Back to the list

Australia’s Northern Territory to Incorporate Crypto Gambling into the Regulated Gambling Industry? 


www.thecoinrepublic.com 25 August 2022 04:03, UTC
Reading time: ~2 m

Northern Territory Racing Commission(NTRC) is in the consulting process with its gambling licensees. The commission is looking at a cautious proposal to integrate crypto gamble into the regulated gambling industry. 

Usually, gambling in Australia is not regulated federally but at the state level. The NTRC supervises all wagering and gambling companies that are licensed in the Northern Territory (NT). Draft Kings, Betfair, Entain Group, and Sportsbet are among the licensed companies. The licensees who are keen on feedback and input on the future of the regulatory landscape once crypto wagering is cut from the picture, have received a private document sent by the NRTC.

Julian Hoskins, Senet’s principal, was provided access to private documents. To the unfamiliar, Senet is one of the major gambling and regulatory advisory firms in Australia. In an interview, Hoskins explained that for instance, a sports bookmaker who issued a license in Northern Territory and is willing to accept cryptocurrency for striking or paying out wages, then they are required to apply for consent to do so. There are also certain conditions attached to it. 

The draft framework makes it clear that what they’re eyeing is crypto wagering and not exchanging into fiat. Further noting that punters are likely to have fiat and crypto bets differently on one platform since for gambling the two financial tools are not interchangeable with each other 

At this stage, the prospect of such a move is difficult to quantify. Hoskins also said that considering the crypto’s popularity, it’s going to prove as a popular alternative to fiat. According to him, it has the potential to be great material. Gambling regulators of other states are likely to follow if this model goes as per the plan in the Northern Territory. Moreover, Hoskins said the stringent identification requirements are also proposed in accordance with anti-money laundering (AML) regulations.

Back to the list