An Australian firm known as “Best Odds” has received a warning from the Australian Communications and Media Authority (ACMA) for operating an internet wagering platform without the necessary authorization.
Although “Best Odds” possessed a license to allow users to contrast odds from various betting providers and even place wagers on their behalf, they lacked the specific permit required to provide these services digitally. This is a major violation under Australia’s stringent online gambling regulations, which are designed to safeguard consumers.
The ACMA approximates that Australians forfeit a staggering $3 billion in revenue annually to illicit overseas gambling websites. This action against “Best Odds” is part of their continuing campaign to shield Australians from shady online gambling entities.
“Best Odds” has subsequently ceased offering the service.
To tackle unlawful overseas wagering, the Australian Communications and Media Authority (ACMA) has been taking strong action against prohibited websites. They’ve partnered with internet providers (ISPs) to limit entry to nine such platforms. A few of the sites recently restricted include Winning Days, 21Bit Casino, and Lucky Elf Casino.
These measures are part of a broader initiative to curb illicit gambling, which gained traction after the Interactive Gambling Act of 2017. This legislation provided the ACMA with greater authority to pursue these sites, and subsequently, they’ve blocked over 642 illegal wagering websites and other associated sites.
This clampdown has also highlighted worries about the effect of unlawful offshore wagering on Australia’s tax income. A study by Responsible Wagering Australia indicated that Australia could forfeit an estimated $3 billion AUD (equivalent to $1.9 billion USD) in tax earnings between 2022 and 2027 because of these unregulated wagering platforms.
admin