The Australian government has enforced a restriction on using credit cards and digital currencies for online betting. This is a move to address financial risk and promote responsible gaming.
This prohibition extends to credit cards linked to digital wallets, different cryptocurrencies like Bitcoin, and any novel forms of credit.
With those governing land-based gambling, this regulatory measure aligns online betting regulations. In particular, there are no changes to the payment methods accepted for online lotteries. These continue to allow credit card transactions.
The Canberra Times said that CEO of Responsible Wagering Australia, Kai Cantwell, has called the government to broaden the scope of the ban to include these exempted forms of gambling.
He emphasized the significance of this measure in safeguarding customers and facilitating better self-regulation of their gambling habits. Cantwell expressed concerns that inconsistent consumer protection measures across numerous forms of gambling might give rise to vulnerable Australians to move towards less regulated options. This increases their sensitivity to harm.
A six-month transition period has been granted to the industry. This is with the complete ban becoming effective as of last June 11. Non-compliant companies risk facing fines of up to AU$234,750 or $156,600.
Enhanced authority to enforce these restrictions has been granted to the regulator. Moreover, the federal government is considering a gradual elimination of gambling advertising over a three-year period. It follows one of the 31 recommendations issued by a parliamentary inquiry on problem gambling.
The Australian Communications Minister, Michelle Rowland, stated that more initiatives aimed at preventing gambling-related harm would be forthcoming. The principle that Australians should abstain from gambling with funds they do not have as emphasized by Rowland.
She also highlighted that this ban further complements the substantial strides made by the Albanese Government in lessening gambling harm over the last two years. This has already impacted a lot of vulnerable Australians in a positive way.
