Australian online gamblers have begun digging into their pockets to find money to pay off their gambling debts. From February 17 this year, Australian bookmakers will no longer be allowed to offer subscription bonuses or credit cards to customers. As many Australians are obsessed with gambling habits, sweeping reforms aim to curb problematic gambling. Just as credit betting bans are not enough, many Australian states are considering the opportunity to introduce a consumption tax into the online gambling market.
As part of the gambling reform, the government announced that all gamblers should clear their debts before the new regulations take effect. The introduction of the new gambling regulations has created the expected effect of millionaire gamblers selling stocks or other assets to settle their debts.
Many gamblers have less than a month to find money to pay off their gambling debts. According to unnamed industry sources, many gamblers will not meet the government-set deadline. The same source explained that many gamblers offered huge subscription bonuses of $100 to all their customers. That is why the Australian government is tightening regulations.
It is important to note that gamblers with accounts linked to their credit cards have no reason to be afraid of the upcoming reforms. Human Resources Secretary Michael Keenan said the move was reasonable. He backed up his statement with real examples. He offered a credit of $80,000 to one of his clients. The gambler lost everything in a week. He tried to take away his house to compensate for the money.
bookies who rush in because of the new regulations
The reorganization of the existing legislative system has frightened licensed bookmakers who are now selling stocks. A week ago, William Hill, Britain’s leading gambling operator, made a bombshell. The company announced it was considering selling its Australian business and leaving the market. Australian business tycoon James Packer also sells 62% stake in Australian online sports betting operator Crownvet to founder Matthew Tripp. The transaction is expected to be completed at the end of this month.
Australia has long been an attractive destination for online gambling operators because it is the world’s largest gambler. However, the new regulation seeks to drastically change the domestic online gambling environment. Industry officials believe the introduction of a consumption tax and a ban on credit betting is triggering a massive exodus of operators. The gambling industry has witnessed a similar scenario in which regulators impose too strict rules. It has turned the usually profitable gambling market into an attractive gambling market