Australians will no longer be allowed to use their credit cards to place bets online as the government moves to tighten industry regulations to stamp out harms caused by gambling.

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Under new laws that came into effect on Tuesday, the use of credit cards, including ones linked to digital wallets as well as digital currencies such as Bitcoin, will be outlawed for online wagering.

Companies face fines of up to $234,750 if they fail to comply.

The online gambling industry was given six months to adjust to the transition.

Communications Minister Michelle Rowland said the changes would help to protect vulnerable Australians and said the government would announce further reforms in due course.