South Australia is set to move in line with the rest of the country by increasing gambling penalties for the first time in 25 years. As operators attempt to appeal to customers, reports of misconduct have increased and these measures should help to restore structure and adherence.
Gambling expert Sergio Zammit explains that a key factor for Australian players is the speed with which their winnings are paid out. Short processing times, good customer support, and easy subscription are also key factors. State-of-the-art technology and high-speed connectivity have created a consumer who doesn’t want to wait when entering a website, paying for a service, or being paid out.
Unfortunately, some casinos have been cutting corners with payments and the Malinauskas government has unveiled plans to increase fines by as much as a factor of 750. This could see the maximum fine being increased from just $100,000 to $75 million.
The most significant failings have come in regard toAustralia’s anti-money laundering regulations that also cover the financing of terrorism. These failings have typically been found in KYC (Know Your Customer) compliance where businesses must verify the identity of their customers.
Other issues that gambling operators have been guilty of include bypassing responsible gambling regulations and falsely claiming tax deductions.
Companies operating in Australian territories are obligated to adhere to regulations that are designed to protect citizens and mitigate the risk of terrorism or criminality. However, the threat of offshore betting operators has caused many to abdicate their responsibilities to ensure they can compete.
Offshore betting operators offer a wide variety of betting markets to consumers. This greater choice means customers can shop around for the best markets, betting odds, and casino games. Offshore betting operators are often licensed in other jurisdictions.
Offshore betting operators have been successful in attracting customers looking for non-Gamstop casinos. Choosing licensed operators also adds a level of security for customers who are not covered by their own country’s laws.
Andrea Michaels, the consumer affairs minister for South Australia, spoke of the need for operators to be held to a greater level of accountability. By increasing fine amounts for regulation breaches, it is hoped that operators will no longer see fines as being a part of doing business.
The South Australian government’s actions are not intended to harm the lucrative casino industry in the country. On the contrary, other countries that have strict regulatory frameworks in place have found that betting operators find it a more attractive proposition than those without.
The appeal of working in a country with defined boundaries is that operators know what they can and can’t do, and it is unlikely that further sweeping changes will be made that could affect operations.
The increase in fines will strongly encourage betting operators to conduct themselves responsibly and ensure South Australia can enjoy a safer betting environment for consumers. It will also help to reduce the laundering of criminal proceeds and mitigate the risk of terrorism funding in the country.