can withdraw.

Game weightings matter too. Pragmatic Play slots and NetEnt titles typically contribute 100% toward wagering at both licensed and offshore casinos. Table games like blackjack and roulette contribute far less — often 10% or even 0% at crypto sites. Live dealer games from Evolution Gaming contribute between 20% and 50%, depending on the operator’s terms.

How Source of Funds Checks Work at Crypto Casinos

Source of funds (SOF) checks represent the second layer of KYC, triggered when deposits exceed certain thresholds or when a player’s activity pattern raises flags. The Gambling Commission expects operators to conduct SOF checks when a customer deposits £2,000 or more within 24 hours, or £5,000 within 90 days.

For crypto deposits, SOF checks involve tracing the origin of your digital assets. Casinos ask for exchange transaction histories, wallet screenshots, or proof of purchase from platforms like Coinbase, Binance, or Kraken. If your Bitcoin came from a peer-to-peer exchange or a hardware wallet with no transaction history, expect additional scrutiny.

The logic is straightforward: casinos must ensure your gambling funds do not originate from criminal activity. The UK’s National Crime Agency reported that £1.2 billion in illicit crypto transactions passed through UK-linked wallets in 2024, driving regulators to tighten enforcement. Operators who fail to conduct adequate SOF checks face fines or licence revocation.

When Do Casinos Trigger Enhanced Due Diligence?

Enhanced due diligence (EDD) applies to politically exposed persons (PEPs), customers from high-risk jurisdictions, and anyone depositing exceptionally large amounts. For crypto casinos, EDD also triggers when a player’s transaction pattern shows rapid deposits and withdrawals — a hallmark of money laundering or bonus abuse.

Deposits exceeding £10,000 in cryptocurrency within a single month will likely trigger EDD at any licensed operator. This involves a face-to-face or video call with the compliance team, detailed explanations of your income sources, and potentially a review of your bank statements. The process can take 5 to 10 business days.

Players who refuse to cooperate with EDD requests face account suspension and fund forfeiture. Under the Proceeds of Crime Act 2002, casinos must report suspicious activity to the National Crime Agency and freeze affected accounts pending investigation. This applies equally to crypto and fiat transactions.

What Happens If You Fail Verification?

Failure to complete verification has predictable consequences: your account gets restricted, withdrawals are blocked, and the casino may close your account entirely. UK-licensed operators must return your deposited funds minus any wagered amounts, provided they can verify your identity through alternative means.

Offshore casinos operate under different rules. If you cannot provide required documents at a Curacao-licensed site, the operator may confiscate your balance as unclaimed property after a specified period — often 12 months of inactivity. This is why reading the terms before depositing crypto matters.

Some players attempt to bypass verification by using VPNs or providing false documents. This constitutes fraud under the Fraud Act 2006, carrying penalties of up to 10 years imprisonment. Casinos share blacklisted customer data through services like Synectics and GBG, meaning a failed verification at one site can block you from others.

The conclusion here is equally firm: verification failures are not minor inconveniences. They carry legal, financial, and reputational consequences that follow you across the industry.

Security Measures That Protect Your Crypto Deposits

Security at crypto casinos extends beyond KYC. The Gambling Commission requires licensed operators to hold player funds in separate accounts, but this protection does not extend to offshore sites. When you deposit Bitcoin at a Curacao-licensed casino, your funds sit in the operator’s wallet, subject to their solvency.

Two-factor authentication (2FA) is now standard across reputable crypto casinos. Operators like LeoVegas and Casumo mandate 2FA for all account actions, including logins, withdrawals, and changes to personal details. This reduces the risk of account takeover, which remains the most common form of crypto casino fraud.

Cold storage practices vary widely. The most security-conscious operators keep 95% of player funds in offline wallets, with only 5% in hot wallets for daily withdrawals. Less scrupulous sites may hold everything in hot wallets, exposing funds to hacking risks. The 2023 breach of a major crypto casino resulted in $40 million in losses, highlighting why storage practices matter.

How Do Casinos Verify Your Crypto Wallet Ownership?

Wallet ownership verification prevents fraudsters from withdrawing winnings to third-party addresses. Standard methods include micro-deposits (sending 0.0001 BTC to your wallet for confirmation) or signed messages proving you control the private keys. Both methods take under 10 minutes to complete.

