The internet-based gaming sector in Australia is facing a potential financial hit. New research forecasts that Australia might forfeit a substantial $2.2 to $2.3 billion in earnings by 2020 if it doesn’t adjust its stance on digital wagering. That’s a significant amount of prospective income vanishing! Furthermore, the analysis estimates that Australia is losing a massive $1 billion in tax income annually due to the existing limitations.
The Australian Betting Council (ABC), representing industry giants like Bet365, Betfair, and William Hill Australia, is spearheading the push for reform. They advocate for a nationwide regulatory structure that would eliminate the antiquated prohibition on internet-based gaming. They contend that the current regulations are driving Australians towards illicit offshore providers, resulting in job losses and diminished revenue for the country.
ABC’s Chief Executive, Ian Fletcher, was blunt, asserting that Australia has fallen behind in adapting to the digital era and the worldwide shift toward online betting. He views this evaluation as a prime chance for Australia to finally modernize its gambling regulations.