The New Law Passed Across Australia That Is So Good
A Wantirna man who racked up an $80,000 debt through online betting has prompted a law change that will now stop gambling providers from offering lines of credit.
The move to clamp down on the loophole of betting companies acting as lenders was part of the Government's online gambling reforms that have been passed.
The man, whose fake name is John Chan, hit national news in 2011 after it was reported he lost $80,000 in one weekend while betting with Sportsbet.
With the debt being racked up, Chan almost lost his house when Sportsbet took him to court.
Betting agencies such as Sportsbet were able to use a legal loophole to offer credit to punters because they were licensed in the Northern Territory — the only 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.