Home » Illegal Gambling in Australia is estimated at NZ$293 Billion
Illegal Gambling in Australia is estimated at NZ$293 Billion
Recently updated on January 27th, 2019
The Asian Racing Federation (AFR) from Hong Kong released a report stating Australia’s illegal gambling market will be worth AU$2 billion (NZ$293 Billion) by 2020 The report was done for Australia, New Zealand, South Korea, Singapore and South Africa.
According to the reporting of the Australian Financial Review, Australia loses over AU$380 million (NZ$556 million) in tax revenue from this black market every year. What’s more, this illegal activity is linked to organised crime and money laundering. As a result, Australia’s Treasury and the Black Economy Task Force (BET) are looking over the report to find ways of combating these activities.
The ARF Report Findings
It was found that illegal wagers account for 6% of Australia’s gambling market. However, the government attempted to control the black gambling market by new legal amendments in 2017. The aim was to close the loopholes the offshore operator was exploiting. This meant that the offering of online casino games was banned for Australian players by foreign operators. However, there are still some offshore operators found ways in which to target Australians. They don’t have to pay taxes or hold a state licence to offer online casino games, and they also don’t have to pay taxes.
Combatting illegal Gambling Suggestions
The BET has dealt with illegal tobacco shipments previously and now have been able to recommend way in which to battle illegal gambling. The recommendations that they have given have gained much support.
They suggested that internet service providers should be made to block illegal gambling sites. What’s more, banks should be encouraged not to allow transactions that are related to illegal gambling websites.
They also suggested that policies should be looked at to make sure that online gambling is not a way to launder money and avoid paying tax. This can be done by thoroughly analysing possible links between illegal gambling sites and criminal activities.
Recently updated on April 22nd, 2019It has been reported by Newsroom.co.nz that there are about 13 offshore gambling sites. These websites are using the New Zealand association to seem credible. The gaming websites have gone as far as to use the country’s coat of arms and New Zealand website addresses. According to the Department for […]
Recently updated on July 10th, 2019New Zealand’s banks and financial service providers have been called to help in tackling problem gambling. Former Parliamentarian Tim Barnett is spearheading the campaign to curb Kiwis from overspending on gambling. Currently leading FinCap, Barnett is aware of how many New Zealanders often find themselves in need of budgeting services […]
Recently updated on March 9th, 2019Do you love zombie-theme pokie games? Then, you absolutely have to give Microgaming’s Zombie Hoard a go! Made in collaboration with Slingshot Studios, his undead experience is sure to give you chills and thrills as you fight to survive in this intense but comical pokie game. New Zealanders should be […]
Recently updated on August 14th, 2019New Zealand based company, SkyCity Entertainment Group, responsible for three casinos, has not managed to achieve a high turnover in the previous fiscal. This has been attributed to players from Asia and Australia. In their recent financial reports, SkyCity Entertainment Group announced that revenue has dropped by 2.5% in the […]
Recently updated on January 8th, 2018The UK Gambling Commission (UKGC) has been on a roll in the past few years when it comes to gambling regulations. This week, over 17 online casino operator investigations have wrapped up in the UK. However, five operators will now face license reviews based on findings from these inquiries. They […]
