The question needs to be asked. After all, these are enough evidence to believe that certain changes might be taking place in the near future. Australia does have a special appreciation for both cryptos and for casinos. But there are several problems with the industry, especially when it comes down to crypto casinos that need to be solved. After all, the recent statistics published by the Australian government revealed that a large amount of money lost to scams the year before was lost because Australians decided to spend a lot of time playing with scams that were posing as cryptocurrency accepting casinos. Which is why the question has become so pressing. Up til now, many believed that cryptocurrencies were the way to solving the online casino issues faced by the country. Faster and easier transaction processes, lack of fees and other benefits made them extremely attractive. But now, with the reveal that Australians are easily scammed by such things, it appears that there might be a reason to believe this may never happen. After all, Australia is already considering ways to make scams like these less likely. So what does this mean for the average Australian who likes to play roulette online for real money? Let us see what might be a possible solution to the problem and try to understand coming from there.
The problem of crypto scams
The thing with cryptocurrency scams is that they are extremely easy to create. All it takes is a single wallet and a website that makes it seem like the user needs to deposit to that website. Which is why cryptocurrency casino scams were so successful in Australia in the past couple of years. Online casinos are, after all, an extremely popular product within the country. What is dangerous though, is the direction that the direction might be deciding to go in, in order to protect citizens from such scams. One positive direction was to start attempting to attempt to band all kinds of online crypto casinos, but that idea was quickly dropped after the government realized it would not produce any result beyond getting in the way of normal casinos operating. The other possible direction was to attempt to ban all online casinos, but that would be damaging to everyone involved so that idea was dropped rather quickly as well. Instead, the direction the government has decided to go in is to start an information campaign.
The information campaign is two-fold. One part of it involves working to inform the local populations about what is a prohibited casino, what is allowed for a casino and what casinos need to be able to confirm and provide in order to be licensed. This campaign is commendable, but it is also insufficiently pushed, as there are still large swaths of the population that are unaware of how to recognize a legitimate online casino. It would be a better idea to push the information a little better, helping the people understand what makes a good casino better.
The other path of the information campaign is much more interesting and it is also much more successful The government has decided to start listing blockchain and crypto companies that are not legitimate and that are in all actuality not licensed to operate on the ASEC website. This allows users to be able to do research successfully about a company. If a company is listed as untrustworthy on the ASEC website, or if it isn’t listed at all, there is a high probability that the company is not allowed to operate and might be a scam. It gives power to the users, allowing them the ability to understand whether a company can be trusted or not by doing their own research and looking up the companies that they might want to try enjoying the game with.
So how will this affect the future of the industry?
While the government and the watchdogs are still trying to work through the details and might still produce some new legislation in order to control the industry, what has been done so far might be just enough. If everything stays the way it is right now, there is a high probability that most of the online casinos will continue to integrate crypto technology into their casinos. If this continues, the current trend of developing blockchain based casino games and payment systems for casinos might not stop. In this case, the industry is going to be seeing a lot of development and so will the blockchain tech that Australia finds so much use for. With enough integration and development, casinos might enable a revolution in the applicability of the technology. But so far, it seems that yes, the online casino future in Australia is closely tied with cryptocurrencies.