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Australia has one of the world’s most successful gambling industries, but recent changes could limit how consumers place online bets.
Amendments to the Interactive Gambling Act 2001 have seen payment methods including credit cards and digital currencies being banned. This comes in the wake of rising crypto popularity and is a blow to operators that have expanded operations to cater to all payment methods.
While betting operations will still be active, it is feared that this could force users to explore alternative offshore options to continue crypto gambling in Australia. The benefits for Australian consumers create such a draw for crypto betting, with many players checking upcoming Coinbase listings to look out for the latest gambling-specific tokens, or those that show potential for a significant increase in value, which can improve the profits made during a successful gambling session.
One aspect of casinos that accept cryptocurrencies is that it is a relatively new and exciting proposition and operators typically provide state-of-the-art gaming. Many consumers like the additional security and privacy benefits that come with using crypto, and the decentralised currency provides a great alternative to traditional banking methods.
Using cryptocurrencies to play with offshore casinos will be relatively straightforward for bettors, with fast payments, low fees, and no need to worry about exchange rates.
There is also the added excitement of crypto’s market value changes that could turn a small win into a life-changing amount.
With developing technologies and the emergence of cryptocurrencies as a genuine alternative to fiat currencies, this has been seen by many as a backward step by the Australian government.
More understandably, the Interactive Gambling Amendment Bill 2023 has also blacklisted payments with credit cards. This move protects Australian consumers from the risk of betting more money than they have or can afford.
Licensed Australian betting operators will face heavy penalties if they fail to comply with the new legislation, with fines exceeding $230,000 for each case.
The idea was first announced in April 2023 and was intended to align betting regulations across land-based and online operators.
Using credit facilities to place bets in land-based betting operations has been illegal for some time, but the online ban comes after admissions that little is known as to the extent of credit betting online.
The Australian online betting industry is expected to weather this latest storm after reaching a value of US$4.9 billion in 2023. Technological developments are expected to further propel the industry, with AI and VR implementations improving the user experience immeasurably.
The convenience of being able to access high-quality betting apps and sites on mobile devices, and improving connectivity has seen many Australians adopting this betting method.
Even with payment options now being limited, existing operators expect their customer base to show loyalty due to the security they provide and the wide range of betting markets.
Offshore crypto gambling sites will undoubtedly see an uptake in users from Australia, but consumers will have to be wary when selecting which operator to use.
The best offshore operators will be licensed in the jurisdiction they are located in, but they will be out of the reach of Australian regulators should any issue arise.