Ladbrokes Australia is offering players a new online casino banking method, which will make it easier for players to withdraw cash. The new debit card will provide players with the opportunity to withdraw online winnings from cash machines, which will benefit players but put land-based gambling providers at a competitive disadvantage.
According to James Burnett of Ladbrokes, many Australian players have chosen to stick with traditional bookmakers because they offer instant withdrawals. If a player makes a winning wager, they can withdraw the cash right away. If the same player were to win online, they would have to wait up to 48 hours before the funds are transferred to their account.
The new debit card from Ladbrokes offers players instant withdrawals, as they can use the card at ATMs and EFTPOS terminals to have access to their winnings. “Somewhere between 20 and 40 seconds later [after a result] people can withdraw money from an ATM,” Mr Burnett told the Sydney Morning Herald. This could compromise business for land-based bookmaker like Tatts Group and TabCorp.
It seems that the withdrawal waiting period was one of the few reasons that many punters have not yet taken the leap to online gaming. Now, with that barrier out of the way, we could see many more players making the switch from land-based bookmakers to online companies like Ladbrokes.
Ladbrokes players will be able to withdraw up to $1000 per day from ATMs and EFTPOS withdrawals will have a higher limit worth $2500. The company is also taking great care to prevent fraud and money laundering. As such, the cards can only be used to make withdrawals. This is a big undertaking for Ladbrokes, and the company is going to ensure that Australians are aware of the new services.
Millions will be spend on an advertising campaign to promote Ladbrokes’ new online gambling debit card in weeks to come.
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