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Australia to Ban the Use of Credit Cards in Online Gambling

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Australians at risk of online gambling harm will be better protected through a ban on credit card payments and fines of up to $234,750 for companies who don’t enforce it, through legislation to be introduced by the Albanese Labor Government to Parliament.

The Interactive Gambling Amendment (Credit and Other Measures) Bill 2023 will seek to ban the use of credit cards and credit related products, as well as digital currencies, used for online wagering.

The Bill continues the Government’s priority work to protect vulnerable Australians from online gambling harms and will also provide the Minister for Communications with the power to prohibit additional credit-related products as they emerge as a way of “future proofing” the legislation.

The introduction of the Bill implements recommendations from the Parliamentary Joint Committee on Corporations and Financial Services (PJC Inquiry) from November 2021.

The Bill will expand the Australian Communications and Media Authority’s powers to ensure strong and effective enforcement of the new and existing civil penalty provisions under the Act. Penalties up to $234,750 could apply for any breach of the new provisions.

Industry and consumers will be provided with a six month transition period from the date of Royal Assent to change their business and betting behaviours respectively.

Since coming to Government Labor has prioritised work to reduce the harm caused by online gambling, including through implementing the final measures under the National Consumer Protection Framework.

This includes the introduction of monthly activity statements outlining wins and losses, new evidence-based taglines to replace “Gamble Responsibly,” nationally consistent training for staff working in online gambling companies and BetStop, the National Self-Exclusion Register, which allows consumers to exclude themselves from all Australian licensed wagering services for a period of three months up to a lifetime.

In addition, the Government will also introduce mandatory customer pre-verification, requiring wagering service providers to verify a customer’s identity when they register for a new account and before they can place a bet. This requirement is expected to be in place by the end of this month.

The Government is carefully considering the recommendations of a parliamentary inquiry into online gambling to inform future measures to help address the harm caused by online gambling.

A meeting of state, territory and Commonwealth ministers responsible for online wagering nationally will be held before the end of the year.

Quotes attributable to Minister for Communications, the Hon Michelle Rowland MP:

“It’s as simple as this: people should not be betting with money they do not have.

“The Australian Government remains committed to protecting Australians from gambling harms.

“Legislating a ban on the use of credit cards for online gambling will help to protect vulnerable Australians and their loved ones.

“I would like to thank the wide variety of stakeholders, including harm reduction advocates, wagering and lottery providers, and banking payment organisations, for their contributions to and support for this Bill.”

Quotes attributable to Minister for Social Services, the Hon Amanda Rishworth MP:

“Since coming to Government we’ve prioritised addressing the harm caused by online gambling and I’m pleased we are taking the next step with legislation to ban the use of credit cards.

“You can’t use your credit card to place a bet for land-based gambling and the same rules should apply for online gambling too.

“We’re serious about protecting vulnerable Australians from the harm we know online gambling can cause. Any platform breaching the new rules will face penalties.

“We know minimising the harm caused by online gambling is not a set and forget exercise and I look forward to working with my state and territory counterparts on what comes next to continue this positive change.”

Australia

Elections, Bitcoin, and the Australian Open: Slotegrator breaks down prediction markets in new ebook

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Annual trading volume in the prediction market vertical grew from $500 million to $64 billion in only three years. What’s behind their explosive popularity? In a new ebook, Slotegrator lays out why this latest evolution in betting has so much appeal for players and what operators need to consider before launching their own prediction market.

Why have prediction markets captured so much attention? In a new downloadable ebook, Slotegrator lays out the factors behind the vertical’s popularity, analyzes how prediction markets are disrupting the modern betting landscape, and provides a checklist to help readers decide if
the time is right for them to add a prediction market to their platform.

In the ebook, Slotegrator highlights generational shifts in preferences and behavior, such as the increase in younger players who are familiar with trading and financial markets, as one of the main drivers in the rise of the format. There’s also a widespread change in values; players view the P2P exchange mechanic, in particular, as a more transparent form of betting than wagering against the house.

