Reforms in Gambling Laws in Australia

Online Gambling is a huge market in Australia. Hundreds of online betting companies are a part of this food chain. With this many number of companies, one can only imagine the number of bettors these companies cater.

Apart from this, more and more people are joining these platforms everyday. Such a scenario then demands for a much more regulated industry. An industry where the companies are accountable to the gamblers and everyone feels safe and protected.

What is the Law?

Owing to this much awaited need for better regulation, the federal government of Australia has recently directed all the betting companies to provide monthly statements to the bettors. This shall lay out all of their transactions – the gains and the losses, along with the listing of the items for which the transaction has been made.

Advantages of the Law

The law will come as an advantage for the gamblers. They will be able to make much more informed decisions. Also, they will be able to make better bets after analysing their betting behaviour from the past months.

The betting companies had been resisting abiding to this law as it undermines their online gambler footfall. But the advocates for reforms had been stressing over the need to do this for the players’ benefit.

Responsible Gambling

This is a major step in the ‘Responsible Gambling’ arena as people can self exclude or set deposit limits for themselves when they feel they are betting more than they can afford. Betting Statements detailing each and every step of the gambler will force an enthusiastic gambler to face the mirror and come to terms with their harmful betting behaviour.

Online Gambling is a lucrative aspect to bet and win real cash in good time but it comes with its risk. The new law has come as a great reform for the entire online gambling community in Australia.