There are calls for the four big banks to take effective measures against gambling payments after Macquarie Group announced its decision to suspend credit cards use in gambling transactions.
In an interview with Natalie Peters and Erin Molan during The Chris Smith Show, Tim Costello, Director of the charity organisation Alliance for Gambling Reform, has commented the ban and urged other big four banks to follow suit and also suspend betting with credit cards. Mr Costello has further explained that Australia is the biggest betting nation on the planet, with Australians generating the largest gambling losses in the world.
The Director of the Alliance for Gambling Reform warned that the local authorities and regulators have allowed the country’s gambling industry to get out of control. However, he praised Macquarie Group for the decision to block the use of credit cards for gambling transactions and called for other banks to follow suit. Mr Costello confirmed that the move is supported by the charity organisation he heads and reminded that gambling has become too easily accessible activity, a trend which has resulted in massive gambling harm inflicted on society and local communities.
According to the Alliance for Gambling Reform, the move taken by Macquarie is fair because it affects credit, despite the fact that some gamblers might find it inconvenient. Mr Costello said that the credit card use ban could make people think about the possible negative consequences that could originate from gambling.
Macquarie Group’s Credit Card Ban on Gambling Transactions Takes Effect on July 1st
Only a week ago, Macquarie Group announced its decision to block credit cards use in gambling transactions. All credit cards transactions registered under a lottery or gambling operator code will be banned to support the well-being of the bank’s customers. The ban comes into effect on July 1st.
As confirmed during the interview of Mr Costello during The Chris Smith Show, unfortunately, the move will not catch pubs and poker machine operators. The head of the Alliance for Gambling Reform, however, has explained that Macquarie Group’s announcement was a move in the right direction towards minimisation of gambling-related harm.
Ben Perham, the head of personal banking at Macquarie, has said that cutting gambling transactions from allowed credit card payments is aimed at helping the bank’s customers avoid bad debt. Mr Perham has explained that the bank took proactive measures to help its customers manage their finances in an effective manner and avoid credit card debt that could cause them problems.
The move, which was officially announced on June 24th, has made Macquarie Group the first major Australian bank to suspend the use of its branded credit cards for gambling. Now, Mr Costello has not only confirmed his own and his organisation’s full support to the decision but also called for the other top four largest banks to follow suit and make sure they actually do something to protect their customers from gambling-related harm.
- Author
Olivia Cole
