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ASIC Proposes Ban on Binary Options

Niji Narayan

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ASIC Proposes Ban on Binary Options
Image Source: xbinop.com
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Australian Securities and Investments Commission (ASIC) has published a consultation paper in which it outlines its concerns about over-the-counter (OTC) binary options as well as contracts for difference (CFD) investments, such as foreign exchange trading.

ASIC said that the licensed issuers received gross trading revenue of $490m from binary options and $1.5bn from CFDs last year “which can largely be attributed to a combination of net client losses and fees and costs charged to clients.”

ASIC said 80% of clients who trade binary options lose money while 72% of clients who trade CFDs lose money.

ASIC has proposed to ban all Australian-based brokers from having Australian binary options clients. It would also impose stricter conditions on the issue and distribution of OTC CFDs to retail clients.

“For many years ASIC has taken strong action to protect consumers of binary options and CFDs, using the range of regulatory tools available to us. However, we are concerned that consumers continue to suffer significant harm from trading these products,” Cathie Armour, commissioner of ASIC said.

“A complete ban would prevent retail clients from losing money trading binary options. We believe binary options provide no meaningful investment or economic use, and have product characteristics similar to gambling products,” Cathie Armour added.

The Australian market for binary options and CFDs is growing rapidly, with the number of clients more than doubling in the past two years to one million people.

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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Australia

Western Australia Government Passes TAB Bill 2019

Niji Narayan

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Western Australia Government Passes TAB Bill 2019
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The Western Australian Government has passed TAB Bill 2019, which proposes a new framework to negotiate the sale of the TAB. The passage of bill is expected to boost the Western Australian racing industry.

The TAB Bill 2019, which will be subject to Royal Assent,  will trigger a competitive sale process, with an aim of selling the business in 2020. Following the approval of the legislation, the TAB sale process will now move into the transaction phase.

“The passing of the bill means there is now the appropriate legislative framework to negotiate the sale of the TAB and support the Western Australian racing industry, ending years of uncertainty,” the RWA said in a statement.

“Since 2003, RWA has operated the TAB with the goal of maximising returns to the racing industry, the transaction phase aims to continue this commitment by selecting a suitably qualified and capable wagering operator through an open market process.”

The legislative framework outlines a number of new amendments to the Betting Control Act 1954 which will see the introduction of a new licensing system that will replace the current TAB system.

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Australia

No more paper, Victorian Commission for Gambling and Liquor Regulation moving to digital

George Miller

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No more paper, Victorian Commission for Gambling and Liquor Regulation moving to digital
Photo Source: vcglr.vic.gov.au
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The Victorian Commission for Gambling and Liquor Regulation (VCGLR) is making it easier for licensees to renew their liquor licence and save trees along the way.

Each year the VCGLR sends out over 23,000 renewal notices and liquor licences. This year, licensees can receive their 2020 renewal notice and liquor licence via email by registering a Liquor Portal account.

Once registration is complete, licensees can expect to receive their renewal notice via email from late November.

Licensees registered for the Liquor Portal will receive their liquor licence within five working days of payment – ready to print and display at licensed premises. Once registered, critical information and updates will be sent by email.

Registration to the Liquor Portal is as easy as 1, 2, 3
To register an account, you’ll need your liquor licence number and individual PIN. Licensees will soon be receiving a letter with this information included. Otherwise, this can be found on your last renewal notice or by emailing contact@vcglr.vic.gov.au.

Step 1: Create an account, see: VCGLR Liquor Portal.
Step 2: Associate your licence or permit using your licence number and individual four-digit PIN.
Step 3: Click eLicence and add the email you want your renewal notice and liquor licence sent to (this can differ from the email address used to create your Liquor Portal account).

Licensees who have already created a Liquor Portal account will need to check they have completed step three to receive their documents via email.

Benefits of a Liquor Portal account

  • print a copy of your liquor licence at any time
  • download your renewal notice at any time
  • download your venue’s red line plan
  • apply to add, replace or remove the Nominee associated with your liquor licence or permit
  • apply to add, replace or remove the Director(s) associated with your liquor licence or permit
  • apply to transfer a liquor licence or BYO permit
  • apply for a Restaurant and Café liquor licence
  • check the status of an application.

 

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Australia

Fortress to Open esports Venue in Melbourne

Niji Narayan

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Fortress to Open esports Venue in Melbourne
Photo Source: variety.com
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Australian venue company Fortress Esports has confirmed its plans for a gaming and esports entertainment area in Melbourne.

The venue is set to be located at the Emporium Melbourne shopping complex, with more than 2700 square meters area across two floors. There are also plans to include 160 gaming PCs, streaming areas and RPG spaces.

“Melbourne has become the epicenter for video gaming and esports culture, with major events like MEO and PAX Australia,” John Satterley, chief executive of Fortress Esports said.

“We’re excited to be opening our first flagship venue in Melbourne, and offer Australians a video gaming entertainment space that they can enjoy all year round. We want to make Fortress Melbourne the ultimate ‘home away from home’ for everyone from casual gamers, competitive gamers, and esports fanatics, to families and after-work crowds.”

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