Australia Enforces Ban on Crypto and Credit Cards for Online Betting
Australia has implemented a ban on using credit cards and crypto for online betting, in an effort to curb gambling problems. This means Australians will no longer be able to wager using borrowed money or anonymous digital funds.
The Australian Associated Press reported Tuesday that the ban on online gambling payments extends to credit cards linked to digital wallets, cryptocurrencies like Bitcoin, and any future forms of credit.
These new regulations mirror those of physical casinos, where credit cards are also banned. Interestingly, this doesn’t apply to online lotteries, which still accept credit card payments.
In the past, Australia had a thriving market for online casinos accepting cryptocurrencies like Bitcoin. These transactions appealed to gamblers due to their speed and anonymity. One study even showed that in 2019, a significant portion (30.7%) of gamblers in Australia enjoyed online games using crypto.
Kai Cantwell, CEO of Responsible Wagering Australia, called on the government to broaden this prohibition to encompass the exempted forms of gambling, the Associated Press reported.
“This is an important measure to protect customers, making it easier for people to stay in control of their own gambling behaviour,” Cantwell said.
Lawmakers voted in favor of the amendment to the Interactive Gambling Act 2001 late last year. Following this, a six-month transition period was initiated. Companies failing to adhere to the ban could face fines of up to AU$234,750 ($155,085).
The communications regulatory authority has also been granted increased authority to uphold the restrictions.
Further, the federal government is considering a proposal to gradually eliminate gambling advertisements over a span of three years. This suggestion
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