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Melbourne Cup Has Punters Making Bets Using BTC

There are a number of races in Australia that offer bets via BTC; the Melbourne Cup is among them. As the season is approaching its highest point, it has been grabbing the attention of punters everywhere and the Melbourne Cup falls right in the middle of all of this. Such activity is quite normal, but one must consider the site being used for making bets.


 

The website in question is 1xBit, which mainly uses BTC for taking action on sporting events. Despite the fact that gambling using BTC is not permitted on Australian sites, the global crypto betting market is becoming highly interested in the Australian sporting season.

Matches like Super Netball, NRL, greyhounds, NBA, AFL, or also lower tier matches of soccer are all available for bets using BTC and are routed through destinations such as Estonia, Curacao, Cyprus, or Montenegro. There’s even a website that seems to come from BIOT, a few islands with very little population located in the middle of Madagascar and Sumatra. This represents a huge issue for legal authorities trying to prevent the fixing of these events.

BTC’s Hidden Nature

Catherine Ordway, a sports attorney and a well-known academic, noted that using BTC or any other cryptos to bet on sports events is continuing to become very popular and with it, the risk of fixing matches increases greatly.

Australian regulators are already finding it hard to deal with questionable bets taking place on global websites with no security. When BTC is used for these bets, in effect they become really hard to trace, if not outright impossible, because paying online gives the user the ability to remain anonymous.

Ray Murrihy, a member of the board at Responsible Wagering in Australia and former chief steward at Racing NSW, declared that users who are looking to conceal their bets from authorities tend to use BTC because it adds a new level of secrecy. All entities involved in the transaction are hidden. He also stated that the casual punter or the one who bets on the weekends is likely not entangled in these actions, but individuals looking to conceal their personal information for a specific reason like knowing inside details.

Legal Confusion

Questions have emerged regarding how efficient the legislation against match-fixing is going to be when BTC is being used. Ms. Ordway emphasized the fact that laws in Australia were not designed to handle the possibility of fixing matches using crypto platforms.

Laws currently existing in Australia don’t mention any sports bets placed through cryptos, or even anywhere in the world, so the next step should be to amend them and see if such information on how to deal with this new technology can be added. However, she continued, it can for sure be looked at as a way of corrupting a sporting event having an effect on the outcome of gambling, which comes under the purvey of national law.

1 month ago

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