Australia Bans Crypto and Credit Cards for Online Gambling

Australia Bans Online Gambling with Crypto and Credit Cards
YEREVAN (CoinChapter.com) — As of June 11, Australia has implemented a ban on using cryptocurrencies and credit cards for online gambling. Companies that do not comply could face fines up to 234,750 Australian dollars ($155,000). This regulation also covers credit cards linked to digital wallets, but allows exceptions for online lottery payments. The new rule aligns online gambling with the country’s land-based gambling laws to ensure consistent regulation.
Industry Reactions and Transition Period
Kai Cantwell, CEO of Responsible Wagering Australia, supported the ban, emphasizing its importance in helping customers manage their gambling behavior. Cantwell urged the government to extend these restrictions to all forms of gambling to avoid pushing gamblers towards less-regulated platforms. The gambling industry has been given a six-month transition period to adapt, and the Australian Communications and Media Authority (ACMA) will enforce the ban.
Crypto and Gambling: An Intersection
Cryptocurrency users are notably involved in various gambling activities, from betting on memecoins to wagering on regulatory decisions like Bitcoin ETF approvals. For example, Polymarket users bet $12 million on the outcome of spot Bitcoin ETF approvals and $2.4 million on Ether ETFs, highlighting the significant role of crypto in modern gambling.
In addition to significant bets, crypto enthusiasts also engage in more lighthearted wagers, such as predicting the number of tweets by Elon Musk or guessing temperature changes.
Conclusion
The Australian government’s ban on the use of cryptocurrencies and credit cards for online gambling aims to create a safer gambling environment and align online practices with existing land-based gambling regulations. The industry now faces a period of adjustment, with stringent enforcement measures in place to ensure compliance.