Australia Enforces Ban on Crypto and Credit Cards
for Online Betting
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Australia has implemented a ban on using credit cards and crypto for online betting, in an effort to curb gambling problems. This means Australians will no longer be able to wager using borrowed money or anonymous digital funds.
The Australian Associated Press reported Tuesday that the ban on online gambling payments extends to credit cards linked to digital wallets, cryptocurrencies like Bitcoin, and any future forms of credit.
These new regulations mirror those of physical casinos, where credit cards are also banned. Interestingly, this doesn’t apply to online lotteries, which still accept credit card payments.
In the past, Australia had a thriving market for online casinos accepting cryptocurrencies like Bitcoin. These transactions appealed to gamblers due to their speed and anonymity. One study even showed that in 2019, a significant portion (30.7%) of gamblers in Australia enjoyed online games using crypto.
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