Australian Government bans credit card use at online sportsbooks

The Australian Government is set to introduce a law to prohibit the use of credit products and digital currencies for depositing at online sports betting sites.

Currently, the Australian government is considering the accelerated implementation of this ban on using credit cards for gambling purposes.

The ban might come into effect as early as 2023.

While some individuals and groups have expressed support for the credit card ban, it arrives at a time when banking options for bettors are already decreasing.

The known online banking deposit option of Poli will soon cease operating its services further reducing options.

Now the Australian government has eliminated another option by banning the use of credit cards.

Additionally, plans are underway to completely block the use of crypto and any future use cases of digital currencies for depositing or withdrawing funds.

Their aim is to align themselves with jurisdictions that have already taken steps to address problem gambling issues.

The government argues that this ban is necessary to safeguard individuals from the consequences associated with problem gambling, which they claim are higher among punters who use credit cards to deposit at sportsbooks.

However, it’s important not to overlook the fact that individuals who use credit cards are naturally more prone to “accumulating debt,” regardless of whether they use them for gambling, shopping, meals, or entertainment purposes.

They argue that enforcing this prohibition could potentially decrease the losses incurred in gambling.

It is estimated that Australians betting at Australian betting sites lose around $2.4 billion, in gambling activities, with the largest portion of these losses attributed to lotteries, poker machines.

Online casinos and online pokies sites are not allowed to be licensed in Australia.

The ban on credit cards has been long talked about, however, the inclusion of cryptocurrency is a new step that was not foreshadowed.

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