Australia’s Northern Territory Racing Commission (NTRC) has started consultation with regulated online casinos about the possible incorporation and regulation of cryptocurrencies into the gambling industry.
The way things stay currently, the Australian gambling market is diversified, and each state is independent regarding regulating gambling on their territories. The Northern Territory Racing Commission (NTRC) licenses all gambling operators that want to provide their services on the territory, including some big companies such as Betfair, Sportsbet, or DraftKings. NTRC has sent a document to all gambling operators, seeking feedback on how the industry would improve and what the landscape will look like when cryptos get added as an option.
If this measure goes into effect in Australia’s Northern Territory, the chances are high that other gambling regulators will follow within Australia.
Plans and future requirements for online gamblers and operators
All planned requirements will align with the Anti-Money Laundering (AML) regulations, and online gamblers will be required to verify their crypto wallet addresses. Also, any winnings players make will need to withdraw to the same wallet from where they made the first deposit.
The NTRC recommendations for crypto gambling include monthly crypto deposit limits of 2,000 AUD and maximum wagers of 5,000 AUD per month. Another recommendation is for gambling operators to be legally required to keep crypto wallets that hold enough funds to entirely collateralize customer betting amounts – similar to the standard practices in fiat-based gambling. Until now, Australians who wish to use cryptocurrencies for gambling must do that overseas, which is not in compliance with Australian gambling laws.
These are some positive news for Australians, and we will see how things unfold. In the meantime, Australian players can play and enjoy legal free online gambling at EkstraPoint.com. There are dozens of rewarding competitions, casino slots, and bonuses to use in quality online casinos. Explore the site and enjoy free gambling.
