Moreover, New Zealand banks had not found evidence that customers who used their credit cards to gamble online were more likely to default. The association said a block was unlikely to have the intended effect – keeping gamblers from racking up unacceptable debt. “The online gambling credit card ban will go a long way to help people experiencing gambling harm to keep control of their finances.”ĭespite having many of the same members as its Australian equivalent, the New Zealand Banking Association has been much less supportive of a ban on credit cards. For people with a gambling addiction, a credit card can lead to severe financial stress for the individual and their family,” Bligh said. “Using credit cards for gambling can create a unique harm where large amounts of debt can be accumulated in a short period. In a statement after the ban announcement, Australian Banking Association chief executive Anna Bligh said the reform was overdue. * Online gambling products ‘aggressively’ targeting NZ * Investigation underway over concerns pokie trusts cooking the books * Unregulated online gambling ‘extremely risky’ for New Zealanders, minister says Last week the Australian Government announced it would ban the use of credit cards for online betting in Australia following a parliamentary enquiry from 2021 and, most recently, pressure from the Australian Banking Association, which believed the product wasn’t suitable for credit and could cause harm for customers.Īlbanese’s Labor government will introduce legislation in the next few months, with the move bringing online gambling in line with other forms of betting in Australia, where use of credit cards has been banned since the 2000s. The idea of someone taking out a credit card to hit the pokies online is either A-okay or deeply concerning, depending on whether you’re an Australian bank in Australia or the same bank operating this side of the Tasman. Their Kiwi subsidiaries are taking quite a different position. Business Kiwi banks at odds with Aussie bosses over gambling on creditĪustralian banks are supporting a Canberra government ban on gamblers using their credit cards to bet online.
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