High Profits, Low Principles: betting losses balloon as Big 4 keep lending to gamblers

Talk about moral bankruptcy in the top echelons of corporate Australia. For as long as the Big 4 banks continue to allow their credit cards to be used for gambling, Australians who have gambling problems will continue to face the threat of actual bankruptcy.

The use of credit cards for gambling and cash advances at bricks and mortar venues – casinos, pubs, clubs, TAB outlets, racetracks and in gambling areas of licensed venues – has been banned in Australia since the early 2000s. But there are no restrictions on the use of credit cards for online gambling, which has soared in recent decades, and especially during Covid-19.

Financial reports released by some of Australia’s most popular online betting companies show they have been