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Australian government and Coalition agree online gambling ad opt-out register

Regulation

Australia’s Labor government and the opposition Coalition agreed to establish a national register for opting out of online wagering advertisements as the government seeks to advance its reforms through parliament. Communications Minister Anika Wells said ACMA would establish and administer the proposed register, funded by a levy on licensed interactive wagering providers. The proposed reforms also include restrictions on some inducements and referral arrangements; independent Senator David Pocock said he would oppose the legislation.

Licensed wagering providers could face a levy and new advertising and inducement restrictions if the proposed reforms pass.

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Regulation

ASIC questions retail value of prediction markets in Australia

ASIC chair Sarah Court said the regulator remains unconvinced that retail customers should trade prediction-market contracts in Australia. ASIC said the contracts can resemble bets with all-or-nothing outcomes and warned that Australian financial services licensees remain responsible for their legal obligations when facilitating access to offshore platforms.

The Australian Securities and Investments Commission has again criticised prediction markets and says it is still not persuaded that retail customers ought to trade them. The newest remarks came from Sarah Court, who chairs ASIC, and follow by only months a warning to Australians about offshore prediction platforms.

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