Australia has always been a world-renown gambling hotspot, and Bitcoin casinos Australia also resulted from that development. However, Australians have always loved traditional online gaming, even before Bitcoin casinos. This love can also be seen in the various online regulations that the government has issued to enforce fair play.
Bitcoin casino development has got many bettors wondering how this bodes for Australians. As lovers of traditional gambling and the recently popular online staking scene, how do they respond to cryptocurrency wagering? This article covers the thoughts of Australian bettors regarding their crypto-staking scene.
What are Bitcoin Casinos
Bitcoin (BTC) casinos are online wagering platforms that use Bitcoin, instead of fiat currency, to place wagers. In this case, punters make their deposits and withdrawals using these digital coins. So, you can say that the main difference between traditional online casinos and Bitcoin casinos is their betting currency.
Benefits of Bitcoin Casinos
If currency is the main difference between traditional online casinos and crypto casinos in Australia, is there a need to switch? Many Australians have considered this subject at one point, but the benefits of Bitcoin casinos in Australia are just too good.
Bitcoin casinos are considered one of the safest and most efficient online wagers. These benefits eclipse most weaknesses of conventional punting, and it has made many Australian bettors open up to crypto casinos in Australia. That’s why many Australians are switching over to crypto-wagering platforms.
Some of the benefits that crypto casinos Australia offers include:
Instant Payouts and Deposits
Unlike traditional online casinos, Bitcoin casinos in Australia offers fast deposits and payouts. This means that customers can send funds or receive their winnings within minutes.
Broader Deposit and Payout Range
The amount of money a bettor can withdraw or deposit into a traditional online casino is constrained by the law. However, these constraints can’t hold back crypto casinos in Australia, as such platforms are built over a decentralised blockchain.
Bitcoin casinos in Australia offer much higher security than a conventional staking platform. The decentralization of the blockchain and its cryptographic hash codes used to store information assures this. So, hackers will find it nearly impossible to steal your funds or access your account.
Privacy has always been a touchy issue for traditional bettors, as it has caused their banks to reject their loan applications. However, crypto casinos Australia promises that Australian bettors can visit staking sites without hurting their relationship with their banks.
Lower or No Transaction Fees
Bitcoin casinos in Australia assure bettors that their days of paying exorbitant prices as transaction fees are over. That’s because crypto platforms do not work with banks, so banks cannot impose any transaction fees on bettors.
Drawbacks of Bitcoin Casinos Australia
Although crypto casinos in Australia offers many advantages and answer the prayers of many punters, it’s not without drawbacks.
Some of the drawbacks that bettors encounter with crypto casinos are depicted below:
Lack of Regulation
BTC casinos run on the Bitcoin blockchain, so no government authority can control their activities. Unfortunately, online gaming regulators can’t sanction any crypto casino when they defraud their customers or offer unfair games.
Volatility of Bitcoin
Bitcoin, like most cryptocurrencies, is unstable, so its price rises and falls most of the time. So, there is a chance that your winnings at a BTC casino might be worth less than you expected after withdrawal.
Legal Status of Bitcoin Casinos Australia
The early parts of this article cover the benefits and drawbacks that an Australian bettor faces in the crypto staking scene. However, this alone isn’t enough to determine the thoughts of Australian bettors towards BTC casinos. The legal status of this industry has to be considered as well.
So, what is the attitude of the Australian government regarding crypto casinos in Australia? Is it similar to countries like China, where the government has banned all cryptocurrency activities? Or is the government choosing to say nothing about it?
The Australian government has always supported innovations in the financial technology sector, and cryptocurrency is one such development. The attitude of the government towards cryptocurrency and crypto Casinos can be summarised below:
- The Australian government doesn’t recognize digital coins as money. However, digital coins got legalized in 2017.
- A proposal came from the Australian Securities and Investments Commission (ASIC) to accept Bitcoin and Ethereum as assets for investment schemes.
- The Australian Taxation Office (ATO) sees cryptocurrency as a traded asset. So, cryptocurrency holders pay taxes when they trade with their digital coins.
- Cryptocurrency exchange platforms must register with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
- The Interactive Gambling Act (IGA) of 2001 prevents platforms based in Australia from serving Australians.
- Online wagering laws in Australia are regulated at the state level.
- The Northern Territory Racing Commission (NTRC) has planned to incorporate crypto-staking sites into the online gambling industry. However, this plan was set in motion in 2022; it’s unknown when it will become a reality.
What Is the Attitude of Australians Regarding Bitcoin Casinos
Australians’ thoughts regarding crypto Casinos depend on the benefits and drawbacks of the crypto-wagering scene. Their attitude toward this is also affected by the legal status of crypto-wagering sites in Australia.
From the points above, many bettors understand that the government has never been against online betting. So, even though the IGA might pose a challenge, it hasn’t stopped the rise of online staking. So, it wouldn’t affect crypto casinos in Australia.
The government regulations regarding cryptocurrency also show how they accept digital coins. Combining the benefits of Bitcoin casinos in Australia and the government’s laws regarding digital currencies shows that Australians can trust Bitcoin Casinos. So, many bettors based in the country regularly visit Bitcoin casinos and have a good time.
The points above show that the Australian government isn’t against Bitcoin casinos in Australia. The stance of the NTRC also indicates that the government is gradually accepting Bitcoin casinos. When you combine this with the advantages of BTC casinos, you’ll understand why Australians love such platforms.