New Zealand Banks To Restrict Gambling On Credit
But the previous limitations only restricted the amounts made for gambling services, while the new measure will entirely block payments in certain situations. These new processes are not yet officially being introduced, but ANZ Group are in serious talks with stakeholders. This indicates that the restrictions will likely be put into effect in the new future.
Australia Takes The Lead
Meanwhile in Australia, banking organisation Macquarie has put a total ban on all betting with credit cards. It is the first major bank in the country to do so, and has come under fire for the bold move. But rumours are that other financial organisations in the country will be following suit. The move comes as the local gambling industry has come under major pressure, with calls for stronger regulations. Problem gambling has been under the spotlight in Australia for some time, with many saying that the situation has got completely out of control.
Macquarie said that it imposed the interdict for the best interest of its customers. The ban is applicable to all purchases made under lottery merchant codes, without exception. It is being suggested that the blanket ban is a step too far, but head of personal banking at Macquarie, Ben Perham, stands by the decision. He said it is just another example of how the company looks out for the wellbeing of its customers. He pointed to the cap also being placed on cash advance balances, which was likewise put into place to control problem bettor behaviour.
Soon To Be Adopted In Europe?
It is not common for banking organisations in the Pacific region to take such stern stances. But similar action may soon be taken in Europe. In the United Kingdom the labour party has been pressuring financial institutions to introduce similar measures. Industry pressure has likewise been high in the country in recent months, resulting in new fixed betting terminal maximum bet reductions. The aftermath saw sportsbook companies endure mass layoffs.
There is no suggestion yet of the matter being seriously persued in the United Kingdom. But if the trend catches on in New Zealand and Australia, the restrictions may just become a global standard