Much to the horror of thousands of Australian gamblers, the government officially passed a bill outlawing the use of credit cards for any form of online gambling activity, effective immediately. In Australia, this mostly means gambling online at sportsbooks and lotteries, as online casino gambling is not yet allowed in the country.
Despite some controversy, the move was anticipated and welcomed by most Australian citizens and lawmakers alike as the county’s local and foreign gambling markets continue booming. With the gambling industry in Australia being worth over 20 billion Australian dollars by the end of 2023, there is no shortage of entertaining online platforms. This has resulted in a notable uptick in online gambling rates among the local population. While politicians and influential members of Australia’s business community have welcomed the sector’s continued expansion, the risks associated with gambling on credit were severe enough to result in the recent bill easily passing into state and national legislature last month.
Despite the government being historically hesitant to impose stringent regulations on the booming sector, the new bill will assist the country in offering balanced gambling activities by banning the use of credit cards, credit-related products, and all types of digital crypto-based credit for online gambling.
Will The Ban Protect Consumers?
In theory, the ban will positively impact and protect all Australian online gambling enthusiasts by preventing them from wagering on credit when visiting online sportsbooks and lotteries. Essentially, this means you can only gamble using the money you have on hand, preventing unnecessary hassles previously associated with the widespread acceptance of credit cards when gambling.
However, the ban will not reach all places, which some punters are glad to hear. In Australia, online casino gaming is not yet allowed, which means most Aussie players visit offshore pokie platforms to play their favourite games and place their wagers. These sites are usually registered and licensed in countries other than Australia, but Aussies can still access them. Because these sites are not registered within the country, they won’t be subject to the new credit card ban laws. This means that players can still play and pay however they choose at these sites. What’s more, credit cards are becoming less popular amongst gamblers anyway, as instant withdrawal casinos are preferred by many. With credit cards, players often have to wait several days to access their winnings. But at instant withdrawal sites, it’s possible to receive any winnings in crypto instead, with transactions usually taking no more than one hour.
How Will The Ban Impact Australian Gamblers
Over the previous decade, the online and in-person casino gambling markets have exploded, leading the multibillion-dollar industry to be among the country’s largest yearly taxpayers. Clearly demonstrating the prevalent enthusiasm throughout Australia’s population is the fact that each adult, on average, spends north of $1000 each year on gambling activities and entertainment. Additionally, 12% of all legally aged citizens accessed various online gambling platforms in the first half of 2024 alone.
Aussies love good quality entertainment, from reading a suspenseful novel to taking a walk outside or wagering online. As we can see from the data above, wagering has become one of the most popular pastimes down under.
For anyone wanting to utilise credit lines while gambling, legitimate online platforms operating in Australia are no longer a viable option. Yet, the bill does not apply to in-person casino houses, indicating the minimal impact it will have on all Australians. Similarly, Aussies can also visit offshore online casinos, so there are a few options for punters.
How Will The Credit Card Ban Impact Pokie Platforms?
Some of the major online pokie platforms currently operating in Australia will likely face a minor reduction in revenue in the short term due to the removal of lucrative credit availability. Yet, the medium to long-term impacts will be inconsequential as the best pokie platforms have already adapted to Australia’s new gambling regulations, providing additional and novel services to their users by implementing legitimate, yet alternative payment methods.
Will The Ban Support Responsible Gambling?
The ban will help promote responsible gambling as it guarantees consumers spend well within their means. It permanently removes the option for anyone to gamble online using credit, promoting a safer and fairer environment for everyone.
Over the last several years, gambling regulatory alterations in Australia have disrupted and reshaped the entire online casino environment for both players and operators. The country is filled with residents and visitors alike who enjoy wagering, both in person and at online casinos, and as time moves along we’ll likely continue to see regulations change and adapt to current times.
