Australia is facing trouble at a time when online gambling services and gambling-related harm have both marked a growth. For some time now, some reports have emerged that many Australian citizens are spending their retirement funds on gambling operations while lockdown measures are still active.
Now, local regulatory bodies are concerned about the increasing number of gamblers nationwide and, respectively, the increasing number of problem gamblers in the country.
As Casino Guardian recently reported, the Australian Communications and Media Authority (ACMA) has been restricting offshore online casino domains, while the state of Queensland has been forced to suspend licensed online sportsbooks across Australia as part of the efforts to prevent local citizens from being exploited.
As mentioned above, the national telecom regulator targeted and banned foreign gambling domains, including, Enzo Casino, Royal Spinz, Spintropolis, Planet 7 Oz, Nordicasino, etc. The blacklist of the watchdog is primarily focused on gambling websites that operate under licences issued by Curacao authorities. The gambling companies that will be banned will be added to the list of 92 domains that have been blacklisted by the ACMA so far.
Some Australian states have already taken stricter measures in order to tackle spreading gambling participation rates among their residents. The state of New South Wales, for example, boosted fines for operators that have been providing local customers with some special inducements to make them spend more money on online casinos and sportsbooks. On the other hand, the National Consumer Protection Framework was established to regulate the gambling sector nationwide.
Australian People Spend Their Retirement Funds on Gambling during Lockdown
Online gambling was legalised in Australia under the newly-amended Interactive Gambling Act of 2001. The Australia Communications and Media Authority shared that it had received multiple complaints regarding gambling websites, including users being unable to withdraw their winnings and poor customer treatment. On the other hand, local customers have become more interested in gambling online during the lengthy lockdown in the country.
During the coronavirus pandemic, Australian citizens were allowed by the country’s Government to make tax-free withdrawals of up to AU$20,000 from superannuation funds to face the financial difficulties associated with the crisis more easily. However, the authorities found that many people actually spent the money on non-essential issues, including gambling.
According to the latest reports, Australian residents spent about AU$7,500 in each stage of superannuation funds and spent the money on unimportant items, including alcohol, clothing, tobacco, gambling, etc. Data showed that Australian men spent approximately 10% of the money on gambling, while women spent approximately 6% on the activity.
Some analysts have blamed the increased gambling expenditures of Australians to the drafted legislation that allowed locally-licensed online sports betting operations to be offered in Queensland. In any case, spending their retirement money on gambling and other non-essential issues has been concerning.
- Author
Daniel Williams
