The government notified betting companies that failure to follow the new regulations might result in fines of up to 234,750 Australian dollars ($155,000). To curb people’s use of credit cards and crypto for online gambling, the Australian government outlawed both methods. The Canberra Times reported on June 11 that Australia now prohibits its citizens from gambling online with credit cards and digital currency.
According to the government, companies who fail to follow the new regulations may face fines of up to approximately 234,750 Australian dollars ($155,000).
The regulations apply to new credit of any kind, including credit cards linked to digital wallets and crypto like Bitcoin (BTC).
Australia prohibits crypto for gambling
The new internet betting regulations are by traditional gaming legislation in Australia. There are but some exclusions. For example, credit cards are still accepted for online lottery purchases.
According to Kia Cantwell, the head of Responsible Wagering Australia, an association representing Australian gaming operators, the modification aids in improving gambler self-control.
He stated:
“This is an important measure to protect customers, making it easier for people to stay in control of their own gambling behavior.”
Additionally, the executive asked the government to extend the prohibition to include all forms of gaming. Cantwell believes that there may be issues if there are different safety regulations for different types of gaming. It is likely that people will move to less-regulated types of gambling, where they will be more at risk of harm.
Before the complete prohibition began on June 11, the gambling business had six months to make adjustments. The nation’s communications watchdog now has the authority to ensure that the new laws have been adhered to by all.
Gambling and Cryptocurrency
Users of crypto gamble on a variety of topics. It ranges from brand-new crypto varieties to significant regulatory judgments, such as the approval of Bitcoin exchange-traded funds (ETFs). On January 11, for instance, gamblers on Polymarket, a betting platform, placed $12 million on the possibility of ETF approval.
Also to the outcome of the spot Bitcoin ETF in the US, crypto traders gamble on the approval of spot Ether ETFs. Bets on the Ether ETF decision hit $2.4 million in March. On May 23, the ETF received formal approval, ending the wager.
Users of crypto not only make strategic judgments but also engage in light gamblings. Such as betting on the frequency of posts by multibillionaire Elon Musk or predicting the degree of temperature increase in May.
