Mr Logic,

Point taken,

However, each day the Govt advertises that winning wagers are not guaranteed when investing with such agencies. I think they are gearing up for a fairly heavy-handed assault on a perceived threat to their turnover so we will watch with interest what their next move is(whether that be legislative or whatever). If you or others are affected, I suggest you discuss this matter with your local member which is your democratic right.
Nice to discuss this with you.

Cheers.

If transacting with Betfair is illegal, I understand and accept the bank's action. If not, how is it legal that a bank can tell me what I can and can't do with my money (especially when the account is in healthy credit!!)?? I don't understand. Interesting that the ANZ website actively encourages E-trading of shares.

shy

O.K. here is some interesting information....

The banks blocking said transactions apparently has nothing to do with the Govt. whatsoever!

It is entirely the bank's discretion.

There are two reasons that they block the cards.

1. Identity Fraud

2. Bad debts due to gambling.

Here is an example:

A friend of mine always paid his ANZ credit card on time and was never over his limit.
He did however, withdraw $1,000 at the local Casino.

Two months later, he was declined a limit increase because he had made a withdrawal at the casino and was considered a possible credit risk.

Interesting Chrome Prince, it seems strange that they have never had a problem with transactions with Australian TAB accounts though.

Does anyone know if the banks have a problem with Two Flys or is it just offshore companies.

I believe that Betfair have offered a % to the Australian racing industry (as it should). Does anyone know if this has been accepted?

shy

Hello everyone. This is my first post and although my experience/opinion may be limited compared to other members on this forum , i feel compelled to write re this topic. Upon hearing this news i quickly checked my betfair account to see if my bank allowed me to deposit funds.
Fortunantly the national bank at the minute is still accepting transactions. Until when who knows??
Who is the government and or banks to tell me where and where i cant spend my money!
Not happy Jan.....

Unfortunately it's a sad reflection of the society we are in, where laws and rules are based on the lowest common denominator.

(And protection, of course, of vested interests and power groups.)

Governments and those in power decide THEY KNOW what is right for you.

In some ways the problems with depositing funds in eg. Betfair reminds me of prohibition back in the 1920s when the US government took the moral high point and tried to ban the consumption of alcohol.

Future generations look back in amazement at how they could have been so stupid.

Similarly future generations will laugh at the idiots who are now trying to restrict people's use of credit cards or free choice of odds when betting.

Since when is it a bank's business to take a moral high point about the use of credit cards? Do these same banks restrict credit cards for internet porn or anything else that they deem as socially undesirable? I suspect hypocrisy rules the day.

By the way, it is worth going to a search engine like google and keying in bank credit card ban internet gambling or similar terms. Makes interesting reading - especially when you see what they are trying to do in the US.

Banks... charge us for the privilege of using them, yet impose draconian restrictions on what we can do with our money. Where do they get off???

can always use bank transfers - if you're putting in a decent amount, then it will work out cheaper anyway.

Shy,
What type of card was it? I know MasterCard are being **************s worldwide on the gambling issue.

The following may something to do with the banks' attitude. It is not possible to enforce gambling debts in Australia via the legal system. In other words, if someone owes you a gambling debt, they can "stiff" you and there's no legal recourse. Which is why all the local gambling websites insist on you being in credit with them.