Parliament to Consider Credit Card Gambling Ban
We’ve reported on how Australian banks are banning credit card gambling. Presently, some banks allow you to make online casino deposits while others block it. Unfortunately, times are changing. Soon, you will not be able to gamble at online casinos in Australia using credit cards.
Why? Lawmakers are now looking to pass legislation that officially bans all forms of credit card gambling. While this will not be a death knell for online casinos, it will make it much more difficult for some to gamble online.
Parliament May Be Considering Credit Card Gambling Ban
There is a lot of discussion occurring over credit card gambling. So much so that Parliament will likely not try and regulate the activity. MP Andrew Wallace is at the core of the discussion. He is pushing for a complete nationwide ban on credit card gambling, including online gambling.
A ban on credit card gambling in Australia might be imminent, now that MP Andrew Wallace has secured the support of the "big four" in Australian banking:https://t.co/pBVfbBWf9w
— Gambling News (@thegamblingnews) March 11, 2021
According to Wallace, the combination of high chances for loss along with high-interest rates for credit cards are a potential recipe for disaster for families. He is correct when it comes to interest rates. Many credit cards have interest rates ranging from 14.99% all the way to 24.99%. While there are cards with lower interest rates, one must have fantastic credit to get those rates. Most people don’t have spotless credit.
While one would assume that this is a talking point for MP Wallace, that’s not the case. According to Wallace, he has backing from the major banks in the country.
Major Banks Back the Ban
MP Wallace has been in discussions with Commonwealth Bank, Westpac, NAB, and ANZ about the matter. He has even met with the Australian Banking Association. All agree with Wallace that a ban is necessary.
According to Wallace, “We’re all in furious agreement that the banks should not be allowing their customers to use credit cards to gamble on the internet. They see this as an issue from a social justice perspective. People shouldn’t be in a situation where they can borrow money from the banks at 22 percent interest and gamble with it.”
According to Queensland MP Andrew Wallace, Australia’s four biggest banks back plans to ban credit card spending on online gambling.#FocusAsiaPacific #Australia #GamblingRegulation #OnlineGambling #CreditCards #Casinohttps://t.co/A9o4djFrZr
— Focus Gaming News (@FocusGamingNews) March 11, 2021
ANZ went public with their opinion, stating that they would “support a legislative response akin to the UK, where gambling companies are prevented from accepting payment by credit. Other banks and the ABA all said that they will work with lawmakers regarding changes to legislation.
Opposition Speak Out Against Changes
Not everyone in Australia is in support of a credit card band. The organization Responsible Wagering Australia spoke out against the ban. According to chief executive Brent Jackson, “The only opposition we’ve seen to people using their credit card for online betting — or to buy scratchies at their local newsagent — is from people who have a moral opposition to gambling.”
Australia-facing bookmakers warn credit card ban could have 'devastating effects' https://t.co/HhdyBzYwmA
— Sue Schneider (@SuziQSchneider) March 6, 2020
He further stated that “taking away a customer’s ability to make their own payment decisions isn’t backed by any evidence.” He also stated that 8 out of 10 Australians support gambling and that groups will lobby against any change.
A Credit Card Gambling Ban Isn’t Inevitable – But Likely
While a ban on credit card gambling for online casinos isn’t a guarantee, it is likely to happen. Responsible Wagering Australia claims that 8 in 10 Aussies support their position, but the banks have data to counter that. Banks have data that claims that players don’t want to be able to play pokies or other online casino games using credit cards.
Sadly, Parliament tends to get their way in matters like this, so don’t be surprised to see a ban happen in the near future. If this happens, you can still make deposits using Bitcoin and Neosurf, so you can still play at online casinos. It will just make it more difficult to make a deposit.
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