The Australian internet betting sector is projected to forfeit a substantial $2.2 to $2.3 billion by 2020 if the authorities don’t overhaul their present position. This estimation comes from a recent analysis performed by H2 Gambling Capital, commissioned by the Australian Wagering Council (AWC), a prominent industry group representing significant entities such as Bet365, Betfair, and William Hill Australia.
The study also cautions that the Australian government risks losing a considerable $100 million in yearly tax income.
The AWC is pushing for a nationally unified strategy to gambling oversight in Australia, including removing the prohibition on internet betting. They contend that the existing regulations are obsolete and are driving Australians towards unregulated, foreign providers. Their position is detailed in a proposal submitted to the federal government’s assessment of illicit offshore wagering.
Ian Fletcher, Chief Executive of AWC, spoke frankly: “For an extended period, Parliament has neglected to address the evolving needs of consumers in a mobile internet and globally interconnected sporting realm.” He views this evaluation as a prime chance for Australia to update its gambling rules and usher the sector into the 21st century.