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Victoria suggests recent online gambling tax

Niji Narayan

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Photo credits: content.magicbricks.com
Reading Time: 2 minutes

Treasurer Tim Pallas in the Australian State of Victoria introduces a levy method and would see online gambling companies taxed 8 per cent of their net wagering revenue.

Victoria introduced this to raise an estimated $22.6m to help hospitals, schools, problem gambling and even out the playing field for foreign and domestic online gambling operators.

Now, online gambling sites that can be accessed within Victoria do not pay a uniform tax rate which domestic operator claim gives an unfair advantage for foreign operators and diverts taxes away from the State Government.

In next January, this point of consumption tax would reportedly be introduced, the same time as when Western Australia has pledged to introduce the same levy but at a 15 per cent rate.

It will be enforceable when any online bet is wagered from within Victoria and will be the duty of the operators to determine where their players are accessing their site from.

Online bookmakers in Australia had rallied together behind the group Responsible Wagering Australia to argue of the economic impacts that a 15 per cent levy would have in Victoria and elsewhere in the country.

Whereas other large industry groups such as Tabcorp and the Australian Hotels Association have argued for the tax rate in Victoria to be introduced at a higher level similar to other Australian states which already impose levies. South Australia has a 15 per cent tax rate.

Victorian Treasurer, Tim Pallas, is reported to have seen the 8 per cent proposal as a fair compromise between the two pressure groups.

Commenting on the new taxes introduction, Pallas said: “Essentially you’ve got a situation applying at the moment where online gambling operators are effectively avoiding tax — they don’t pay a cent of tax when they are providing product into this state. They are not paying their fair share and have an unfair advantage against domestically based product.”

The tax still needs to pass in the legislature’s upper-house before it can come into effect.

Source: gamblinginsider.com

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Australia

Tabcorp Revenue Declines 5.7% During Three Months to September 2020

Niji Narayan

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Tabcorp Revenue Declines 5.7% During Three Months to September 2020
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Australia’s Tabcorp has reported a 5.7% decline in revenue for the three months to September 2020.

The trading update formed part of an investor presentation at the company’s AGM, with Managing Director and CEO David Attenborough revealing the slight 5.7% decline was mainly felt in its Gaming Services segment which fell 55.2% on the closure of licensed venues. Lotteries and Keno revenue was down 6.9% year-on-year with Wagering and Media down 2.9%.

“The duration and severity of COVID-19 is unclear, however Tabcorp remains well placed with our resilient, diversified earnings base and strengthened balance sheet,” Attenborough said.

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Australia

AUSTRAC Launches Formal Investigation into Crown Melbourne Over AML Concerns

Niji Narayan

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AUSTRAC Launches Formal Investigation into Crown Melbourne Over AML Concerns
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AUSTRAC, Australia’s financial crime watchdog, has launched a formal investigation into potential infringements of the country’s anti-money laundering laws by Crown Resorts.

In a Monday morning filing with the Australian Securities Exchange, Crown revealed that it had been informed of the investigation by AUSTRAC after the authority’s Regulatory Operations branch identified potential non-compliance by Crown Melbourne of the Anti-Money Laundering and Counter Terrorism Financing Act 2006 and the Anti-Money Laundering and Counter Terrorism Financing Rules 2007.

The potential non-compliance relates to “ongoing customer due diligence, and adopting, maintain and complying with an anti-money laundering/counter terrorism financing program,” Crown said.

It added that the concerns were identified “in the course of a compliance assessment that commenced in September 2019 and focused on Crown Melbourne’s management of customers identified as high risk and politically exposed persons.”

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Australia

ACMA Moves to Block Two More Illegal Gambling Websites

Niji Narayan

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ACMA Moves to Block Two More Illegal Gambling Websites
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The Australian Communications and Media Authority (ACMA) is set to request the Australian internet service providers (ISPs) to block two more illegal offshore gambling websites.

The sites to be blocked are Dinkum Pokies and Fortune Clock Casino. Following numerous complaints about these services, including complaints about withholding winnings and poor player treatment, ACMA undertook investigations that found them to be operating in breach of the Interactive Gambling Act 2001.

Website blocking is one of a range of enforcement options to protect Australians against illegal online gambling. Since the ACMA made its first blocking request in November 2019, 150 illegal gambling websites have been blocked.

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