Gambling is obviously 100% linked to money. The business has and will always be related to money. People bet money in and attempt to win more money. While the concept is basic, the gambling market itself might not be. Many countries have different rules and regulations towards gambling. Many countries prohibit it and some others attempt to control it. But no matter how hard governments try it is hard to stop people from doing what they like. The government of Australia is currently debating regulating the online bets market. Online casinos are fully allowed in Australia. But the regulation they are trying to implement could change the game. Australia is debating if banks should prohibit the use of credit cards in online gambling.
The debate in the Australian government is as to whether banks should allow people to use credit cards to play in online casinos. Their argument is that there is a social concern with gambling. In general, it is a social concern that people could become addicted to gambling. But the credit card issue has an additional concern. What they claim is that it is a risk that people borrow money to gamble. They argue that they are gambling with money they don’t have. Moreover. They also have concerns about the fact they players will have to pay interest on the amount of money they borrow from their credit cards to play. In contrast, there are politicians who argue against that point of view. They consider that online gambling and traditional gambling are not the same. They see online bets and gambling as being more secure.
All of the types of traditional gambling require players to pay with their own money. What they mean with this is that they should pay with cash. Now, what is to be considered your own money is where the debate is. Betting houses and land based casinos will not allow people to use a credit card to bet. Moreover, they will also not allow players to use their credit cards to take cash advances to play inside the casino. But does this really mean that people are playing with their own money? I would say that not necessarily. The only truth to that matter is that players will be using cash. However, such cash could have come from anywhere. People can go to a bank and ask for a loan and use it on whatever they want. While they have to specify a purpose at the bank to request the loan, nobody verifies if the money was spent on that or not. Moreover, people can take cash advances on their card without any reason and whenever they want as long as they have credit available.
To play on an online casino you don’t have the option to pay in cash. Therefore, the only way to pay are electronic forms of payment which are either debit cards, credit cards or web wallets. Web wallets technically can actually also be credit cards or debit cards that you added to your web wallet. Therefore, if banks decide that credit cards can’t be used for online gambling this would cause a serious inconvenience for players. The reality is that the same dilemma that exists in traditional casinos would also happen in online casinos now. Players will now have to withdraw the money from their credit cards and transfer it to their bank accounts in order to be able to play using their debit cards.
It is hard to say what is the purpose and main goal or getting money on credit. Why do banks offer credit cards and loans? I wouldn’t say that it is necessarily to help people. It is a business that gives banks millions of dollars in profits in the interest they collect from customers. But, should banks be allowed to decide where you can use those credit cards and where not? Every person is different and what some people could consider essential someone else could consider needless. People get in credit card debt all the time. And most of them do not do it because they bought food or paid the rent with their credit card. The majority get in debt buying clothes, cell phones, and other commodities that really are not essential. There are no regulations to block the use of credit cards on any of those.
The debate in the Australian government regarding the use of credit cards for online gambling can be a concern for the business. While in land based casinos the use of credit cards to play or bet is prohibited, that doesn’t mean the measure really works. People still have the option to take money out of their credit cards before they go to the casino and play with it. So, there is a serious question as to whether implementing the same measure to online casinos would make a difference. There are politicians that argue against it. Some say that online casinos are more secure than land based casinos. This is because with all the transactions being electronic there is more room to monitor the transactions and detect odd behaviors. Regardless of all that, aren’t people free to spend their money on whatever they desire? People use credit cards to buy things they don’t need all the time and nobody regulates that. Perhaps some laws tend to have double standards at times.