Australian Regulator Requests Consultation on Crypto

Ben H 24 August 2022Last Updated: 24 August 2022

The Northern Territory Racing Commission (NTRC) is changing course and now thinking of allowing betting operators to work with cryptocurrencies. The Australian regulator issues wagering licenses and oversees a large number of sports betting providers in Australia. So, the decisions it makes matter.

Four years ago, the regulator advised betting operators not to use cryptocurrencies and hasn’t given any indication that it might allow the use of cryptocurrencies such as Bitcoin and Ethereum since. However, that might change soon.

Asking Bookies to Say Yes or No to Crypto

The NTRC publicly announced that it has sent a draft regulatory framework to betting operators for them to consider. In it, the regulator asks each licensee to indicate whether they would be prepared to work with cryptocurrencies.

The commission said that it was evident that there was an increase in cryptocurrency acceptance in various places and that it has also received a lot of requests from betting operators asking for crypto payments to be allowed.

The regulator did, however, remind licensees of the volatility of crypto assets and said that risks needed to be “identified and managed.”

As soon as licensees receive the draft version of the regulatory framework, they are encouraged to tell the regulator whether they would accept cryptocurrencies as deposit and payout options and which cryptocurrencies they would like to work with.

The First Crypto Bet May Come Soon

29 September is the deadline the NTRC has set for its licensees to submit their responses. However, it is expected that most Australian betting operators would be eager to accept crypto payments, as they have been asking for the implementation of crypto payments themselves.

And now that the regulator has also indicated that it is seriously considering changing its cryptocurrency stance, it seems that it is only a matter of time before Australian bookies add digital coins to the existing payment methods they work with.

Crypto Betting Australia

While crypto betting is not currently available in Australia if you wish to place a wager on racing or sports, the opportunity is knocking at the door of Australian betting sites, though not all betting sites will jump on board it is safe to say that some of the big contenders will.

Ben H
Ben Harris is the Communications Manager for KRUZEY, an AFL and NRL expert, and writer. He has one daughter that he loves dearly and five... [Read full bio]

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