Punters told all debts are off

PUNTERS are being forced to find millions of dollars to clear gambling debts on the eve of a ban on credit betting.

From February 17, online corporate bookmakers will not be allowed to offer customers lines of credit.

Many millionaire gamblers are now calling their banks and selling shares or other assets to clear debts.

The Bulletin understands there are concerns about whether one high-profile businessman, owing up to $20 million, will be able to meet the deadline.

An industry source said: “The government wants everyone’s balance back to zero – I don’t know if everyone is going to make it.”

The regulation followed a wave of offers of bonus bets and inducements by companies such as Tom Waterhouseled William Hill, CrownBet, Sportsbet and Bet365.

“This was all brought in because some bookmakers were giving away $100 in free bets to their entire client list,” the source said. “I said at the time that was the easiest way to get the government to come in and regulate us. It’s irresponsible.

“It’s really annoying. I have clients who have credit accounts of $1 million or $2 million, but they’re very wealthy people. They can afford it.”

The ban does not affect everyday punters whose accounts are linked to their credit cards, since these have to be topped up before placing bets.

Human Services Minister Michael Keenan has said the changes are “practical and measured”.

He said an online bookmaker had offered one of his constituents an $80,000 line of credit, which the punter blew in one weekend.

The bookmaker had then tried to take the man’s house.

THE GOVERNMENT WANTS EVERYONE’S BALANCE BACK TO ZERO – I DON’T KNOW IF EVERYONE IS GOING TO MAKE IT.

INDUSTRY SOURCE

The credit bet ban comes into force as governments across the country introduce point-of-consumption betting taxes of up to 15 per cent.

The new taxes will put pressure on smaller players in the gambling industry, including William Hill and CrownBet.

William Hill, the UK-based company, has been preparing to sell its Australian arm as a result of the new regulatory changes. The company is expected to open up its books to potential suitors within weeks.

James Packer is also in the process of selling his 62 per cent stake in CrownBet to its founder, Matthew Tripp.