To protect citizens from financial risks, the Australian government has banned the use of cryptocurrencies and credit cards for online gambling.
On June 11, The Canberra Times reported that Australia had implemented this ban, targeting online gambling platforms.
Companies that do not comply with the new regulations could face fines up to approximately 234,750 Australian dollars ($155,000).
The ban includes credit cards linked to digital wallets, cryptocurrencies like Bitcoin, and other new forms of credit.
These measures align online betting rules with Australia’s laws on land-based gambling. However, there are exceptions, such as online lottery payments, which still allow the use of credit cards.
Kai Cantwell, the CEO of Responsible Wagering Australia, an organization for Australian-licensed gambling service providers, supports the move, stating:
“This is an important measure to protect customers, making it easier for people to stay in control of their own gambling behavior.”
Cantwell also urged the government to extend the ban to include all forms of gambling.
He believes that inconsistent protection measures might lead people to migrate to less-regulated gambling types, increasing their risk of harm.
The gambling industry was given a six-month transition period before the full ban was enacted on June 11.
The country’s communications watchdog has been tasked with enforcing the new restrictions.
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Crypto users often gamble on various outcomes, from new memecoins to regulatory decisions like the approval of spot Bitcoin exchange-traded funds (ETFs).
For instance, on January 11, users of the betting platform Polymarket gambled $12 million on the outcome of ETF approvals.
Besides the spot Bitcoin ETF decision in the United States, crypto users have also placed bets on the decision outcomes for spot Ether ETFs.
In March, bets on the ETH ETF decision totaled $2.4 million, with the bet resolved on May 23 when the ETF received official approval.
While some bets made by crypto users are serious, others are more frivolous, such as predicting how many times billionaire Elon Musk will post on social media or guessing the temperature increase in May.
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