Australian Online Betting Industry Faces Billions in Losses Unless Regulations Ease

The Australian internet betting sector is raising concerns, asserting it’s poised to forfeit a substantial $2.2 to $2.3 billion in earnings by 2020 unless the government relaxes its existing rules.

A recent analysis, requested by the Australian Gaming Council (AGC) and carried out by H2 Gambling Capital, depicts a grim outlook. It proposes that Australians are increasingly gravitating towards unregulated, foreign betting platforms because of the stringent domestic legislation. The AGC, representing major stakeholders like Bet365, Betfair, and William Hill Australia, is advocating for a unified national gambling regulation framework, including lifting the prohibition on internet casinos. They contend that this would not only safeguard users but also generate much-needed tax income, projected to be approximately $100 million each year.

The AGC’s apprehensions are detailed in a proposal submitted to the national government entitled “Examination of Unlawful Offshore Betting.” This proposal incorporates the H2 analysis as proof of the potential financial detriment.

“For an extended period, Parliament has neglected to adjust to the evolving environment of consumer wagering behaviors, influenced by mobile internet access and the internationalization of sports,” stated AGC Chief Executive Ian Fletcher. He maintains that this evaluation is a prime chance for Australia to update its gambling regulations and usher the industry into the 21st century.