Discover Casinos
Discover Tables
Discover Providers
Discover Games
Discover Deposit Methods
Best Live Casinos
Popular In UK
Top Live Dealer Tables
Native Tables
Game Guides
Other Pages
Best Software Providers
Popular List
Best Payment Methods
Most Popular
Best Bonuses
Our Favourite Offers
Country Specific Pages
Popular List

The Legal Future of Cryptocurrency Betting in Australia

Posted on November 15, 2018 | 8:41 pm

When it comes to the rates of gambling, Australia wins the race – in the country, four out of five adults engaging in some form of gaming. From video poker or pokies as they are known in Down Under to many other gambling services, Australians seemingly very much enjoy all of them. This was a well-known fact for many years, but with the start of the 21st century, the accessibility to gambling services exploded with online casinos. Not long after, the Australian government had to employ the Interactive Gambling Act as a way to regulate the same field.

However, as it usually occurs, the restrictive law simply pushed many players to the offshore companies and achieved a paradox – instead of being safer, many users ventured out into less-regulated markets. Now, the cryptocurrencies became a part of the same problem, but at the same time, they could also present a very effective solution to Australia’s gambling conundrum.

The Fiat Currency Standard

Fiat currency is the predominant way how many Australians employ gambling services. However, fiat, as well as its corresponding transaction records made by banks and other financial institutions, allow local laws to be enforced. As long as the money transfers go through third-party systems, the government and regulators stand a chance of blocking or hindering illegal sources. But, with the use of cryptocurrencies, some completely new avenues appear.

Firstly, most online casinos which are accepting digital currencies are fully registered in some country – the recent example of Unikrn shows that regulators on the Isle of Man fully recognize this venture’s ability to employ crypto. So, if a holder of bitcoin in Australia decides to spend their BTC at a casino that is registered outside of the country, they are not breaking any laws in the country where the venture is registered.

At the same time, the anonymity features of many cryptocurrencies allow the users to make transactions without any direct identity traces, so the Know-your-Customer rules do not apply. For the regulators, this immediately also means that the protections for the clients are also sidelined.

The Example of India

One of the world’s biggest markets serves as a good example of the regulatory dilemma. In India, practically any form of gambling is more or less illegal and thus forbidden. However, local researchers working in the same field are constantly recommending that legislation regulating gambling is introduced.

This is done firstly because there seems to be an unending stream of allegations of match-fixing in Indian sports and secondly because sports betting has attracted a big criminal element to it. Clearly, simply banning something that is highly popular in a population will not stop people from taking part in the same activity.

A Case for Cryptocurrency Gaming Regulation

In Australia, there is most definitely a big gambling market. As more and more casinos begin to employ cryptocurrency betting services, more people will migrate to them. The government could try to wage an uphill battle to stop this. Again, India is trying the process of completely banning cryptocurrencies and this is not going well either – as with gambling, there is just too much incentive for the local citizens to use crypto than to fear any potential legal repercussions.

On the other hand, Australia could set up regulations regarding cryptocurrency gambling in its own borders. This way, the customer protection could be elevated while any potentially shady ventures would be sidelined by legitimate local and international providers of valid crypto gaming services. This way, the path forward seems more than evident.

Read More
Top 10 Live Casino Sites
*
* 18+ New Customers only. Min £10 deposit required, 70x wagering on live casino games before bonus winnings are withdrawable. See full T&C's below. www.begambleaware.org
Most Popular Table This Month
Lightning Roulette

Latest innovation by Evolution Gaming, Lightning Roulette combines the excitement of playing live roulette with the winning potential of slots. Before every spin, between 2 and 5 numbers are awarded an improved multiplier between 50 and 500 times of your wager.

It gets better. The RTP on it is matching that of European Roulette (97.30%) which means that you give up nothing, but get to play a much more exciting variation of live roulette.

Click to visit
Other Popular Tables
Dream Catcher
Infinite Blackjack
Baccarat Squeeze
Celebrity Blackjack Party
Leo Vegas Silent Blackjack
Popular Country Guides
UK
Canada
Australia
España
Malaysia
USA
Specific Game Guides
Blackjack
Roulette
Poker
Live Casino Bonuses

Bonus
W/R
 
€300
35x
€200
40x
Casino Banking Methods
VISA
MasterCard
PayPal
Trustly
Interac
Sofort
Bitcoin
Ethereum
Litecoin
Dogecoin
Live Casino Providers
Evolution Gaming
PlayTech
Lucky Streak
Authentic Gaming
Betconstruct
BetGames.TV
Ezugi
NetEnt Live
Vivo Gaming
VIG
Our Visitors Enjoy These Articles
Live Dealer Casinos With Alt Coins?

Live Roulette Games Streamed From Land Based Casinos

All About Calculating Roulette Odds, Expectation & Optimal Bet Sizing

Which is The Best Live Dealer Blackjack?

What is Unlimited Blackjack & Playing it With Live Dealers

Overview Of Private Live Dealer Casino Studios & Tables

10 Top-Tier Live Casino Apps Tested on Android – Here Are The Results

Recap of European Roulette With Live Dealers