Responsible Wagering Australia (RWA) members, including the biggest names in the Australian wagering industry, have backed the ban on using credit cards for betting online.
All of Ladbrokes, Neds, Betfair, bet365, and Sportsbet have said that they agree with the ban on credit card wagering payments. A couple of weeks earlier, Australia’s largest retail bookmaker, TAB, said that it would also back a future credit card ban.
The Biggest Aussie Sportsbooks Back the Ban
The chief executive of RWA, Brent Jackson informed the public regarding the new measure when opening his speech about the “Inquiry into Regulation of the use of financial services such as credit cards and digital wallets for online gambling in Australia”.
The inquiry Jackson was talking about was set up to determine if credit cards and digital wallets should continue to be used for placing wagers online or not. He said that RWA wanted to achieve the best possible outcomes when it comes to protecting punters and that the best way to do this is to openly discuss these issues with shareholders and the public.
RWA’s chief executive went on to say that “Australia’s major online wagering operators” would all back a credit card ban and would work with banks to make this happen.
Harmonizing Online and Offline Betting
Australia’s largest bookmakers and RWA members have agreed to create a “technical solution” that would deliver the reform in time. They would also look for help from banks and payment processors to make sure that the change would happen without adverse and unexpected consequences.
Jackson added that one thing that they have spent a lot of time focusing on is harmonizing the online wagering environment with that at clubs, pubs and land-based casinos. At “offline” gambling establishments wagering with credit cards is not allowed.
The RWA chief executive finished his address by saying that Responsible Wagering Australia members would continue to work with the community and their customers to find the right solution for everyone.
It’s worth mentioning that RWA will need regulatory approval for any credit card ban it agrees to impose. However, if the major players in the Australian online wagering industry and banks agree on the ban, it is unlikely that regulators will stand in the way of the decision.
Not a New Proposal
Banning credit card wagering is not a new idea. Great Britain already introduced a similar law that prohibited using credit cards for online wagering last year, including credit card gambling via e-wallets.
In Australia, consultation about a credit card ban began in 2019, and it was the Australian Banking Association that started the discussions back then. In 2020, Bank Australia, a banking institution owned by consumers, said it would no longer accept credit card transactions for wagering and sports betting purposes.