The Australian gambling market is worth billions of dollars, and there is potential for local operators cash in handsomely. However, offshore gambling accounts for 14% of Australian gambling expenditure, taking away profits from locally licensed company. Now, TabCorp aims to change the situation.
Shortly after the report which publicised the profits of offshore gambling operators in the Australian gambling market, TabCorp leaped into action. Today, the company released a statement confirming that it is in talks with the federal government over the potential banning of offshore operators. Tabcorp Chairman Paula Dwyer has noted that many other countries have enacted similar bans on offshore gambling.
France is one such country that has done so, prohibiting offshore operators from offering their services to local players. Any companies that do so would require a local gambling license from the French government and gaming regulatory body. “Tabcorp’s view that a similarly powerful response is needed in Australia and we are in active dialogue with the federal government on the issue,” says Dwyer.
“Because unlicensed offshore operators are not regulated to Australian standards, there are significant risks to consumers in terms of inadequate protection, as well as to the integrity of sport and racing.” Another major benefit of licensing offshore gambling operators in Australia is the generous revenue return to the country. Betting operators from around the world will receive local gambling licenses and pay taxes to Australian government.
As such, local community programs will benefit greatly from the licensing fees, receiving more generous funding. At the moment, it is only in the negotiation stages. So, whether or not the Australian government will be on board with the plan remains to be seen.
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