Australia takes action against online gambling with crypto via credit card ban

To protect its citizens from wasting money they don’t have, the Australian government has banned the use of crypto and credit cards for online gambling. On June 11, The Canberra Times reported that Australia has begun banning the use of digital currencies and credit cards for online gambling platforms.

The government announced that companies that do not comply with the new rules could face fines of up to approximately 234,750 Australian dollars (155,000 USD). The rules include credit cards linked to digital wallets, cryptocurrencies such as Bitcoin (BTC) and other new forms of credit.

The new online gambling rules are in line with Australian land-based gambling laws. However, there are exceptions, such as online lottery payments, where credit cards are still allowed. Kai Cantwell, CEO of Responsible Wagering Australia, an independent organization for Australian-licensed gambling service providers, believes the move will make it easier for people to manage themselves. He said:

“This is an important measure to protect customers, making it easier for people to control their own gambling behavior.”

The director also urged the government to extend the ban to all forms of gambling. Cantwell believes that if protections are not consistent across all forms of gambling, people will move to less regulated forms of gambling, where they are more at risk of harm.

The gambling industry was already given a six-month transition period, with the full ban introduced on June 11. The country’s communications watchdog has been given the authority to enforce the new restrictions.

Crypto users are known for betting on everything from the latest memecoins to major regulatory decisions like the approvals of spot Bitcoin exchange-traded funds (ETFs). On January 11, users of the betting platform Polymarket bet $12 million on the outcome of the ETF approvals.

In addition to deciding on spot Bitcoin ETFs in the United States, crypto users are also betting on the outcome of decisions on spot Ether ETFs. In March, bets on the ETH ETF decision reached $2.4 million. The bet was resolved when the ETF was officially approved on May 23.

While crypto users make serious decisions, they also make light-hearted bets, like predicting how often billionaire Elon Musk will post or guessing the temperature rise in May.