Australian Sports Betting Regulator Explores Crypto as a Payment Option
The NTRC is consulting with gambling licences over incorporating crypto as a viable payment
method in the industry. The sports gambling operator has reportedly sent the draft proposal to the local gambling companies, including Betfair Entain Group, Sportsbet and Draft Kings.
Since cryptocurrency is becoming increasingly popular in Australia, the regulator considers it a viable payment option. The last time we heard from the NTRC was back in 2018 when they encouraged stakeholders to refrain from using cryptocurrencies as an option for deposits and withdrawals.
In the draft sent, the Northern Territory Racing Commission asks which digital asset the operators prefer to offer. Gambling licence operators and gambling companies are given a deadline until September 29 to provide feedback on using crypto for a wager.
Though they sent the draft seeking input, this is no assurance that the NTRC will ultimately support crypto since they are still mindful due to the currency’s volatility.
On top of that, they need to secure themselves from the given risks.
Going All-in on Crypto
According to the regulations mentioned in the draft, the Northern Territory Racing Commission plans to go all-in on Crypto Regulations. For example, the framework would reportedly allow crypto wagers without initially converting them to fiat but outlined the acceptance of cryptocurrencies by licensed exchange operators.
Moreover, the NTRC intends to impose strict KYC and AML requirements. Players will have to use the same cryptocurrency for withdrawals used to fund their accounts. In addition to this, withdrawals must be sent to the originating wallet address.
This year, the regulators also recommend a monthly crypto deposit limit of €1,389 (or the equivalent) per customer, which is not restricting. These are just some of the outlined dynamics, and several other unknowns might make some operators think twice about offering crypto as a betting option.
Whether cryptocurrencies will be implemented as a payment method and accepted by gambling operators in Australia remains to be seen.