Credit cards and gambling (tabcorp, Australia)

[cafucafucafu]

I remember the time I made the last topic about how the credit cards might be banned for the future gamblers. Apparently according to the tabcorp, banks are supposed to be responsible for the credit card bans.

They also provided the stats that only 14% of the users use credit cards and most of them use it responsibly. Therefore the ban would be enforced by the banks and not by any government and the authority.

Why should banks have the right to decide which transactions its users should be able to do and which ones they can't use?

I guess it is a credit card, but still. That seems a bit like how they would restrict access to crypto related transactions to me.

Casinos should use their own discretion on this matter. Not the banks imho.

[timerland]

I honestly don't see credit cards as being much of an issue.

As you mentioned, only 14% of people actually use credit cards to gamble.

The vast majority of these people are going to be legitimate gamblers. Only a small portion of them are going to be frauds - but that applies to virtually every payment processor/method.

[Fundamentals Of]

If this is the figure and this is a reliable figure then I think there is no need for a credit card ban. If the regulators will force this kind of measure then I think they are putting a drastic and large-scale solution to a minor problem. As a result, this might only cause more problems. But more studies should be done first.

How much is 14% actually in terms of money or number of users? How much is the figure as far as other researches are concerned? This is a number released by Tabcorp, a gambling company. Who knows, this number is a fudge in order to contain the possible decrease in revenue due to the proposed ban?

[Cling18]

If banks would ban credit card usage for gambling, people would be responsible for using their credit cards. We all know that most people have fallen into gambling addiction because they rely on their credit card funds where they could easily gamble through it. If banks could control it, then they could also control or lessen the gambling addiction of some of their users.

[Oshosondy]

Tabcorp's statement makes sense! It's a responsibility of the banks to impose the ban from the system. This responsibility should not be passed to gambling houses.

Banks can make some ban but this type is beyond their power but gambling companies can make the ban even without any law just to help their customers but which can result to inconveniences, but gambling sites will never also do that as they want their customers to bet more and lose more. I see that statement to not make sense when they already know that bank can not make such ban, it is not possible and beyond the bank's power, but a governmental organisation setup by the government to regulate gambling in their country can make such regulatory law but if they are even willing to do so.

[imstillthebest]

-Exactly the problem here.
The governmental bodies and the banks thoroughly oppose gambling sometimes but at the same time they are not working together with the companies to make sure it's safe and more practical and therefore it's indeed hard for them to point fingers even though they did not try to work together.

I do think this sends a strong message about how things can be done in a better way, what do you think about it ?

yes its hard because theres only one entity working but if they work together it will be easy for them .
 it will be more safer but i dont think will be more practical if banks and governments work together so this move can still be better to the affected  .
bank are involved in this because they are the one that issue credit card , they are related to finance than the governments .

[STT]

Central banking makes them all related and lending cash to gamble is not especially a risk free form of lending vs lending on a house which is practical and justified.  Its not advisable to gamble with borrowed money but the main reason to ban is not the consumer so much but the banks who are taking on too much risk of a defaulted debt.  
  People and private companies can and should do whatever they want but the banks right now are an extension of central government due to excessive support and easy monetary policy, they dont especially have a leg to stand on as they lean so much on the central bank.  Its part of why you are unlikely to get a fair rate of return on savings, banks dont serve their depositors so much any more they are political policy reliant.

[jrrsparkles]

Credit card loans comes under the high risky sector loan so from the bank side they don't want to encourage the usage of credit cards to high risky things like gambling because they know its addictive so high chances for the people to default their loans.

[AicecreaME]

Banks doesn't have the right to make decisions for the gamblers, whether where they want to spend their money, if you know what I mean, because I don't think of any reason why they should do that unless the gambling site or casino is illegal, then their action is valid. Government and banks are not responsible for their clients decision, or choices to be make, it's their clients rights to do whatever they want with their money, in my opinion.

[jrrsparkles]

Banks doesn't have the right to make decisions for the gamblers, whether where they want to spend their money, if you know what I mean, because I don't think of any reason why they should do that unless the gambling site or casino is illegal, then their action is valid. Government and banks are not responsible for their clients decision, or choices to be make, it's their clients rights to do whatever they want with their money, in my opinion.

Credit card is not the money from the customer's pocket its actually a loan provided by the banks so they do have all the rights to decide where the user can spend it and ofcourse they can even restrict activities which are legal in their country but involves high risk.

[zanezane]

Not a temporary fix but it will do plus it will also help with people having to put up with credit card debts that they will incur overtime if they continue using credit cards for gambling.

Credit card debts are the reason why it's not good to ever get one not to mention that the interest that it incurs overtime is pretty exploitative, especially with gambling which drains your money much faster.

[dothebeats]

From where I'm at, banks are very compliant with what the government imposes and what they wanted to achieve. They are surely in sync with most of their decisions, and are always up-to-date with the memos and circulars that they are imposing and getting out in the open to inform about the consumers who are still trying to circumvent existing laws re: credit cards and gambling.

At some point, I believe that this is just the right thing, given that in the first place, credit card funds are not the consumer's money to begin with, so no way that they should be able to risk it into gambling. 

[samcrypto]

Not a temporary fix but it will do plus it will also help with people having to put up with credit card debts that they will incur overtime if they continue using credit cards for gambling.

Credit card debts are the reason why it's not good to ever get one not to mention that the interest that it incurs overtime is pretty exploitative, especially with gambling which drains your money much faster.

Banks should really ban the account from using it on any gambling activities if they really do care, but of course it wont happen because this is in favor to them once you spend your credit card they don’t care on where you spend it as long as they can collect interest from you. You should not gamble the money you don’t have, its borrowing and its not good in gambling.

