Credit cards and gambling (tabcorp, Australia) - page 3.

imstillthebest

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Quote

-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 .

Oshosondy

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Quote from: avikz on September 07, 2021, 12:50:26 PM

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.

Cling18

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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.

Fundamentals Of

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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?

timerland

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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.

cafucafucafu

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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.

AakZaki

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Quote from: Viscore on September 06, 2021, 07:57:38 AM

This is definitely correct, but banks would not ban credit cards if they don't violate the law. Banks are the implementors to its client, while the government under its agency will also enforce the law to ensure that banks are properly doing their job as a business that operates under the law.

Some time ago I read on this forum but I forgot where the source link is. It was about the Irish government prohibiting transactions via credit cards when the match used as a betting event started. If I'm not mistaken they want to make gambling safe and respectful of the players in the sport. So it seems that the gambling was done before the official match started. It looks weird but I think it has its benefits too. The government should be able to find the best way if it is true that transactions with credit cards are deleted by the government. They have to provide solutions not just bans. I don't think the bank itself will be able to make a policy against a government.

avikz

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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.

Quote

I'm not sitting here saying I accept a ban on credit cards for gambling. I'm saying if the committee decides it's going to ban it, we're not going to oppose it for online wagering

Since gambling houses are bound to obey the rules laid out by regulators, the responsibility of enforcing it, should not be passed to the gambling houses. Financial corporations have such infrastructure to enfore such ban and they should be doing it.

Fatunad

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Quote from: fiulpro on September 06, 2021, 01:06:34 AM

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.

Banks are still regulated and does abide government laws even though there are some part which is really not part of their control even inside of their vicinity which simply means that they could really make out some
specific solution if ever there would be some problems that raised up.

Sometimes there would be some discussions or arguments or debates but most of the time, banks would really still be following on what governments views about it but im not really
that surprised that most of the time they do share up the same view or perspective on things.

Davidvictorson

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Quote from: ralle14 on September 06, 2021, 02:00:47 AM

It sounds like they don't mind doing the ban and at the same time don't want to hurt their reputation because making these kind of decisions could discourage some of their users in the future. That 14% casino related transactions doesn't seem much but I guess it adds up if they plan on banning other payment methods as the ban wouldn't have that much effect on its own since there's still a lot of ways to gamble (including video games). I'm not sure if there's any better way to handle it since the other alternatives (like increasing taxes, banning physical casinos) wouldn't be enough to solve the overall issue.

I agree with you. It looks like they are both between the devil and the deep blue sea. Although, I have read that “online gamblers in Australia and New Zealand cannot use their credit cards from ANZ Bank to gamble if they have used 85% or more of their credit card limit, or if the attempted transaction would push their balance to 85% or more of their credit card limit.” So then financial institutions should be responsible for the ban even though we know the gamblers will surely find other alternatives.

https://www.greo.ca/Modules/EvidenceCentre/files/GREO_04_2020_CreditCardRER.pdf

shield132

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Quote from: fiulpro on September 06, 2021, 01:06:34 AM

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:

Quote

“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

Nearly the same thing happened in my country but in this case the situation was a little bit different. Well, in my country the highest percentage of the society is gambler and the gambling business is booming there. A lot of people who work in the government and in institutes managed by the government, would get fired if they spend money in casino from their bank account/cards from day X. After that law, the online casinos decided to create online wallets and offer debit cards to their customers while promising that transactions done through this card would be unavailable for the bank and the government and this continues so on, the casinos found loophole in the law and offered the alternative solution to their customers. So, I guess this law while is good and understandable at some point, won't be that much effective.

Kittygalore

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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.

fiulpro

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Quote from: Kong Hey Pakboy on September 06, 2021, 02:00:42 AM

No, they're wrong, it's a temporary fix, it's better if they were to create therapy for gambling much accessible and more efficient, that way they can make a difference for good in regards to the rampant gambling in their countries.

Therapy is something that you do later on in the life, but if you do cut off right from the source and if there is actually a way by which you can prevent people from taking loans from the banks and then stressing themselves out afterwards then I do think they should do it for sure. The ban enforced by banks would be much more effective since people would not be able to control it and it would be way faster..

Quote from: Viscore on September 06, 2021, 07:57:38 AM

Quote from: fiulpro on September 06, 2021, 01:06:34 AM

Therefore the ban would be enforced by the banks and not by any government and the authority.

This is definitely correct, but banks would not ban credit cards if they don't violate the law. Banks are the implementors to its client, while the government under its agency will also enforce the law to ensure that banks are properly doing their job as a business that operates under the law.

Ofcourse this is how it would work :
Laws are made (1)
Enforced by the government (2)
Banks would take responsibility for their clients (3)

Viscore

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Quote from: fiulpro on September 06, 2021, 01:06:34 AM

Therefore the ban would be enforced by the banks and not by any government and the authority.

This is definitely correct, but banks would not ban credit cards if they don't violate the law. Banks are the implementors to its client, while the government under its agency will also enforce the law to ensure that banks are properly doing their job as a business that operates under the law.

tulusikhlas

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In my view, that the bank will close someone's credit card account if they use money from credit and bet on gambling. So Tabcorp can only apply this policy if it carries out a transaction that continues to flow to the casino. As for the rest, I think as long as it looks safe and doesn't gamble with credit cards, then they can't close credit cards without a good reason.

crzy

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Banks wont allow you to have credit card if you have a bad credit ratings and if you just got your card and failed to pay your debt then your name will be put on the central data of bank and all the financial institutions will see your name for having a default loan so technically, this can affect your credit rating.

Though some countries allows credit card to be used in gambling, banks should still make their own analysis if its really worth it or too risky for them since not all debtors can pay their debt on time and this might affect the operations of the bank. If banks will restrict your cards for gambling purposes, that could be more effective.

Rruchi man

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Quote from: fiulpro on September 06, 2021, 01:06:34 AM

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.

IMO i believe that the management of tabcorp are very correct in saying that credit card bans should be enforced by banks. For them to take up such a responsibility will require new infrastructure and maybe some staffs dedicated to analysing data, and since the bank already has the these datas, the officials and infrastructure working closely to that line, it will be easier for them to extend their services thus.

Also in terms of business image, it doesn't tell well for a gambling company to be issuing ban to its users.

Obito

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This is a good thing because with less people being dominated by credit cards, we not only see reduce in gambling although at a small amount but we will see less people getting in debt with credit cards and we all know how notorious credit cards are when it comes to interest rates. They can also probably do a program that will help the people find a way to be a more helpful citizen.

ethereumhunter

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In the future, there might be a prohibition on using a credit card to gamble if they do not have much money that can cover the cost of using the credit card. Credit card companies do not want to lose their money because of people who abuse credit card functions.

The other solution that the casino should do is remove the option of using credit or debit cards to gamble and use the other payment methods that can be the next favorite of gamblers to gamble. Maybe they will use crypto or other digital money to gamble but I am sure they will figure it out.

Oshosondy

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Quote from: fiulpro on September 06, 2021, 01:06:34 AM

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

I found this news surprising because gambling companies and banks do not have any issue in my country, one of the fast and easiest transaction you can use my country's bank debit and credit cards to do is to make transaction into gambling companies both with the country and foreign gambling companies though we have certain amount we will be able to spend monthly for foreign transactions irrespective of being bank or not bank.

Banks should not be the one to determine transactions into gambling companies or not, there should be a governmental body that should be responsible for that if necessary, if the gambling companies are within the country, why should banks be the one to determine this, it should be government not bank.

Topic: Credit cards and gambling (tabcorp, Australia) - page 3. (Read 412 times)