Interest Rates on Gambling Credit Card Payments Increased by Westpac - The West News

2021-12-31 10:30:02 By : Mr. Will Chen

Australian-owned Westpac bank has taken a decision to charge higher interest rates on payments made via its credit cards. Customers will now have to pay more interest charges on what Westpac refers to as ‘quasi cash’ payments which include transactions drawn in favour of online gambling accounts.

Any payments that have been used to buy cryptocurrencies, or payments made to online gambling accounts, will now fall under the ambit of cash advances. A Westpac spokesperson affirmed that most credit card transactions are used to pay online gambling companies. 

Currently, Westpac levies an interest rate of 22.95 per cent on cash advance payments made via its Hotpoints MasterCard.

Unless a standard MasterCard holder at Westpac clears their monthly balance by the due date of payment, other ordinary purchases would incur a 20.95 percent interest rate.

Westpac’s move to increase interest rates on cash advances seems to be inspired by the UK Gambling Commission’s ban on credit card payments made to gambling firms. 

The Health Promotion Agency has reported online gambling as a popular activity, stating that well over half a million people aged 15-years or more participated in this activity. Indeed, with so many operators out there, it’s no surprise punters are searching for new casino bonuses daily, as advertised on reputable sites such as NZCasinoClub, that specialising in the industry.

According to the commission, the ban was imposed after an in-depth research which established that a significant number of gambling addicts used credit cards to pay for their punting obsession. 

New Zealand based Problem Gambling Foundation has been calling for a strict clampdown on credit card payments to gambling firms in the wake of what Britain did, along with a planned review of gambling laws in New Zealand.  

Andree Froude, the spokeswoman for the PGF, opined that credit cards prompt problem gamblers to sink their teeth further in gambling when they run out of cash. Froude supports a Britain-style ban in New Zealand and considers it a much required measure to curb problem gambling in the country. 

Froude elucidated that the Gambling Act in New Zealand had pioneered enormous change in online gambling, ever since it was enacted in 2003. The act impacted how Kiwis engaged in online gambling in New Zealand as well as with gambling companies abroad.

According to Froude, the results of a review of online gambling in New Zealand conducted by the Department of Internal Affairs are expected to be out soon. She also looked forward to regulatory alternatives to curb the extent of online gambling. 

The PGF spokeswoman stated that more banks like Westpac should come ahead with stricter regulatory policies to help address problem gambling and help vulnerable addicts shield themselves from a further downward spiral.

Regarding Westpac’s recent move, Froude thinks that it could be circumvented easily as gamblers would use debit cards to avoid paying higher interest on their transactions.

To check the rise of problem gambling incidents, Kiwibank had allowed gamblers to put voluntary gambling blocks on their cards in April 2021. VGBs would act as a deterrent to extensive borrowing that gamblers might use to feed their obsession. 

According to Kiwibank’s sustainability report, over 127 customers had used the voluntary block and had avoided an annual gambling expenditure of around $13,000 on average. Impressed with Kiwibank’s initiative, Froude had pressed other banks to do the same. 

Westpac, Commonwealth Bank of Australia and National Australia Bank have all offered VGBs akin to Kiwibank, but their New Zealand subsidiaries like the Westpac New Zealand ASB Bank and the Bank of New Zealand did not initiate any such measures.

Froude has been all in for a measure like VGBs as she feels that the tool can be an effective measure to insulate problem gamblers against gambling addiction. In her words, she would favour mass encouragement for the banks to take a step towards such a tool.

As per Westpac, the increase in interest rates was to make the experience more consistent for their customers. Other transactions under the ambit of cash advances would also comprise sending money abroad and payments made to share investing platforms such as Sharesies.

According to Leighton Roberts​, co-chief executive at Sharesies, some investors using the platform top up their accounts via credit card payments.

The terms and conditions at Kiwibank further mentioned that purchasing gambling chips or foreign cash constitute cash-like transactions.

The Australia and New Zealand Banking Group Limited had its own definition of cash-like transactions. Buying gift cards, traveller’s cheques, foreign cash, wire orders, money transfers and topping up gambling accounts all featured in that definition.

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As 2021 draws to a close, the online casino industry seems to be on top of its game. The pandemic has migrated tons of land-based casino players into online markets and the demand for online slots has reached unprecedented levels. Some of the industry’s leading online game development studios have crossed swords in a race to develop and launch the best real-money online slot games to take us into the New Year. 

For the average online casino slot enthusiast, choosing a slot when faced with thousands of new releases is no cake walk. If you’re looking to find the best and latest bang-for-buck slot games, you’ve come to the right place. Our online casino industry experts and seasoned in-house slot reviewers have fastidiously tested all the latest November 2021 releases and ranked them based on objective, measurable metrics. 

