Despite a combined government crackdown together with the passage of new laws, the gaming black market allegedly remains ubiquitous throughout Australia and is anticipated to be worth as much as $1.419 billion a year at the end of 2020.
Asian Racing Federation inquiry:
Lost tax earnings:
The Australian Financial Review clarified the inquiry discovered that around 6 percent of wagers currently being put in Australia are illegal, which contributes to the authorities missing out on around $269.67 million in tax revenues every year. It detailed that this situation exists even after 2017 watched legislators ban online gaming and pass a set of steps designed to shut loopholes that were being manipulated by overseas iGaming operators.
Organized crime connections:
The report by the Hong Kong-based Asian Racing Federation determined that the link between illegal gambling and organized crime is almost too strong to sever and is helping fuel a black market economy as well as money laundering activities said to worth around $35.49 billion.
Possible counter steps:
The Australian Financial Review revealed that the Treasury Department and also Black Economy Reputation Taskforce are currently set to reassess the findings in the investigation from the Asian Racing Federation in hopes of being able to invent more efficient techniques to recognize and eliminate illegal gaming. The book disclosed these could include requiring all domestic Internet service providers to block unlicensed offshore online casinos and sportsbetting domains alongside a measure that would forbid local financial institutions from processing transactions destined for such sites.
Blueprint Gaming Limited going medieval with Valletta Megaways
Aristocrat Leisure Limited establishes new Macau-facing entity
