The Australian season is just about to reach its betting peak with Tuesday morning’s Melbourne Cup attracting millions of dollars of bets from not just Sydney, Melbourne and Adelaide, but also from many countries around the world too.
For the Australian horse racing and betting indusstries you would think this would be a good thing however the reason there is concern as that punters are betting on a website called 1xBit and the primary currency? Bitcoin.
Gambling using bitcoin is not permitted on Australian based websites but Aussie sports such as the Melbourne Cup are attracting great interest from overseas on the international cryptocurrency betting market.
Tracing back where bets are coming from; AFL, greyhounds, soccer and of course horse bets in Oz can be found on bitcoin betting sites leafing to countries such as Montenegro and Cyprus.
The reason this kind of betting is so worrying is not just because Australia makes no money from any tax to be paid on bets placed overseas, but because with match-fixing and spot-fixing in mind it’s hard to ever know who is placing a bet using bitcoin.
The use of cryptocurrency in sports betting has become more prevalent and with it comes a heightened risk of match-fixing. Those betting using bitcoin are barely traceable because this sort of online payment option provides near anonymity for users.
Despite the growing legal American based sports betting websites positively encouraging bitcoin use, Australia feels very differently and is worried that the use of this currency compromises the integrity of their betting.
It seems these worries are well founded too. If you are on a genuine sports betting site giving you a fair price on the Melbourne Cup and you have a valid bank account, why on earth would you need to remain anonymous and use a cryptocurrency on an unregistered site in the first place?
Having been immersed in the worlds of sports betting and writing for the past 20 years, Gary Christie has vast experience on the subjects. He has produced content for various leading websites, including both TVG and Mr Green Casino. Contact Gary at email@example.com.