Credit card gambling in Australia discussed by MP and lobby
Using of credit cards for gambling purposes was supported by Australian players.
Brent Jackson, CEO of Australian Responsible Wagering, believes that internet gambling was “reliable” than betting in land-based casinos because they were regulated by strict laws, and tested and monitored by independed auditors regularly. They watch closely for unusual performance, strange decisions and actions that are not considered normal and could be dangerous.
Mr.Jackson also said it was up to consumers to decide whether to use credit cards for online gambling, and they should have the right to choose and manage their rate preferences to bet.
LNP member is inducing the banks of the jurisdiction to create a voluntary conduct code that would mean that players can only bet their own money online.
According to Mr. Wallace, users are unable to use a credit card to log into TAB and bet on horses or dogs, to make deposits at casinos, and to play slot machines.
The big banks don’t stop working with credit card gambling, but others have cut ties. For nearly 20 years, players have been unable to withdraw cash at casinos and poker rooms using credit cards.
Suncorp and Macquarie have already voluntarily stopped using credit cards in betting apps, but others did not follow suit.
A couple of years ago, Australian Banking Association collect votes of members and others on whether banks should prohibit the use of credit cards in gambling apps.
According to the report, 81% of Australians believe the practice should be limited or prohibited.
Only seven percent haven’t supported any restrictions.
At the end of last year, the research of Australian Gambling Center of 2,000 people found one in three signed up for new online betting accounts.
The fastest growing market was made of people of 18 and 34 years old. They were gambling and spending more.
Sportsbet’s profit increased by 108 percent from April to June last year during the COVID-19 pandemic, growing from $96 million to $191 million.