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Australians Keep Betting with Bitcoin on the Melbourne Cup

The Melbourne Cup is one of the most prominent horse racing festivals around the world and a massive event in Australia by itself. Over 100,000 people attend the races and enjoy the platter of side activities that span anything from music concerts to food festivals.

Australia Bets on Melbourne in Crypto

The Melbourne Cup in Australia is a pivotal experience for horse race lovers from the entire world. It’s generally a reason for people to call it a day off and go to the courses and watch first-rate racing. Sports betting agencies are also registering a significant uptick in their activities, with the placed wagers going up by the hundreds of thousands.

However, a new problem seems to be shaping up. Some websites continue to actively accept Bitcoin bets on the outcome of races and there is nothing that the government can do to stop it. This contrasts with the government’s own regulations on cryptocurrency.

Wagering with cryptocurrencies is not allowed under the current gaming laws in the country, but legislation has been no deterrent for international operator dealing in these assets to come to Australia and open up their virtual shops.

As a result, there is a range of events that are now available to bet on with cryptocurrency, including AFL, NRL, Super Netball, NBA, greyhounds and more. Even the local soccer competitions are increasingly being wagered on with Bitcoin.

When trying to trace the illegal operators, investigators have ended up with multiple locations from around the world, including Montenegro, Curacao, and Cyprus. Investigators have also found out that one of the websites is based in the British Indian Ocean Territory, which is not populated enough to support its own gambling activities.

The Risks of Going Crypto According to Experts

Bitcoin are dangerous to bet with, estimates sports lawyer Catherine Ordway cited by local media. According to Ms. Ordway, the prevalent use of Bitcoin would create dangerous precedents, allowing for illegal activities such as match-fixing to gain traction.

As Bitcoin are traded in relative secrecy, nobody can really know who the winners are, which prevents authorities from trying to establish irregularities.

Virtually untraceable, any form of cryptocurrency is showing the authorities that illegal operators have no problem running their business in the country come what may.

Similar opinion was expressed by Responsible Wagering Australia board member Ray Murphy who said that Bitcoin betting was purposefully made to hide the wagers and money moved via sports betting.

Despite the opposition, there have been people, including gamers from Australia, who have claimed that the cryptocurrency actually provides them with the level of security they feel comfortable with.

According to a gamer in Australia interviewed by a local newspaper who chose to stay anonymous, Bitcoin has much to offer to regular punters (a term used to describe people who stake money on sports), but then again, the threat of match-fixing is not an imagined one, he concluded.

The problem that now looms over Australia is two-fold. First, there is uncertainty about how the advance of these illegal operators can be stopped. Secondly, while some agree that there are benefits to this type of betting, regulating it successfully could be a challenge.

In the meantime, people will continue betting on the world’s largest horse racing festival in Bitcoin.

Mike Johnson

Mike made his mark on the industry at a young age as a consultant to companies that would grow to become regulators. Now he dedicates his week days to his new project a the lead editor of GamblingNews.com, aiming to educate the masses on the latest developments in the gambling circuit.

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