Online Gambling with Crypto and Credit Cards Banned in Australia

YEREVAN (CoinChapter.com) — On June 11, Australia enforced a ban on using cryptocurrencies and credit cards for online gambling. The Canberra Times reported that companies failing to comply could face fines of up to 234,750 Australian dollars ($155,000).

This regulation affects credit cards linked to digital wallets and cryptocurrencies like Bitcoin. Despite the comprehensive scope, there are exceptions. Online lottery payments can still be made with credit cards.

The ban aligns online gambling with Australia’s land-based gambling laws, ensuring consistent regulatory measures across different gambling platforms.

Industry Leaders Respond to Ban

Kai Cantwell, CEO of Responsible Wagering Australia, supported the new regulations. He stated,

“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 apply these restrictions to all gambling forms, warning that inconsistent regulations might drive gamblers towards less-regulated, riskier platforms.

The gambling industry received a six-month transition period to adjust to these new rules. The Australian Communications and Media Authority (ACMA) has been empowered to enforce the ban, ensuring that all online gambling platforms comply with the new restrictions.

Crypto and Gambling: A Risky Intersection

Cryptocurrency users are known for their involvement in various forms of gambling. From betting on the latest memecoins to wagering on regulatory decisions like Bitcoin ETF approvals, the crypto community often engages in high-stakes bets. For instance, on January 11, users of the Polymarket platform gambled $12 million on the outcome of spot Bitcoin ETF approvals.

Similarly, bets on the approval of spot Ether ETFs reached $2.4 million in March. These bets concluded when the ETF received official approval on May 23. Such activities highlight the significant role of crypto in modern gambling practices.

While crypto users often make significant decisions, they also engage in lighthearted bets, like predicting the number of times billionaire Elon Musk will tweet or guessing the temperature increase in May.