The controversial online gambling tool that has been the centre of attention in recent months is to remain illegal in Australia. The government indicated this week that they will hold on to the Interactive Gambling Act2001 that only allows the in-play bets made over the phone. The offshore sports and horse-racing bookmakers have been pushing to have the in-play legalised. This was, however against the local racing industry that called for its banning citing the match fixing among other reasons to have it canned.
What are in-play bets?
In-play bets are wagers placed online while the game or a sporting code is taking place. This gives the players a chance to analyse the game and change or place more bets and that gives them an edge. As per the news from the governmental offices, the wagers placed during the course of the game will remain illegal. If there will ever be any change, it can be expected after next year’s federal election.
Foreign bookmakers unhappy with the ban
Under the current laws, the foreign bookmakers have been barred from taking bets from Australian citizens. This was announced by the Turnbull government. The conditions mean foreign bookmakers like Ladbrokes and Bet365 will have to close shop, at least for the live betting systems that are offered through the phone apps and websites.
The bookmakers have cried foul because this then means players will resort to the traditional racing and sports bets. The foreign-based corporate bookmakers indicated that they will lose revenue due to this. Good news for them, though is that the government is still sceptical about the topic and has not made a final decision.
It is believed that through the in-play, the foreign bookmakers make a fortune from it. This would open a lucrative new stream of revenue that analysts predict would almost immediately boost overall online gambling spending as much as $1bn a year.