Would you put a bet on for $10,000.00 on a horse when you had no money in your pocket? You wouldn’t think so however, betting companies have been providing sums of money in the form of credit to punters for years. Providing credit is proving to be very risky as Australia has an already high gambling problem.
Credit is unavailable for betting on the pokies however, is available for online betting. Senator Nick Xenophon believes this is no different and should be stopped.
There is already a growing problem with betting in Australia and now, betting companies are providing credits online to punters in such an easy and accessible way. It is estimated that this form of betting has increased by 300-400%. People sign up to an online website and are offered an amount to use in the form of a credit to bet. Once this is used, the punter is then required to pay it back with interest. For some punters, this could result in selling your house or the shares you have had to pay off this gambling debt.
It can happen to anyone.
Footballer Brendan Favola has lost thousands because of his betting addiction which started with online poker.
Independent Senator Nick Xenophon will be introducing legislation in the coming months and hopes to stop this online trap.
If you have been stung by online betting credit or know of someone that has, please contact us on 1800 621 071 or email email@example.com.