iGaming Industry
Bookmakers warn of “tough times ahead” as regulators crack down on Australian gambling
Australia has the world’s largest gambling spend per head. The Melbourne Cup celebrations cause bookies to warn that party could soon be over as political pressure mounts.
Australia hosted its 157th Melbourne Cup on Tuesday, and parties following the prestigious race event stretched into the early hours – particularly from those of the Emerald Isle. Irish runner Rekindling galloped past the post and claimed the victory, with the nation claiming the top three finishers.
One lucky punter scooping AU$1 million ($767,000 USD) in a TAB promotion and another pulling $151,255 ($115,000USD) from a $50 trifecta wager.
But while punters and the race industry celebrate long into the night, bookmakers have warned that the party could be over for the nation’s betting industry.
Gambling faces a significant backlash from lobbyists and politicians, who are concerned that having the world’s largest gambling spend is also creating the world’s largest gambling problem.
Huge gaming market sparks fears over player safety
Australia has a relatively small population and a well-established betting scene, but it is not as lucrative a market for operators as Las Vegas, Macau or Singapore. However, the AU$23 billion (US$17 billion) market sees the highest spend per person per year, with the average annual loss hitting US$990 in 2016.
A Household, Income and Labour Dynamics survey in August revealed that there are 200,000 problem gamblers in Australia, while figures from the Australian Gambling Statistics Bureau show a spend of $1,241.86 per adult per year.
This is a sharp 7.7% increase on figures from 2014-15, suggesting that gambling spend is rising fast.
While increased spend is usually good for business, bookmakers and casino operators face a backlash from anti-gambling lobbyists who feel there is too little regulation in the gaming industry. To appease campaigners and lessen the general public’s fears, politicians and regulators are trying to crack down on the gambling industry with new taxes and laws.
Bookmakers warn of hard times ahead
The two key measures introduced to curb problem gambling rates are changes to advertising rules and a new point of consumption tax, applied to net wagering revenues and gambling losses at a rate of 15% in South Australia this summer, with other states set to follow.
Bookmakers have warned that the tax could severely reduce profits and could even make operating within the nation an impossibility in the future.
The Financial Times reports that foreign operators William Hill, Bet365 and Ladbrokes have posted losses since they entered the Australian market, while native operator Sportsbet says a nationwide roll-out of the consumption tax could cost the company half of its pre-tax profits.
“There are tough times ahead… This is an earthquake – a seismic event for the industry,” warned Sportsbet CEO Cormac Barry.
Barry’s comments come as another major change takes effect. Advertising laws in Canberra will be changed to prohibit sports bet advertising on television during matches, and before 8.30pm.
Rules may also be introduced which prohibit the promotion of free bets, deposit bonuses and other rewards for players who sign up.
If the laws have an impact, they could be rolled out nationwide – which would severely limit the reach of gambling advertisers and cut them off from their key audience: sports fans.
Calls for pokie reform go unheard
While anti-gambling campaigners will be pleased that advertising laws are changing to limit vulnerable people’s exposure to them, the changes don’t go far enough for some.
Critics say that the biggest danger to players is not the sports bet industry, but the poker machines which are found in clubs and casinos all over the country.
Similar to the UK’s recent ruling on fixed odds betting terminal stakes, campaigners want maximum pokie stakes reduced to AU$1 per person.
The recent Household, Income and Labour Dynamics in Australia survey found that spend is significantly higher on poker and pokie machines than on sports or race betting – as is the average loss. If Australia wants to make an impact on its problem gambling rates without harming its valuable betting industry, it might need to address the national love of pokies before targeting sports bets.…
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Source: EEGaming.
eCOGRA, a leading international authority in Testing, Inspection and Certification services for the iGaming industry, has secured new regulatory approvals across three key jurisdictions: Arizona, Indiana and Panama. With these developments, eCOGRA strengthens its position in the U.S. and Latin American markets, offering excellence in compliance through their Quality, Speed, and Service promise.
This strategic expansion allows eCOGRA to conduct independent compliance audits and certification services in each region, addressing the growing demand for rigorous regulatory oversight in the fast-evolving global iGaming industry.
Securing approval in Arizona, where eCOGRA has now been licensed as an Event Wagering Ancillary Supplier, enables the International Testing Laboratory (ITL) to audit event wagering licensees in line with Arizona’s expanding regulatory landscape. Indiana, which introduced online sports betting in September 2019, has authorised eCOGRA to perform regulatory compliance audits, providing licensed operators with crucial assurance in meeting the state’s high standards.
In Panama, the Board of Gaming Control officially recognised eCOGRA as an Authorised Entity for Compliance Certification, specifically for slot machines and gaming software. This endorsement reinforces eCOGRA’s role as a trusted partner for operators seeking to meet stringent regulatory requirements in Latin America’s emerging iGaming sector.
“Our recent approvals in Indiana, Arizona, and Panama underline our dedication to continually expand our offering, to support our growing portfolio of clients with their global growth plans. We are committed to ensuring that we bring the same quality, speed and service that marks us out to both our clients and regulators in these dynamic markets,” said Will Shuckburgh, Group CEO of eCOGRA.
Bradley Khoury, Chief Technology Officer at eCOGRA, said: “Securing licensure as an Event Wagering Ancillary Supplier in Arizona and an Authorised Entity in Panama underscores our dedication to supporting responsible and sustainable iGaming operations. We are committed to driving trust and accountability within the industry by providing compliance solutions that uphold the highest standards.”
BetConstruct, a global leader in the iGaming industry, is going to showcase its cutting-edge solutions at the highly anticipated Global Gaming Expo (G2E), taking place from October 7-10.
As the premier event for the global gaming industry, G2E serves as a hub for innovation, driving growth by bringing together industry professionals from around the world to foster business opportunities.
Taking place at The Venetian Expo in Las Vegas, this all-in-one event features both an education program from October 7-10 and an expansive expo hall running from October 8-10.
BetConstruct’s stand is 5230, where the team will showcase an exciting range of products, including the newly launched the Last Battle, a novel loyalty system that is the byproduct of BetConstruct’s commitment to innovation. The company will also demonstrate its comprehensive Sportsbook and Casino Suite, along with DECA, its next-level decentralised casino platform, and Umbrella, an AI-powered risk management solution. These offerings are designed to meet the needs of a diverse range of operators, ensuring seamless and engaging experiences for players across the regulated market.
Amusnet has announced its participation in the 23rd edition of G2E Las Vegas (Global Gaming Expo) at The Venetian Expo from October 7-10. As one of the largest expos globally, G2E provides a platform for the company to showcase products across its Online Casino, Live Casino, and Land-based verticals, positioning Amusnet as a prominent all-casino provider in the competitive iGaming industry.
“We are excited to attend G2E Las Vegas 2024 to present our latest online casino portfolio and Type S slot cabinets: our first-ever product series for Land-based casinos, designed to offer a competitive edge by combining Amusnet’s top-notch game portfolio with an immersive player experience. Our focus is on delivering solutions that maximize performance and cater to the evolving needs for both online and land-based casinos,” said Borislav Marinov, Head of Business Development, Land-based, at Amusnet.
Alongside its technical excellence, the premium Type S series showcases the company’s award-winning titles, including 20 Golden Coins, Extra Crown, Fruits & Gold, and Cocktail Rush. It also features Amusnet’s popular four-level bonus game, Jackpot Cards, along with other exciting features like Free Spins, Buy Bonus, Pick Me Bonus, and Symbol Upgrade.
Amusnet will host an activation featuring its premium slot cabinets at the upcoming expo, offering attendees the opportunity to experience the thrill of Type S in real time and win exciting gifts.
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