Some casinos require wallet address whitelisting, where you register a specific address for withdrawals and any change requires a 24-hour cooling-off period. This protects against hackers who compromise your account and attempt to redirect funds. Whitelisting has reduced withdrawal fraud by approximately 70% at operators that implemented it, according to industry security reports from 2025.

Address reuse across deposits and withdrawals is another red flag. Casinos monitor whether your deposit address appears on blockchain analytics tools like Chainalysis or Elliptic. If your Bitcoin was involved in mixing services or came from sanctioned wallets, expect your account to be frozen pending investigation.

What Role Do Blockchain Analytics Play in Casino Compliance?

Blockchain analytics firms provide casinos with real-time risk scoring for every crypto transaction. Chainalysis and Elliptic maintain databases of wallet addresses linked to criminal activity, sanctions lists, and darknet markets. When your deposit triggers a high-risk score, the casino must file a suspicious activity report.

The integration of analytics tools became standard practice after 2021, when the Financial Action Task Force (FATF) issued guidance on virtual assets. The FATF’s Travel Rule requires crypto service providers to share customer information for transactions exceeding £800, a threshold that affects most casino deposits and withdrawals.

For UK players, this means your crypto gambling activity is not as private as you might assume. The casino sees your transaction history, analytics firms track your wallet, and HMRC can request this data during tax investigations. HMRC’s 2024 crypto asset guidance explicitly requires gambling winnings to be declared if you are a professional gambler or trading crypto as a business.

Regulatory Landscape for Crypto Casinos Serving the UK

The UK’s regulatory position on crypto gambling remains in flux. The Gambling Act 2005 review, which concluded in 2023, proposed updates that would affect all online casinos. The subsequent White Paper recommended stricter affordability checks, mandatory deposit limits, and enhanced verification — none of which specifically targets crypto, but all of which impact how operators handle digital assets.

The Financial Conduct Authority (FCA) regulates crypto asset promotion separately. Since October 2023, all crypto marketing to UK consumers must comply with FCA rules, including clear risk warnings and a 24-hour cooling-off period for first-time buyers. Casinos that promote crypto deposits must ensure their marketing meets both FCA and Gambling Commission standards.

Offshore operators serving UK players operate in a grey zone. The Gambling Commission cannot prosecute foreign sites, but it can block payment processing and pressure licensed operators to sever ties. The Commission’s 2024 enforcement report showed 27 offshore sites were added to its blocking list, though crypto transactions through decentralised wallets remain difficult to intercept.

Is It Legal to Use a Crypto Casino Without a UK Licence?

Using an unlicensed offshore casino is not a criminal offence for UK players. The Gambling Act 2005 criminalises unlicensed gambling operators, not customers. However, you forfeit all regulatory protections: no IBAS dispute resolution, no Gambling Commission complaint channels, and no guarantee of fund segregation.

Payment processors complicate matters. Most UK banks and credit card issuers block transactions to unlicensed gambling sites, a policy enforced since 2020. Crypto bypasses this restriction, which is why Bitcoin remains popular at offshore casinos. Players who use crypto to gamble at unlicensed sites assume responsibility for their own protection.

Tax obligations apply regardless of licensing status. HMRC considers gambling winnings tax-free for casual bettors, but if you gamble professionally or earn income through crypto casinos, you may owe income tax. The tax-free threshold for casual gambling winnings stands at £0 — meaning winnings are simply not taxable, but trading crypto for profit attracts capital gains tax above the £3,000 annual exemption.

What Changes to Crypto Gambling Rules Are Expected by 2027?

The Gambling Commission’s 2025-2027 strategy includes provisions for digital asset regulation. Industry analysts expect mandatory verification before any deposit — not just before withdrawals — closing the current loophole. This would align UK rules with the EU’s Anti-Money Laundering Regulation, which takes full effect in 2027.

The FCA’s upcoming crypto asset regime, expected in 2026, will likely require all crypto service providers to register and comply with conduct standards. Casinos that accept crypto deposits may need to partner exclusively with FCA-registered exchanges for conversions. The transition period for existing operators is expected to last 12 months, according to FCA consultation documents published in late 2025.

