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Bitcoin gambling to be banned in Australia

Bitcoin gambling to be banned in Australia

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Australian gambling regulator Northern Territory Racing Commission (NTRC) has issued an informal ban against all cryptocurrency online wagering, singling out bitcoin and ethereum. Just days before, one of its licensed online gambling sites announced it was offering bitcoin to its customers.

Paul Cherry, CEO of Australian online gambling site Neds explained: “We strongly believe in bitcoin and cryptocurrencies as a viable and secure method of online exchange. With this announcement we wanted to ensure that Australians who share our positive outlook on cryptocurrencies can use them to bet with us.”

“We’ve always prided ourselves on being a technology company,” he continued. “We’re not just sports and racing enthusiasts and bookmakers – we’re also programmers, analysts and computer nerds – so this felt like a natural step for us. And we think there is a lot of crossover into that target [crypto] market.”

The Brisbane, Australia online gambling website received a great deal of notice for its acceptance of bitcoin. Billed as the first of its kind for the continent nation, Neds even had plans to incorporate alternative coins. Neds also claimed it would absorb over 2 percent of the transaction fees incurred by users.

Neds was licensed by Fall of last year, ready to go, with all wagering happening in bitcoin, from the bet to eventual withdrawal. Mr. Cherry mused: “It is a technological solution, and we see ourselves as tech guys, so it seems very fitting that we integrate bitcoin or some other cryptocurrencies into our platform. A lot of people may be non-sophisticated investors who have acquired some bitcoins during the recent hype and are probably wondering what to do with them.”

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