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 August 3rd, 2018Swedish gambling laws are set to change on 1 January 2019, ending a monopoly on the online gambling industry in the country. At least 70 applications are expected to be made by gaming firms, with 22 already submitted. All newly licensed international operators will be taxed 18% to offer gaming, […]
Recently updated on April 13th, 2019New Zealand’s Advertising Standards Authority (ASA) will be introducing a new code for regulating gambling adverts across the country. In an effort to protect consumers, the latest introduction by the ASA aims to restrict the visibility of gambling-related adverts. It’s aim is to children, teenagers, and those with problem gambling […]
Recently updated on April 16th, 2018While gambling is now legal in Japan, legislation for casinos is still being discussed in parliament. An influx of casino bids has made it vital for lawmakers to provide for fraud in these proposals. It may seem a little premature, but Japanese officials have decided to add fraud provisions to […]
Recently updated on January 18th, 2018Following new gambling laws and regulations in Australia, more gambling operators are considering an exit from the market. Companies like William Hill, with a large presence in sports betting, might soon exit the country. The British gambling operator announced a ‘strategic review’ of their Aussie business earlier this week. Their […]
Recently updated on July 12th, 2019Two new live first-person games are being released by Evolution Gaming this week at NZ casinos. As the biggest live casino game developer, Evolution Gaming has started pushing the envelope on their games. In fact, their new range of first-person games will likely be big contenders at the Global Gaming […]