Before we get into our picks for the best slot titles released in 2021, you should know that winning and losing are both part and parcel of playing at an online casino. So, when you are playing at an online casino this holiday season, make sure to stay safe and play smart.  

This slot game comes from Quickspin and was launched on December 1st, 2021. It is expected to see a lot of Christmas themed slots being launched around Nov-Dec every year for obvious reasons. Spinions Christmas Party sets out to be the best Christmas party yet. 

With full on Christmas theming, the slot is merry, positive, fun and can payout pretty well too (RTP of 96.05%). The highlight feature of the game is the unlimited free spins that are triggered when two Spinion elves land on the reels during any normal game spin. 

This slot is particularly good for playing on mobile since it is fully mobile optimized and comes in a standard 5×3 reel set that fits mobile devices just right. There are 25 fixed paylines and it is really easy to learn and play the game. Spinions is a very standard 5-reel slot with an intuitive control interface. You can win a maximum of 1876 times your stake amount. The minimum and maximum stake levels are 0.10-100 coins respectively. 

Royal Potato was also launched on December 1st 2021 and it comes as a collaborative effort between Print Studios and Relax Gaming. The theme is particularly interesting and authentic. It is almost refreshing to see a December released slot that doesn’t play on the usual Christmas theme. 

Here, you are welcomed into a world of Potatoes and it is much more complex and hierarchical than you would ever imagine. The best part about this game is the massive max payout of 30,000x your stake amount. The return to player percentage is also pretty high at 96.31%. Don’t brush this game of as a novelty item because despite its silly and fun theme, it packs some serious features and payout potential. 

Some of the key highlights include SuperSpinner multipliers, sticky growing wilds and the Royal Levy feature that can result in surprising random cash prizes. It’s all about growing the potato to its full size and cashing in. 

Big Bass Bonanza is arguably one of the most recognized slots in the online casino industry today. You’ll find this game in nearly any online casino worth its salt. The game was developed by Pragmatic Play and the Christmas rendition of the game is also brought to you by Pragmatic Play. 

The developer has been in the news for releasing the second instalment in the ONE Blackjack series. Christmas Big Bass Bonanza was launched on 2nd December 2021. It encompasses all the things we love about the Iconic slot game Big Bass Bonanza in a Christmas theming. This game has an RTP of 94.62% and a max win potential of 2100 times your stake amount. 

The gameplay is a mix of retro and modern slot elements. The base mode itself is fast-paced and action packed, but when any of the special features are triggered, things get amped up to the next level. 5 reels and 10 paylines makes the game simply to understand and easy to play. Bet anywhere between 0.10 to 100 coins per spin. Take advantage of free spins, the wild feature and free spins. 

Moon Princess Christmas Kingdom is a Play’n GO slot that went live on 2nd December, 2021. It features 5 reels, 5 rows and the paylines work on a cluster basis and not traditional paylines. The max you can win is 15,000 times your stake. The stake per spin maybe adjusted anywhere between 0.20-100 coins. Moon Princess Christmas Kingdom is basically the crowd favourite slot game ‘Moon Princess’ with a few bells and whistles added to appeal to merry makers. Essentially, Moon Princess Christmas Kingdom is a hybrid between two games – Moon Princess and Sailor Moon. 

The theme is inspired by Moon Princess whereas the game mechanics and features are reminiscent of Sailor Moon. If you like Japanese anime, you may really enjoy the characters of Moon Princess Christmas Kingdom. The slot has a RTP of 96.2%. Some of the special features include win multipliers, girl power (randomly triggered), trinity feature and free spins. The Girl Power bonus round is especially unique where you get to pick 1 of 3 princesses and depending on who you pick, special modifications to symbols are made to help boost your wins. 

Woo Casino is a top-rated, licensed, and registered online casino that operates internationally. With high quality features, games, and exceptional mobile compatibility, Woo Casino is a great choice for superior online gambling entertainment.

Before getting into any of the bonuses every player should understand the rules and regulations and be familiar with the term wagering requirements. 

Wagering requirements are the criteria that need to be met before any winnings will be paid out. Woo Casino typically uses a 40x wagering requirement. 

So what does that mean to you, the player?

What it means is that if a player gets a $100 bonus, they’ll need to bet that initial $100 forty times over before they are able to claim any of the winnings. That’s $4000 in bets that need to be made on that initial $100 before any remainder will be paid to players. 

