Australia has implemented more stringent verification regulations for online gambling.
AUSTRAC, the anti-money laundering regulator in Australia, has stated that online gambling service providers will be required to enhance their customer identification processes in the upcoming year.
As per the announcement, the National Consumer Protection Framework for Online Wagering has revised the pre-verification regulations to address potential loopholes that could facilitate money laundering. Additionally, the updated rules will prohibit self-excluded gamblers from accessing gambling services and products.
Currently, customers are allowed to place wagers without providing adequate identification within a certain timeframe.
The new regulations will be effective from September 29th, 2024, and interim arrangements have already been implemented to give online gambling providers sufficient time to update their procedures.
The implementation of the new regulations aligns with the recent enactment of the Interactive Gambling Amendment Bill 2023. The federal government views this bill as a measure to safeguard vulnerable Australians and their families from the negative impacts of problem gambling. As a result, the use of credit cards to finance online gambling will be completely prohibited.
Recently, the Queensland Government revealed that local gambling losses surged by AU$500 million (11.3%) to surpass AU$5.1 billion ($3.26 billion/€3.07 billion) during the previous fiscal year.
Based on the latest Global Gambling Statistics, Australians have the highest per capita gambling losses globally. The data indicates that the average individual loses around AU$1870 ($1200/€1118) annually. Consequently, Australian gambling losses amount to approximately AU$25 billion ($16 billion/€14.9 billion) each year.