Legislation banning online gambling platforms from accepting credit card payments has passed Federal Parliament.
Gambling companies like Sportsbet and TAB will have a six-month transition period before the credit card ban comes into effect.
The measure is aimed at preventing gamblers from spending borrowed money they may not have the means to repay.
The gambling ban
Online wagering platforms will use a special bank identification number to detect and block gamblers from using credit cards to place bets.
The new law was included in a list of recommendations by a 2021 Parliamentary committee investigating online gambling.
A ban on credit cards at physical gambling venues, like racetracks or casinos, was introduced before online gambling became popular.
Companies that don’t enforce the ban, which also includes digital currencies, could face fines of almost $235,000.
The Australian Communications and Media Authority will enforce the new laws.
A review of the ban will take place two years after coming into effect.
Are more gambling bans coming?
In June, another Parliamentary committee also recommended a gradual phase-out of online gambling ads over three years.
The Government’s response to the recommendations is due by the end of the month.
While it hasn’t yet released a full response, it said the Committee’s advice will “underpin” the next gambling reforms in Australia.
