|In a sharp contrast to recent speculation that the Australian government would take a hard stance against foreign betting exchanges, gambling industry sources have told The Australian newspaper that Prime Minister, John Howard, will make no changes to the Interactive Gambling Act. |
The 2001 Act effectively banned foreign Internet gambling, but failed to account for betting exchanges, which began attracting the Australian market last year, and got through on a legal loophole. The decision could revolutionise the industry by allowing offshore betting exchanges to become licensed in Australia.
Traditional Australian betting companies, TAB, which lobbied extensively against the betting exchanges, appear resigned to the situation and, bracing itself for increased competition from foreign sites, has registered its own betting exchange trademarks.
The result of the government’s report into the IGA Act is expected next week.