Online Gambling Site Payments Update

Added: September 22, 2016

You must have noticed that as of late, there is increased interest in alternative payment methods at online gambling sites. Understand this interest is on both sides of the table so to speak. That is, both online gambling site operators as well as online casino players are actively seeking a better solution.

At the same time, you may have seen a media story here and there about the growing acceptance of Bitcoin in the online casino world. For the record, Bitcoin is embraced by both gambling site operators as well as casino players. And then along comes a new report by Austrac. It turns out that the Australian Transaction Reports and Analysis Center (Austrac) published a report that clearly noted that new payment technologies such as Bitcoin pose an ‘emerging terrorism financing risk’.

The report included language that such terrorist groups were more likely to make use of such digital currencies such as Bitcoin. The report concluded that such payment methods must necessarily be strictly regulated. Interestingly, the Austrac report also recommended that the definition for so-called ‘e-currency’ be updated to include the various forms of existing virtual currency such as Bitcoin.

At the same time that Austrac released this new report, other studies highlight the other side of digital currencies such as Bitcoin. These studies demonstrate quite clearly that Bitcoin transactions as reflected in the Bitcoin market is now driven by legitimate payments, services and commerce. In other words, Bitcoin has evolved so much over the past few years, that it barely resembles the early days when digital currencies first appeared. Recall the notorious Silk Road incident which cast quite a long shadow on digital currencies for quite some time.

Nowadays, Bitcoin and other such virtual payment technologies have matured to the point that you cannot help but spot signs and banners such as “Bitcoin Accepted Here’. So what does this all mean for the online gambling industry in Australia?

In a word, do no harm should be the message sent to those legislators that want to clamp down on the use of payment options such as Bitcoin. While most everyone is for taking action to stop the spread of terrorism, it is vital for lawmakers not to impose such strict restrictions on the use of Bitcoin and the like that it hampers the growth of this superior payment technology. Do not lose sight of the fact that Bitcoin is favored by both online casino gambling site operators as well as the players. Think instant transactions, lower costs and more.