Is Crypto Price Betting Legal in Australia?.
Short answer. Betting on the price of a cryptocurrency is lawful in Australia when it is offered by a licensed and regulated Australian operator that is authorised to take bets on that event. Bet Right is licensed in the Northern Territory, regulated by the Northern Territory Wagering Commission, and holds a declared contingency authorising these markets. Most crypto betting sites an Australian sees in a search result do not, because they are based offshore.
This page is about betting on the price. It is not about paying with cryptocurrency, which is a separate question and not something Bet Right does.
What a declared contingency is
Australian bookmakers cannot simply open a market on anything they like. An event has to be an approved contingency before a licensed operator can take bets on it. Bet Right's crypto price markets sit under a contingency declared under section 167 of the Racing and Wagering Act 2024. Bet Right is licensed and overseen by the Northern Territory Wagering Commission.
Two things had to be approved, not one. The event type had to be declared, and the independent source used to settle it had to be accepted by the Commission. That source is FEX Global, the Australian futures exchange, in conjunction with Kaiko, an enterprise cryptocurrency market data provider. A market cannot be offered on the strength of the first alone.
How a licensed market differs from an offshore one
| Bet Right | A typical offshore site | |
|---|---|---|
| Licence | Australian, Northern Territory | Not licensed in Australia |
| Settlement source | FEX Global with Kaiko, independent and approved by the regulator | Chosen by the operator |
| If you dispute a result | Bet Right is overseen by the Northern Territory Wagering Commission, and complaints can be directed to them | The operator, in another jurisdiction |
| Safer gambling tools | Deposit limits, time outs, self exclusion, BetStop | Varies, often absent |
| Identity checks | Required before you can bet | Often minimal |
Why the settlement source is the part that matters
A price market is only as honest as the number it settles against. If the operator picks that number after the event, there is nothing for a client to check. Bet Right's source is approved by the regulator and published, and recently settled markets show their target price, rate, source and timestamp on the recent settlements page, so a result can be verified after the fact.
What this is not
- Not a financial product. These markets are a licensed wagering product, regulated as wagering. They are not a financial product and not a derivative. You are placing a bet, with a stake and fixed odds. You are not acquiring an asset or an interest in one, and there is nothing to hold, close or roll.
- No cash out. A bet on a crypto price market runs to settlement and cannot be closed early.
- Not a way to buy or hold crypto. Bet Right does not accept, hold or transfer cryptocurrency.
Where to bet
Bet Right's licensed crypto price markets are on Bitcoin and Ethereum. See all crypto price markets, or how settlement works.
Common questions
Can any Australian bookmaker offer this?
Only one holding a declared contingency for the event, with an approved settlement source. It is not a general permission.
Do I have to be in Australia?
You must be an Australian resident aged 18 or over with a verified account.
Is betting on crypto prices the same as trading?
No, and the distinction is the basis of the licence. A bet has a stake, fixed odds and a single settlement.