Online gambling lobby says no problem with punting on credit as MP calls for crackdown
TueTuesday 16
FebFebruary 2021 at 8:49pm
Banks are being asked to stop allowing gamblers to use credit cards to place bets online.
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The representative for the biggest players in Australian online gambling says punters should be not be stopped from going into debt to bet.
Key points:
MP Andrew Wallace says the banks have a social responsibility to put a halt to credit card use in online betting
The banking industry says it has no plans to change its policy on the use of credit cards despite raising the matter itself in 2019
Lenders say the current system is forcing people to provide too much detail about their living expenses, such as how much they spend on haircuts or food deliveries.
Afterpay calls for payment regulation shake-up
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Afterpay chief executive Anthony Eisen is pushing for the Reserve Bank to be stripped of its powers to unilaterally regulate payment firms such as buy now, pay later (BNPL) entrants, saying the system could present risks for fintech challengers.
As investors weigh the potential danger to Afterpay’s business from regulation, Mr Eisen has backed an overhaul that would result in the RBA losing its ability to impose surcharging rules on the BNPL sector.
Afterpay CEO Anthony Eisen