A representative of some of the largest companies in the Australian online gambling sector shared that local punters should not be prevented from going into debt to bet.
The remark made by Brent Jackson, CEO of Responsible Wagering Australia (RWA), follows Andrew Wallace MP’s call for stricter measures to be taken when it comes to online gambling transactions with credit cards. Mr Wallace has urged Australian banks to establish a voluntary code of conduct that would guarantee that players would not be able to bet with money they practically do not have.
According to the Member of Parliament, gambling with debt and high interest rates of credit cards is a dangerous mix. Moreover, Australian gamblers have not been allowed to use credit cards in order to gamble in casinos or on premises offering so-called pokies for almost two decades, so it would not be so hard to stop them now.
As a matter of fact, two local banks – Macquarie and Suncorp – have already unveiled a voluntary ban on the use of credit cards for gambling transactions on betting and gambling apps. However, the four largest banks in the country – Westpac, the Commonwealth Bank, ANZ and NAB – have not done so yet.
Punters Should Be Allowed to Manage Their Betting Preferences
According to Mr Jackson, whose lobby group defends the interests of some of the biggest gambling operators in the country, including bet365, Neds, Ladbrokes, Sportsbet, etc., there is no reason for a crackdown to be imposed on the use of credit cards for gambling. In his opinion, online gambling was safer in comparison to gambling in a casino or poker machine venue because this form of gambling is currently being regulated by strict legislation and operators are able to monitor their customers’ gambling behaviour in real time, especially when it comes to strange behavioural patterns and unusual behaviour.
Mr Jackson said that it would be better if some interventions are made rather than imposing a full ban on credit card use for online gambling transactions, and reminded that gambling companies usually get in contact with their customers when their credit card is used. According to him, the authorities should leave it to players themselves to decide whether to use credit cards when gambling online or not. He shared punters should have the right to decide that and directly manage their betting preferences.
Still, for the time being, there is strong support for restrictions in the sector. Towards the end of 2019, the Australian Banking Association (ABA) held a survey to check the public’s opinion as to whether banks should not permit the use of credit cards on gambling applications. The report revealed that more than 80% of Australian residents believed that the practice should be restricted or fully banned, while only 7% of the surveyed individuals said no restrictions should be imposed on the practice.
Although gamblers were described as vulnerable customers on the ABA’s website, the Association still decided not to adopt blanket policy citing fears that such a move could breach the country’s anti-competition laws. However, previously proposed voluntary codes of conduct with banks had been supported by the Australian Competition and Consumer Commission (ACCC).
- Author
Daniel Williams
