Tabcorp has said it will support a ban on credit card use for gambling but that banks should be responsible for enforcing it.<\/p>\n\n\n\n\n\n\n\n
Australia.- David Attenborough,\u00a0Tabcorp’s CEO<\/strong>, has said the company will grudgingly accept plans<\/a>\u00a0to ban credit card gambling in Australia but wants banks to be responsible for enforcing the ban. <\/p>\n\n\n\n He argues that the\u00a0financial sector is best placed to implement a ban<\/strong> given its infrastructure and the customer data it has available.<\/p>\n\n\n\n Attenborough said: “I’m not sitting here saying I accept a ban on credit cards for gambling. I’m saying\u00a0if the committee decides it’s going to ban it, we’re not going to oppose it for online wagering<\/strong>.”<\/p>\n\n\n\n He said: “If this is the solution chosen by the committee, we will support it, but\u00a0the legislation needs to be applied to the financial sector\u00a0<\/strong>because they are best able to implement this.”<\/p>\n\n\n\n He added: “If we got more information from the banks that a card was suspect, we could shut it down. If the banks notified us that this was a problem, we would be able to stop dealing with that problem, but this flow of information doesn’t happen.”<\/p>\n\n\n\n Tabcorp’s CEO said\u00a0only 14 per cent of online betting transactions use credit cards<\/strong>. He noted that credit cards can no longer be used credit cards in retail environments like bars, clubs, or racetracks.\u00a0<\/p>\n\n\n\n He also noted that the use of credit cards in online wagering with Tabcorp was declining<\/strong>\u00a0but said that a problem gambler will always find ways of getting around blocks or bans, suggesting that a national regulator is the only way to resolve the issue.<\/p>\n\n\n\n He added that a large proportion of people who use credit cards to gamble do so responsibly and use them for convenience. He admitted that the practice does have risks but said Tabcord “has a lot of control around it.”\u00a0<\/p>\n\n\n\n Tabcorp has previously said a ban on credit cards would need at least a year to be implemented\u00a0<\/strong>to allow the industry time to adapt to the changes. It also warned that it could lead to unintended consequences as\u00a0Tabcorp has lost ground to online competitors<\/strong>.<\/p>\n\n\n\n