Bank Australia applied an initiative to block credit cards of the clients if they requested gambling spendings. That isn't a new initiative as a lot of Australian financial institutions have already introduced such measures. Even though the country supports gambling freedom, banks have decided to deal with responsible gaming in such an unexpected manner.
Australia continues the fight for responsible gambling among its citizens. According to the latest financial news, Bank Australia, located in Kew, announced it would join the initiative of blocking credit cards for gambling. The authorities consider that crediting is one of the negative outcomes gamblers face if they lose in casinos, poker tables, or unsuccessful betting.
Despite the fact that Australia possessed itself as a gambling-free country, the governmental structures launched a wide consultation considering banks and credit unions' role in problem gambling last year. Even though the results aren't published yet, the community is keeping their fingers on the pulse of the problem and tends to support some kind of limitations.
How are Australian banks already dealing with problem gambling?
The blocking step was already introduced by several financial institutions, including Bank of Melbourne, Westpac, Commonwealth Bank, and Macquarie. The latter blocked gambling purchasers for their customers, while the other banks presented blocking options and relied on the clients' awareness of the risks.
At the same time, the National Australian Bank implemented its restrictions. Almost a year ago, iOS applications received clients' option to choose if they want to ban gambling transactions on their cards. A similar feature appeared on Android devices a few months later, while the national financial regulator reported about 50k cases of activating this point.
Can blocking become a new trend in financing gambling activity?
Actually, the Australian initiative isn't something new. For instance, British financial institutions have already imposed a 72-hour-wait period if the client has requested to remove the self-set restriction. The issue of crediting institutions' promotion has also appeared in Denmark, where the legislation changes can occur. Thus, local regulators forbade same-time ads of gambling operators and financial institutions on the jerseys of sports teams, as the first item promoted the usage of the second, which is the step towards addiction problems.