Shayne Elliott, the head of the Australian and New Zealand Banking Group (ANZ), revealed that the bank is to set a maximum limit on the credit amount that can be drawn down to fund online gambling activities. The decision has come as part of the bank’s efforts to take active measures for helping problem gamblers in the country.
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In December 2018 we introduced a restriction on the use of credit cards for gambling transactions where the customer’s card has been utilised beyond 85% of the account credit limit. Purchases which are not eligible to earn Rewards Points are described in the ANZ Rewards – Rewards Program Terms and Conditions booklet, e.g. Fees, cash, cash equivalent transactions, balance transfers and transactions for gambling or gaming purposes will not earn Reward Points. A gambling transaction is any purchase that ANZ identifies as being for gambling or gaming purposes. It could include, for example, transactions for lottery tickets, online casinos, sports betting, playing the pokies or transactions with overseas betting agencies.
Yesterday, at the time he gave evidence at the banking royal commission, Mr. Elliott revealed that the bank has decided to take part in the authorities’ efforts to tackle problem gambling. In addition, ANZ also decided to stop providing the tobacco industry with funding. Mr. Elliott had to give evidence at the royal commission, after the bank group faced accusations of a repetitive series of misconduct, including violations of responsible lending laws and unfair customers treatment.
The new policy of ANZ is set to come into effect on December 3rd.
Under the changes which are to be brought to the new problem gambler policy of ANZ, credit card holders will not be provided with the opportunity to use more than 85% of their available credit to make bets in online gambling sites. The bank’s policy, however, will only apply to gambling on the Internet as there already are some limitations regarding the use of credit cards at gaming venues.
In addition, the preferences of local players towards the use of online gambling platforms have marked a 15% increase recently, making gambling on the Internet the fastest-growing segment in the Australian gambling industry.
ANZ Wants to Promote Social Responsibility and Sensible Gambling
The decision of Australia’s largest bank to cap credit card gambling comes at a time when local people have been revealed as the largest spenders on gambling on a global scale.
As Casino Guardian reported, according to estimates provided by H2 Gambling Capital, the losses generated by Australian adults in 2017 alone amounted to AU$1,324 ($958). The amount gambled by Australians in the 2016-2017 period was worth AU$23.7 billion.
In addition, the number of compulsive gamblers in Australia has been constantly rising over the last few years.
#Australians Still Account for Largest #Gambling Losses Globally #PokerMachines#Pokies#PokieLosses#SlotMachines#ProblemGambling#Australiahttps://t.co/GIQGYbgGAM
— Casino Guardian (@CasinoGuardian) November 20, 2018
According to a research report made by Roy Morgan in June 2018, slightly over one-third of local adults use the Internet to make a bet. For some time now, measures that could be taken by banks to help problem gamblers control their compulsive gambling habits has become a widely discussed topic at the banking royal commission lately.
Now, the largest bank in Australia is to unveil its new rules regarding the use of credit card gambling at the beginning of December. As explained by ANZ’s chief Elliott to the royal commission, the bank decided to implement the 85% cap because it was willing to allow individuals do whatever they like with their money but still, to promote social responsibility and sensible gambling.
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