NSW requests gambling tax hike – one company is opting to sell as a result, while Australia gambling credit card ban is near! (Photo by Viktor Forgacs on Unsplash)
It never ceases to amaze me how governments are unaware of the detrimental effects of their ‘new rules’ on billion-dollar industries in their countries. It is as if they need something to destroy. Much like the UK, the Aussie government is no different.
Maybe this whole phenomenon of ‘Political Correctness’ has been weaponised and now people are more worried about being offensive than offering constructive criticism. In other words, I can’t help but feel our society is becoming increasingly ‘fake’.
My latest rant refers to a request to increase ‘betting taxes’ in Australia and not so much banning players from funding online gambling using credit cards. The latter is a rule the UK government has had in place for quite some time, and it certainly is a great way to stop gambling-related debts. Maybe they should do the same to retail shopping too to prevent my wife from going the extra mile and buying a handbag with Chanel or Louis Vuitton slapped all over it, as opposed to just a non-branded, stronger, longer-lasting non-branded version – might I add, much cheaper!
I digress…
So credit card bans are a good thing in my view, but I am sure there are those who disagree. However, after multiple gambling firms reported losses due to the Interactive Gambling Act 2001 (IGA) and then one region asking for tax hikes is just ridiculous. It is reminiscent of the issue in the US right now where the big banks are once again swallowing up the small regional banks. In the end, only a few big players will control the industry that is supposed to be a ‘free market’ that avoids an oligopoly!
Read on to find out the latest news in Australian gambling covering the positives and negatives of the Australian gambling market in the works.
Positive Australia Gambling Credit Card Ban on the Brink of Fruition
Back in February, I posted news covering Australia’s Gambling Reform. One of the ideas put forward was cashless pokies, which would likely put an end to credit card gambling in the land-based industry. The same reform for Australia gambling credit card bans aimed at online gambling entertainment has been in the works since 2021 after a study showed that 20% of deposits online were via credit cards. Tabcorp, one of the largest companies operating online said its entire payments were made up from 13.7% worth of credit card transactions.
When will the new changes come? Any time soon. The Australian government has already announced the change to the Australian Communications and Media Authority (ACMA) will happen. However, the exact date is not yet available.
Greedy Officials Target Gambling – New South Wales (NSW) want a further tax hike!
When your government is failing to control spending, what does it do? It targets the weak spot. In the case of the NSW state of Australia, the poor ability to manage its fiscal budget has lead to another request to hike taxes on the perceived public enemy number one – gambling.
Who pays the price? Investors that trusted the industry leaders to bring their business into the region. Citizens and businesses are fed up with the current government’s lack of ability to control anything – floods, failed teacher recruitment, a plan to offset new urban growth, a failing housing market, and now the state government wants more money and guess who has to pay!
Here’s the figures: 2019 point of consumption tax raised to 8%. In 2021 it went up to 10%. Now the NSW government wants to increase the taxes to 15%. Why can’t these people just do their job properly in the first place and this kind of scandals bullying on one a popular leisure and entertainment industry wouldn’t need to expose the government’s failures?
Fed Up With Greedy NSW Government?
(Maybe it will learn to leave gambling alone)
- Winstoria Casino – (AUD + Crypto)
- Sol Casino – (AUD + Crypto)
- Slottica Casino & Sports – (AUD + Crypto)
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- Crocoslots Casino – (AUD + Crypto)
Full list of Aussie AUD + Crypto Casinos
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Liquor & Gaming NSW Fines Online Gambling Operator AUD 210,000
One company recently said it is finding the Australian online gambling landscape too harsher business conditions to operate. Betr is the brand in question, which also recently received an AUD 210,000 fine from the Liquor & Gaming NSW authority. The company was in breach of wagering laws on several sports betting events. These odds were posted in multiple newspapers and other print editions costing the company dearly with 14 infringements outlined resulting a mammoth fine.
Betr is now up for sale: There is no excuse for breaching regulatory rules there to protect players. However, the New Corp brand has had enough anyway. In view of tax rates possibly rising from 8%, 10% and now to 15%, the company has had enough is up for sale.
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