Racing Australia is the regulatory body tasked with overseeing Australia’s thoroughbred racing industry. The regulator has adopted speedily a fresh wave of rules aimed at clamping down on illegal offshore operators targeting Australian bettors.
Although Australians are allowed to wager on legal websites, they often prefer black market operators to regulated ones, tempted by the promise of a better product and odds. According to a 2015 report by the former Australian Council, the country’s illegal betting market was worth around A$400 million at the time and was expected to reach A$900 million by 2020.
A study by Racing Wagering Australia, the body that represents the nation’s online wagering sector, claims that the black market could be worth up to A$1.3 billion. The money goes to illegal operators who do not contribute back to Australia’s horse racing industry unlike regulated businesses.
New Regulations
Racing Victoria, the regulatory body responsible for the racing industry of the state of Victoria, has previously implemented a similar rule to prevent participants from engaging into illegal operations. Racing Australia will now expand that rule so that it applies to all racing authorities in Australia.
Local regulators, including Racing New South Wales, have said they welcome the new approach to illegal betting as the growing betting market poses a great threat to Australia’s horse racing industry.
News about Racing Australia implementing new rules against illegal operations come shortly after a rollout of announcements from various Australian states and territories that they would implement a point of consumption tax on regulated betting operations.
Most recently, New South Wales confirmed that it would be taxing licensed operators at 10% on their revenue from the state. The new tax would be implemented from January 1, 2019.
Queensland has, too, recently announced that a new taxation regime on betting would take effect on October 1, 2018. Operators servicing customers from the state will be required to pay 15% on revenue from their local operations.
It became known earlier this year that the Australian Capital Territory will introduce a 15% point of consumption tax on January 1, 2019. Victoria will, too, roll out its new regime early next year, but it will tax licensed betting operators on 8% of their revenue from local wagering customers.
The post Australian Racing Rolls Out New Rules to Combat Illegal Online Gambling appeared first on Casino News Daily.
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