Gambling is an exciting activity if done right. However, it is equally addictive, as people tend to ride on their winning or losing streak. The enthralling activity of waging bets and playing with your luck has always enticed people. And so, Responsible Gambling becomes essential to practice to prevent severe harmful consequences.
One such consequence is none other than financial loss at a greater level. Therefore, to minimise this, Australia has decided to ban credit cards, which are a primary payment method for many gambling platforms. Why did they do it, and will anything good come out of it? Let’s find out.
Key Aspects of the Credit Card Ban on Online Casinos
Prohibition of credit cards means that the users will have to rely on payment alternatives. Most alternative options will be debit cards and wallets, or such alternatives, as the online casino PayID withdrawal.
- Players will have less chance of falling into debt by preventing the accumulation of credits on them.
- Players will only be able to play by using the money they own and have in some medium (debit card, wallets, etc.)
- The ban can improve better regulation of gambling platforms and make them adhere to the Responsible Gambling Initiative.
- It will dramatically reduce credit card scams and misuses related to gambling.
- As players will be forced to find alternative payment methods, they will acquire more knowledge and education to mitigate problem gambling.
- The decision can potentially impact the global gambling industry, and other countries or government bodies might follow the same strategy.
Gambling Vs Responsible Gambling
Problem gambling is a soft term you can toss around for ‘gambling addiction.’ Gambling addiction is a serious issue where a person can’t control their urges to gamble. It can start from the simple urge to place or make bets all the time to attempting to win a large sum of money.
Often, a person with a gambling addition tends to overlook their personal and professional life. They just get lost in the gambling jungle. Many families face consequences due to this widespread addiction.
Responsible Gambling
Many gambling platforms, countries, and regulatory bodies tend to work on reducing gambling-related issues. The initiative covers the goal of improving the following aspects.
- Balanced life and well-being for every gambler.
- Education, support and resources to prevent gambling addiction.
- Sustainable healthy gambling practices to eliminate the negative aspects.
- Keep gambling as a positive economic factor for governments and countries.
- Focus on technologies, innovations, and advancements.
The main point is to understand that all activities, casino services, bonuses, and casino tokens provided for players are for fun and entertainment.
The Impact on the Gambling Industry
A credit card is one of the easiest financial items to acquire by almost anyone. It allows you to borrow money that you don’t have from the banks. Eventually, almost every month, you have to pay the borrowed money back, and it often has an interest.
Because of this, people tend to spend more money by using a credit card. Now, when you combine gambling activity with credit card usage, you are bound to overspend. As a result, you can accumulate debt and fall into a financial crisis.
However, there’s no doubt that the decision will have a massive impact on the gambling industry.
Building a New Economic Balance
Australia generates a fair share of revenue through gambling, and credit cards play a vital role in the process. By banning the use of credit cards, they run the risk of reducing tax and revenue generation. However, it can lead to long-term economic balance as people with debt not always manage to pay.
Long-Term Sustainability with a Responsible Approach
The focus on the long-term goals will easily lead to innovation in sustainable practices and alternative payment methods. As a result, the debit and actual monetary payments will be used, which can reflect positive growth for the Australian Economy.
Focusing on Customer Well-Being
Responsible Gambling and the initiative to ban credit cards directly focus on the well-being of the customers (players). The gambling industry will also have to innovate to work with various well-versed payment methods. Even the platforms that prioritized credit card usage will have to work with other methods if they want to thrive in the Australian region.
Enhanced Protection and Security
With the reduction of credit card scams and credit card debts in the online gambling industry, players will have better protection. The platforms will also have to work towards securing other payment gateways. This will also mean that the resources used on well-covering credit card security will be used in other sectors.
Long-Term Sustainability
The ban is a small step but could easily turn into a global phenomenon where other countries might follow the same idea. It will push the gambling platforms and economy out of their comfort zone to work better for player security and well-being and better growth. In the long term, all this will develop online gambling initiatives and platforms.
As we have already seen, with the addition of cryptocurrency payments, wallets, and others, the platforms will also be forced to come up with better rewards, bonuses, and deposit or withdrawal methods for the players. Overall, the decision bears good and positive growth in the right direction.