The government wants to ban the use of credit cards with online bookmakers.
👉 Background: There has been a loophole in Australia’s gambling regulation for decades. Punters have been able to use credit cards to deposit money directly into online or app-based betting accounts.
👉 What happened: Ironically, using credit cards for betting has been banned from physical gambling spots since the early 2000s.
👉 What else: But now, new laws are being introduced by the government to ban the use of credit cards with online bookmakers (Think: bookies like Sportsbet or Ladbrokes.)
💡Australia is the gambling world’s cash cow. In fact, we have the highest annual gambling losses per capita. And this is largely thanks to Australia’s poker machine and online betting popularity.
💡 It’s why the the Australian betting industry is considered one of the most mature in the world. And it’s why British betting platforms like Ladbrokes have entered the Australian market.
💡 But now, the tide is turning to curb betting with credit cards. The CEO of the Australian Banking Association said the banking industry wanted to ban the use of credit cards last month. And surprisingly, the big dogs of online gambling in Australia have have come out in support of a credit card ban too.
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