Due to the rapid advancement of technology in recent years, the online gaming and gambling sector has seen enormous expansion. The quick transition to online platforms following the pandemic is also seen as a significant factor in the rise in the popularity of digital gaming. People may now easily access online betting games and tables. It is anticipated that by the end of 2023, the worldwide gaming sector will have produced more than $200 billion in revenue, up from $175.8 billion in 2021. Mobile gaming, the largest portion of this market, generates more than half of the industry’s income.
However, as online gaming gains popularity, players use cryptocurrencies and traditional payment methods to buy games or place bets. Cybercriminals now have a new avenue to exploit platforms to profit financially. Gaming companies struggle to meet regulatory requirements while offering a seamless client experience—various rules and norms to protect the sector’s activities.
An overview of the gaming industry in Australia
Since 2020, the Australian gaming and gambling market is booming. The dependency on digital gaming grew due to pandemic lockdowns and conventions around remote employment. The gaming industry made less than $3.2 billion in 2019, but that amount jumped to $3.4 billion by 2021. However, the pandemic enabled a few firms to modify their business operations and significantly accelerate their growth. One of them is the online gaming sector.
New gaming opportunities emerge in Australia, with the young population getting more into gaming, mainly on mobile. More attention is being paid to the fast-growing industry, and companies such as www.gambleonlineaustralia.com are continually recording a high number of interested gamers.
Australia is regarded as a center for online gaming and gambling. Since each state has its own regulating body, there are no uniform online betting or gaming rules. While legalizing betting, the Interactive Gaming Act forbids online gambling. The Commonwealth Parliament approved this statute on June 28, 2001. All internet gambling companies are subject to the Act, which makes it illegal for them to provide real money gaming services to Australian residents. Additionally, it is illegal for internet gambling and gaming companies to promote interactive gambling services for locals, such as online betting, poker, or casinos. However, under this Act, using or accessing such services outside of Australia is not illegal; firms are allowed to provide and market such services, but only to foreign clients.
Anti-Money Laundering (AML)
Financial regulatory organizations have developed anti-money laundering compliance in an effort to identify and prevent money launderers as betting platforms and casinos become their major venues. AML and CFT legislation are regulated by Australian Transaction Reports and Analysis (AUSTRAC). Every gaming and gambling establishment is subject to this legislation under the Anti-Money Laundering and Counter-Terrorist Financing Act of 2006. This regulation requires the gambling industry to check clients before enrolling them.
However, businesses that disregard their AUSTRAC requirements risk regulatory repercussions, substantial penalties, and vulnerability to money-laundering operations. For instance, in 2017, AUSTRAC penalized one of the largest gaming companies $45 million as a civil penalty for AML/CTF violations.
