The Australian Banking Association is calling for a review of the gambling industry and the potential to see a credit card ban within the industry. Earlier this year, the UK Gambling Commission announced a ban on using credit cards for gambling and it will begin this April. The ban prompted other regions to review their policies, including Australia. Now, bookmakers in the country are speaking out as to the negative effect such a decision will have on operations.
Bookmakers in Australia are not happy with the idea that credit cards could be banned from gambling transactions. In speaking out against the potential ban, bookmakers pointed out that the decision would have devastating effects on the industry. Wagering turnover would be decreased along with a huge hit to the racing industry.
Operators in Australia say that their market is completely different from the UK and the outcome would be vary different for the two regions. According to Ladbrokes Australia, the racing industry would see a 30% decline in wagering volume due to a ban on credit cards. Players are used to using credit cards for convenience and would potentially stop wagering due to having to rely on other methods for depositing.
In Australia, credit cards are only an option for online sports betting. They cannot be used for gambling in a land-based setting. The Australian Banking Association would like to hear the public opinion on the matter and has called for the local community to voice their opinion. The public had until this week to speak out on their opinion as to if credit cards should be banned or restricted within the industry.
The Association says that banks have an important role in the gambling industry as they must help tackle the issue of problem gambling. The best way to do so, according to the Association, is to ban all credit card use.