The Australian online betting industry is one of the most lucrative on the planet because of a strict regulatory framework that has allowed betting operators to flourish while protecting citizens.
However, with so many options available for bettors to explore online, many are looking at licensed offshore operations. These betting sites and apps are licensed in other jurisdictions and can often offer consumers a wider variety of betting markets, great odds, and enticing sign-up offers.
Another reason that many consumers are exploring sites outside the jurisdiction of Australian betting regulators is that new legislation has limited payment methods.
New Legislation Banning Crypto Casinos
The Interactive Gambling Amendment Bill 2023, which was launched on June 11th, has seen Australia banning the use of credit cards on gaming sites as a measure to tackle problem gambling.
Many people in the industry saw this coming as land-based betting operators are already prohibited from accepting credit card payments.
More surprisingly, the new law also moved to prohibit the use of cryptocurrencies as a payment method for online betting. This came as disappointing news to an industry that has grown alongside crypto and was one of the first to accept it.
According to online betting expert Johanna Gullberg, the best bitcoin casinos give Australian consumers all the benefits of a traditional online casino, with additional technological developments.
As an industry that is reliant on technology, crypto has been embraced by online bettors who love the opportunity to use their digital assets to gamble.
Crypto casinos have also seen the rise of crash games that are based on the crypto market so their exemption from the Australian market has seen an exodus of players.
Why Crypto Casinos Are So Popular
While crypto casinos aren’t as popular as traditional alternatives that only accept fiat currencies, the continued development and popularity of cryptocurrencies have seen them become popular among more forward-thinking bettors.
There are many benefits that crypto has over traditional currencies which will be explored below.
Security
Reputable crypto casinos offer users a secure way to carry out transactions without having to provide sensitive personal and banking details. High-quality betting sites will always use encryption algorithms to improve data protection from hackers and Secure Socket Layer (SSL) creates a secure channel between the customer and casino.
Crypto casinos also provide far greater transparency with all transactions being recorded on the blockchain. This allows external auditors to carry out checks on how fair the system is.
Game Variety
Crypto casinos are competing with all other online casino services and must provide the best gaming experience to their customers. This means that games are regularly updated and slot titles are some of the most cutting edge.
Bettors can also enjoy traditional casino games like poker, roulette, and baccarat where the only difference is the currency being staked.
Privacy
Minimising the amount of personal information you put online has many benefits and mitigates the risk of identity theft or account takeovers. Many online casinos require personal data and documents to prove who you are as part of anti-money laundering legislation, but there are alternatives.
No-KYC (know your customer) casinos are sites where consumers can sign up and bet using cryptocurrency, without having to provide personal information.
Bonuses
One of the best things about all online casinos is the sign-up bonuses and loyalty schemes. The competitive nature of Australia’s online betting industry means that operators must go above and beyond to stand out from their competitors.
Great customer service, state-of-the-art games, and a user-friendly interface will all help to improve the user experience, but attracting them in the first place is essential to growth.
Crypto casinos offer some of the best promotions for new and existing customers as a way to entice and retain them. Welcome bonuses are applicable to new customers only and can come in the form of matched deposits up to a certain amount or free spins on slot games.
No-deposit bonuses encourage users to sign up and play without spending. This is a more risky strategy as players can use up their free credits and leave, but operators confident in the quality of their product will see some people stick around.
Getting customers to sign up is one thing, but operators need them to continue playing and depositing funds. Ongoing promotions that reward existing customers based on how much they deposit or how often they play encourage users to stay.
Payment Methods
One of the biggest draws for consumers playing at crypto gambling sites is that they accept cryptocurrency. Bitcoin, Litecoin, Ethereum, Dogecoin, and USD Coin are some of the most widely accepted cryptocurrencies at online casinos, but some operators pride themselves on being able to accept even more.
They will also typically offer customers a wider variety of payment methods on top of crypto, including traditional payment methods, eWallet, and mobile payment services.
