Transaction Search Form: please type in any of the fields below.
Date: April 30, 2024 Tue
Time: 2:05 am
Time: 2:05 am
Results for sports gambling
1 results foundAuthor: Australia. Department of Social Services Title: Review of Illegal Offshore Wagering Report Summary: 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. A key determinant of the relative size of the legal and illegal market is the ability of the regulatory framework to attract offshore bookmakers operating illegally to move onshore and submit to Australian regulatory requirements. This is in part influenced by a regulatory framework that places legal operators on a competitive footing with the illegal market. Key elements of the regulatory framework that may influence the relative size of the legal and illegal markets include taxation levels, the types of services and product fees permitted or prohibited (such as online in-play wagering on sporting events) and the range and scope of regulatory harm minimisation measures. The importance of appropriate harm minimisation measures to ensure adequate consumer protection is well documented, as is the need to manage the social and economic impacts of both problem gambling and illegal offshore wagering. Australia's online gambling market is subject to a range of regulatory measures that aim to protect our community and industry from potentially harmful gambling activities. Successive governments have acknowledged that enforcement of Australian regulations against illegal offshore online wagering operators is difficult, and previous studies have highlighted the challenges of bringing illegal offshore wagering activities into a regulated onshore environment. The Interactive Gambling Act 2001 (the Act) is directed at controlling the provision of online gambling services to Australians. Under the Act, it is an offence to provide certain interactive gambling services to consumers located in Australia. This carries a maximum penalty of $360,000 per day for individuals and $1.8 million per day for corporations, which applies to all providers whether they are located in Australia or offshore. On 7 September 2015, the Commonwealth announced a review of the illegal offshore wagering market in Australia (the Review). The Review has involved extensive consultation and engagement with a broad range of community, industry and government stakeholders directed to strengthening enforcement of the Act and ensuring Australians are adequately protected from the impacts of illegal offshore wagering operators. Details: Canberra: Department of Social Services, 2015. 188p. Source: Internet Resource: Accessed May 3, 2016 at: https://www.dss.gov.au/sites/default/files/documents/04_2016/review_of_illegal_offshore_wagering_18_december_2015.pdf Year: 2015 Country: Australia URL: https://www.dss.gov.au/sites/default/files/documents/04_2016/review_of_illegal_offshore_wagering_18_december_2015.pdf Shelf Number: 138897 Keywords: Financial CrimesGambling and CrimeIllegal GamblingOrganized CrimeSports Gambling |