Australia Takes Action Against Online Gambling with Credit and Crypto Ban
Australia has banned the use of credit cards and crypto for online betting to address gambling problems, while crypto adoption continues to grow in the country.
Credit and Crypto Banned for Online Betting
Australia has introduced a ban on the use of credit cards and cryptocurrencies for online betting to address gambling-related problems. This means Australians can no longer wager using borrowed money or anonymous digital funds. The ban includes credit cards linked to digital wallets and cryptocurrencies like Bitcoin.
Exemptions and Previous Landscape
While online betting is now restricted, this ban does not extend to online lotteries, which continue to accept credit card payments. Previously, Australia had a thriving online casino market accepting cryptocurrencies due to their speed and anonymity. A 2019 study revealed that a significant portion (30.7%) of Australian gamblers used crypto for online games.
Strengthening Online Gambling Regulations
Kai Cantwell, CEO of Responsible Wagering Australia, urged the government to expand this ban to include all forms of online gambling. The amendment to the Interactive Gambling Act 2001 passed late last year, followed by a six-month transition period. Companies violating the ban could face substantial fines.
Government's Efforts to Curb Gambling Problems
The federal government is considering a proposal to phase out gambling advertisements over three years, among other measures aimed at preventing problem gambling. Minister for Communications Michelle Rowland stressed the importance of protecting Australians from gambling with money they don't have.
Crypto Adoption Continues to Grow in Australia
Despite the ban, Australia remains a major player in the crypto market, ranking 9th globally for crypto adoption, with 17% of the population owning crypto. The country recently approved two new exchange-traded products for crypto investment, signaling growing acceptance.
