The use of credit cards for online gambling has come under the spotlight after a survey found increasing concern over risks.
Australia.- A survey from the Australian Banking Association (ABA) shows increasing concern over the risks of credit card use for online gambling. It is expected the report may lead more banks to prohibit their use.
The Every Customer Counts report is based on 40 written submissions from betting operators, gambling counsellors, consumer advocates, academics and government agencies, along with 813 individuals who responded to a short-form web survey.
The report concluded that “the associated risks were considered to significantly outweigh any potential benefits for customers, especially for vulnerable populations.”
The ABA stressed that the report reflected the views of the respondents, not itself, and it will be up to ABA members to assess the report’s findings and make their own decisions on how to proceed.
Some banks have already began to ban the use of credit cards for gambling transactions. Bank Australia has blocked all gambling and gaming transactions on its credit cards since December 1.
Following the new report, more ABA members may find it harder to resist the pressure to follow these examples.
However, some contributors noted that Australia’s betting industry is already highly regulated and credit card restrictions wouldn’t address the underlying issues behind problem gambling.