Woo Casino offers numerous bonuses and each one has slightly different rules. The main bonuses you’ll encounter when playing with Woo Casino are the following: 

You can try them all today at Woo Casino. If you’re unfamiliar with these common online casino bonuses, however, read on for a quick rundown to familiarize yourself before you play. 

These types of bonuses vary but usually mean that players can expect to receive something in exchange for depositing an initial wager. At Woo Casino, new players can claim a First Deposit Bonus, which is 100% up to €100 and 150 free spins on slots, with a minimum deposit of €20.

Free spins are pretty self-explanatory but generally consist of getting free spins on specific slot games when signing up as a new player or making an initial deposit. 

Woo Casino treats every player like a VIP. Here, you’ll earn loyalty points for every single deposit you make, allowing you to unlock new levels that generate all kinds of lucrative bonuses.

It’s always good to know your limit. This is fantastic advice in all things, including casinos. All casinos have a cap on the value of winnings for bonuses, and Woo Casino is no exception. 

It’s a good idea to check their terms and conditions, but be aware that each country/currency has a different cap on winnings adding up to approximately $50 USD, depending on the currency. Depending on the exchange rate and currency you’re playing with, it may be worthwhile to use a currency other than USD. 

Deposit bonuses have a similar winning cap, but they’re much higher, reaching approximately $10,000+, depending on the currency. 

Keep an eye on minimum betting requirements as well, especially with free spins. Betting a minimum amount every time may be the safer bet, but it may not count towards the bonus at all. Typically bonuses require the maximum bet every time. 

Because Woo Casino is giving you credits to play with, they work a little differently when wagering with cash or actual money deposited into your account. 

When playing with an activated bonus, the system uses deposited money first before defaulting to the bonus, so your actual cash will be used before any bonus credits are used.

There can also seem like an unlimited number of bonuses and deals popping up all the time, and that’s great. However, players can only use one bonus at a time. They don’t stack and players can only claim one at a time. 

Lastly, although cryptocurrency has been increasingly accepted online and abroad, Woo Casino accepts crypto as a legitimate payment form, but all crypto transactions are ineligible for all bonuses at this time. 

We’ve all heard the phrase, “It sounds too good to be true.” 

There are a lot of scammy sites trying to game the system offering bonuses that don’t stand up to scrutiny. As good as their offers may seem, unless they’re approved by Woo Casino, these bonuses are not going to win you any money, and may actually end up costing you. 

Built into the terms and conditions is the catch-all clause that if players are found cheating or abusing the bonus system, the player forfeits all their winnings. 

Woo Casino offers a ton of bonuses so trying to abuse the system by opening multiple accounts or trying to receive the same bonus multiple times will only end up in a ban and loss of winnings. 

Woo Casino operates globally and offers a whole host of generous bonus offers. All of these bonuses are available to players from every country in which they operate with the exception of Sweden. In addition, players from Finland do not qualify for any of Woo Casino’s deposit-based bonuses. 

Other than those exceptions, players from the rest of the world can enjoy all of the bonuses Woo Casino has to offer. Now that you have the low-down on Woo Casino bonus terms, you can go out there and reap the benefits.

Don’t let your next casino party be average. A good theme can take it from plain to being an amazing experience. Having a well-planned Vegas-like party will be a fantastic event your guests will never forget. With these ideas and tips you’ll throw the ultimate casino themed party at home!

Of course, you can simply choose ‘casino’ to be the theme, but have you thought about a subtheme? For instance,  a Great Gatsby-theme would be an add-on to the fun, with everyone dressing up like the Roaring 1920s style. Ladies could wear Flapper dresses, headbands and a feather boa. Men can take out their best suits and wear straw boater hats. Back in the 1920s, gambling was prohibited, so this juicy detail adds extra suspense to the party!

Take a look at the video below and you’ll quickly see why a Great Gatsby Party would be an amazing experience. Needless to say, you likely won’t be able to spend as much money as Jay Gatsby does in his parties, but you could opt for a party in the same style with glamorous elements. 

Surely looks fun, doesn’t it?

You can also go for a James Bond-style party. Think about sleek suits for men and long, elegant dresses for women. Or what about Peaky Blinders as your party concept? Have your male guests wear suits and attire just like the Shelby gang, complete with baker boy caps and tie pins. Ladies could wear long beaded dresses and gloves, wave their hair and wear (faux) fur stoles. 

Regardless of whether you’ve chosen a subtheme or not, the dress code at your casino party should be elegant and glamorous. No sport shoes, flip-flops or jeans allowed. 

There wouldn’t be a casino-themed party without casino games! Did you know that you can rent roulette tables, poker gear and even slot machines in some places? Have a search around your local area to see if anyone offers this.

