Ban credit cards for online gambling: Banks urge to Anthony Albanese

A lot of offline operators have already signed and executed their commitment to not accept credit cards when it comes to gambling. Precisely, this was done 23 years ago in agreement with all the pubs, bookies, and TAB. It now appears that they forgot to keep a slight margin for the virtual space. While credit card usage has already been prohibited for offline gaming, the same does not apply to online gambling.

Operators involved in online gambling continue to accept credit cards from their players in return for the bet. Needless to say, Australian banks are not very happy with this.

The fundamental argument from their side is that customers ultimately risk losing their money, getting deeper into debt, and then being left with nothing to show anyone. Anna Bligh, the Chief Executive of the Australian Banking Association, has interacted with the media to shed some light on the matter.

Anna said the industry did not exist 23 years ago, but now it is worth almost $50 billion in yearly revenue. He has served as the cabinet minister in the Queensland Government and now believes that anything that is not permitted to happen in the real world should also not be allowed to happen in the virtual world.

That is a clear hint at the ban on using credit cards at offline venues, but the same is not being replicated online.

The CE has further said that banks have seen the harm being done. They now ask a single question: are the activities worth offering credit for? Responsible Wagering Australia has stated that it is looking to develop a fair solution while ensuring that there are no unintended consequences.

It seems like enforcing a total ban could be difficult. The use of credit cards for online gambling in Australia should be prohibited by banks blocking the associated merchant code. While this sounds relatively simple, it is not because the same merchant code is attached to charities that leverage the sale of lotteries to raise funds.

Codes can be changed, provided international approval has been sought.

Some Australian banks have gone ahead anyway and banned the use of credit cards for online gambling. These include Suncorp, Citibank, the Bank Australia, and the Bank of Queensland.

According to the top gambling news, Rebekha Sharkie, an independent MP, has supported the Australian Banking Association. Rebekha is expected to introduce a private member’s bill in the coming days. Per the bill, it will be the responsibility of the gambling companies to notify punters about the losses they incur while gambling. Also, this will have to be done before punters place more bets.

She has the support of her cross-bench colleague, Andrew Wilkie, on the proposed legislation. There would be a requirement for gaming companies to notify any suspicious activity.

David Bright

David Bright joined Times of Casino as a news writer focused on the casino industry. He holds a bachelor degree in Economics and Accounting and currently contributing in-depth news articles. David writes on the casinos, gambling legislation, poker, and much more.

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