Ladbrokes Australia Launches New Debit CardPublished March 13, 2014 by OCR Editor
Ladbrokes customers in Australia will now be able to withdraw their cash winnings from ATMs and EFTPOS with the new Ladbrokes Debit Card.
This Sunday saw the launch of Ladbrokes Australia's latest banking method: an ATM card that will allow customers to immediately withdraw their winnings from ATMs and EFTPOS terminals. This is a revolutionary offering that stands to take a toll on betting operators like Tatts Group and Tabcorp.
Even though most withdrawals at Ladbrokes only take between one business day and 48 hours, James Burnett, General Manager of Marketing and Communications at Ladbrokes, surmised that many betters did not use Ladbrokes because it did not offer immediate cash withdrawals such as Tatts and Tabcorp. He hopes the new debit card will attract these customers.
"It will take customers who... have so far been resistant to betting with corporate bookmakers because they can't get cash back straight away," Burnett commented.
How the Card Works
Verified customers will be able to use their debit cards to withdraw up to $1000 per day from ATMs or $2500 from EFTPOS transactions. To prevent money laundering, Ladbrokes customers will only be able to withdraw what they have already won. Ladbrokes has entered into a partnership with listed payments provider Emerchants to make this all possible.
Ladbrokes only entered the Australian market six months ago, after paying $22.5 million for the Brisbane bookmaking website, Bookmaker. With lofty goals in mind, Ladbrokes is planning to launch smartphone apps for the Australian market, which is also expected to attract new customers. Burnett commented that he hopes that Ladbrokes Australia will show a profit before the end of 2014.