Across the global gambling market, online games and wagering are the fastest growing market segments over recent years. These sectors of the gambling market are also subject to a range of regulatory restrictions in a number of Australian jurisdictions.
Wagering is the fastest growing gambling sector in Australia. Fast growth in a market of this size, particularly where the platforms are largely online, raises concerns about the harmful impacts on our community, especially on the largely young male audience to whom these interactive products are marketed. As operators in these markets are operating outside the regulatory reach of Australian law enforcement and regulators, strategies to mitigate harm are particularly important.
This review was conducted to investigate the size and scope of the illegal offshore wagering problem and advise on ways to strengthen our regulatory enforcement and protect Australians from illegal offshore wagering operators. The Australian Government is concerned that illegal offshore wagering causes several problems including:
• greater risk for consumers because legal protections are not in place and standard consumer protections are often absent;
• the potential for greater sports integrity problems, as relevant betting and transaction information is not available; and
• less tax revenue for governments, less product and other fees for the racing and sports industries, and fewer jobs for Australians.