Most of Australia’s online wagering operators, represented by Members of Responsible Wagering Australia (RWA), have decided to support a ban on using credit cards to fund online gambling.
RWA CEO Brent Jackson announced the new policy to the Parliamentary Joint Committee on Corporations and Financial Services. The Joint Committee began an inquiry into regulation of financial services used for online gambling March 25. The inquiry is looking into whether such a ban should be imposed on credit cards and digital wallets.
Jackson told the lawmakers “As a policy-based body we want to achieve the best outcome for consumer protection. We think that the best way of achieving this is by committing to transparent discussion and actively working with stakeholders to make sure we provide the best outcomes.”
He added, “Australia’s major online wagering operators will support development of measures to prohibit credit card wagering.”
Jackson promised that his association would work with banking institutions to make this happen. He continued, “Responsible Wagering Australia members have agreed to develop a technical solution to deliver this reform in a timely fashion and will seek the assistance of banks and payment processing providers to ensure the change can be delivered without adverse unintended consequences.”
Some banks have anticipated such regulations and started taking action on their own. In 2020 Bank Australia announced it would cease processing credit card payments for gambling.
