After the Bank of Australia made the decision to ban all credit card gambling transactions, players in the country will have to find other ways to finance their entertainment.

The financial entity created after the merger of a large group of credit unions, recently informed its clients that as of december 1 it will block “all gambling and gambling transactions” made with their credit cards. .

As part of its responsible gambling policy, Kew-based Bank Australia began by excluding gambling from the sectors to which it would lend cash. Other sectors that have been excluded from the loans are fossil fuels, tobacco, exporters of live animals and arms manufacturers.

The bank said the decision to turn down “casinos, online gambling operators, or companies that derive income directly from poker machines or sports betting” was supported by 87% of its customers.

It said that while its respects their clients’ “freedom” to gamble, their policy was crafted on the premise that as gambling operators receive more funds from banks, “the more frequent and accessible they become.”

The bank considers that by depriving players of financing it is possible to “limit the growth of these companies”, as well as the possible gambling problems that could be generated.

Other banks that have banned gambling

Bank Australia follows other Australian financial institutions that previously imposed banking restrictions on punters. In 2019, Macquarie also did so by prohibiting its customers from using cards to play or buy lottery tickets.

Other banks, such as Commonwealth Bank, Bank of Melbourne and Westpac, preferred to block specific transactions from their clients rather than ban them altogether.

Likewise, the National Australian Bank (NAB) last December was the first company to allow customers themselves to close gambling transactions through its iOS banking app.

In february of this year, the NAB added the tool to Android devices. In september it reported that this anti-gambling feature had been activated on more than 50,000 credit and debit cards.

Public consultation of the ABA

The Australian Banking Association (ABA) launched a public consultation in december to determine “the role of banks in tackling” problem gambling rates in the country. Although the results of the ABA study have not yet been released, strong public reactions are expected to these anti-gambling initiatives.

In the UK, big banks like Barclays, HSBC, Lloyds, Starling Bank and Monzo have already done something similar by limiting the financing of gambling activity through cards.

In september, Barclays announced that it would tighten gambling restrictions for its customers. The bank requires a ‘wait time’ of 72 hours so that customers who have used this auto-lock functionality can request the game unlock.

Source: https://calvinayre.com/2020/10/12/business/bank-australia-blocks-gambling-credit-cards/

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