Australian Senate Approves Credit Card Gambling Ban for Online Gaming Services

Credit card gambling has been consistently popular among Australians and players worldwide. Visa, Mastercard, and others attract users by their simplicity and widespread acceptance. Everyone knows how to deposit for real-money play on online slots Australia and withdraw winnings via plastic or virtual versions. They feature versatility and are used for all sorts of payments and transactions.

However, all those benefits didn`t prevent authorities from passing the Interactive Gambling Amendment Bill 2023 in the Senate Australia. It significantly restricts people from funding online gambling accounts and cashing their winnings via their credit cards. Responsible Wagering Australia (RWA), a local regulatory body, supported the bill.

Why did credit card gambling fall out of favour with authorities? According to the stats, citizens lose millions of dollars, spending their hard-earned money on casino games. Players from low-socioeconomic communities become addicted to online casino games and lotteries, giving the last that they have. Hence, the senate Australia decided to minimise the total risk of gambling harm. Moreover, the law goes outside online casinos. It also covers digital currency, loans, and other credit-associated products.

A new credit ban makes its adjustments to gambling. Casino owners and iGaming operators have to add new payment methods, while players should be careful and choose the correct banking options for deposits and withdrawals. Does the law have any pitfalls or reliefs? Let`s figure it out now since knowledge of the details will help you enjoy an Australia online casino despite all those changes.

What is Inside the Credit Card Bill?

The bill aims to make corrections to the Interactive Gambling Act 2001. First introduced and read on 13 September 2023, the credit ban initiative passed all reading debates and agreements and was approved by both Houses of Parliament. The new Interactive Gambling Amendment (Credit and Other Measures) Act 2023 forbids using Australian credit cards and cryptocurrencies on wagering services. Of course, new rules might seem overwhelming. Hence, we disclose the details crucial for players:

  • Casino visitors have no opportunity to attach a credit card Australia.
  • Using digital currency (Bitcoin, Ethereum, Tether, Litecoin, etc.) and credit products is forbidden.
  • The act covers virtual and brick-and-mortar gambling establishments.
  • The credit ban does not apply to keno and lotteries.
  • Bank Identification Numbers (BINs) reveal and block credit card payments.

When you register at the online casino venue and make your first deposit to claim a welcome bonus, choose the legal banking method. If the casino accepts a credit card Australia, please check it for legitimacy. Credible casino owners and online gambling operators usually provide enough alternatives. The following nuances of the bill are crucial for all wagering services:

  • Those failing to meet the bill`s requirements will face fines of up to A$234,750.
  • The updated act will come into force six months after adopting the credit card gambling law. Such a grace period helps casinos to amend their payment methods lists according to new rules.
  • The transition stage expires after the bill receives royal assent.
  • The bill complies with international human rights implications.

Those in charge state that new credit card gambling amendments do not affect casino owners` revenues and ability to provide quality services. In turn, customers won`t experience adverse effects. Presently, many offline and online banking methods are available to deposit funds and withdraw winnings.

Senate Campaigners Push for Blanket Ban

Will credit card Australia be restricted from all gambling formats? RWA CEO, Kai Cantwell, and Financial Counselling Australia (FCA) encourage the full blanket ban. They want to safeguard players and their families from problem gaming, helping them to retain control of their funds. In addition, authorities criticise the fact that keno and lotteries are not subject to the credit ban. The latter happened because the Tabcorp gambling company only agreed to the bill if local newsagents continued selling lottery tickets.

History of Credit Card Ban for Australian Casinos

The credit card gambling bill is far from impulse but is founded on modern public sentiment. It echoes the continuing efforts of social organisations and responsible citizens to solve issues associated with Australia online casino venues, making the iGaming environment safer for customers. Hence, the law has passed several stages before it came into force.

  • The AU Banking Association (ABA) supported the project and initiated consultations on Australian credit cards in the gambling sphere in December 2019.
  • The debates on how to make the process painless for all sides lasted until spring 2020. The action gained momentum after the UK passed its own credit ban legislation.
  • In summer 2020, RWA, Betfair, Bet365, and Entain supported the initiative.
  • The same year, the ABA commissioned a survey. The results demonstrated that 81% of respondents have a positive attitude toward limitations on using a credit card Australia for gambling. Moreover, 54% favoured a complete ban.
  • In October 2021, Bank Australia restricted account holders from using their cards for gambling, establishing a precedent for future law.
  • The Parliamentary Joint Committee on Corporations and Financial Services provided recommendations, and Senate Australia implemented them in the new bill.
  • The document was submitted in September 2023.

The government`s advocacy of the Interactive Gambling Amendment Bill and criminal offence and a civil penalty provision creation has become a powerful signal to those managing online casino games Australia and players. The time for a safe and strictly regulated iGaming industry has come.

While all parties concerned commend the attempts to reinforce customer protection, there have been ongoing debates about putting a more complex approach to credit card Australia prohibitions into practice. After all, everyone understands that the new law might become a double-edged sword if they miss out on any detail. Hence, many experts, casino owners, and credit card companies in Australia seek ways to allay the law effectively and avoid potential financial harm.