Lisa Cheban | 27 august, 2022 12:14 | Last update on: 27 august, 2022 12:14
Australian regulators from the Northern Territory are looking into the use of crypto currency in online sports betting. The Racing commission says it has issued betting operators with a draft version of a regulatory framework for accepting payments for bets using cryptocurrency.
This may come as a surprise, mostly because the same commission advised betting license holders four years ago that it should not engage in cryptocurrency. However, due the rise in acceptance of cryptocurrency such as Bitcoin and Ethereum made the commission reconsider their stance against this modern form of payments.
The Northern Territory Racing Commission says: “The Commission is also mindful of recent volatility in the value of cryptocurrency, and the need to ensure that risks are appropriately identified and managed”.
The commission asked the licensees (online casinos) whether they would like to accept cryptocurrencies and which forms of crypto they are considering as a payment method. They have asked these online casino´s whether they would accept the proposed draft and whether they could provide the commission with feedback. Later this year the commission will announce whether the drafted framework will be implemented in the online wagering market in the Northern Territory of Australia.
Cryptocurrency is getting used more often for the last couple of years. Especially in the online casino industry. Nowadays there are even cryptocasinos, which are online casinos where they only accept Bitcoin and other cryptocurrencies as a form of payment. So these casinos purely focus on the cryptomarket for their wagering.