The Australian government is imposing a ban on the use of credit cards and cryptocurrencies for online betting to address gambling issues in the nation. This ban, which took effect on June 11, includes credit cards linked to digital wallets and cryptocurrencies like Bitcoin. As a result, Australians can no longer place bets using borrowed funds or anonymous digital currencies.

The new regulation for online betting aligns with existing rules for physical casinos, which also prohibit the use of credit cards. However, online lotteries remain exempt from this ban and still allow credit card payments. Kai Cantwell, CEO of Responsible Wagering Australia, is advocating for the government to extend this ban to all forms of gambling that are currently exempted.

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

Last year, lawmakers approved an amendment to the Interactive Gambling Act 2001, which prevents gambling providers from offering specific online services to Australians. Following this amendment, gambling service providers were given a six-month transition period to comply with the new regulations. Companies that fail to adhere to the ban risk fines of up to AU$234,750 (approximately $155,000). The communications regulator has also been given greater authority to enforce these restrictions.

Additionally, the federal government is considering a proposal to eliminate gambling advertisements over the next three years. This suggestion was part of 31 recommendations made during a parliamentary inquiry into the nation’s gambling issues. Communications Minister Michelle Rowland stated that the government plans to announce more measures to curb gambling in the future.

“Australians should not be gambling with money they do not have,” said Rowland.

In the past, Australia had a growing market for online casinos that accepted payments via digital currencies like Bitcoin. The quick and anonymous nature of these transactions made cryptocurrencies attractive to gamblers. A 2019 study indicated that 30.7% of Australian gamblers engaged in online gaming using cryptocurrencies.

Recently, Australian tax officials have been targeting millions of crypto investors, seeking their personal information and details from crypto exchanges. Stay updated with the latest cryptocurrency news on Global Crypto News.

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