The Queensland Member of Parliament Andrew Wallace revealed that he has made sure that the largest banks in Australia would back the plans for implementation of credit card ban on online gambling services.
For the time being, it is impossible for Australian gamblers to use their credit cards for making gambling transactions in casinos and gambling lounges but there are no such rules for online gambling services. In February 2021, Andrew Wallace MP started a pursuit for some changes in the sector, claiming that the high interest rates and a high chance of loss could result in serious gambling-related harm for many people and families in Australia.
The federal Member of Parliament had made a proposal for a voluntary code of conduct to be created by the local banking industry. Some Australian banks, such as Macquarie Bank and Suncorp, had already taken measures aimed at blocking the use of credit cards for gambling but the largest lenders in the country have been claiming they had nothing to do about it. As explained by Wallace, many of these banks, as well as the Australian Banking Association, had told him it was nearly impossible for them to implement such significant changes.
Mr Wallace revealed that he was consulting with experts on possible legislative changes and said he would refer the matter to his colleagues in the weeks to come.
The Use of Credit Cars for Online Gambling Transactions Remains Controversial Issue
Andrew Wallace MP shared he had hold meetings with representatives of the Commonwealth Bank, NAB, Westpac and ANZ, and with the Australian Banking Association, with all of them having agreed that action is needed to tackle the use of credit cards in online gambling transactions. According to him, all of the participants in the aforementioned meetings share the belief that banks should not allow their customers to use credit cards to carry out transactions to online gambling sites.
As reported by the ABC, the media hub contacted the four largest banks in the country but only the ANZ confirmed it supports the initiative that seeks stricter measures preventing gambling companies from accepting any payments by credit. The other three banks explained they could suspend credit cards from being used for gambling transactions upon request and pledged to continue working with the Government in regard to any changes.
The CEO of Responsible Wagering Australia, the body representing the interests of gambling operators, including Neds, bet365, Sportsbet, Ladbrokes, etc., revealed that the gambling industry’s lobby group did not back the proposed changes that would result in restrictions on the use of credit cards for online gambling. Mr Brent Jackson said that, in his opinion, the level of regulation imposed on online gambling services had made the sector safer in comparison to other forms of gambling. He further noted that the authorities should not take away a customer’s ability to decide how to pay for their gambling habits.
- Author
Daniel Williams
