Australian banks, banned on land for decades, want online credit card gambling to stop

Australia hasn’t licensed online casinos in the country, although federal laws allow states and territories to license and regulate internet slots and table games. However, home and mobile sports betting are licensed there for bettors.

According to the country’s main banking trade organisation, there is a huge gap between online and onshore financial protection, which is why the Australian Banking Association (ABA) is asking the government to do so prohibit the use of credit cards In Online sports betting websites.

The motion comes decades after credit cards were banned for gambling at land-based casinos and sportsbooks. The licensed online gambling industry didn’t even exist when land-based credit card gambling was banned, but it has value now estimated 50 billion AUD Year.

Credit cards are already banned for land-based gambling

ABA CEO Anna Bligh asks: “Why should you be able to do something in the virtual world that is forbidden in the real world? Every pub with poker machines, every TAB and every bookmaker implemented this 23 years ago.”

Bligh wonders if the game is a product “Is it something we should give credit for, given what our customers are going through?”

According to a report by Guardian, the banks are not on a moral crusade with the initiative, but are looking out for their own commercial interests. However, the association is aware of the damage that undisciplined players can do very quickly with possible long-term negative consequences.

“This is just a product that has no credit”Blight said. “You can accumulate a very, very large amount of debt in an incredibly short amount of time and have nothing to show for it.”

“The banks have seen the damage done and are aware of their responsibility as lenders [preguntas difíciles].”

The initiative would give more ideas than the implementation due to how trade category codes work. The International Merchant Category Code (MCC), used for online gambling transactions since shortly after the US changed its online gambling payment processing rules with the Illegal Enforcement Act Gambling Act Act 2006 (UIGEA), can also be associated with transactions related to become Charities that raise funds through the sale of lottery tickets.

MCCs are four-digit numbers listed in the international standard ISO18245, which currently has no code for lottery tickets sold primarily for charity fundraisers. To create one, promoters would need to apply via ISO/TC 68, Technical Committee 68 for Banks, securities and other financial services in Geneva, Switzerland. Changes to the ISOs, such as B. Adding a new customer center, but are not generally considered for industries that generate less than $10 million in revenue.

The ABA does not seem keen on paying for the changes through the Geneva process, indicating that after a grace period to give them time to adjust, gambling operators will have to manage and pay for compliance themselves.

Licensed operator organization supports ban

Responsible Betting Australia is an independent betting organization based in Australia. RWA members include well-known names such as bet365, Betfair, ContainPointsBet, Sportsbet and Unibet.

A spokesman for the group said:The RWA and its members have been at the forefront of implementing a credit card ban after holding talks with the banking industry to identify technical solutions and hand them over to the government. We cannot speak for other gaming companies that are not members.”

While offshore casinos can conduct credit card gambling transactions through a potential form of money laundering by assigning “the wrong code” to deposit transactions, some Australian banks have already banned the use of their credit cards Brand for gambling transactions that presumably doesn’t allow it Buy lottery tickets Sold for charity with credit card. Bank Australia, Bank of Queensland, Citibank and Suncorp do does not process MCC 7995.

Sharkie and Wilkie MPs are preparing legislation to address and introduce the issue suspicious activity reports Authorities with Rebekha Sharkie’s private members bill focused on that Ban online gambling with credit cards and Andrew Wilkie’s bill focused on proceeds of crime and reporting requirements for suspicious transactions.

Sharkie also wants operators to be required to notify punters of ongoing losses before accepting any more bets.

Spring: Australian banks are asking the Albanian government to ban the use of credit cards for online gamblingThe Guardian, March 26, 2023

Leave a Reply

Your email address will not be published. Required fields are marked *

Casino Magazine

NetGaming’s stunning new AI slot, Wild Buffalo Bonanza

NetGaming has produced one of the first serious online slots using generative AI for images. Wild Buffalo Bonanza is one of three titles released in April 2023 by different developers, with an overarching theme, individual iconography and backgrounds developed by a large artificial intelligence language model in collaboration with human artists and directors – each […]

Read More
Casino Magazine

Online slots developer Endorphina is bringing AI to the drawing board for a new title, Joker Ra

Endorphina is one of the first well-known slot studios to venture into the field of AI-assisted image generation for online slots. Joker Ra launched on April 27th, 2023. The company claims to launch the first online video slot where every design element was created with the help of artificial intelligence. The gaming press doesn’t go […]

Read More
Casino Magazine

Oakland A’s plan to move to Bally’s Tropicana Las Vegas estate

Bally’s Corporation and Gaming & Leisure Properties (GLPI) have announced a binding agreement with Oakland Athletics Major League Baseball (Oakland A’s) to build a Major League Baseball park at Bally’s Tropicana Las Vegas. Bally’s completed the purchase of gaming and other assets when GLPI and PENN transferred ownership of the Tropicana Las Vegas non-land assets […]

Read More