In a determined effort to combat gambling-related problems, Australia recently took the landmark step of banning the use of crypto and credit cards for online betting, joining the restrictions already in place for physical casinos.
Australia drastically tightens rules on online gambling
The Australian government is taking a decisive step in its relentless fight against the evils of gambling. From now on, it will be strictly forbidden to use crypto and credit cards for online betting on the territory.
This radical measure, which came into force on June 11, 2024, is designed to prevent players from getting into debt or making opaque transactions that could encourage prejudicial behavior.
Online gambling operators who violate these new regulations may be subject to the following penalties heavy penalties financial, with fines of up to AUD 234,750 (approximately $155,000). Australian Communications and Media Authority, the telecommunications watchdog, is responsible for enforcing these draconian restrictions.
Kai Cantwell, the CEO of Responsible Wagering Australia, an independent organization representing licensed gaming operators, hails the initiative as a way of helping gamblers better control their impulses.
This is an important measure to protect customers, making it easier for people to keep control of their own gambling behavior.
Statement by Kai Cantwell
Nevertheless, he strongly urged the government to extend the ban to other forms of gambling, to ensure seamless consistency in consumer protection.
This unprecedented regulatory framework is in line with measures already in force in Australia’s physical casinos, which also prohibit the use of credit cards. One notable exception remains, however: online lotteries will still be able to accept credit card payments.
With this new regulation, Australia joins other countries that have recently tightened their online gambling laws, including the UK and Spain.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