“Today, the audience’s attention shifts in real time across platforms, and digital experiences evolve constantly. If you’re not actively tracking where engagement is moving, you’re not just behind the trend — you’re already losing relevance in the market,” comments Olga Ivanchik, COO of Slotegrator.

Opinion-based betting allows users to trade literally any event from politics to current events. The pursuit of getting a more interactive, dynamic, and fair experience is reflected in prediction market mechanics: the odds in this type of betting are not set by the house but fluctuate in accordance with supply and demand — players bet against each other, and the platform generates revenue on commissions based on the amount of bets.

“This transition eliminates the old conflict of interest and gives us a more transparent, equitable, and stimulating experience where value is defined by the market itself”, says Maksym Shtun, Product Owner at Slotegrator.

The report provides analytics with key figures, regulatory notes, expert comments, and an explanation of the mechanics involve. It also includes useful tips for readers:

  • A checklist that will help operators understand whether they need prediction markets on
    their platform
  • Tips and recommendations on the events for betting by region
  • Comparison of prediction market mechanics with classic sportsbooks
  • Analysis of relevant psychological factors
  • Breakdown of how exactly how prediction markets generate revenue

Download the guide and get a full understanding of the prediction market phenomenon. Be among the first operators to make the most of the quickest growing opportunity in iGaming.

ABOUT THE COMPANY

Since 2012, Slotegrator has been one of the iGaming industry’s leading software and business solution providers for online casino and sportsbook operators.

The company’s main focus is software development and support for online casino platforms, as well as the integration of game content and payment systems.

The company works with licensed game developers and offers a vast portfolio of casino content: slots, live casino games, poker, virtual sports, table games, lotteries, casual games, and data feeds for betting.

Slotegrator also provides consulting services in gambling license acquisition and business incorporation.

The post Elections, Bitcoin, and the Australian Open: Slotegrator breaks down prediction markets in new ebook appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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Australia

Elections, Bitcoin, and the Australian Open: Slotegrator breaks down prediction markets in new ebook

Published

on

elections,-bitcoin,-and-the-australian-open:-slotegrator-breaks-down-prediction-markets-in-new-ebook

Annual trading volume in the prediction market vertical grew from $500 million to $64 billion in only three years. What’s behind their explosive popularity? In a new ebook, Slotegrator lays out why this latest evolution in betting has so much appeal for players and what operators need to consider before launching their own prediction market.

Why have prediction markets captured so much attention? In a new downloadable ebook, Slotegrator lays out the factors behind the vertical’s popularity, analyzes how prediction markets are disrupting the modern betting landscape, and provides a checklist to help readers decide if
the time is right for them to add a prediction market to their platform.

In the ebook, Slotegrator highlights generational shifts in preferences and behavior, such as the increase in younger players who are familiar with trading and financial markets, as one of the main drivers in the rise of the format. There’s also a widespread change in values; players view the P2P exchange mechanic, in particular, as a more transparent form of betting than wagering against the house.

“Today, the audience’s attention shifts in real time across platforms, and digital experiences evolve constantly. If you’re not actively tracking where engagement is moving, you’re not just behind the trend — you’re already losing relevance in the market,” comments Olga Ivanchik, COO of Slotegrator.

Opinion-based betting allows users to trade literally any event from politics to current events. The pursuit of getting a more interactive, dynamic, and fair experience is reflected in prediction market mechanics: the odds in this type of betting are not set by the house but fluctuate in accordance with supply and demand — players bet against each other, and the platform generates revenue on commissions based on the amount of bets.

“This transition eliminates the old conflict of interest and gives us a more transparent, equitable, and stimulating experience where value is defined by the market itself”, says Maksym Shtun, Product Owner at Slotegrator.

The report provides analytics with key figures, regulatory notes, expert comments, and an explanation of the mechanics involve. It also includes useful tips for readers:

  • A checklist that will help operators understand whether they need prediction markets on
    their platform
  • Tips and recommendations on the events for betting by region
  • Comparison of prediction market mechanics with classic sportsbooks
  • Analysis of relevant psychological factors
  • Breakdown of how exactly how prediction markets generate revenue

Download the guide and get a full understanding of the prediction market phenomenon. Be among the first operators to make the most of the quickest growing opportunity in iGaming.

