Australian Government Set to Prohibit Credit Cards for Online Gambling
Date: 2023-09-16 Author: Dima Zakharov Categories: EVENTS
Australia's government has taken a significant step by introducing a new piece of legislation aimed at banning the use of credit cards for online betting. This legislation, known as "The Interactive Gambling Amendment (Credit and Other Measures) Bill 2023," also intends to prohibit other forms of credit-related payments for iGaming.
The proposed bill includes stringent penalties for operators who fail to comply with the ban, with fines reaching up to a substantial 234,750 Australian dollars. To enforce these penalties, the Australian Communications and Media Authority (ACMA) is set to receive enhanced authority.
However, it's important to note that the amendment has not yet become law. Once it does, there will be a six-month transition period for both the online gambling industry and consumers. The bill will become effective immediately upon receiving Royal Assent.
The use of credit cards for gambling has already been banned at physical gambling establishments in Australia, and extending this prohibition to the online realm was widely anticipated.
Michelle Rowland, Australia's Minister of Communications, succinctly explained the rationale behind the ban: "people should not be betting with money they do not have." The minister emphasized that this measure is intended to "protect vulnerable Australians" from the harms of gambling.
The proposed bill includes stringent penalties for operators who fail to comply with the ban, with fines reaching up to a substantial 234,750 Australian dollars. To enforce these penalties, the Australian Communications and Media Authority (ACMA) is set to receive enhanced authority.
However, it's important to note that the amendment has not yet become law. Once it does, there will be a six-month transition period for both the online gambling industry and consumers. The bill will become effective immediately upon receiving Royal Assent.
The use of credit cards for gambling has already been banned at physical gambling establishments in Australia, and extending this prohibition to the online realm was widely anticipated.
Michelle Rowland, Australia's Minister of Communications, succinctly explained the rationale behind the ban: "people should not be betting with money they do not have." The minister emphasized that this measure is intended to "protect vulnerable Australians" from the harms of gambling.
