Announced some time ago, Australian ban on the use of credit cards, cryptocurrencies, and all forms of credit products in online gambling has come into force on June 11.
According to Next.io, operators were given a significant time frame of over 6 months to comply with the new regulations, which now state that credit card and crypto deposits are no longer admissible forms of igaming deposits.
The ban is valid for all Australian online gambling operators and failing to adhere to it can lead to fines in excess of AUD$230,000 per infraction.
A similar ban was earlier enforced by the European nation of Albania, as countries seek to ensure players are not playing with money they don’t have at their disposal.
A similar practice may come into power in other jurisdictions in the future, but players in many parts of the world still have the option of making online casino deposits with their credit cards, thus incurring debt for gambling purposes.
Australian Government Looking to Protect Consumers
The new law, which came into power just days ago, has put new regulations in place in regards to how registered igaming operators in Australia can receive payments from their users.
Minister for communications Michelle Rowland MP said: “Australians should not be gambling with money they do not have.”
Indeed, the main goal of the law is to ensure that Aussies can only play with the money they have in their accounts, and not create debt to play online gambling games.
Gambling addiction and problem gambling are serious issues in many legal jurisdictions with widespread online gambling, and Australia is one such jurisdiction.
In the words of Rowland: “This ban builds on the significant progress to minimise gambling harm that the Albanese government has made over the past two years, which is already benefitting thousands of vulnerable Australians.”
“Our commitment to ensuring that gambling takes place within a robust legislative framework with strong consumer protections remains steadfast, and we will have more to announce in due course.”
A Complete Gambling Ad Ban May Come Next
A recent online gambling harms parliamentary inquiry has put forward 31 recommendations which are currently being taken under advisement by the government.
Among these recommendations, the one suggesting a complete ban on online gambling ads is being considered very seriously and may be put into force in the coming months.
According to the Minister of Social Services Amanda Risworth MP: Our government takes seriously our responsibility to prevent and reduce harm from online wagering.
“Our ban on credit cards will help with this goal. You can’t use your credit card to place a bet for land-based gambling and now the same rules apply for online gambling.”
“I am proud of the steps we have taken so far to protect vulnerable Australians but recognise there is still much to do — and we will keep working to create a safer environment for Australians at risk of gambling harm.”
The CEO of Responsible Wagering Australia Kai Cantwell added: This is an important measure to protect customers, making it easier for people to stay in control of their own gambling behaviour.
“It will complement the existing offering of safer gambling account management tools by RWA members.
“RWA and its members support the extension of this measure to all forms of gambling that have been exempted from the ban such as lotteries and keno.”
The new law has already come into force, while the ban on online gambling ads and further restrictions may be imposed in the coming weeks and months depending on the government’s conclusions.
Continued Tightening of iGaming Laws
The online gambling industry in Australia has come under a lot of scrutiny recently, as it has been accused of enabling problem gamblers and extending their addictions.
The new measure comes as the latest step in the attempt to regulate igaming, with others including mandated ID pre-check for all players and the introduction of BetStop, a national self-exclusion program.
As time goes by, it appears the Aussie authorities are keen on making online gambling as safe as possible, and numerous other measures may come into place before 2024 is over.
