Ban On Aussie Credit Cards For Online Casino Gambling
Aussie Credit Cards For Online Gambling Should Be Banned
Despite the fact that federal legislation permits states and territories to licence and regulate online slots and table games, Australia does not have any licenced online casinos to win the jackpot. There are licences for both home and mobile sports betting, though. The Australian Banking Association (ABA), the country’s leading banking trade association, is pleading with the government to forbid the use of Aussie credit cards. Using these on sports betting websites has become a problem. After all, there’s a significant difference between financial protection online and offline. At the time land-based Aussie credit cards for gambling were outlawed, and licenced internet gambling businesses like Bet365 Casino didn’t even exist. But it’s now the Aussie gambling market is worth around A$50 billion annually.
Land-based Gambling Has A Ban On Aussie Credit Cards
The ABA’s CEO, Anna Bligh says: “Why should it be possible to do something in the virtual world that is prohibited in the real world? Every pub with jackpot poker machines, every TAB and every trackside bookie already implemented this 23 years ago.” Bligh wonders if gambling “is this something we should be providing credit for given what’s happening to our customers?”
Banks Are Looking After Number One
The banks are not taking the initiative as part of a moral crusade. But rather to advance their own commercial interests. This is according to a story in the Guardian. However, the association is well aware of the immediate harm that irresponsible gamblers can cause to themselves with the use of Aussie credit cards for gambling online. As well as the potential for long-term bad effects. “This is just a product that is not suitable for credit,” said Bligh. “You can accrue a very, very large amount of debt in an incredibly short period of time. In the end, you have nothing to show for it. In addition, banks can see the harm that gambling is causing. As such, they are very conscious of their responsibility as lenders to ask hard questions.”
Changing The Transaction Processing Numbers
The manner in which merchant category codes operate would seem to make the endeavour more conducive to being an idea rather than for easy implementation. The Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA), which changed the payment processor rules for online gambling in the US, allows for the use of the international merchant category code (MCC) for transactions involving charities that raise money by selling tickets for those huge and popular progressive jackpot lotteries.
There should be a grace period to give them time to adjust. After this, gambling operators should be responsible for dealing with and paying for changes. This is in compliance with Aussie credit cards on their own, according to the ABA. However, the organisation doesn’t seem interested in funding improvements.
Licensed Operator Body Supports Ban
Responsible Wagering Australia is an independent organisation for Australian betting service providers. Well-known companies including Bet365 Casino, Betfair, Entain, PointsBet, Sportsbet, and Unibet are among the RWA’s members. The RWA and its members have been at the forefront of efforts to establish a credit card ban for all casino and jackpot games. Furthermore, they have been leading conversations with the banking sector to identify technical solutions and deliver them to the government.
Banks Are Already Being Proactive
A few Australian banks have already prohibited the use of their own branded Aussie credit cards for gambling transactions. This presumably includes forbidding the purchase of lottery tickets sold for charity fundraising with Aussie credit cards. However, offshore casinos can run credit card gambling transactions through a form of possible money laundering. This is thanks to a simple sleight of hand. They assign “the wrong code” to deposit transactions. Today, you’ll find that Suncorp, Bank Australia, Bank of Queensland, or Citibank no longer process Gambling transactions.
Member of Parliament, Rebekha Sharkie’s private member bill focuses on outlawing online Aussie credit card gambling. WhereasAndrew Wilkie’s bill focuses on the proceeds of crime and the requirements for filing suspicious transaction reports. Both MPs are working on legislation to address the issue and hope for the same result as the UK.
bet365 Casino is full of jackpot slots. Check it out on your own!
