The Land Down Under is adopting a firm position against internet wagering dependency. Authorities plan to modify the 2001 Interactive Gambling Act, essentially prohibiting the utilization of credit cards for online wagers. This action seeks to harmonize internet betting regulations with existing limitations on in-person betting, where credit card usage is already forbidden.
The government stresses that wagering with borrowed funds is harmful and intends to implement a system akin to Britain’s, employing bank identification numbers (BINs) to obstruct credit card transactions to betting platforms. This prohibition will be a crucial element of the revised Interactive Gambling Act, anticipated to be launched later this year.
This determination arises in reaction to information underscoring the frequency of credit card usage for financing betting behaviors. Significantly, a 2021 study disclosed that approximately 20% of all deposits into internet betting accounts were executed using credit cards.
A new Tabcorp investigation showed that, in the 2021 financial year, 13.7% of platform users funded gambling activities with credit cards. This number is down from past years, a shift praised by leading gambling reform advocate Carol Bennett. She stressed that restricting credit card gambling is vital for reducing the negative impacts of compulsive gambling, as those battling this dependence are more prone to amass unpayable debt via credit card cash withdrawals.