[milewilda]

I do think this sends a strong message about how things can be done in a better way, what do you think about it ?

Banks are heavily regulated which does simply means that whenever there are some changes or where government does really like to implement or make out some bans then for sure it would really a big
thing that could really influence out their own views on certain issue.Whether they do like it or not but once government had really made out some or mandating something then most likely
these services or platforms or institutions wouldnt really be having any choice but to come along with it or else they might really be facing up some problems later on or something that
connects with personally.

[Fortify]

I remember the time I made the last topic about how the credit cards might be banned for the future gamblers. Apparently according to the tabcorp, banks are supposed to be responsible for the credit card bans.

They also provided the stats that only 14% of the users use credit cards and most of them use it responsibly. Therefore the ban would be enforced by the banks and not by any government and the authority.

At the same time, there was a statement that I did like in the whole news:

“If we got more information from the banks that a card was suspect, we could shut it down,” he added. “If the banks notified us that this was a problem, we would be able to stop dealing with that problem, but this flow of information doesn't happen.”

-Exactly the problem here.
The governmental bodies and the banks thoroughly oppose gambling sometimes but at the same time they are not working together with the companies to make sure it's safe and more practical and therefore it's indeed hard for them to point fingers even though they did not try to work together.

I do think this sends a strong message about how things can be done in a better way, what do you think about it ?

https://www.gamblinginsider.com/news/13007/tabcorp-banks-should-be-responsible-for-online-gambling-credit-card-bans

Out of all this it really shows how manipulative certain gambling companies can be. You try to defend the actions of the gambling companies, who have a legal (and very simple to enforce) duty to block gambling transactions because the government of one country has decided that they do not want this activity any longer. That government was freely elected by a democratic vote and by extension, the politicians are generally doing what the voters expected them to do. This tabcorp, in the very first sentence of that article, has decided it does not want to lift a single finger in defense of their business interest, presumably because they know they would not beat the government in an independent court - that makes me think they are spineless and have a weak case.

[DoublerHunter]

Banks doesn't have the right to make decisions for the gamblers, whether where they want to spend their money, if you know what I mean, because I don't think of any reason why they should do that unless the gambling site or casino is illegal, then their action is valid. Government and banks are not responsible for their clients decision, or choices to be make, it's their clients rights to do whatever they want with their money, in my opinion.

Credit card is not the money from the customer's pocket its actually a loan provided by the banks so they do have all the rights to decide where the user can spend it and ofcourse they can even restrict activities which are legal in their country but involves high risk.

^ It seems you are right, probably their government just cares about their people not to use the money that comes from lending.
For this reason, it will probably minimize the possibility of fraudulent activities due to gambling addictions which are gamblers can possibly commit a crime in the future due to the reason of gambling addiction. There could be thousands of gamblers that will become miserable their life because if banks allow using debit and credit cards if people want to gamble, just use an amount that they can afford.

[stomachgrowls]

Banks doesn't have the right to make decisions for the gamblers, whether where they want to spend their money, if you know what I mean, because I don't think of any reason why they should do that unless the gambling site or casino is illegal, then their action is valid. Government and banks are not responsible for their clients decision, or choices to be make, it's their clients rights to do whatever they want with their money, in my opinion.

Credit card is not the money from the customer's pocket its actually a loan provided by the banks so they do have all the rights to decide where the user can spend it and ofcourse they can even restrict activities which are legal in their country but involves high risk.

^ It seems you are right, probably their government just cares about their people not to use the money that comes from lending.
For this reason, it will probably minimize the possibility of fraudulent activities due to gambling addictions which are gamblers can possibly commit a crime in the future due to the reason of gambling addiction. There could be thousands of gamblers that will become miserable their life because if banks allow using debit and credit cards if people want to gamble, just use an amount that they can afford.

Lets just hope for that kind of reason to be true than with those personal interest or having some strings attached behind those kind of decisions.Its good to look at that government is really having some concern or care about their citizens which they do really end up on having that kind of decision despite on gaining up something specially with gambling revenue or something like that into those businesses.

Banks are totally independent institutions but since it is heavily regulated then it is likely that they would comply on whats been asked.We can totally tell that there would be a possible problem would rise
if there would be some conflicts in between parties.

[blockman]

Seeing them work together is quite hard. The coordination is a must but it still ends up into business, they have to make their business continuity and just allow those people to use their credit cards for gambling.

Banks are totally independent institutions but since it is heavily regulated then it is likely that they would comply on whats been asked.

Yeah, they are independents and they're still able to be controlled by the government and whatever they say, they must comply but if it's about using their money. They have full jurisdiction if they allow their customers use wherever they want their credit cards.

[rhomelmabini]

I honestly don't see credit cards as being much of an issue.

As you mentioned, only 14% of people actually use credit cards to gamble.

The vast majority of these people are going to be legitimate gamblers. Only a small portion of them are going to be frauds - but that applies to virtually every payment processor/method.

The thing is some credit cards are being used by illegal carding especially those people that has the know-how on how to illegally exploit these credit cards. I remember there was a forum intended for such things but what I do seen mostly are just for subscriptions on some site but I know these exploiters work anonymously especially if it's about gambling. They should combat it or worst won't allow credit card gambling in the future but as they say, they'll make some alternatives onto that.

[adzino]

Why even talk about credit cards when you have crypto currencies to gamble with? The banks were never friendly with fiat casinos. They take every opportunity to ban or block users access to their cards as soon as they see a transaction made to a casino. I know they do it to "protect" their customers, but this was a choice made by their customer. Why is the bank interfering? And this is one of the reason why centralized banks are being hated right now. Use crypto currencies and play in crypto casinos. They are much better and more fair than your traditional online casino.