BANKS could ban or limit the use of credit cards for online gambling after launching a public consultation on internet betting.
The Australian Banking Association CEO Anna Bligh says the banks have an important role to play in helping tackle the issue of problem gambling and are seeking feedback from the community.
“For many Australians gambling is a form of entertainment and recreation, however for some it can become a problem that potentially has devastating consequence for the individual and their family,” Ms Bligh said in a statement on Thursday.
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READ NOW“As an industry we are currently assessing a number of options to help tackle problem gambling.”
The ABA launched a consultation paper on Thursday, seeking community views on the risks of gambling on credit and what restrictions could be imposed.
The initiative comes as the federal government passed legislation enabling problem gamblers to ban themselves from online gambling sites.
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.