Australian betting regulator mulls crypto sports betting

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Updated September 21, 2022 | Published August 25, 2022

2 mins read

Australia’s Northern Territory Racing Commission (NTRC) is seeking input from existing gambling license holders over the implementation of cryptocurrencies as a viable payment option.

Australia’s gambling industry is one of the most closely regulated, with online gambling extending only to horse racing and sports betting.

Presently, there are no online casinos. However, the NTRC is interested in finding out whether the implementation of cryptocurrencies would have a beneficial effect to the sports wagering industry in the country.

The regulator is seeking input from the likes of Entain Group, Sportsbet, Betfair and DraftKings in trying to better understand the current consumer landscape and preferences.

The consultation will be open for the next several weeks and involves the potential of introducing cryptocurrencies in Australia not just as a form of settling payments, but also as a form of making a sports wager.

This is already possible globally with the help of brands such as Cloudbet.io, Sportsbet.io and 1xBit.

However, it will be a first for Australian-licensed sportsbook to offer such options. The measure also covers only the Northern Territory, with each state in Australia making its own executive decisions about sports gambling.

The framework proposed by the NTRC wishes to eliminate FIAT as an intermediary when placing wagers in cryptocurrency.

What this means is that instead of converting your Bitcoin or Litecoin into FIAT before wagering and vice versa, the NTRC is interested in enabling direct cryptocurrency wagers and deposits without any conversions.

However, the idea that this form of depositing and withdrawing will be “anonymous” is not applicable here.

All sports betting accounts must be subjected to KYC and AML checks, which means that there is no anonymity to speak of.

Alex

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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Australian betting regulator mulls crypto sports betting

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