Published: December 8, 2019

Australian banks could limit use of credit cards for online gambling

The Australian Banking Association launched a consultation paper seeking community views on the risks of gambling on credit and what restrictions could be imposed.

The bank industry is seeking feedback from the community on the risks of gambling on credit. The Australian Banking Association CEO Anna Bligh says the banks have an important role to play in helping tackle the issue of problem gambling.

"For many Australians gambling is a form of entertainment and recreation, however for some it can become a problem that potentially has devastating consequences for the individual and their family," Ms. Bligh said in a statement on Thursday.

"As an industry, we are currently assessing a number of options to help tackle problem gambling."

The initiative comes as the federal government passed legislation enabling problem gamblers to ban themselves from online gambling sites, NWI Times reports.

The legislation creates a register for punters to opt-out for three months or permanently.

Gambling websites that fail to promote the register could face penalties.

Upon registration for self-exclusion, all money in a person's active accounts must be returned once all bets are settled.

The account must then be closed.

The Australian Communications and Media Authority would be responsible for implementing the register.

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