Australia might have one of the highest crypto adoption rates in the world, but the online gambling industry won’t be able to benefit from any of it.
According to a report by Finder, 17% of Australians currently own a form of cryptocurrency, placing it 9th in the global rankings, as it is slightly higher than the 15% average that is being experienced. However, while the country appears to be favorable to digital currency, the government has decided to implement rules regarding online gambling due to its popularity.
What does the ban entail?
The Interactive Gambling Amendment (Credit and Other Measures) Bill 2023, which came into effect on June 11, decided to implement a ban on the use of cryptocurrency when engaging in online betting. It’s not the first ban that they have placed on players when looking to engage in the activity, as credit cards were also banned from being used to make transactions.
The ban has been introduced to try and encourage and promote responsible gambling activities, while also addressing the financial risks that can come with it. The country recognizes that it has a gambling culture, and this is something that it has wanted to try and address.
People who are found to break the law and continue to gamble with cryptocurrency could be fined up to AU$234,750.
How does the ban affect the Australian gambling industry?
It is possible that the implementation of the ban could have an impact on the gambling industry. While there has been no outright ban on gambling and it is still possible for players to use the best sites that offer mobile pokies in Australia with traditional fiat payments, there may be many who may have been looking to try and use crypto moving forward.
Cryptocurrency can provide players with several benefits, ranging from increased privacy and anonymity to faster transaction speeds that could even be potentially cheaper to process. These are all major advantages that the crypto gambling industry has managed to create with the use of digital currency, thus making it even more appealing for players.
However, with the ban now in place, could the rate at which cryptocurrency is being adopted decrease? It’s hard to say, but with wealth creation being the predominant reason, it doesn’t seem likely that a major hit will be experienced. Interestingly, the same report does highlight that there is a little decline, simply because people still don’t fully understand it or have confidence in it.
Will offshore casinos be affected by the crypto ban?
Offshore casinos do not have to abide by the laws and regulations that Australia has created, which provides players with an alternative way in which they can look to use their cryptocurrency for gambling purposes.
These casinos can often provide players with something that they aren’t always able to obtain when gambling domestically, but they should always be used with an air of caution. They might not always offer the same protections, which could spell trouble if the player isn’t careful and doesn’t know what they are getting involved in.
It is unlikely that offshore casinos will find that they are affected by the crypto ban, especially with other countries continuing to allow them to be used for gambling purposes. There may be an initial decline, but as Aussies become more aware, it wouldn’t be a surprise if we started to see many begin to use them once again.
