The Northern Territory Racing Commission (NTRC), Australia’s top sports betting regulator, has issued a proposal to operators regarding potential policies for the use and acceptance of cryptocurrencies for wagers.
This represents a change of heart for the NTRC, after it came out against the use of digital currencies just four years ago. However, the agency indicated in the proposal that the widespread adoption of crypto and the increased number of inquiries related to it are enough to warrant reconsideration.
The NTRC added that it was “also mindful of recent volatility in the value of cryptocurrency, and the need to ensure that risks are appropriately identified and managed.”
As part of the draft process, the agency is seeking feedback from operators as to whether or not they would be willing to use crypto when placing or paying out bets, as well as the specific currencies they would like to use.
As of now, the use and payout of crypto is still banned, but the NTRC has set a feedback deadline of September 29 for the proposed policies.
