Crypto Casinos in Australia

Cryptocurrencies may be a decade old now, but it’s still a developing market with governments struggling to provide regulations. That’s because cryptocurrencies are decentralised, and states don’t have the power to force anything on this independent market. However, they can decide whether to authorise it or not.

In Australia, cryptocurrencies are legal, which means you can buy crypto in AUD and trade freely. However, the Government can tax the revenues generated when you turn your cryptos back to fiat, depending on the circumstances and your specific transactions. Right now, it can be regarded as property and falls under capital gains tax regulations, but it can be considered an income tax in some cases.

The number of Australian citizens engaging in the crypto market is increasing, so the Government is trying to implement regulations to protect them. One of the most notable is the Commonwealth Bank starting to offer crypto trading through its banking app. Furthermore, the National Australian Bank plans to release its own stablecoin by the end of 2022, like ANZ (Australia and New Zealand Banking Group) already did.

So, cryptocurrencies aren’t illegal in Australia. They’re just not really regulated at the moment, and financial authorities are trying to play catch-up with the decentralised system to offer more protection to investors. The Government also plans to implement a token mapping to regulate each cryptocurrency better.

Gambling is a popular and common practice in Australia dating back to the first colonial settlements. Australia has a long history of being liberal when it comes to gambling, and it has allowed legal gambling throughout the 19th and 20th centuries. This is particularly noteworthy because, at that time, most nations were very adamant about prohibiting or at least restricting gambling as much as possible. Chinese settlers brought Asian games of chance with them during the 1840s, and Aborigines already had forms of gambling in their culture before the arrival of settlers.

Where most governments started by prohibiting and progressively authorising gambling with a lot of control over the services, Australia went in the opposite direction, with gambling being officially banned only in 2001. However, it’s difficult for the Australian Government to enforce this act because gambling is part of Australia’s cultural heritage.

Furthermore, even before the ban, illegal gambling existed alongside legal solutions. Even with this illegal side of gambling that can’t be accounted for, Australia is the number one gambling country in the world, with the highest yearly gambling losses per adult.

As is the case with the vast majority of players online, the most popular casino games are online slot machines, which Aussies call “pokies.” The popularity of pokies can be explained by the fact that physical machines aren’t limited to casinos. You can find pokies in restaurants, gaming venues and pubs, which means Australians are more familiar with this type of game than other people may be in the rest of the world.

After pokies, it’s common knowledge that Australians enjoy the race track. Betting on horses and greyhounds is a typical Australian activity, with fathers bringing their sons for Sunday entertainment. This statement also applies to sports betting, which is popular in Australia due to sports like Australian rules football, rugby, motorsports, cricket and soccer being the most attended competitions in the country.

The Australian national lottery is also particularly popular with every demographic above the legal age. However, the popularity of the lottery is universal and doesn’t reflect a cultural engagement. It’s a type of game that has been popular with working classes worldwide for a long time. Australians also enjoy scratch cards, which represent the most prominent form of gambling behind the lottery.

Mobile crypto casinos in Australia have become a preferred way to gamble. There are many reasons for this phenomenon. For one, Australia is a fairly big country with many remote areas. This means that players have to sometimes spend hours traveling to the nearest land-based casino.

Another major reason why Aussies are keen on mobile crypto gambling is that they have easy access to the Internet and mobile technology even in remote parts of the country. In addition, Australian Bitcoin casinos have excellent mobile versions and native apps. They allow you to play the games in high quality even on cheap phones.