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Australia bans credit card and cryptocurrency payments for online gambling
The Australian government has banned credit card and cryptocurrency payments on online betting platforms to prevent its citizens from giving away money they don’t have.
Effective today (Tuesday), the ban on credit card and cryptocurrency payments for online betting came with the Interactive Gambling Amendment (Credit and Other Measures) Bill 2023, introduced last September. The bill, which amended the Interactive Gambling Act 2001, was passed by the Australian House of Representatives in November and then by the Senate a few weeks later.
According to the new rules, online gambling platforms operating in the country will no longer be able to accept credit card payments, even those linked to digital wallets and cryptocurrencies such as Bitcoin and Ethereum.
The new rules will bring online betting platforms into line with traditional gambling venues, which they were already banned from entering accept payments via credit cards and cryptocurrencies. However, online lotteries and keno can still accept credit card payments.
“Our government takes seriously its responsibility to prevent and reduce harm from online betting,” said Australian Minister for Social Services Amanda Rishworth. “Our credit card ban will help achieve this goal. You cannot use your credit card to place a bet for traditional gambling. The same rules apply now online gambling.”
Online gambling platforms licensed in Australia have been given a six-month transition period to prepare for the changes. Now, any violation would result in a civil penalty of up to A$234,750.
Additionally, the legislation empowers the Australian Communications and Media Authority (ACMA) to enforce sanctions provisions.
A push to control gambling
THE prohibition of payment with credit cards and cryptocurrencies it came after the Australian government introduced mandatory pre-verification for all customers of online gambling platforms. It has also replaced the “Gambling Responsibly” message on betting advertising with evidence-based slogans.
Additionally, the government launched the BetStop initiative, the national self-exclusion registry, which has seen more than 22,000 Australians self-exclude themselves from online betting and promotions since its launch last August.
While the Australian industry has welcomed the ban on credit card and cryptocurrency payments, there has been criticism of the exemptions.
“If consumer protection measures are not consistent across all forms of gambling, this will stimulate vulnerable Australians to move towards less regulated types of gambling, where they are more at risk of harm,” the CEO of Responsible Wagering Australia, Kai Cantwell. .
The Australian government has banned credit card and cryptocurrency payments on online betting platforms to prevent its citizens from giving away money they don’t have.
Effective today (Tuesday), the ban on credit card and cryptocurrency payments for online betting came with the Interactive Gambling Amendment (Credit and Other Measures) Bill 2023, introduced last September. The bill, which amended the Interactive Gambling Act 2001, was passed by the Australian House of Representatives in November and then by the Senate a few weeks later.
According to the new rules, online gambling platforms operating in the country will no longer be able to accept credit card payments, even those linked to digital wallets and cryptocurrencies such as Bitcoin and Ethereum.
The new rules will bring online betting platforms into line with traditional gambling venues, which they were already banned from entering accept payments via credit cards and cryptocurrencies. However, online lotteries and keno can still accept credit card payments.
“Our government takes seriously its responsibility to prevent and reduce harm from online betting,” said Australian Minister for Social Services Amanda Rishworth. “Our credit card ban will help achieve this goal. You cannot use your credit card to place a bet for traditional gambling. The same rules apply now online gambling.”
Online gambling platforms licensed in Australia have been given a six-month transition period to prepare for the changes. Now, any violation would result in a civil penalty of up to A$234,750.
Additionally, the legislation empowers the Australian Communications and Media Authority (ACMA) to enforce sanctions provisions.
A push to control gambling
THE prohibition of payment with credit cards and cryptocurrencies it came after the Australian government introduced mandatory pre-verification for all customers of online gambling platforms. It has also replaced the “Gambling Responsibly” message on betting advertising with evidence-based slogans.
Additionally, the government launched the BetStop initiative, the national self-exclusion registry, which has seen more than 22,000 Australians self-exclude themselves from online betting and promotions since its launch last August.
While the Australian industry has welcomed the ban on credit card and cryptocurrency payments, there has been criticism of the exemptions.
“If consumer protection measures are not consistent across all forms of gambling, this will stimulate vulnerable Australians to move towards less regulated types of gambling, where they are more at risk of harm,” the CEO of Responsible Wagering Australia, Kai Cantwell. .