The Committee has launched an investigation into Australian gambling regulations
Representatives from two of Australia’s most prominent sports betting operators, SportsBet and Entain, were recently summoned to an inquiry in Canberra as part of a parliamentary investigation into the nation’s gambling regulations. The hearing was headed up by House of Representatives committee chair Peta Murphy who raised allegations that many companies are enacting measures such as restricting maximum bets or outright denying access for successful gamblers – potentially suggesting a problem lies within the industry.
Entain and SportBet recently addressed a committee to report on their operations. Steven Lang, representing Entain , revelead the impressive statistic that 176,000 customers had turned profits from bets out of 698 000 active users in 2022. It was stated that horse races must be open to anyone for betting purposes; although some restrictions may still exist when placing wagers onto other events.
At the hearing, Barni Evans spoke on behalf of SportsBet to clarify the company’s stance with regards to restrictive betting measures. Staunchly defending these regulations as a means of protecting non-privileged customers’ experience from potential harm by those acts that involve “information not available to others,” and thus affecting market equilibrium. This remark was repeated amidst an otherwise succinct exchange between both parties at hand during this dispute session.
The committee questioned both the National Football League (AFL) and Rugby Leagues’ (NRL’s) CEOs on any potential regulatory or legislative amendments. Both organisations defended their current measures, with AFL leader Gillion McLachlan stressing the need for an equal approach when considering rewards provided to bettors regarding advertising.
In light of increasing scrutiny into the AFL’s relationship with gambling, CEO Gillon McLachlan recently revealed that their organisation was receiving compensation from betting turnovers above and beyond existing sponsorships. This acknowledgement follows a surge in popularity for online sports-betting which has provided a windfall to the league. NRL counterpart Todd Greenberg also backed up this position however questions remain surrounding his organisations own objectivity given how disproportionately they have benefited from these partnerships over time – making detailed regulation an all important factor moving forward .
Astonishing figures from the Australian Banking Association have unveiled that a startling 500,000 Australians are taking preventative measures to control their gambling habits. This has ignited an urgent need for regulatory reform in order to tackle problem gambling across Australia’s $25 billion industry. The committee is swiftly working on proposals and recommendations with expectations of bringing forward changes by mid-2023.