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Australia is cracking down on online betting using cryptocurrencies, such as Bitcoin (BTC), and credit cards, as part of a nationwide push to minimize gambling harm, local media reported on June 11.

According to The Canberra Times, the ban extends to credit cards linked to digital wallets and cryptocurrencies.

Companies were given a six-month transition period to implement the ban, after which non-compliance will face fines up to 234,750 Australian dollars, or about $155,000.

The new rules for online gambling align with Australia’s land-based gambling regulations.

“This is an important measure to protect customers, making it easier for people to stay in control of their own gambling behavior,” said Kai Cantwell, the chief executive of Responsible Wagering Australia, an independent body for the country’s online wagering industry.

The CEO reportedly noted that inconsistent consumer protection measures risk incentivizing “vulnerable” Australians to move to less-regulated and more harmful types of gambling.

The ban is part of Australia’s sweeping initiatives by the federal government to curtail risks around gambling. Part of that push is the possibility of phasing out gambling advertising in the next three or so years.

Gambling in Australia

As one of the fastest-growing economies in the world, per the International Monetary Fund (IMF), Australia has made it possible for citizens to explore recreational avenues to spend their money. According to a March 2023 study, the country has the highest rate of gambling activity among its adult population, with as many as 73% of adults having gambled in the past 12 months.

In 2019, researchers found that nearly one in three Australians (30.7%) have gambled online using either fiat money or crypto compared to 12.6% in 2011.