Aussie Gambling Ban Expanded: Here's the Lowdown on the Credit Card Wagering Prohibition
Australia Proposes to Prohibit Credit Card Usage in Internet Gambling Transactions
The Australian parliament's lower house has given a green light to a new bill aimed at cracking down on gambling using credit cards online and via mobile apps. Known as the Interactive Gambling Amendment (Credit and Other Measures) Bill 2023, the legislation proposal seeks to build on existing credit card usage restrictions that have been in place for traditional land-based casinos since 2000.
Bringing Online Casinos into the Fold
Introduced in September by the Labor government led by Prime Minister Anthony Albanese, the Interactive Gambling Amendment (Credit and Other Measures) Bill 2023 stems from recommendations put forth by the Parliamentary Joint Committee on Corporations and Financial Services in their 2021 inquiry. Once the bill is debated in the Australian Senate and receives Governor-General David Hurley's assent, online betting sites and apps would join land-based venues in being subject to a credit card use ban.
Cracking Down on Digital Currencies
This legislation isn't just about credit cards. It also aims to prohibit punters from using digital currencies like Bitcoin for online gambling or sports betting transactions. To enforce these prohibitions, the bill allows the Australian Communications and Media Authority (ACMA) to expand its powers, potentially imposing fines of up to $234,750 on uncooperative financial institutions and operators who flout the rules.
Empowering Punters and Protecting Finances
Communications Minister Michelle Rowland hailed the lower house's passage of the bill, emphasizing her belief that people should not be betting with money they don't have. Rowland also indicated that the legislation would provide her department with broader powers to prohibit additional credit-related products as they emerge, safeguarding Australians from future harm.
Balancing Regulations in the Booming Gambling Industry
The push for this legislation comes a mere eight months after the Australian Banking Association (ABA) urged the Albanese Government to ban credit card use in online sports betting and gambling due to the industry's projected annual worth of at least $50 billion. With minimal regulations being enforced in the virtual world despite bans on credit card gambling in land-based establishments, the ABA argues that it's time to close the gap.
A Tale of Two Ministries
Meanwhile, Social Services Minister Amanda Rishworth expressed satisfaction with the government's commitment to shielding vulnerable Australians from the potentially harmful consequences of online gambling. Rishworth commended the bill's inclusion of financial penalties for any platform found to breach the new regulations.
A Step Forward in a Longer Journey
With the lower house's approval, Australia has taken a significant stride in its efforts to protect its citizens from the pitfalls of online gambling. Yet, this isn't a one-and-done affair. Rishworth acknowledges that minimizing the harm caused by online gambling requires ongoing attention and cooperation with state and territory partners to ensure continued positive change.
- The Interactive Gambling Amendment (Credit and Other Measures) Bill 2023, aimed at restricting gambling using credit cards online and via mobile apps, was given assent in the Australian parliament's lower house in 2023.
- If debated in the Australian Senate and approved by Governor-General David Hurley, this bill would prohibit online betting sites and apps, in addition to land-based venues, from accepting credit card transactions, as of when it becomes law.
- The bill also intends to prevent punters from using digital currencies, like Bitcoin, for online gambling or sports betting transactions, and gives the Australian Communications and Media Authority (ACMA) the power to enforce these prohibitions with hefty fines.
- As the Australian gambling industry, worth at least $50 billion annually, continues to grow, the Labor government led by Prime Minister Anthony Albanese is working to address gambling trends and ensure the industry's regulations work in concert for the protection of Australian citizens, especially vulnerable individuals.
