Australia cracks down on online gambling with crypto, credit card ban
To prevent citizens from wasting money they don't have, the Australian government has implemented a ban on the use of crypto and credit cards for online gambling.
On June 11, the Canberra Times reported that Australia began banning the use of digital currency and credit cards on online gambling platforms.
The government announced that companies that do not comply with the new law will face fines of up to 234,750 Australian dollars ($155,000).
The regulations include credit cards linked to digital wallets, cryptocurrencies such as Bitcoin (BTC), and other new forms of credit.
Australia has banned the use of crypto in gambling.
The new online betting rules are consistent with Australian laws regarding land-based gambling. However, like online lottery payments, there are exceptions that still allow credit cards.
Kai Cantwell, CEO of Responsible Wagering Australia, Australia's licensed gambling service provider, believes the move will make it easier for people to regulate themselves. he said:
“This is an important step to protect customers, making it easier for people to control their own gambling behavior.”
The executive urged the government to extend the ban on forms of gambling. Cantwell believes that if safeguards are not consistent across all forms of gambling, people will “shift to fewer forms of gambling, which are more vulnerable to harm”.
The gambling industry has already received a six-month transition period, and the full ban was implemented on June 11. The country's media watchdog is empowered to enforce the new restrictions.
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Crypto and gambling
Crypto users have been known to gamble on a variety of things, from the new memecoins to the endorsements of spot bitcoin exchange-traded funds (ETFs). On January 11, users of the betting platform gambled $12 million on ETF approvals.
Out of the decision of the spot Bitcoin ETF in the United States, crypto users gamble on the outcome of the decision for spot ether ETFs. In March, bets on the ETH ETF decision reached $2.4 million. The bet was settled when the ETF received official approval on May 23.
When crypto users make tough decisions, they make trivial bets like billionaire Elon Musk predicting how often he will post in May or predicting the temperature.
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