Australian illegal gambling market expands
According to the forecasts of the Asian Race Federation (ARF), illegal gambling is increasing its potential. The group analyzed the markets of Australia, New Zealand, South Africa, South Korea and Singapore and came to disappointing conclusions.
According to the conclusions of the federation, the Australian market for illegal gambling can reach a turnover of $2 billion in 2019.
The report also states that the country loses $269.67 million in tax revenue annually. The ARF Working Group, which published the report, argues that there is a direct connection between gambling on the black market, money laundering and organized crime. Illegal games are associated with money laundering and form the basis for the development of the black market economy, turnover of which is $35.4 billion. These processes inevitably lead to the development and spread of organized crime in the country.
The Australian Treasury, as well as the working group dealing with the shadow economy, will take note of the findings and, based on an analysis, will compose new strategies for identifying and countering illegal gambling.
The results show that 6% of the total gambling market in Australia accounts for illegal bets.
In 2017, the government tried to control the illegal gambling market by reviewing the legislation. Amendments to the laws were developed in order to close the loopholes by which offshore gaming operators exploited the market. It was also decided to ban games in online casinos.
Despite all the bans, the market continues to operate, since the offshore operators have already created a client base in the country. They not only do not report income or do not pay taxes, but they are not responsible for non-compliance with standards.
The Commission recommended that Internet Service Providers (ISPs) be required to block all illegal offshore gambling sites, and banks to prevent transactions related to blocked platforms.
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