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Credit Cards Phased Out for Gambling Deposits

June 11th 2024, 12:09pm, By: admin

Changes made to the Interactive Gambling Act 2001 continue to come into affect with the transition period allowing credit card deposits coming to an end. This includes all credit-related deposits and digital wallets. All Australian sports betting sites have now phased out credit card deposits and notified customers, through pop-up messaging and email blasts, of the need to fund their accounts through other methods.

“Australians should not be gambling with money they do not have,” Minister for Communications Michelle Rowland said.

“Last year, the Albanese Labor Government committed to banning credit cards for online wagering – and we’ve delivered. This ban builds on the significant progress to minimise gambling harm that the Albanese Government has made over the past two years, which is already benefitting thousands of vulnerable Australians. Our commitment to ensuring that gambling takes place within a robust legislative framework with strong consumer protections remains steadfast, and we will have more to announce in due course.”

Estimations are that less than 5 per cent of deposits into wagering service providers came via credit cards or credit sources, with all parties transitioning account holders away from this funding method over the past six months. New deposit methods have recently been added with PayID a popular instant deposit method via all major Australian bank account.

Last week, Prime Minister Anthony Albanese wouldn't put a timeline on when the government would respond to the recommendations from the "You Win Some, You Lose More" parliamentary report. He said the issues being addressed were complex and they would have more to announce in due course.

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