Great news from Down Under! Australia is taking big steps to improve the safety and responsibility of online gaming. The government has just introduced a new law called the Interactive Gambling Amendment (Credit and Other Measures) Bill 2023. With the passage of this legislation, credit card gambling and other comparable activities, such as the usage of virtual currency, would be prohibited.
So, what does this mean for gamblers and operators? Well, if the bill becomes law, credit cards and digital currencies won’t be accepted for online gambling anymore. It’s all about preventing people from placing bets with funds they cannot afford to lose. And to make sure everyone follows these new rules, there are fines in place for operators who ignore the prohibition. Fines for this could go up to AU$234,750, so operators are really going to take this seriously.
In order to ensure compliance with these fresh regulations, the Australian Communications and Media Authority (ACMA) will be granted increased authority to impose penalties. They’ll be keeping a close eye on anyone who doesn’t follow the rules.
Now, don’t worry if you’re a gambler or if you work in the gambling industry. If this bill becomes law, there will be a six-month adjustment period for everyone to adapt. This transition period will start as soon as the law gets the green light from the Royal Assent.
The development of this new measure required a great deal of work and extensive engagement with a range of stakeholders, including operators, wagering and lottery suppliers, harm reduction advocates, and financial payment organizations. All of this is a result of the government’s dedication to safeguarding Australians from the negative effects of gambling.
A Long Journey Towards New Law
This isn’t the first time Australia has talked about prohibiting the use of credit cards for online gambling. It’s been on the table for a while. In reality, conversations began when the Australian Banking Association held a survey on the subject in December 2019. 2020 saw an increase in calls for action, particularly after credit card gambling was effectively banned in Great Britain. Even big names like Bet365, Betfair, and Entain support a ban.
Some parties even took matters into their own hands. Bank Australia, for example, said in October 2021 that their credit cards could no longer be used for gambling.
What`s Next?
This new bill is just one piece of the puzzle. The government is also doing other things to combat gambling harm, like providing monthly statements to show wins and losses, changing those “Gamble Responsibly” messages, and creating a national self-exclusion register called BetStop.
In the near future, there will also be obligatory client pre-verification. This means that before you can place a bet, operators will have to verify your identity. The government hopes to have this in place by the end of September.
And that’s not all! The government is taking further suggestions from a parliamentary probe into internet gambling under consideration. Before the end of 2023, they’re going to meet with the ministers in charge of overseeing online gambling in each state, territory, and the Commonwealth to discuss what else they can do to make gaming safer and more responsible.
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