Australia Bans Credit Cards for Online Betting
The Australian government is implementing stricter regulations on internet wagering by prohibiting the utilization of credit cards for online betting activities. This action aligns online gambling with existing limitations on traditional gambling, which already forbids credit card transactions.
The authorities stress the significance of deterring individuals from wagering with borrowed funds, aiming to mitigate the economic detriment linked to compulsive gambling.
The prohibition will be implemented through bank identification numbers (BINs) to obstruct credit card payments to internet gambling sites. Comparable mechanisms are already operational in Australian casinos and within the UK.
Anticipated to be enacted later this year, this legislation expands upon the foundation laid by the Interactive Gambling Act of 2001.
A new Tabcorp investigation discovered that many bettors utilize credit cards to support their wagering. This has sparked demands for stricter rules, with opponents of gambling claiming that easy credit availability is a key factor in compulsive gambling. Carol Bennett, head of the Alliance for Gambling Reform, commended Tabcorp for looking into the matter, stating, “This is a major stride toward lessening gambling-related harm. We understand that individuals battling gambling issues are more prone to use credit cards for cash withdrawals, frequently amassing unpayable balances.”
