Macquarie Group Bans Gambling Transactions on Credit Cards

Making a deposit at Australian online casinos has just become harder after a move by Macquarie Group to curtail gambling activities. The group announced on Monday that they are banning the use of their credit cards for gambling transactions.

What this means for Aussie gamblers is that they will have one less option for funding online casino accounts. The move even extends to legal lottery retailers. If the Alliance for Gambling Reform has their way, this will extend to all banks in Australia.

Macquarie Group Bans All Gambling Transactions

Business News Australia announced on Monday that the Macquarie Group will no longer allow gambling transactions to be processed on any credit card pertaining to gambling. All gambling codes, including lottery merchant codes, will be banned under this move.

The bank made this move in an effort to “support the financial wellbeing of its customers”. Head of Personal Banking Ben Perham stated:

“We’re being proactive in helping our customers manage their finances effectively and avoid problematic credit card debt”.

He continued: “The blocking of transactions that are registered under a gambling and lottery merchant code, as well as capping cash advance balances, are just some of the important steps we’re taking to support the financial wellbeing of our customers when they bank with Macquarie”. Starting September 1, cash advances will be capped at $1,000.

Move Praised by Gambling Reform Group

The Alliance for Gambling Reform praised the move made by Macquarie Group. They subsequently congratulated Macquarie for being the first major Australian bank to block gambling transactions for credit cards. The group called the move a “new benchmark” for the banking industry as it promotes social responsibility.

Director Tom Costello called for other banks to follow Macquarie’s lead, stating: “Australian banks have been gouging millions from gamblers by treating credit card deposits as cash advances which carry high up-front fees and instant excessive interest charges running to nearly 20 percent. ”

Costello added: “Rather than collaborating with a largely foreign-owned predatory industry and joining with them to make excessive profits from debt-funded gambling, Macquarie demonstrated great social leadership. I call on the big four Australian banks to quickly follow Macquarie’s lead and dump the global gambling companies.”

Costello also revealed that the group has written to the chairs of National Australia Bank, ANZ, Westpac, and Commonwealth Bank and asked them to match Macquarie’s move. Costello stated: “Now that the precedent has been set by Macquarie, it is time the big four also pulled the plug on the likes of Beteast, Bet365, Sportsbet, and Ladbrokes, just as the Millionaire Factory have now done.”

Alternatives to Macquarie Credit Cards

If you’re presently using a Macquarie credit card to fund your online gambling accounts, this is going to force you to make a change to another deposit method immediately. Fortunately, most online casinos in Australia offer multiple deposit options.

Below are some of your alternatives –

  • Other Credit Cards: While not all credit cards allow online gambling transactions, some do. If you have another card other than Macquarie, you may want to switch to that card.
  • Prepaid Credit Cards: If you have a prepaid credit card, then you should be able to use it to fund your account, provided it’s not with Macquarie. Many banks don’t put the same restrictions on prepaid cards as they do standard credit cards.
  • NeoSurf: NeoSurf prepaid vouchers are accepted at most Aussie online casinos. Just go to a retailer and purchase a voucher and use that voucher to make your deposit. Note, you should be able to use your Macquarie card to purchase a NeoSurf voucher since it is not a gambling device.
  • Cryptocurrency: Some online casinos accept Bitcoin or other forms of cryptocurrency for deposits. Just go to an exchange and buy some crypto and send it to the casino. You should be able to use your Macquarie card at the exchange to purchase your crypto.

Therefore, the Macquarie ban on gambling will not stop you from being able to make a deposit at online casinos. However, it will make you put in a little extra effort. So, if you find that you’re having trouble making a deposit, contact the customer service of your preferred online casino. They might be able to suggest alternatives for making a deposit.