Australia Proposes Ban on Credit Card Usage for Online Gaming Transactions
Revamped Rewrite:
Australia's lower house has approved a new bill that'll prohibit gamblers from using their credit cards for online or mobile betting. Dubbed the Interactive Gambling Amendment (Credit and Other Measures) Bill 2023, this legislation intends to follow recommendations from the 2021 inquiry by the Parliamentary Joint Committee on Corporations and Financial Services.
This measure is a move by the Australian Government, led by Prime Minister Anthony Albanese, to align online betting sites and apps with the existing credit card ban in land-based venues like casinos, which has been in place since 2000. The bill further bars punters from using digital currencies like Bitcoin for online gambling, and it toughens the Australian Communications and Media Authority's powers to penalize non-compliant financial institutions and operators with fines up to AUD 234,750.
The Communications Minister for Australia, Michelle Rowland, celebrated the bill's passage due to her belief that people should not bet with money they don't have. The legislation also provides a six-month transition period following assent, granting Rowland's department the power to prohibit additional credit-related products as they emerge.
Opponents of credit card usage in gambling, such as the Australian Banking Association (ABA), appreciate the move as an overdue regulation in the estimated AUD 50 billion industry. The ABA's current CEO, Anna Bligh, supports the ban since it ensures that actions in the virtual world mirror those in real-world gambling, where credit card payments were prohibited in land-based gambling venues.
Social Services Minister Amanda Rishworth expressed satisfaction with the bill, emphasizing the Albanese Government's commitment to protecting vulnerable Australians from gambling harm. Rishworth praised the inclusion of financial penalties for platforms breaching the new rules.
The Interactive Gambling Amendment (Credit and Other Measures) Bill 2023 reflects a broader commitment by the Australian Government to reduce gambling-related harm, particularly online, as officials strive to address the challenges presented by unregulated workarounds like offshore casinos. Future measures could include restricting anonymous payments, introducing uniform betting limits, and curbing gambling ads. With AUSTRAC intensifying scrutiny of gambling operators and Victoria's introduction of pre-commitment and carded play for electronic gaming machines, Australia is poised to tighten its gambling controls.
Enrichment Data Overview:
The Interactive Gambling Amendment (Credit and Other Measures) Bill 2023 is designed to reduce gambling-related harm in Australia by preventing players from accumulating debt through credit-based gambling transactions. The key measures in the bill include a credit card ban, payment method restrictions, and financial penalties for non-compliant platforms. The rise of unregulated workarounds like offshore casinos presents a challenge to the implementation of these measures. Future reforms in Australia could involve restricting anonymous payments, introducing national betting limits, and curbing gambling ads.
- The Interactive Gambling Amendment (Credit and Other Measures) Bill 2023, passed by Australia's lower house, aims to prohibit gambling using credit cards or digital currencies like Bitcoin, moving online betting sites and apps in line with the existing credit card ban in land-based venues since 2000.
- Social Services Minister Amanda Rishworth, in her support of the bill, expects it to further protect vulnerable Australians by reducing gambling-related harm, particularly in the estimated AUD 50 billion online gambling industry, where harm is anticipated due to unregulated workarounds like offshore casinos.
- With the Interactive Gambling Amendment (Credit and Other Measures) Bill 2023, Sydney may soon witness a stricter set of gambling controls, following the passage of the legislation in 2023, as officials introduce new measures like restricting anonymous payments, introducing uniform betting limits, and curbing gambling ads to address the challenges presented by unregulated gambling platforms.
