In a move to address financial risk and promote responsible gambling, the Australian government has enforced a prohibition on using credit cards and digital currencies for online betting.
This ban extends to credit cards linked to digital wallets, various cryptocurrencies like Bitcoin, and any novel forms of credit.
This regulatory measure aligns online betting regulations with those governing land-based gambling. Notably, there are no changes to the payment methods accepted for online lotteries, which continue to permit credit card transactions.
According to The Canberra Times, Kai Cantwell, CEO of Responsible Wagering Australia, has called on the government to broaden the scope of the ban to include these exempted forms of gambling.
Cantwell emphasized the significance of this measure in safeguarding customers and facilitating better self-regulation of their gambling habits. He expressed concerns that inconsistent consumer protection measures across various forms of gambling might prompt vulnerable Australians to gravitate towards less regulated options, increasing their susceptibility to harm.
The industry had been granted a six-month transition period, with the complete ban becoming effective as of Tuesday, June 11th. Non-compliant companies risk facing fines of up to AU$234,750 ($156,600).
The regulator has been granted enhanced authority to enforce these restrictions. Additionally, the federal government is considering a gradual elimination of gambling advertising over a three-year period, following one of the 31 recommendations issued by a parliamentary inquiry on problem gambling.
Michelle Rowland, the Australian Communications Minister, stated that more initiatives aimed at preventing gambling-related harm would be forthcoming. She emphasized the principle that Australians should refrain from gambling with funds they do not possess.
Rowland also highlighted that this ban further complements the substantial strides made by the Albanese Government in reducing gambling harm over the past two years, which has already positively impacted numerous vulnerable Australians.
Among the recent gambling reforms in Australia is the introduction of a betting self-exclusion register, which has already seen 22,000 individuals enroll.
