Australian banks agree that playing on credit should be banned

A ban on credit card games in Australia may be imminent, now that MP Andrew Wallace has secured support from the four major in Australian banking.

Wallace secured the support of the four major in Australian banking

Queensland parliamentary Andrew Wallace announced that he had secured the support of the largest banks in Australia for his plan to ban online gambling with credit.

Meanwhile, the local gaming lobby insists that there is no need for such hard measures.

The Queensland parliamentarian has been pushing for a ban on credit gambling online since last month, but Australia's local gaming authority was not for the change. Now the Queensland Parliamentary says his plan has full support from Australia's big banks.

Credit card games at casinos, as well as withdrawals from nearby ATMs, are currently prohibited in Australia. However, no such restrictions apply to online casinos.

According to Wallace, the high interest rate and high risk make money games very dangerous for many families.

"[Banks] will be very happy that the government legislature. I get some advice on how the legislative change can look, and I take it to my colleagues over the next couple of weeks. ” He added.

Wallace had suggested that the banks create a voluntary behavior code, and while some knocks, including Suncorp and Macquarie, have already stopped credit inserts, the country's largest lenders claim that their hands are tied.

Australian Banking Association says measures are difficult to implement

Such measures have proven to be difficult for banks to implement, according to the Australian Banking Association (ABA), and this is one of the causes of the delay.

Wallace has added that the change is no longer a matter of desire, but rather about what the implementation means will be.

In a meeting with Wallace, representatives of the National Australian Bank (NAB), Westpac, Australia and New Zealand Banking Group (ANZ), and the Commonwealth Bank, were agreed with ABA, were agreed on the need for change.

Lenders agreed that customers should not be in a position where they can borrow money for an interest rate of 22 % and play with it, and were all in a "furious agreement" on the case, according to the LNP representative for Fisher.

In a statement, Anz said they will support a bans similar to the British, where gaming operators do not have permission to accept credit payments.

The other three banks emphasized that they were able to place money on credit cards on request and would continue to cooperate with the authorities on any changes.

Furthermore, ABA stated that they will continue to cooperate with the state on possible legal changes.

RWA does not support the limitation of credit cards by online gambling

However, responsible Waging Australia (RWA), the lobby representing Ladbrokes, Bet365, Sportsbet, Neds and other prominent companies, maintained that there is no evidence of concern.

Brent Jackson, CEO of RWA, said the organization did not support the restriction of Credit card in online gambling, and there was no need to stop players from building debt when they bet.

"The only resistance we have seen against people using their credit card for online games - or to buy scratch cards on the local newspaper kiosk - is from people who have a moral resistance to gambling," he said.

He added that online gambling was safer than other forms, as it was governed by strict legislation.

Wallace is prepared to fight online betting companies over the disagreement, but he is sure the change is a "no-brainer", when eight out of ten Australians are for. He expressed hope that gaming operators would do it responsible and added that people could still bet by means of the debit cards sine.