Australian Government Officially Bans Credit Cards and Cryptocurrencies for Gambling, Starting Today

Australian Government Officially Bans Credit Cards and Cryptocurrencies for Gambling, Starting Today As of today, Australians can no longer use credit cards to deposit funds to gambling websites. The plans of the federal government came into effect today, nearly six months after the legislation was passed.

Gambling operators were allowed a transitory period of nearly half a year to implement the new rules. Those who fail to observe the limitation could be subjected to fines amounting to nearly AU$ 234,750. As per the new legislation, the Australian Communications and Media Authority will be empowered to oversee the regulations and impose penalties.

Besides credit cards, the ban also extends to credit cards linked to e-wallets, other credit-related products, as well as digital currencies like Bitcoin. This news might not appeal to many crypto-savvy gamblers in Australia, considering the crypto adoption in the country stands at nearly 17%.

The limitations on the type of funding used by gamblers are part of a broader government initiative aimed at curbing excessive gambling. One such measure is BetStop, a self-exclusion register, which, according to the government, has nearly 22,000 registrants for the time being.

Communication Minister Michelle Rowland commented on the credit card ban, highlighting that “Australians should not be gambling with money they do not have”. She further confirmed the government’s commitment to ensure “gambling takes place within a robust legislative framework with strong consumer protections”. She added that there would be more reforms “to announce in due course”.

The Communication Minister also commented on the government’s progress in minimizing the gambling-related harms and the benefits to “thousands of vulnerable Australians.”

Same Rules Apply for Online and In-Person Gambling

Amanda Rishworth Following the passing of the credit card ban, the rules for remote gambling have been harmonized with the ones for in-person gambling. Social Services Minister, Amanda Rishworth, also commented on the ban, saying that it would be beneficial for vulnerable Australians. As she noted, “You can’t use your credit card to place a bet for land-based gambling and now the same rules apply for online gambling.”

According to data from the Australian Institute of Health and Welfare, Australians lose approximately $25 billion to various legalized gambling products, ranking them first in terms of per capita losses globally.

Kai Cantwell, CEO of Responsible Wagering Australia (RWA), an organization of online gambling companies such as Bet365, Unibet, and Sportsbet, commented on the legislation. He said the organization was in favour of the credit card ban, as it would help people “stay in control of their own gambling behaviour.”

The official called on the government to extend the measures to all forms of gambling, including online lotteries. He explained that the unification of the measures across all forms of gambling would ensure that people do not “move to less-regulated types of gambling, where they are more at risk of harm.”

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Daniel Williams

Daniel Williams has started his writing career as a freelance author at a local paper media. After working there for a couple of years and writing on various topics, he found his interest for the gambling industry.
Daniel Williams
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