Self-exclusion registers will also expand. The current Multi-Operator Self-Exclusion Scheme (MOSES) covers licensed operators only. Proposals suggest extending self-exclusion to offshore sites through a voluntary code of conduct, though enforcement would remain challenging. GAMSTOP, the UK’s self-exclusion service, registered over 85,000 new users in 2024, a figure likely to grow as awareness increases.

Practical Guide: Depositing and Withdrawing Crypto at Casinos

Making your first crypto casino deposit involves more steps than a credit card payment. You need a wallet, an exchange account, and an understanding of network fees. The process takes 15 to 30 minutes for beginners, but becomes second nature after a few transactions.

Start by purchasing cryptocurrency on a regulated exchange like Coinbase, Kraken, or Binance. Transfer your chosen coin to a personal wallet — hardware wallets like Ledger or Trezor offer the best security for larger amounts. From your wallet, send funds to the casino’s deposit address, which changes for each transaction to protect your privacy.

Network selection matters. Bitcoin transactions on the main network cost between £1 and £10 in fees, while Ethereum gas fees fluctuate from £2 to £50 depending on congestion. Faster and cheaper alternatives like Litecoin or Solana process transactions in seconds with fees under £0.50, making them popular choices for casino deposits.

Which Cryptocurrencies Do UK Casinos Accept Most Often?

Bitcoin remains the most widely accepted cryptocurrency at online casinos, with over 90% of crypto-friendly operators supporting BTC deposits. Ethereum follows at approximately 75% of sites, while Litecoin and Tether (USDT) appear at around 60% and 50% respectively. Dogecoin, Solana, and Ripple have smaller but growing presences.

Stablecoins like USDT and USDC offer advantages for gamblers who want to avoid volatility. USDT deposits remain pegged to the US dollar, eliminating the risk of your bankroll dropping 20% during a market correction. However, stablecoin transactions on Ethereum still incur gas fees, which can make small deposits uneconomical.

Privacy coins like Monero (XMR) face restrictions at most casinos. Only 15% of crypto casinos accept Monero due to its untraceable nature, which conflicts with AML obligations. Zcash and Dash have similar limitations. If privacy is your priority, expect fewer options and higher verification thresholds.

What Fees Should You Expect When Gambling With Crypto?

Fee structures vary between casinos and cryptocurrencies. Most operators charge no deposit fees, but network fees apply regardless — you pay the blockchain, not the casino. Withdrawal fees range from zero at crypto-native sites to 0.0005 BTC (approximately £25) at operators that require manual processing.

Conversion fees hit players who deposit crypto at UK-licensed casinos that settle in fiat. These typically range from 1.5% to 3% of your deposit amount. A £500 Bitcoin deposit at a site with 2% conversion fees costs you £10 before you place a single bet, which compounds over multiple deposits.

Exchange rate spreads represent a hidden cost. Casinos set their own BTC-to-GBP rates, often 1% to 2% worse than market rates. Over a year of regular gambling, these spreads can reduce your effective bankroll by 5% or more. Comparing rates across operators before depositing saves real money.

How Fast Are Crypto Casino Withdrawals in Practice?

Crypto withdrawals at offshore casinos are the fastest in the industry. Roobet and Mystake casino process verified withdrawals within 15 minutes to 2 hours, with no manual approval step. This speed contrasts sharply with UK-licensed operators, where crypto conversions add 24 to 72 hours to standard withdrawal times.

Unverified players face delays regardless of the casino. Most offshore sites hold withdrawals for 24 to 48 hours pending verification, while UK-licensed operators cannot process any withdrawal until KYC completes. This verification-first approach represents the single biggest friction point in crypto gambling.

Weekend withdrawals at crypto casinos often process faster than fiat alternatives because blockchain transactions run 24/7. However, casinos that require manual review — typically for withdrawals above £5,000 — may only process requests during business hours. Withdrawal limits at crypto sites typically range from £5,000 to £50,000 per transaction, with higher limits available to VIP players.

Responsible Gambling and Player Protection at Crypto Casinos

Responsible gambling tools at crypto casinos have improved significantly since 2022. The best offshore operators now offer deposit limits, loss limits, session reminders, and self-exclusion options comparable to UK-licensed sites. Mr Vegas casino and Roobet both provide mandatory deposit limits for new players, a feature that exceeds the requirements of their Curacao licences.

