Australia’s wagering and lottery company Tabcorp commented recently on the country’s Parliament’s efforts to prohibit the use of credit cards for online betting, noting that it would not oppose the potential ban.
One of Australia's largest betting and lottery companies Tabcorp said it would not oppose a government ban on credit card use in iGaming.
In such an event, the company added, a transition period would be needed to let businesses adjust to the new rules.
Rise of Online Gambling and Ban on Credit Card Use
As the Australian Parliament considers banning the use of credit cards and digital wallets for online gambling, one of the largest gambling companies in the country, Tabcorp, said that it would not oppose a credit card ban as long as customers could still be allowed to purchase lottery tickets at shops.
However, the operator noted that should a ban on credit cards be introduced, companies would need a transition period to adjust their business practices.
Tabcorp also raised concerns about the rise of online gambling, noting that the Government should take measures to protect vulnerable players, claiming that lottery players are at lower risk of developing gambling issues compared to online players.
With online gambling on the rise in Australia, Tabcorp called on the government to protect vulnerable players.
As a result of closed down physical venues, in the past year, the number of online players in Australia rose from 62% to 78%.
Adjusting Online Betting Laws
The ongoing discussion on a potential ban on credit cards in the Parliament would actually bring online betting laws closer to the rules enforced on brick-and-mortar casinos and other similar venues where the use of credit cards is not an option for some time.
One of the MPs working to introduce the ban, Andrew Wallace, said that credit cards should not be used in any form gambling.
“The states and territories have all banned the use of credit cards from places like TABs, from poker machines, from casinos and RSLs et cetera.
“There’s one place you can still use your credit card to gamble, and that’s on the internet,” he underlined.
Some banks in the country already prohibit players from using credit cards for gambling, however, major banks in Australia are yet to follow suit.