News

New scheme puts gamblers' winnings on prepaid card

March 10, 2014

You might call it a very risky way to transfer cold hard cash onto cold hard plastic: You pay money into your online betting account at Ladbrokes, and if you're lucky enough to win it back or (luckier still) add to it, you get your winnings on a prepaid card that you can use at an ATM.

According to a report by Australia's Sydney Morning Herald, the Aussie branch of the London-based bookmaker will pay out winnings on a debit card that the customer can use immediately to get cash or make EFTPOS purchases.

The card could be a strong draw for gamblers who don't want to wait 24 to 48 hours to see winnings deposited to their bank account, which typically is the case with other online betting operations.

"Somewhere between 20 and 40 seconds [after a result] people can withdraw money from an ATM," James Burnett, GM of marketing and communications at Ladbrokes told the publication.

Cardholders may withdraw up to AU$1,000 ($901.78) cash per day or make POS purchases of AU$2,500 ($2,254.44) per day using their Ladbrokes debit card. To ensure against money laundering through betting accounts, the card may be used only to withdraw winnings.