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What is the future of the Australian gambling market?

by Mandla Ndlovu
20 Feb 2020 at 23:18hrs | Views
Australia is one of the leading countries, especially if we look at the gambling industry. Almost 80% of the Australian population is involved in one gambling activity or another. It is no surprise that Australians love to gamble, as almost every Aussie has gambled on any online casino and from any deviceā€¦ At least, once in their lifetime.

Even though Australia is one of the leaders, it means that the government is keen on keeping a close eye on the market and its overall performance. For the past several years, the Australian government is trying to implement a set of measures to efficiently promote responsible gambling. This will supposedly help gamblers and make the gambling environment as safe as possible.

The most recent changes in laws and regulations started in 2018. This was the year when Australia observed a record amount of money spent on gambling. At that point, the country contributed A$140 million to the gambling industry. In turn, the government has taken up specific measures to try to cut the amount of money spent on the market.

Many gambling related events have taken place in Australia this year. Without a doubt, one of the major segments is poker. Poker events are the most popular gambling events after betting. There are always people eager to play or watch poker tournaments. Lynn Gilmartin, a popular television figure, widely associated with the Australian poker scene recently initiated a campaign to collect the money in the poker industry. Why? It was a gesture of good-will, which prompted hundreds of donations to the bushfire relief fund.

Australian bushfire has been one of the most discussed topics of the year. The fire started back in September and has since impacted a lot of people, killing millions of critically endangered animals. Many gambling industry representatives contributed to the Australian bushfire relief, the Red Cross and different wildlife funds, donating millions of dollars to the cause.

Some of the major problems observed in the gambling industry come down to either gambling addiction or unregulated spending. Authorities have been working hard on these issues - introducing, and now implementing - several initiatives, in order to address their consequences.

One of the preventive measures, which have been introduced is a limitation on credit cards as a payment method, in both online and land-based casinos. Many banks have already deactivated gamblers' accounts. Some have even entered talks with gambling companies, in order to limit the spendings of gamblers. The companies, and gamblers, are now facing a real restriction on gambling activities.

As a way of payment, credit cards are often associated with higher stakes and an increase in the amount of money spent on gambling activities. This is one of the key reasons, which prompted the move.

Another initiative has been introduced after a parliamentary meeting in December 2019. Gamblers now have the opportunity to ban themselves from online casinos and betting sites. Self-ban is said to be one of the most efficient and effective methods to address addiction or unhealthy habits. Gamblers can ban themselves for a specific period of time. The minimum period is three months. The maximum period can even extend to a lifetime ban.

Face Recognition
The Australian government has also authorized a new technology, in order to prevent further gambling addiction. The measure aims to decrease the number of under-aged people involved in gambling related activities. What are we referring to? Face recognition technology allows casinos, and online casinos, to recognize anyone's face and set up an identity of the player, within a space of 14 days. Thanks to this technology, under-aged people will not be able to register or use gambling websites through their parents' accounts.

Overall, the rate of gamblers has dramatically decreased in the past two years. In 2017, almost 70% of interviewed respondents said that they have gambled at least once, in the last three months. In 2018, the rate decreased by 24%, which is already a big progress.

To conclude, the future of the Australian gambling market is looking healthy. It strives to become a safer, and more healthy, place for everyone. Although the number of gamblers might have decreased, and fewer people are now involved in gambling related activities, the market is on track to becoming of the healthiest in the industry. The addiction rates are surely due to go down, with all of the initiatives being implemented in the near future. But the main hope still lies in the proper promotion of responsible gambling by casinos.

Source - Byo24News

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