The new law Australians have been waiting for
A Victorian man who racked up $80,000 worth of debt through online betting has prompted a change in the law that will prevent gambling providers from offering lines of credit.
The loophole allowed betting companies to act as lenders, but the Federal Government passed online gambling reform laws in the Senate last Wednesday.
It followed more than six years of campaigning on the issue by Federal MP Alan Tudge.
The Human Services Minister pushed to ban credit banning after hearing how easy it was for the unemployed Wantirna man was able to access credit. The man was offered thousands of dollars of credit from Sportsbet.
John Chan, not his real name, lost $80,000 in one weekend gambling with Sportsbet credit in 2011.
Betting agencies such as Sportsbet used a legal loophole to offer credit to punters because they were licensed in the Northern Territory, which is the online Australian jurisdiction that did not restrict gambling companies acting as lenders.
However, under the new laws, all wagering providers are now prohibited from being a lender.