Australia Says No To Bitcoin Gambling

Australia Says No To Bitcoin Gambling

February 23, 2018
Staff Writer
131
Bitcoin gambling banned in Australia

Australia opts to ban Bitcoin gambling.

The gambling watchdog of the Northern Territory – the Northern Territory Racing Commission (NTRC) – has prohibited all cryptocurrency wagering.

This informal ban arrives only a couple of days after Australian gambling site Neds introduced bitcoin online wagering to its customers.

A Ground-Breaking Move Leading To The Ban

The Brisbane website gained a lot of media attention following this decision and even announced the plans to incorporate alternative coins. According to available information, the site, which was licensed last year, was fully prepared to start accepting bitcoin, and even to offer their players to make withdrawals in this cryptocurrency.

Neds announced it would even absorb more than 2% of the users' transaction fees.

Neds' Chief Executive Officer, Paul Cherry explained this decision by saying the company strongly believed in bitcoin and cryptocurrencies as a viable and secure method of online exchange and added the aim of the latest move was to ensure all Australians who shared the positive outlook on cryptocurrencies could use them to bet.

Cherry stated Ned had always prided itself on being a technology company and said this had been a natural step. As he explained, it was a technological solution, and it seemed very fitting that we integrated bitcoin or some other cryptocurrencies into casino platform.

He added the company thought there was a lot of crossover into that target market.

The Regulator Reacted Quickly

However, NTRC was quick to react, banning the use of cryptocurrencies for online wagering.

The Australian Financial Review published an email where NTRC explained its plans to send a formal announcement to sports bookmakers and betting exchange operators licensed in the Northern Territory, ordering them to immediately cease any cryptocurrency (Bitcoin, Ethereum and the like) wagering operations.

The press has reminded that the Federal government has had a long history of what they call an “antagonistic stance regarding cryptocurrency”.

Since the ban in informal, technically speaking the operators are not obliged to do as they're told. However, those who fail to comply may lose tax advantages and even their license.

ABOUT CASINOS ONLINE

logo2

The team behind CasinosOnline consists of casino experts united in their desire to spread knowledge to a wider audience. The aim is, and always has been, to help even the most inexperienced players gain their footing in this exciting industry.

The enthusiastic members dedicate time and energy to the creation of potent and insightful content. With years of experience in various fields of this industry, our expert authors know precisely what to look for while searching for casino quality.

LEAVE A COMMENT

Your email address will not be published. Required fields are marked *

Best Online Casino By Country

Although most casinos online are inherently international, some of them specialize for certain markets. If you’re looking for the best casino for your country or area, you’ll find it on this page. The CasinosOnline team reviews online casinos based on their target markets so players can easily find what they need.