Australian Bank Bans Credit Card Use for Gambling

The Australian Bank, a customer-owned financial institution, has determined to cease permitting its clientele to utilize credit cards for wagering activities. This new regulation will become effective on the first of December. The bank clarified that a majority of their patrons believe that credit cards ought not to be employed for gambling, and they are attentive to the opinions of their customers. They have engaged in discussions with the Australian Banking Association, and it is possible that other financial institutions may implement similar measures. The bank also stated that they do not provide financial loans to the gambling sector, including casinos, online gambling platforms, or enterprises that generate revenue from slot machines or sports betting. This fresh regulation is merely an expansion of their existing lending strategy.

Throughout December of last year, the Australian Banking Association requested input from interested parties regarding the practicality of limiting the use of credit cards for funding online gambling activities.

This consultation also investigated methods for banks to enhance player protection and concluded on March 4th.

Prior to the conclusion of the consultation, the National Australia Bank emerged as the first financial institution in the nation to provide its clientele with the ability to prohibit gambling transactions via its mobile application.

Retail banking clients possessing a NAB Visa credit card or NAB Visa debit card have the capability to restrict a majority of gambling payments, encompassing sports betting, casino games, and internet gambling.

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