The slow process of bringing in new legalisation has begun to clarify the position of what is and what is not classed as illegal. It is expected to have a major impact on the gambling industry in Australia and it will especially affect the iGaming sector. Gambling websites such as this new slot site will soon have to adhere to very strict rule if they are going to be able to operate in the country and many experts say it will have damaging repercussions.
Last year a new Bill was introduced by minister Alan Tudge and it is going to be debated later in the year by the Australian Government. The Bill wants to introduce new laws to make online gambling illegal apart from sports betting sites. Under the current legislation, online casinos along with poker are in a gray area as they are neither legal or illegal. Sportsbooks are the only gambling activity that is legally allowed under present laws.
The change to Australian online gambling laws is long overdue an overhaul as the last time it was updated was all the way back in 2001. The industry has gone from strength to strength over the last couple of decade and it is now estimated that it turns over billions each year.
How Will Australian Gambling Regulations Affect The Industry?
When any industry reaches a vast size of billions in profits and revenue each year, it is vital that laws and regulation are in place to protect the consumer. With such vast sums of profits available it can attract unscrupulous operators who take advantage of its customers to make huge amounts of money. With no clearly defined laws that clearly state what is or is not legal, it is putting players at risk. Further regulation is needed to cover gambling addiction, payments, securities and more.
If the Australian Government does go ahead with plans to make online poker and casino game illegal in the country it will result in players using black market operators. This would be a lot worse situation and will result in a loss of billions in tax revenue and put players in greater danger. If the Australian Government were to follow the UK’s lead, however, it would mean that these sites would be legal under strict regulation.
The gambling regulation is the iGaming industry in the UK is the most strict in the world but this has not stopped the market from expanding rapidly since it was introduced back in 2005 and updated in 2016. In 2016 the iGaming sector turned over £4.5 billion in the 13.6 billion sectors and continues to grow each year.
Since the UK government introduced the new Gambling Bill has greatly helped protect players along with producing vast amounts of tax revenue. With the industry growing at a rapid rate each year the iGaming sector is in need of regulation to make sure that it is a fair playing field and enough is been done to combat gambling addiction. If the Australian Government does not follow the UK’s lead it will result in a Black Market which will result in loss of tax revenue along with putting the players at great risk.