The federal government is poised to introduce a new bill that will prohibit the use of credit cards and digital currencies in online wagering. The proposed legislation, set to be tabled in federal parliament on Wednesday, represents a landmark step towards safeguarding vulnerable Australians and their families from the perils of online gambling addiction. Under the new law, betting companies failing to implement these restrictions will face substantial fines, with penalties reaching as high as $234,750.
Communications Minister Michelle Rowland, a prominent advocate for consumer protection and responsible gambling, has championed this legislation as a means to protect the interests of Australian citizens.
“This is the crux of the matter: Individuals should refrain from wagering with funds they don’t possess,” she asserted.
“The Australian government continues to steadfastly uphold its commitment to safeguarding Australians from the adverse effects of gambling.”
Currently, the use of credit cards is already forbidden in traditional, brick-and-mortar betting establishments. Moreover, the proposed Bill would empower the minister to restrict forthcoming credit-related products as they surface, ensuring that the legislation remains in step with evolving technological advancements.
Both the industry and consumers will have a grace period of six months to adapt their business practices and betting habits. Responsible Wagering Australia, the leading authority on gambling in the country, endorses the prohibition of online credit card betting.
This initiative is part of a broader set of policies aimed at curbing gambling-related losses, which includes the introduction of monthly activity statements detailing wins and losses, as well as the implementation of BetStop, a nationwide self-exclusion registry enabling consumers to exclude themselves from all wagering services licensed in Australia.
