This story was published more than 5 years ago.
This week the Northern Territory Racing Commission in Australia announced that they're banning cryptocurrency wagering for online betting, after a licensed site revealed that they were accepting the currencies Bitcoin and Ethereum.
The announcement came after the betting site Neds revealed that they were going to begin accepting cryptocurrencies as a way to keep the site up to date with the latest technology trends. At the time Neds CEO Paul Cherry said, "We've always prided ourselves on being a technology company. We're not just sports and racing enthusiasts and bookmakers - we're also programmers, analysts and computer nerds - so this felt like a natural step for us. And we think there is a lot of crossover into that target [crypto] market."
Neds use of the currencies only lasted a few days, as the regulator laid the hammer down. The regulator has sent letters to all operators in the area a notice telling that that if they're using crypto on their site to cease and desist immediately.
Australia has tightened their online gambling laws, causing many casino sites to abandon the country. Sportsbetting and racebooks are still licensed and legal, although it looks like further restrictions are being laid down in the country of 24 million.