Australian member of parliament, Andrew Wilkie, has introduced legislation that will require all gambling companies to return any money that is found to be the proceeds of crime to the victims of that crime.
Australian MP Wants Gambling Companies to Refund Crime-Funded Bets, is part of a national campaign by independent politicians to make gambling companies take a tougher stance on the use of the proceeds of crime to gamble. Australian MP Wants Gambling Companies to Refund Crime-Funded BetsAustralian MP Wants Gambling Companies to Refund Crime-Funded Bets“My Bill puts a positive obligation on gambling companies to report to AUSTRAC if they have reason to suspect a person is paying for a gambling service with money they’ve obtained illegally. It also enables the Federal Court to order a gambling company to return stolen funds, where it’s found that a bettor has paid for a gambling service using funds they obtained illegally.
This Bill was developed in consultation with Gavin Fineff, a former financial advisor who lost $3.3 million of his clients’ money through gambling. Gavin understands that he did the wrong thing and is now in jail. However, he is not the only one to blame. Indeed, Gavin was targeted by three of the country’s largest online betting agencies – Tabcorp, Ladbrokes and BetEasy – whose predatory practices took advantage of his gambling addiction.
Australian MP Wants Gambling Companies to Refund Crime-Funded Bets
Government Taking Soft Approach on Gambling
Earlier this year, Australian Prime Minister Anthony Albanese backtracked on suggestions that the government would introduce a ban on gambling ads saying “The problem isn’t advertising, the problem is gambling.”
Australian MP Wants Gambling Companies to Refund Crime-Funded Bets on problem gamblers, was not the ‘bold’ move that many made it out to be.He said that lotteries and scratch cards were the most popular forms of gambling in Australia with as many as 64% of adults taking part in these forms of gambling in 2022 alone. This compares to 38% betting on racing and 33% who bet on sports.
The bills introduced by Wilkie, Dalton, and Johnston aim to address what many politicians have labeled as a ‘soft approach’ to gambling companies and their actions.
Australians Have the Highest Gambling Losses
The latest Australian gambling stats show that local gamblers have the highest gambling losses per customer in the world with average losses totaling AU$1,635 ($1,105) per year.
According a report by the Grattan Institute, the losses experienced by Australian gamblers are much greater that the averages in other countries with regulated gambling such as the United States – AU$809 ($547), and New Zealand – AU$584 ($394).
In September, the Australian Institute for Family Studies and the Australian Gambling Research Centre then revealed that 45% of 16-35 year-olds gamble on a weekly basis.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.