Australia officially announced the credit card ban throughout the country for iGamin platforms. Those companies won’t be able to receive the transaction with credit cards (MasterCard and Visa). It’s believed that the new initiative will help Aussies to stop playing too much. You may not know that Aussies are the biggest spenders when it comes to betting and gambling in casinos or slots.
If we take a close look at the current legal framework, the Australian Bank Association can’t regulate the usage of credit cards alone. ABA has to produce the bill and then register it in parliament. Then members of parliaments have to discuss whether it’s a good initiative or not. If the new bill has enough members supporting, then the bill will pass, and credit cards will be officially blocked on iGaming platforms.
Australia is a “Havana for the iGaming industry.”
A country that’s popular for different beautiful landscapes, animals, and oceans has a different side also. Australia is one of the top countries that have enabled local business entities to create gambling platforms. Country officials have given the green light to online gambling for real money for Australians back in the late 20th century. Since then, the gaming industry in Australia has risen like never before. Experts have seen the results that no one was waiting for. Partially it happened because of positive decisions from the Australian government and parliament.
As of now, Australia is known for iGaming. The Internet has changed everything, and now online platforms dominate the world, not only Australia. Online gaming platforms based in Australia have a very high growth rate because of the legal framework. The country’s economy gets more than 10 billion AUS dollars every year from online and offline gaming platforms (including slots, casinos, poker, lotto, betting, etc.). Tourists from different countries visit Australia not only to see Kangaroo or ocean but to visit most prominent casino buildings in the country. The Australian government has not created a particular place for gambling lovers. The country gave the green light to the decision by which any city can have casino venues.
One point missed from the perspective
The Australian economy is growing, and it’s also related to the growth of iGaming platforms. Although the economy is getting stronger, country authorities have missed one point. As it seems, Aussies are the worst gamblers around the world. If we take a look at the latest statistics, Aussies are losing more than 25 billion AUS dollars every year, on betting and gambling in general. Those numbers make Aussies the worst gamblers in the world, and country officials were concerned about it. That’s why the Australian Bank association got new initiative that can help Aussies to stop betting for a while.
If we take the population of the country into account, then it’s not a big one. There are only 24.5 million living in Australia, and 25 billion AUS dollars loss every year in gaming platforms makes them rank top in the worst spenders. Keep in mind that Aussies bet their luck not only horse racing but also on lotto, betting, casino, slots, poker, etc.
Credit Card ban could lead to the rise of CryptoCurrencies
As mentioned above, the Australian Banking Association is the author of the initiative. It’s a new movement in a country that won’t affect on digital platforms and foreign gamers. It’s believed that ABA wants to limit the usage of locally issued credit cards. In that way, Aussies can take a deep breath from gaming and rest a bit. Representatives of the movement want to show gamers a whole new world. They don’t want to eliminate gaming, to give players a few days, weeks, or month rest.
As of now, only one bank has joined the movement and banned the usage of issued cards on iGaming platforms. Australians believe that other banks would join movement sooner or later. As of now, the bill is not even registered in parliament, so we should not expect big decisions by the end of 2020.
If country officials ban credit card usage entirely, then we might see the rise of cryptocurrencies. It’s the best alternative way of sending money transactions. Any banking or governmental system does not control cryptocurrencies, so people can freely send money through Bitcoin, Ripple, etc. Most of the iGaming platforms in Australia already have the support of Bitcoin transactions. Digital platforms already accept payments via Bitcoin, so on a long-run credit card ban won’t affect the gamers.