3 weeks ago

    Australian Government Targets Crypto and Credit Cards

    Table of contents

      Gambling has seen amazing changes over the centuries, mostly owing to technological advances. In the past, you would have to physically appear at a casino to gamble and you were usually limited in terms of the currencies you could use. Now, you can gamble from anywhere in the world and access thousands of game titles easily. 

      You can also pay for gambling services in a myriad of ways, including digital assets on Bitcoin casinos like these. If you feel so inclined, you can even opt for an anonymous casino and protect your identity. Unfortunately for players in Australia, their payment options have become more limited because of new government restrictions. 

      Details About the Announcement

      While first noted last year, the Australian government has officially rolled out a ban on casinos that accept credit cards or cryptocurrency for their services. Any company found in violation of this law could face a fine of $155,000. These laws had previously applied to land-based casinos but are now catching up to the digital space. The only exception is lotteries, which can accept credit cards. 

      Australia Map

      The logic behind these measures has been noted as a concern for public safety.

      “If consumer protection measures aren’t consistent across all forms of gambling it will incentivize vulnerable Australians to move to less-regulated types of gambling, where they are more at risk of harm,” said Responsible Wagering Australia chief executive Kai Cantwell regarding the development. 

      There was a six-month transitionary period and the laws came into effect on June 11, 2024. 

      Bad Timing?

      While there is endless debate about crypto use in the gambling sector, it is evident that these measures are coming at a rather ironic time. Blockchain-based gaming, including the use of cryptos, is more popular than ever before. 

      The rates of crypto being used for gambling have been climbing for years and this law essentially cuts Australians off from this booming sector. Some consumers might opt for offshore casinos to get their needs met or opt for services like VPNs, which have been seen in other countries

      As we’ve said before, anonymous casinos are often used to work around these sorts of restrictions. It is also debatable how long this ban will hold. The growing crypto gambling sector is bringing in significant income for the regions that they operate in and if customers simply use offshore or anonymous casinos, the goal could be defeated. 

      Aussies could also simply turn to other ways of making money from cryptocurrency. This year has seen the approval of spot ETFs for both Bitcoin and Ether, two of the biggest cryptos in the market. These have increased the appetite for crypto investment vehicles and shot up the price of many digital assets across the board. Needless to say, now is a great time to get involved in crypto.

      Regardless of what happens with crypto in relation to gambling in the country, the asset class will continue to see attention from Aussies and non-Aussies alike.

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