Australian Banks and Visa Support Online Gambling Laws

Australian Online GamblingBanks and credit card companies are furious at the Australian federal government and its plans to prohibit Australian’s from gambling online, by preventing financial transactions of online gambling operators.

The proposed regulation would simulate the Unlawful Internet Gaming Enforcement Act (UIGEA) which prevents Americans from gambling online by blocking financial transactions through banks and payment processors.  Many Americans felt hopeless after the events of Black Friday which saw the biggest online poker sites get shut down to US players.

The Australian Bankers Association mentioned, ”[If] Australia was identified as a jurisdiction where payment obligations may not be fulfilled in a certain and timely manner, it is possible that merchants and online service providers will refuse to accept business and payments from customers designated as originating from Australia,”

Visa also told the committee that this tactic would not be enforceable as players would find other ways of getting their money onto online gambling sites.  Just like in the US, while the majority of people are not gambling online, there are still a great amount of Americans who are betting online at gambling operations that find loopholes to get around these laws.

Online gambling is illegal in Australia; however the committee learned that Australians could reach 92% of gambling sites.  This is due to the fact that, there is nothing stopping Australians from gambling online because the sites are operated offshore.  Therefore any Australians that do play online are not penalized because online gambling is widespread and growing at a strong pace.  It was estimated, Australians had spent more than $968 million in 2010 on online casino, poker, sports betting and bingo sites.

For these reasons it would only benefit Australia if online gambling was regulated and taxed.  This is why companies, banks other political bodies would support online gambling in Australia.

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