You can also buy a reversible Blackjack and roulette layout tablecloth, some card decks and a complete poker set for an affordable price in several stores. You can hire croupiers to do the dealing work or ask some of your friends to do this on a rotating basis. 

So your guests can play more efficiently, make sure you’ve arranged play chips. These can be used for every game and are much easier than using actual real money. Even if all guests are playing just for fun, placing bets with chips is better to keep everything neat and tidy. 

For every single table game, print out a few practical guide sheets. Not everyone is an experienced casino player. Having useful guide sheets at the tables makes sure that new players won’t feel confused or even hesitant to play at all. They’ll be able to quickly learn the basics before placing their first bets.

But to make sure everyone’s fully ready, it’s possible to sign up at online casinos before the day of the party. Everyone can practice playing all the different games on offer at your party so they know what to do on the day. The big advantage of online casinos is that they usually offer casino bonuses to new players who sign up. These give out more bonus money to play with which can be used as extra bankroll to try out the different games. There’s a range of offers available, so players are recommended to choose the best casino bonus for themselves.

Make sure the music at your party is smooth and upbeat. If you’ve chosen a 007-theme, some exciting spy music would bring a nice touch too. Here is a playlist which is perfect to play in the background for your casino-themed party:

Of course, you can stick to simple beers at your casino party. But why not add an extra touch by offering some of these popular drinks or stylish cocktails? 

Champagne always works, period. It radiates class and sophistication and is a great fit for a casino-themed party. 

To lower the costs, you can also opt for sparkling wine and add Smirnoff Gold to it. It has ultra-thin shavings of a gold bar which is safe to consume. This would definitely bring a luxurious touch to your drinks. 

Almost everyone loves a good gin and tonic. The drink can be customized in hundreds of ways with different botanicals. 

This has got to be one of the most popular drinks for casinos. ‘On the rocks’ means served on ice. This is a stone cold classic which requires no fuss. 

‘’Shaken, not stirred’’. It must be one of the most famous movie lines ever. It describes how James Bond prefers his vodka-martini drink, with a thin slice of lemon peel. This iconic drink is a fantastic choice for your casino-themed party. 

Did you know that there is a Casino cocktail? It consists of gin, maraschino, orange bitters and lemon juice, often garnished with a cherry. 

Make sure you’ve got the matching stemware for every drink you’ll offer. A whiskey would surely look odd if served in a fancy champagne flute!  Don’t forget to offer some sodas or mocktails to your non-drinking friends or those who need to drive home afterwards.

There is no typical ‘’casino food’’, really. So you have carte blanche on this one. In general, a buffet is always a winner at parties. Guests can take whatever they want at any time they want. 

If you want to cut the costs a little, go for a simple buffet in which you serve foods like chicken fingers, fish sticks and French fries. Serve a few dip sauces and a couple of side dishes and you’ve got yourself a complete buffet. You could also go for easy wraps with different fillings and sauces. 

A shrimp cocktail is quite common at casinos. The reason being that people can continue playing while eating it. A shrimp cocktail is always tasty and is very easy to prepare. 

As a dessert, you could keep everything in a black and red color scheme, representing the colors of the cards in a deck. Make skewers from black and red fruits such as strawberries, watermelon pieces and blackberries.

Make cookies in the shape of dice, cards or slot symbols. Add some food coloring in red, black and white so they have the typical casino colors. 

Delight your guests with some props and decoration – all in casino-style.  

Buy red and black balloons and place them near the playing tables, the food and drinks table and the entrance. 

Buy a cheap deck of cards, punch holes in them and hang them on a string, with some space between them. You can either hang them horizontally, alongside the wall or vertically, randomly across the room. 

Another cool idea is to get a casino door curtain to make people like they’re actually entering a casino! Laying out a red carpet runner will give your casino party the ultimate glamorous feel. You can buy a disposable red paper ‘’carpet’’ that’s easy on the wallet. 

An annoying occurrence at parties is not being able to track your drink. Why not prevent this from happening by marking everyone’s drink by using a card as a glass coaster? Buy a cheap deck of cards and you’ve made a great glass tag while staying in the casino theme!

Add interest to your food table by decorating them nicely – casino related, of course! A casino-related centerpiece will surely delight your guests. You can easily make a great casino centerpiece yourself and customize it to how you want it. Here is a great idea for a DIY:

Get napkins in the typical casino colors red, black and white. You can also buy paper or plastic plates and cutlery in the same colors to bring an extra casino-feel to the table.

Purchase some cheap dice and place them in the drinks you’ll offer. A very fancy touch!

Once you’ve checked all these boxes, you can be sure that an unforgettable night is in the cards for you! Let the good times roll!

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