Aussie crypto gambling newsflash! Is the ban on cryptos going to spill over into the live casino market? A deep look into the upcoming. (Photo by Karolina Grabowska on Pexels)
The upcoming sweeping credit card ban on online sports betting in Australia has come with another peril, which could affect live casino crypto players playing on overseas gambling platforms.
This is after the government said it also plans to ban Aussie citizens from using crypto to fund gambling.
If you don’t bet on sports, then news of the government’s credit card ban won’t faze you. It only affects online sports books operating under Australian gambling laws and licensing. However, in the same report, the government also said we should expect an outright ban on crypto from online gambling.
The worrying point made in this statement in a report titled ‘FCA on the Credit and Crypto Gambling Ban’ found on the consumersfederation.org.au website is that the ban on crypto to fund gambling will aim to curb citizens from signing up and playing at overseas online gambling sites.
Although the crypto ban aims to prevent the country’s current crop of licenced online sports betting sites like TAB, Neds, Unibet, and co, from offering crypto in the future, another underlying issue exists.
Could this crypto ban ripple over to Australia’s crypto popular crypto exchanges? Binance, Kraken, Cointree, BTC Markets, CoinSpot, and other companies providing the Aussie market access to crypto services are subject to financial regulations. With the new anti-gaming-crypto law in place, these crypto firms may need to adhere to the rules as banks regarding financial transactions with overseas online casinos. That is to say, banks in Australia could face penalties if they knowingly process customer transactions by which the destination of the transfer is to fund an overseas online gambling account.
Platforms that would be affected by this law would be many of those listed on the Bitcoin casino live dealers webpage here on Livecasinocentral.
Two Reasons Australia Wants to Ban Crypto from Online Gambling
In the Consumers Federation of Australia report mentioned in the introduction, which numerous news outlets in the country also back up, the government provided two reasons for the crypto ban.
1. Preventing the introduction of crypto by gambling sites in the future
An outright ban now will prevent online sports betting websites operating in Australia from offering crypto in the future. Due to the volatility of cryptos, they are not a safe option, and bets are speculative. Players are also at risk of losing value while their funds remain in a crypto balance. For example, the BTC/AUD value could fall.
That seems bizarre to me because Australia has numerous crypto exchanges. Once again, it is classic fast-thinking, lack of research or thought. Exactly what led to a massive online casino black market in the country. One that could be regulated keeps Aussie citizens safe instead of having no choice but to play at an overseas online casino.
The risk here is that many Aussies get caught up in scam casinos without licensing. However, this can also be avoided with proper guidance. Or bring in domestic licensing and follow other licensing authorities like the UK’s UKGC, which has successfully tackled problem gambling.
Avoid Scam Casinos & Fine the Ones That Care: With the proper guidance, such as the information on the real live casino guide here, you will see how easy it is to find a trustworthy live casino—something the Aussie government has not yet implemented.
2. Curbing the use of crypto in overseas online casino gambling
Labelled as Australia’s overseas gambling black market, it is here where many Aussies find a way to play online slots and find improved sports betting odds and bonuses. On top of this, this is where you, the Livecasinocentral reader base, find your live casino table game and game show entertainment.
Players come to our portal to find live casinos that are safe and trustworthy. Many casinos we vet and approve for a live casino review accept cryptocurrency and Australian Dollars. However, due to the financial ban on Aussie banks processing payments connected with overseas gambling platforms, a few options are available to play using AUD. So, the alternative is obvious.
Live casino software providers like Pragmatic Play Live, Ezugi, Absolute Live Gaming, and Evolution accept crypto and AUD bets at many platforms covered on our casino online AUS hub. However, could this all be about to stop?
There are two possible issues I foresee here:
- The government applies pressure on the governments of the countries in which these live casino game development companies operate.
- The same restrictions put on banks to prevent AUD transactions with overseas casinos will also apply to crypto exchanges and wallets operating in Australia.
This is hearsay by me. However, the very mention of the crypto ban being aimed at curbing overseas gambling could signal the intention to clamp down on overseas crypto gambling with more laws to come built on top of this new crypto ban. This first ban could be used to weaponise an attack on overseas crypto gambling.
On the other hand, the ban on AUD transactions to overseas casinos has been in place for years, and still players in Australia find a way to fund their casino account with fiat currency. Therefore, this could just be the Big Bad Wolf successfully blowing down the straw house, but eventually huffing and puffing at the brick house with no success.
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