Asian Racing Federation (ARF) based in Hong Kong recently predicted that gambling on the black market is running rampant in Australia. The ARF prepared a report focussed on Australia’s illegal gambling market as well as that of South Africa, New Zealand, Singapore and South Korea. The report includes predictions that the illicit gambling market will reach US$1.419 billion in the next year.
Australian Financial Review
The Australian Financial review findings include that the country is currently losing more than $380 million in tax revenue from betting. The task force of the ARF published the report that shows the link between money laundering and black-market gambling as well as organized crime, a relationship to stable to break.
Australian Gambling Market
The Black Economy Taskforce, as well as Australia’s Treasure, are now also reviewing the report, which could give a better understanding on how to introduce new strategies to identify and then to eliminate illegal gambling firstly. The government have made several attempts to control illicit gambling since 2017 via multiple legislative amendments. The amendments focus on closing the loopholes previously exploited by gambling operators that offered offshore casino gaming to citizens.
Online Sports Betting Legality in Australia
Despite the Australian ban, online sports betting remained legal in the country, and the offshore casino quickly figured out how to use the system to their advantage and to continue targeting the local players. The foreign operators that don’t report this income don’t have to pay to license and also pay no taxes.
Money Laundering and Illegal Gambling in Australia
The BET pointed out that money laundering and illegal betting became a large industry by stating that the black market will reach %50 billion and at the same time empower organized crime in Australia.
An effort to Stop Illegal Gambling
The BET made several more recommendations on how to first tackle illegal gambling and how to stop this activity from getting worse. The new proposal includes that Internet Service Providers should be forced to block unlawful offshore gambling sites. The other recommendation is that all banks in the country should be prevented from processing any transactions made to illegal foreign sites.
Australia’s Gambling Industry
The country spent tons of money and used resources to improve the gambling industry in Australia significantly. Due to the recently released report, it is clear that there is a lot more that needs to be done to halt illegal gambling and money laundering. Quick action is the only way to prevent the unlawful gambling market from reaching A$2 billion in the next year. Operators offering illicit services to Australian’s should be on the lookout for new regulations as ISP’s, and banks will soon be prevented from allowing access and transactions to these sites. One positive is that the Roy Morgan Research report indicated that young Australians are losing interest in gambling. The report showed that the most significant gambling losing country in 2017 was Australia followed by Hong Kong, Singapore and Finland.