Credit Card Use For Online Gambling Could Be Outlawed In Australia
Australian politicians are calling for credit card companies to prevent online gambling transactions in an effort to stop gamblers from going into debt. If you want to bet online and use your credit card to deposit, you can play on PlayAmo casino, where Visa and Mastercard are accepted.
Lobbyists for online betting operators say Australians should have the right to choose what purchases they want to make with their credit cards. The government should not be able to tell an adult what they can and can’t purchase with their credit card.
Anti-gambling politicians want Australian banks to unite and refuse to process online gambling transactions. They only want Australian gamblers to deposit using bank transfers or direct debit cards to prevent punters from racking up gambling debts.
Politicians argue that the high interest, often 25%, that is charged on credit cards can lead to many Australian gamblers falling into serious debt, which they can not pay.
They argue that as credit bans are currently in place at casinos and physical betting shops, they should extend to online gambling sites.
They argue that credit bans at offline betting locations have been a great success since first coming into effect in the early 2000s and have saved thousands of Australians from succumbing to unpayable gambling debts.
Major banks Suncorp and Macquarie have listened to pleas from politicians and have decided to stop processing credit payments made on online gambling sites, while Australia’s four largest banks, including Commonwealth, ANZ, NAB, and Westpac, continue to allow their customers to gamble on credit.
Gambling lobbyists say there is no problem with Australians using credit cards to bet online. They claim sites are constantly monitoring player behavior and can quickly identify if problem gambling is occurring.
If online gambling companies do identify odd behavior they can take a number of steps before outright banning the customer.
Gambling lobbyists maintain that Australians should have the choice to fund their gambling accounts however they please and that the government should not inconvenience the vast majority of players just because a very small percentage of gamblers use their credit cards incorrectly.
Credit Card Bans For Online Gambling Are Popular
In late 2019 Australian banks researched their customer preferences and found that over 80% of Aussies would support credit card use being restricting on online betting sites. A minority of Australians of just 10% thought there should be no restrictions.
While credit card restriction may be popular among Australians, most banks in Australia have not altered their policies and continue to allow online gambling transactions.
Anti-gambling politicians are concerned that banks haven’t listened to their pleas and want to create laws that would force them into action.
Online gambling continues to grow in Australia, with an estimated 30% of Australians owning an online betting account. The market has seen explosive growth among the key 18 to 35 demographic. Australian online gambling operators had a strong 2020, with many doubling their profit from 2019.
Whether or not politicians pass laws prohibiting credit card use on online gaming platforms, Australians are still expected to bet big online, with the industry already worth billions.