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Australian Federal Review Into Online Gambling: Regulate Sport Bets Or Lose Billions

Failure to "effectively regulate" Australia’s fast-growing sports betting market will result in A$0.60 ($0.43) of every dollar punted "flowing to offshore, illegal bookmakers by the end of the decade," a federal government review into online gambling has been warned, according to Chip Le Grand of THE AUSTRALIAN. Australia’s "insatiable appetite for gambling and outdated regulations have conspired to create" one of the largest "grey" betting markets in the world, with 51 offshore operators competing with licensed bookmakers for a sports betting pool worth A$1.6B ($1.14B) this year and forecast to top $2.3B ($1.64B) by '20. A government-established review chaired by former New South Wales Premier Barry O’Farrell has been told that "unless legal bookmakers were provided a consistent, national regulatory frame­work in which to offer betting products that punters demand," offshore bookies would continue to have a "pernicious" impact on Australian sport, gamblers and the economy. A study by int'l consultant H2 Gambling Capital, commissioned by the Australian Wagering Council, charts the shift from retail and telephone gambling to online wagering and identifies a 14-year prohibition on "in-play" online betting, where bets "can be taken after the start of a sporting event, as a key driver behind the exodus of gambling money offshore" (THE AUSTRALIAN, 11/18). 

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