Despite a concerted government crackdown along with the passage of new legislation, the gambling black market reportedly remains ubiquitous throughout Australia and is expected to be worth as much as $1.419 billion a year by the end of 2020.
Asian Racing Federation inquiry:
According to a Thursday report from CalvinAyre.com citing an earlier story from The Australian Financial Review, these were the conclusions of a recent investigation conducted by the Asian Racing Federation and delivered to the nation’s Treasury Department and newly-established Black Economy Standing Taskforce.
Lost tax revenues:
The Australian Financial Review explained that the inquiry found that up to 6% of wagers currently being placed in Australia are illegal, which leads to the government missing out on around $269.67 million in tax revenues every year. It detailed that this situation exists even after 2017 saw legislators ban online gambling and pass a series of measures designed to shut loopholes that were being exploited by foreign iGaming operators.
Organized crime links:
The report from the Hong Kong-based Asian Racing Federation determined that the link between illegal gambling and organized crime is almost too strong to sever and is helping to fuel a black market economy as well as money laundering activities said to worth up to $35.49 billion.
Possible counter measures:
The Australian Financial Review revealed that the Treasury Department and Black Economy Standing Taskforce are now set to review the findings contained in the investigation from the Asian Racing Federation in hopes of being able to formulate more effective ways to recognize and eradicate illegal gambling. The publication disclosed that these could include requiring all domestic Internet service providers to block unlicensed offshore online casinosand sportsbetting domains alongside a measure that would forbid local financial institutions from processing transactions destined for such sites.