UK-licensed operators must integrate with GAMSTOP, the national self-exclusion scheme. GAMSTOP registration lasts between 6 months and 5 years, during which licensed operators must reject your deposits and bets. Offshore operators have no legal obligation to participate, though some voluntarily check against GAMSTOP databases.

The Gambling Commission’s affordability checks, introduced in phases since 2024, require operators to assess whether customers can afford their gambling. Operators must conduct a light-touch check when a player loses £125 within 24 hours or £500 within 90 days, with enhanced checks at higher thresholds. Crypto deposits make these checks harder to enforce, since operators cannot see your bank balance.

How Do You Set Limits at a Crypto Casino?

Setting limits at a crypto casino takes under 2 minutes. Navigate to the responsible gambling section, choose your limit type — deposit, loss, or wagering — and select a timeframe. Most operators allow daily, weekly, or monthly limits, with changes taking effect immediately for increases and after 24 hours for decreases.

Deposit limits at UK-licensed operators apply across all payment methods, including crypto. If you set a £100 weekly deposit limit, the casino must enforce this regardless of whether you deposit in Bitcoin, Ethereum, or GBP. Offshore operators may apply limits per currency, creating loopholes where players exceed their intended exposure.

Reality checks, which remind players how long they have been gambling, are mandatory at UK-licensed casinos. These pop-ups appear every 30 to 60 minutes at your chosen interval. Players who ignore reality checks and continue gambling for over 4 hours trigger additional interventions, including mandatory breaks and loss reminders.

Where Can UK Players Get Help With Gambling Problems?

Free, confidential support is available through multiple channels. GamCare operates a national helpline available 24/7, staffed by trained advisors who understand both traditional and crypto gambling. The service has handled over 100,000 calls annually since 2022, with crypto-related queries rising steadily.

BeGambleAware provides online resources, live chat support, and self-assessment tools. The organisation’s website received over 3 million visits in 2024, reflecting growing awareness of gambling harms. The NHS National Problem Gambling Clinic in London offers specialist treatment, including cognitive behavioural therapy for gambling addiction.

GAMSTOP remains the primary self-exclusion mechanism for UK players. Registration takes 5 minutes online and covers all licensed operators. Over 400,000 people were registered with GAMSTOP as of December 2025, with the service expanding to include more operators and longer exclusion periods.

If you or someone you know is struggling with gambling, help is available. The National Gambling Helpline operates 24/7 at 0808 8020 133, and self-exclusion can be registered through GAMSTOP at www.gamstop.co.uk. Gambling is restricted to individuals aged 18 and over, and responsible gambling should always be your priority.

Conclusion: Balancing Privacy, Security, and Compliance

Crypto casinos in 2026 sit between two forces: player demand for privacy and regulatory pressure for transparency. The industry has largely accepted that full anonymity is incompatible with licensed operation. Every reputable casino, whether UK-licensed or offshore, now conducts identity verification before allowing significant withdrawals.

The practical takeaway for UK players is straightforward. Choose operators based on their licensing, security practices, and verification processes — not just their bonus offers. A casino that asks for your passport early is protecting both itself and you. The 10 minutes spent on KYC outweigh the risk of losing your entire balance to an unregulated operator.

Compare withdrawal times, fee structures, and responsible gambling tools before committing. UK-licensed options like 888 Casino and PlayOJO offer the strongest protections but slower crypto processing. Offshore sites like Mr Vegas casino and Roobet provide speed and crypto-native features with reduced regulatory oversight. The right choice depends on your priorities.

Remember that crypto gambling carries unique risks beyond traditional casinos. Price volatility can affect your bankroll between deposit and withdrawal. Network fees add transaction costs. And the pseudonymous nature of cryptocurrency means you bear more responsibility for your own security. Use hardware wallets, enable 2FA, and never share your private keys.

The regulatory landscape will continue evolving, with stricter verification requirements expected by 2027. Players who embrace compliance rather than fight it will find the smoothest experience. The best crypto casinos treat KYC not as an obstacle but as the foundation of a trustworthy relationship — and that benefits everyone in the long run.