If you were thinking of using your Bank Australia credit card to fund your Sportsbet or Ladbrokes betting account, you will be in for a shock.
The banking group which is owned by consumers announced that it will no longer allow credit card transactions to go through if the customer is trying to fund his/her gambling or betting account.
Comes Into Effect from December
Aussie punters that have used Bank Australia’s credit cards to fund their sports betting accounts will only be able to do that until the end of November.
The new Bank Australia measure will come into full effect starting from 1 December. From then on, the bank will block all sportsbook and casino-bound transactions, such as betting account deposits, and betting enthusiasts will have to find alternative ways to fund their gambling accounts.
Fortunately for Bank Australia clients, the ban on credit cards will not extend to the bank’s debit cards. In other words, if you are using Bank Australia’s debit card to fund your betting account, you have nothing to worry about as the new measure doesn’t affect you.
Measure Was Introduced After Customer Research
Bank Australia said in a statement that they asked their customers whether their credit cards should be used to fund gambling and sports betting accounts.
The majority of Bank Australia customers that were involved in the research said that they believed that credit cards shouldn’t be used for gambling and that a ban should be introduced.
The bank went on to say that, as a customer-owned bank, they felt responsible to listen to what their customers were saying and included them in their decision making.
Bank Australia said that under their Responsible Banking Policy, they don’t lend any money to the gambling and sports betting industry. This newest measure, they added, was only an extension to their existing lending policy and shouldn’t surprise anyone.
Other Banks to Follow Suit
Bank Australia claimed that they weren’t the only banking institution that had discussed the betting ban on credit cards, and said that other banks will soon join them too.
The bank said that they discussed the issue with the Australian Banking Association, and that some members of the association expressed a desire to take similar measures that would stop punters from betting using their credit cards.
National Australia Bank Betting Limits
The newest measure that Bank Australia introduced is the first instance of a banking institution banning customers to use one of its services to fund betting.
However, the Bank Australia credit card ban is not the first example of a bank trying to protect players from suffering major betting and gambling losses.
For instance, back in December last year, the Australian Banking Association advised its members to think of ways in which they can put restrictions on credit cards that were used for gambling.
Similarly, the National Australia Bank gave its customers the option to block betting and gambling transactions using the bank’s mobile app in March this year.
As a result, NAB customers that have Visa Credit and Visa Debit cards can now exercise that option and prevent betting and gambling-related transactions from going through.