Australia is losing A$36 billion per year from organized crime activities, a report by the Australian Criminal Intelligence Commission (ACIC) showed. The announcement came shortly after the Commonwealth Bank of Australia was scolded heavily by the nation’s government for poor anti-money laundering and anti-terrorism financing controls.
According to the ACIC report, drug trafficking, identity theft, and credit card fraud were among the largest sources of organized crime money in Australia. Commissioners also warned about the rise of cryptocurrencies and the need for proper regulations that would prevent the use of bitcoin and other digital currencies for facilitating criminal activities.
In its report, the ACIC also put an emphasis on the fact that sports betting, online spots betting in particular, has become an increasingly popular channel for money laundering in Australia. Here it is important to note that this type of activity enjoys great popularity among Australians from different demographic groups.
The ACIC said that it has established collaboration with Five Eyes Law Enforcement Group to work on curbing international crime and preventing its proliferation.
Australia’s Sports Betting Industry
While gaming machines or pokies, as they are better known Down Under, are the best thriving sector of the nation’s gambling industry, sports betting has also seen a stable growth of popularity among local customers over the past several years.
The fact that major, globally known, gambling operators have entered the Australian betting market, servicing local bettors online, has contributed significantly to the continued growth of the vertical. To boost their performance in Australia and to reach greater exposure and brand awareness, bookmakers have increased their advertising efforts, spending millions of dollars on promoting their services on local television.
As seen in the most recent gambling data report, Australian gambling customers spent more than A$814 million on betting on sports in the financial year 2014-2015, up almost 8% from the prior financial year. Compared to pokies, which cost Australian players A$12 billion, sports betting could still be considered a small sector, but one with great potential for further and significant growth, according to gambling analysts.
Curbs on Sports Betting
As mentioned about, gambling operators’ TV advertising activity has been one of the main factors behind the growth of sports betting in Australia. However, it became known earlier this year that Prime Minister Malcolm Turnbull’s administration was planning to introduce certain curbs on the way sports betting services are advertised on television. For instance, gambling ads will not be allowed to appear on television before an 8:30 pm watershed.
Earlier this month, the Australian government approved the Interactive Gambling Amendment Bill 2016. Among other things, the legislative piece also closes a loophole bookmakers have been taking advantage of for years now.
Online in-play betting was generally prohibited in Australia. However, remote betting operators have made it possible for their bettors to make in-play bets on their websites via the “click-to-call” function. The newly approved law prohibits the function.
