{"id":271,"date":"2024-06-28T03:10:40","date_gmt":"2024-06-28T00:10:40","guid":{"rendered":"https:\/\/spindimensionnodepositbonus.icu\/2024\/06\/28\/down-under-overseas-betting-could-drain-the-nations-coffers-by-3-billion\/"},"modified":"2024-06-28T03:10:40","modified_gmt":"2024-06-28T00:10:40","slug":"down-under-overseas-betting-could-drain-the-nations-coffers-by-3-billion","status":"publish","type":"post","link":"https:\/\/spindimensionnodepositbonus.icu\/2024\/06\/28\/down-under-overseas-betting-could-drain-the-nations-coffers-by-3-billion\/","title":{"rendered":"Down Under: Overseas betting could drain the nation&#8217;s coffers by $3 billion"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/dXD5Bvy55Tw\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Down Under: Overseas betting could drain the nation&#8217;s coffers by $3 billion<\/p>\n<p>A study by Responsible Wagering Australia (RWA) has revealed that illicit offshore gambling might be costing Australians almost $3 billion (1.6 billion pounds\/1.84 billion euros) in missed tax income.<\/p>\n<p>The findings stem from the 2023 Australian Offshore Gambling Market Analysis Report, published by RWA on behalf of gambling and gaming consultancy H2 Gambling Capital.<\/p>\n<p>H2 predicts that black market operations could result in $3.35 billion in lost tax revenue between 2022 and 2027. Coupled with an estimated $3.32 billion in lost tax revenue from the grey market, this could amount to a potential loss of $6.67 billion.<\/p>\n<p>RWA highlights that overseas operators are more appealing to customers because they offer more competitive prices and do not provide the same stringent consumer protection regulations as licensed operators.<\/p>\n<p>RWA CEO Kai Cantwell stated that future changes in Australia must focus on eradicating the offshore market, making it no longer a viable option for bettors.<\/p>\n<p>&#8220;It is essential that any future reforms are balanced and prevent Australian players from being driven overseas, where player protection is limited,&#8221; Cantwell remarked. <\/p>\n<p>Moreover, if a stable, controlled sports betting marketplace cannot be sustained, it could lead to substantial financial losses for the Australian economy and the sports, racing, and broadcasting sectors.<\/p>\n<p>The study discovered that the illicit offshore gambling market in Australia is currently valued at over $1.1 billion, representing approximately 15% of the nation&#8217;s total gambling market.<\/p>\n<p>H2 estimates that 92% of the online market was domestic in 2022. This proportion has been steadily increasing since 2017, when the domestic market was estimated to be 82%.<\/p>\n<p>The consulting firm estimates that 96% of racing operations were domestic in 2022, while 78% of sports betting operations were domestic that year.<\/p>\n<p>H2 also estimates that total betting income in 2022 was $77.1 billion and anticipates total betting income to rise further to $78.5 billion in 2023.<\/p>\n<p>Black market activity is estimated to have generated $571 million in total betting income in 2022. The grey market generated $560 million in total betting income.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Down Under: Overseas betting could drain the nation&#8217;s coffers by $3 billion A study by Responsible Wagering Australia (RWA) has revealed that illicit offshore gambling might be costing Australians almost&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Aussie Gambling: $3 Billion Drain From Offshore Bets<\/title>\n<meta name=\"description\" content=\"Illicit offshore gambling could cost Australia $3 billion in lost tax revenue, according to a new study. 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