The Australian Senate has agreed that a blanket ban on credit card usage for online gaming activities is necessary within their nation. The specified timeframe for implementation is six months.
The Interactive Gambling Amendment (Credit and Other Measures) Bill 2023 came into existence in September. The legislation is looking into prohibiting credit cards as well as digital currencies in the country.
According to the gambling news, The House of Representatives in Australia approved the bill in November and subsequently sent it to the Senate for consideration. In its turn, the Senate has granted its approval, and the legislation will be enacted shortly.
There is now a prohibition on gambling using credit cards at land-based casinos. Implementing this legislation will result in an outright ban on wagering and credit card usage.
Besides the prohibition of credit-related facilities, there will be a penalty of $154,282 for operators who are not adhering to the prohibition.
The bill gives the Australian Communications and Media Authority (ACMA) the authority to enforce the penalty provisions and prosecute violators harshly.
Operators, payment providers, and customers will be given a six-month transition period to comply with the new set of standards. The measure results from numerous conversations with concerned officials, ranging from operators to betting and lottery providers.
According to the CEO of Responsible Wagering Australia (RWA), Kai Cantwell, he is one with the bill receiving consent. In his belief, this will create an environment of proper gambling that will not only prevent the gambler from going overboard but also protect the family’s interests and well-being. In his opinion, it will act as a catalyst for RWA members to introduce safer gambling management tools for protecting themselves against the harm of overgaming. He maintains a strong belief that lotteries and keno should also be included in the prohibition of credit card usage.
As per the latest Australian Gambling Statistics, gamblers stood to lose $3.20 billion on lotteries and keno in 2020–21. Therefore, in Cantwell’s view, the need of the hour is for complete prohibition where credit facilities for gamblers are concerned.
The bill executes the suggestions made by the Parliamentary Joint Committee with regards to corporations and financial institutions since November 2021. Credit card usage and its prohibition are still pending.
Towards the end of 2019, the Australian Banking Association initiated a consultation on credit cards for gambling. From this came the Bank of Australia, which prohibited credit cards from being utilized for gambling purposes.