The Australian government has officially approved 11 different measures as part of its national gambling policies.
The National Consumer Protection Framework allow players to set personal gambling limits at sites and creates a national self-exclusion register.
Another measure blocks betting companies from offering lines of credit. While already banned in most jurisdictions, the country’s Northern Territory is now included.
According to Australian media reports, operators will be required to send activity statements to their customers to help them better track gambling spending. The rules also prohibit online gambling companies to have any link to payday loans companies. Companies will also be banned from offering sign-up incentives to bring in new players as well as requiring players to turn over their winnings before they can be withdrawn, the Australian newspaper reported
“Many Australians enjoy a punt and the agreement today paves the way for stronger protections for them,” said Human Services Alan Tudge, who spearheaded the reforms in a press statement. “The rate of problem gambling online is three times higher than elsewhere, and online wagering is growing by 15 per cent per annum. In the future, more problems will come from online punting unless we have better protections in place.”
The government is still deciding whether the reforms will be enacted through state laws and licensing conditions or through Commonwealth legislation, reports said.
In another Australian matter, the Pacific Consortium said it is backing out of its attempt to acquire Australia’s Tatts Group.
The group said it will not undertake any further work on a bid after its latest A$6.2 billion (US$4.6 billion) cash bid was rejected by the Tatts board.
“Given the current approach of the Tatts board the consortium does not intend to undertake further work on its proposal,” said Pacific Consortium chairwoman Kerry Schott in a statement.
Tatts Group said it determined the Pacific Consortium bid was not superior to an acquisition bid made by Tabcorp and therefore it could not offer due diligence access to the group.
