Credit cards will be banned from online gambling under new legislation, with hefty fines for companies who don’t enforce it.

The new bill, which the federal government will introduce to parliament today, will seek to ban the use of credit cards and credit related products, along with digital currencies, used for online wagering.

It follows the government’s recent launch of BetStop, a self-exclusion register for people who wish to cut themselves off from online gambling.

The new bill will also allow the federal Communications Minister to ban other credit-related products that might develop in the future.

Penalties of up to $234,750 could apply for any breaches.

Businesses, and online bettors, will be given a six-month transition period to change their business and betting behaviours.