Australian banks are seeking public input into plans for the implementation of restrictions or a ban on credit card gambling, it emerged today.
The Australian Banking Association today released an 8-page consultation paper on the use of credit cards for gambling and invited the public to submit views on the topic until March 4, 2020.
Among other things, people are asked to state their opinion on what the risks of gambling on credit are and what restrictions could be imposed to reduce such risks.
Commenting on their initiative, Australian Banking Association CEO Anna Bligh said that banks play an important role in “helping tackle the issue of problem gambling” and that they are asking the community for its feedback on how the nation’s financial institutions can ramp up their efforts to combat the issue.
Ms. Bligh noted that gambling might be a form of entertainment and recreation for many Australians, but “for some it can become a problem that potentially has devastating consequence for the individual and their family.”
The banking association’s boss added that the industry is assessing different options on how problem gambling can be tackled and that the public’s views will help individual banks as they “consider further reform on this issue.”
Seeking Community Views on Important Questions
News about Australia’s banking industry mulling a ban or restrictions on the use of credit cards for gambling emerge as lawmakers in both the UK and New Zealand are discussing whether credit card gambling should be banned on their territories.
It is also important to note that Australian bank Macquarie has already prohibited customers to use its credit cards to gamble or purchase lottery products. The bank revised its credit card policy on gambling-related transactions this past July.
Under the changes that were implemented, any transactions that are classified as gambling under the merchant codes are blocked whenever a card holder tries to conduct them. The Australian Banking Association seeking input on similar measures could only mean that more banks are probably looking to introduce restrictions.
The association said today that it is seeking community views on five particular questions, with those being:
- What are the risks and concerns associated with gambling with credit cards?
- Should the use of credit cards for gambling be restricted or prohibited?
- If so, should the restriction or prohibition apply to all forms of gambling?
- What are the potential consequences of prohibiting or restricting the use of credit cards for gambling?
- Should there be a transition period if banks choose to implement changes relating to credit cards?
Under current regulations, Australians are not allowed to use credit cards for gambling at land-based casinos, on slot machines (locally known as poker machines or pokies), and at horse and greyhound racetracks. This pretty much limits the use of credit cards for gambling online.
Australia’s banking industry is joining an ongoing crackdown on gambling in the country that most recently saw the Australian Communications and Media Authority (ACMA) order local Internet service providers to begin blocking access to unauthorized gambling websites. Emu Casino and Fair Go Casino, popular online casinos targeting Aussie players, were the first victims to the clampdown against unlicensed operations.
Source: ABA calls for public views on credit card use in gambling
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