Australia launched a measure that intensifies existing protection measures for online gaming and betting.
Since last Tuesday (11), the country has completely banned the use of credit cards and cryptocurrencies to pay for games and online sports betting.
According to the government, the objective is to provide more security to citizens and avoid financial loss associated with betting.
Australia imposes severe fine for non-compliance
The ban on traditional credit cards and cryptocurrencies, such as Bitcoin, as well as any other new form of credit linked to digital wallets, was announced by The Canberra Times.
So, companies that don’t comply with the new guidelines will pay severe fines. They can reach A$234,750 (about US$155,000).
In any case, the new legislation seeks to align the rules for online betting with those that already exist for physical betting. What needed to be aligned was precisely the payment methods. The only exception is for online lottery payments.
Kai Cantwell, CEO of Responsible Wagering Australia, supports the measures and suggests they should be extended to all forms of betting. The main objective would be to prevent players from migrating to less regulated and potentially more dangerous platforms.
But this determination is not new, as the gaming industry has already had its adaptation period. The law was implemented six months ago and gave precisely this period for bookmakers to make the necessary changes. The person responsible for oversight will be Australia’s communications regulator.
The use of cryptocurrencies in betting is a common practice among enthusiasts, covering varied events, from:
- Bitcoin ETF Approvals
- Predictions about how many posts Elon Musk will make on social media
- Predictions about temperature increases in certain months
However, experts warn that migrating to unregulated platforms can increase the risk of fraud. Therefore, with this ban, Australia hopes to reduce financial risks and protect its citizens.