Banks Say No to Online Gambling Restrictions

Many banks that function in Australia have recently taken against the government by launching a campaign to stop any potential government legislation that could restrict payment processing for online gambling.

There is a debate raging around political circles about restricting Aussies using internet casinos much in the manner of how the United States has stopped this from happening. Currently it is illegal in a technical manner for people of Australia to gamble online, this is because while it is legal for an internet casino to have Aussies players, it is effectively illegal to accept deposits from them.

Further restrictions put into force by the Australian government would see many internet casinos leaving the Aussie market or pushed out by the government.

As Australians spend over $1 Billion a year at internet casinos its not hard to see why internet casinos would not be happy, but many did not realise the impact that it would have on banks as they lose out on the transaction fees.

The CEO of the Australian Banking Association has said of the potential move: ”[in the event] Australia was identified as a jurisdiction where payment obligations may not be fulfilled in a certain and timely manner, it is possible that merchants and online service providers will refuse to accept business and payments from customers designated as originating from Australia,”

Looking at this type of implementation in America its not hard to see the impact as many internet casinos left the American market and many more followed by being pushed. There were even a few massive online poker and casino sites that went bankrupt by the move as the American government targeted them in April.

If you are reading this then you are certainly someone interested in using the internet casino world so it is for this reason that Aussie Casinos has published this latest news.