Australia's governing bodies are taking a closer look at how cryptocurrency can be used within sports betting platforms.

Regulators in Australia's Northern Territory are evaluating the use of crypto in the realm of digital sports betting . The Racing Commission has distributed preliminary guidelines on accepting bet payments with cryptocurrency.

This initiative might be unexpected since the commission previously discouraged licensees from adopting cryptocurrency. However, rising mainstream adoption of digital currencies like Bitcoin and Ethereum has prompted a reassessment.

The Northern Territory Racing Commission has expressed awareness of cryptocurrency's market fluctuations and underscores the necessity of identifying and mitigating associated risks.

The commission asked the licensees ( online casinos They've queried online gaming venues regarding their willingness to embrace cryptocurrencies and forms they might adopt. The commission has invited feedback on the proposed regulations, with decisions expected later this year about implementing these rules in Australia's Northern Territory betting landscape.

The past few years have seen increasing use of cryptocurrencies, notably within the online casino sphere. Some platforms, known as cryptocasinos, exclusively transact with digital currencies, catering entirely to the cryptocurrency audience.

Despite crypto's growing appeal, conventional payment methods remain popular. Paysafe , PayPal and Neteller .