ABOUT THE COMPANY

Since 2012, Slotegrator has been one of the iGaming industry’s leading software and business solution providers for online casino and sportsbook operators.

The company’s main focus is software development and support for online casino platforms, as well as the integration of game content and payment systems.

The company works with licensed game developers and offers a vast portfolio of casino content: slots, live casino games, poker, virtual sports, table games, lotteries, casual games, and data feeds for betting.

Slotegrator also provides consulting services in gambling license acquisition and business incorporation.

The post Elections, Bitcoin, and the Australian Open: Slotegrator breaks down prediction markets in new ebook appeared first on Americas iGaming & Sports Betting News.

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Australia

NSW Scores with Extended Trading for FIFA World Cup

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The Minns Labor Government is giving fans the chance to enjoy early-morning matches and provide a boost to local hospitality venues with extended trading hours for licensed venues statewide during the FIFA World Cup.

The biggest and most watched sporting event on the planet is being played in the US, Canada and Mexico from 11 June to 19 July, with 48 nations competing for the Cup.

Pubs, clubs and bars statewide can operate extended hours when they broadcast Australian group stage matches, all the knockout rounds (16 and 32) and the finals.

There are also two free public live sites operating, Tumbalong Park at Darling Harbour and Cathy Freeman Park at Sydney Olympic Park.

Both will host live broadcasts of every Socceroos match on giant screens, beginning with Australia vs Türkiye on 14 June at 2pm (AEST), USA vs Australia on 20 June at 5am, and Paraguay vs Australia on 26 June at 12pm.

Finals matches are also scheduled at Tumbalong Park from 10 July through to 20 July, including quarter-finals, semi-finals and the final.

Extended trading will also apply to licensed premises when the Darling Harbour live site screens afternoon games. This applies to the City of Sydney local government area, including Sydney, Pyrmont, Ultimo, Surry Hills, Darlinghurst, Haymarket, The Rocks, Barangaroo, Dawes Point, Millers Point, Elizabeth Bay, Potts Point, Rushcutters Bay and Woolloomooloo.

This is part of the NSW Government’s Special Event Extended Trading initiative, which allows venues to trade outside regular times during major cultural and sporting events. It is just one of several measures supporting the government’s broader Vibrancy Reforms aimed at enhancing the night-time economy in NSW, catering to industry and consumer needs.

The extended trading covers on-premises alcohol service only, not takeaway, and venues cannot operate gaming machines unless already authorised to do so.

Minister for Gaming and Racing David Harris said: “The FIFA World Cup is the biggest sporting event on the planet and expected to draw strong crowds to venues across NSW, supporting the NSW Government’s commitment to a safe, vibrant and responsible night-time economy during major global events.

“Extended trading hours mean fans can come together and enjoy ‘the beautiful game’ while supporting local venues.

“With many World Cup games screening in the early hours of the morning, this is a great opportunity for fans to get together at their local pub or club, get behind the Socceroos and hopefully celebrate some big wins.

“These extended hours also provide a vital boost to our hospitality industry, a key pillar of our night-time economy, by enabling venues to serve more patrons, create more jobs and increase business activity.

“Venues operating under extended hours must continue to meet responsible service of alcohol requirements and put the right measures in place to keep patrons safe.”

Australian Hotels Association NSW, Director of Policy Chris Gatfield said: “Sydney is a vibrant, international city. There are a lot of football fans here, both homegrown and visiting from overseas, and the extended hours mean they won’t miss a moment of the action.

“We’re particularly pleased hotels will also be able to apply to trade earlier or later for the group matches through an application process.

“Get out of the cold and into a venue – there’s no better place to watch the World Cup than down at the local with your mates.”

The post NSW Scores with Extended Trading for FIFA World Cup appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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